TD Ameritrade was an online stock brokerage firm providing a platform for trading various financial instruments, such as stocks, options, futures, and ETFs. The company generated revenue through interest on margin loans, commissions on trades executed, and payments for order flow.
1975: Securities and Exchange Commission Bans Fixed Brokerage Commissions
In 1975, the Securities and Exchange Commission (SEC) banned the practice of fixed brokerage commissions. This same year, Joe Ricketts and three partners established First Omaha Securities, Inc. in Omaha, Nebraska.
1983: Ameritrade Clearing Inc. Established
In 1983, Ameritrade Clearing Inc. was founded as a central counterparty clearing broker.
1988: Ameritrade Introduces Push-Button Telephone Trading
In 1988, the company launched its first quote and order entry system, enabling trading via push-button telephones.
1995: Ameritrade Acquires K. Aufhauser & Company, Inc.
In 1995, the company acquired K. Aufhauser & Company, Inc., marking a significant milestone as the first firm to offer an electronic trading platform.
January 1996: TransTerra's Accutrade Launches "Accutrade for Windows"
TransTerra's Accutrade unveiled "Accutrade for Windows" in January 1996, an electronic trading platform.
September 1996: Ameritrade Merges with TransTerra
In September 1996, the company merged with TransTerra.
March 1997: Ameritrade Goes Public
The company went public in March 1997 through an initial public offering (IPO).
February 2001: Ameritrade Acquires TradeCast
In February 2001, the company acquired TradeCast for $67.3 million, gaining approximately 60 broker-dealer, hedge fund, and money management clients.
July 2001: Ameritrade Acquires National Discount Brokers
In July 2001, the company expanded its client base by acquiring National Discount Brokers for $154 million, adding $6.3 billion in client assets.
September 2002: Ameritrade Acquires Datek
In September 2002, the company furthered its growth strategy with the acquisition of Datek.
June 2003: Ameritrade Acquires MyDiscountBroker.com
In June 2003, the company acquired MyDiscountBroker.com, expanding its online brokerage presence.
2004: Ameritrade's Acquisition Spree
In 2004, the company engaged in a series of acquisitions, incorporating Bidwell in January, BrokerageAmerica in February, and JB Oxford and Company in October.
January 2006: Ameritrade Becomes TD Ameritrade
In a significant move in January 2006, the company acquired the U.S. brokerage business of TD Waterhouse from Toronto-Dominion Bank. This acquisition led to the renaming of the company to TD Ameritrade, with Toronto-Dominion Bank holding a 40% ownership stake.
November 2007: TD Ameritrade Reports Security Breach
In November 2007, TD Ameritrade disclosed a security breach where hackers had accessed a significant amount of their clients' personal information, including names, Social Security numbers, birth dates, addresses, phone numbers, and trading activity.
2007: TD Ameritrade Faces Criticism for Marketing of Reserve Yield Plus Fund
Prior to the 2007-2008 financial crisis, TD Ameritrade faced criticism for marketing the Reserve Yield Plus Fund, an affiliated fund, as a safe money market fund when it was, in reality, a bond fund. The company profited from commissions by steering customers towards these funds.
February 2008: TD Ameritrade Acquires Accounts from Fiserv
In February 2008, TD Ameritrade expanded its customer base by acquiring accounts from Fiserv.
May 2008: Leadership Transition at TD Ameritrade
CEO Joe Moglia stepped down from his position in May 2008 to become Chairman. COO Fredric Tomczyk, formerly Vice Chair of Corporate Operations at Toronto-Dominion Bank, took over as CEO.
September 2008: TD Ameritrade Impacted by Financial Crisis and Reserve Primary Fund Freeze
During the 2007-2008 financial crisis, TD Ameritrade faced scrutiny and legal action related to its recommendations of money market funds affiliated with the Reserve Primary Fund. When the Reserve Primary Fund broke the buck in September 2008 due to holdings in Lehman Brothers securities, approximately $1 billion in TD Ameritrade clients' cash equivalents were frozen.
January 2009: TD Ameritrade Acquires Thinkorswim
In January 2009, TD Ameritrade acquired Thinkorswim, a company known for its trading software for active traders, for $606 million in a cash and stock deal.
2009: TD Ameritrade Settles Lawsuit Over Auction Rate Securities
TD Ameritrade reached a settlement in 2009 concerning a lawsuit alleging that it had misleadingly marketed auction rate securities as short-term investments. The settlement included a substantial $456 million payment and the buyback of the securities, compensating investors for their losses.
2011: TD Ameritrade Settles Class Action Lawsuit Over Security Breach
Following a class-action lawsuit, TD Ameritrade agreed to a settlement in 2011, compensating customers who experienced identity theft between $50 and $2,500 each. However, the settlement drew criticism for awarding the attorneys nearly as much money as the victims.
2011: TD Ameritrade Park Omaha Naming Rights Agreement
In 2011, TD Ameritrade secured the naming rights to the baseball field, now known as TD Ameritrade Park Omaha. The agreement involved an average annual payment of $1 million over a 20-year period. Following the Charles Schwab Corporation acquisition, the naming rights were retained and the venue was renamed to Charles Schwab Field Omaha.
2011: TD Ameritrade Settles SEC Case and Agrees to Compensation for Reserve Yield Plus Fund Investors
In 2011, TD Ameritrade settled a case with the U.S. Securities and Exchange Commission (SEC), agreeing to pay 1.2 cents per share of the Reserve Yield Plus Fund held by its customers, totaling $10 million.
2013: TD Ameritrade Opens New Headquarters
In 2013, TD Ameritrade inaugurated a new headquarters in Omaha, representing a $250 million investment.
2016: Final Distribution of the Reserve Yield Plus Fund
Investors received a final distribution from the Reserve Yield Plus Fund in 2016, recouping 97 to 98 cents per share, in addition to the compensation provided by TD Ameritrade.
September 2017: TD Ameritrade Acquires Scottrade
In September 2017, TD Ameritrade acquired Scottrade, a brokerage firm based in St. Louis, Missouri. Client accounts were transitioned in February 2018.
September 2017: TD Ameritrade Acquires Scottrade
In September 2017, TD Ameritrade acquired Scottrade, a brokerage firm based in St. Louis, Missouri. This acquisition made St. Louis the second-largest hub for TD Ameritrade.
February 2018: TD Ameritrade Completes Scottrade Client Account Transition
TD Ameritrade finalized the transition of Scottrade client accounts in February 2018.
April 2018: TD Ameritrade and Havas Make Bitcoin Blockchain History
In April 2018, TD Ameritrade collaborated with Havas to achieve a groundbreaking feat by placing the first advertisement within the bitcoin blockchain.
July 2019: Tim Hockey Announces Departure from TD Ameritrade
In July 2019, Tim Hockey, the CEO of TD Ameritrade, announced his decision to depart from the company in early Q1 2020.
July 2020: Joe Moglia Retires as Chairman of TD Ameritrade
Joe Moglia retired from his role as Chairman of the Board of TD Ameritrade in July 2020.
October 6, 2020: Charles Schwab Corporation Acquires TD Ameritrade
Charles Schwab Corporation completed the acquisition of TD Ameritrade on October 6, 2020.
2020: TD Ameritrade Customer Login Information Found on Dark Web
In 2020, it was discovered that TD Ameritrade customer login credentials were being illicitly traded on the dark web.
2020: Tim Hockey Departs as CEO of TD Ameritrade
Tim Hockey stepped down from his role as CEO of TD Ameritrade in early 2020.
2024: TD Ameritrade Platform Shutdown and Account Transition to Schwab
The TD Ameritrade platform was shut down in 2024, and all accounts were migrated to Schwab.