Brokerages eye customer boost on TD Ameritrade retail fallout

BROKERAGES in Singapore are bracing for an influx of new customers, after trading platform TD Ameritrade (TDA) announced this week that it would stop serving retail investors from December.

Several brokerages that spoke to The Business Times said they have seen an uptick in the number of enquiries to transfer assets and open new accounts since Tuesday (Sep 26).

Ian Leong, chief executive officer of Tiger Brokers (Singapore), said the company has received a “substantive number of calls” from TDA account holders enquiring about crossing over to the Tiger Trade platform.