Scotiabank today introduced Scotia iTrade, a new online investing offering that brings together the best of two worlds: the strength of E*Trade Canada's leading edge trading platform, and the solid value of Scotia Capital's research and analysis.
"Scotia iTRADE brings the unique offering of E*TRADE Canada into the Scotiabank family of brands, further demonstrating the Bank's commitment to providing top-ranked online brokerage services to independent investors," said Barbara Mason, Executive Vice-President, Wealth Management, Scotiabank. "Scotia iTRADE builds on E*TRADE Canada's innovation, brand character and competitive pricing resulting in a comprehensive and unique online investing offer."
The re-brand of E*TRADE Canada's platform as Scotia iTRADE follows Scotiabank's acquisition of E*TRADE Canada last September.
"The acquisition of E*TRADE Canada enabled Scotiabank to become a leader in the online investing sector," said Duncan Hannay, recently named as Managing Director of Direct Investing for Scotiabank. "Scotia iTRADE builds on the essence of E*TRADE Canada's distinct and powerful consumer offering. I am very pleased to be at the helm of the talented team behind Scotia iTRADE, ScotiaMcLeod Direct Investing and TradeFreedom."
Over the past few months, online investing brokerages have seen a sharp growth trajectory in new account openings. Online investing account openings at Scotiabank for this quarter are up 75 percent from the previous quarter and up more than 62 percent from one year ago.
According to Investor Economics, Retail Brokerage Report Winter 2009, Scotiabank's online investing combined businesses ranked No.2 in overall trades in the category. By 2012, 1.5 million Canadian households are projected to trade online, up 73 percent from 2005.
Scotia iTRADE will provide the following online investing benefits to customers:
- Innovation - robust investing solutions combined with the very best in design, technology and product innovation including real time account balances, direct market access, trailing stop orders, comprehensive options trading, and the IPO Centre online, to name a few
- Value - commissions as low as $6.99 flat, great rates on cash balances with the Cash Optimizer Investment Account, and a No Annual Fee/No Minimum RRSP program
- Ease - customizable trading platforms and easy-to-use web site with fast online execution
- Service - seven day a week customer service provided online, by phone and in person, including an Investor Information Center in the heart of Toronto's financial district.
Scotia iTRADE will also give investors access to Scotia Capital equity and economic research. Scotia Capital is the wholesale banking arm of Scotiabank Group and has in-depth research capabilities.
"Scotia iTRADE represents the platform that will bring together the best of Scotiabank's three online investing businesses - E*TRADE Canada, ScotiaMcLeod Direct Investing and TradeFreedom - to create a service that is truly the online investing platform where insight meets innovation," concluded Ms. Mason. "This amalgamated new platform is anticipated by the end of the year."