Online brokerage firm TradeKing received FINRA approval to acquire Cleveland-based brokerage GAIN Securities. The acquisition was originally announced in July 2013. With FINRA approval now secured, TradeKing expects that existing GAIN clients will be fully transitioned onto their platform by early October.
The takeover includes only GAIN’s equities, fixed-income, and options customer base, and will affect a few thousand customers with a few hundred million in assets. Newly acquired GAIN clients will see their stock transaction fees drop 29% from $6.99 to $4.95 at TradeKing. New customers will also be able to use TradeKing’s mobile apps, which GAIN did not offer. Both firms used the same clearing house (Apex), so GAIN clients should be able to keep their account numbers.
TradeKing has proven to be very willing to grow its business via acquisition, as the firm also acquired discount broker Zecco in December 2012.
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