A subsidiary of financial services firm MDS Financial Group will acquire assets of online trading company Trader Dealer, the company has confirmed to the Australian Securities Exchange.

The two firms reached an agreement yesterday, which will see MDS Financial acquire the current client base and operating systems of Trader Dealer, which is under administration, enabling MDS Financial to continue the provision of services to the current clients of Trader Dealer.

In a statement to the ASX, MDS Financial said existing clients of Trader Dealer will be contacted to facilitate the transfer and reactivation of their accounts with the minimum of fuss and paperwork.

MDS Financial has formed a joint venture with Noosa-based corporate advisory firm, Red Box, to develop the online business, and the majority of shares will be held by MDS Financial.