Trader Dealer does a phoenix
The Trader Dealer online broking service has gone live again under its new owners, MDS and Box Red.
Now known as Trader Dealer Online, the broker had been shutdown since Opes went into receivership.
Avoiding the well-publicised problems of share ownership at Opes, MDS chief executive officer of online broking David Wylie said all accounts with the broker are kept in the client’s name.
“Trader Dealer Online structures each account in each client’s designated account name for complete transparency”, he said.
This has enabled the transfer of the business to be quickly undertaken, as the majority of clients’ accounts and stock were held by Berndale Securities and not Opes.
The client’s cash management trust accounts were with Macquarie and Adelaide Bank.
Wylie said clearing for the online broker will continue to be done through Berndale Securities, with WebIRESS and The Bourse as trading platforms and Norris Smith Stockbroking to provide execution services.
Trader Dealer Online offers an execution-only service for equities, options and warrants.
The brokerage rate is a flat $33 for trades up to $200,000.
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