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E*TRADE Financial Corporation Message Board

  • headtoo headtoo Feb 4, 2013 6:02 PM Flag

    Bank ny mellon bought 6% of etfc

    Just annonced today

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    • That's interesting, the Bank of New York is not your typical bank, they tend to invest in fee driven businesses rather than focusing on standard banking. They also own Pershing which is one of the largest clearing firms on Wall Street and has a software platform for broker dealers for clearing trades, executing orders, etc, many brokers use them as their back office. Pershing used to be owned by Credit Suisse but was sold to BNY when CS had a meltdown and needed to raise capital. Pershing's tech is not that great while E*Trade's is as we know amazing.

      While not on my suitor radar I could see BNY make a play for E*Trade as BNY/Pershing does not have nearly the financial advisory (buy side) business as TD Ameritrade or Schwab so perhaps an E*Trade and BNY/Pershing merger could have a lot of synergy and put the combined company into that category. Very interesting scenario.

      Stay long and strong, this company is worth more than $10.

      I was in the securities business for nearly 20 years, I've been to Pershing's office in Floram Park, I know the sell and buy side well. I do not belive E*Trade will be bought by TDA or Schwab rather a suitor like BNY or one of the top tier banks.

      Sentiment: Strong Buy

      • 5 Replies to mr_brightside_xy
      • Either TD or Schwab will be one of three or four bidders for ETFC when it happens but neither will win the bid as you say which would be my guess also. I do believe it is on someone's desk today.

      • BK DOES NOT OWN A DISCOUNT ONLINE OPERATION. Owning ETFC would help it to enter another industry. Why would it take a $180 million position???

        Sentiment: Strong Buy

      • eTrade's tech recently has had issues, particularly since Sandy hit NY. I don't know if they lost bandwidth, they lost servers, or what, but they certainly lost something. Realtime feeds, aren't. Intraday numbers sometimes shift wildly. (Showed eTrade at zero most of Friday). There's just some kind of problem they're having with refresh rates. I took some of their software apart (Marketcaster) and found they were making a new IP connection for every update, which is, frankly, stupid. I suspect that recently security changes in OS software designed to stop door pounders (people breaking into your system by sending blind login requests) are also significantly slowing new connections or new data requests, because I'm OC3 all the way to the Dallas NAP so I know its not my network.

        On the other hand the situation seems to get alittle better day by day. ETrade360 was updating information in a timey manner today, whereas yesterday it was basically sitting there unless you refreshed it, even with streaming on.

        They may still be ahead of the competition, but though the abilities of the software are greater (in some ways) than they were 5 years ago, so are some of their problems.

        I seriously hope they haven't turned their host and client code into unmaintainable piles of patches. The first indication I have that this has happened will have me out of here.

      • where's the link?

        Sentiment: Hold

      • Good news...although I still believe one of the big money center banks like BofA, WF, or Citi will eventually own ETFC.

        Sentiment: Strong Buy

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