The Federal Reserve Board on Tuesday approved a bid by Toronto-Dominion Bank to develop and sell software that would enable customers to trade securities over the Internet.

The Fed allowed the $93.5 billion bank and its subsidiary, Waterhouse Investor Services, New York, to acquire Marketware International Inc., Holmdel, N.J.

Marketware would develop the software for Waterhouse's discount brokerage, Waterhouse Securities Inc., New York. It also would market and sell the software to other broker-dealers and financial institutions.

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