Thomson Financial Services said it has acquired Digitrade, a leader in automated trading services for financial professionals and retail investors.
Digitrade has 51 financial institutions using its Internet and telephone-based systems including Bank of America, Bear, Stearns & Co., Chase Manhattan Bank, Citibank, First Union National Bank, Norwest Bank, New York Life, T. Rowe Price, and Wexford Clearing Services.
Thomson Financial Services, a unit of Thomson Corp. of Canada that includes American Banker, views Digitrade as "a natural fit" with its investment data and research, said TFS president and chief executive officer David J.S. Flaschen.
Digitrade president and co-founder David McGraw said with the company's rapid growth "it was essential to find a strong partner like TFS that could offer both financial resources and synergy across a variety of related business services."