TD Waterhouse said Tuesday that it signed a letter of intent to join Redibook, an electronic communications network consortium.

TD Waterhouse, the New York-based discount brokerage arm of Toronto-Dominion Bank, joins four other financial services companies in the consortium. The broker-dealer had been in discussions with Island ECN, another similar group, but failed to reach an agreement. Terms of the transaction with Redibook were not disclosed.

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