has purchased, in an all-cash transaction, certain retail discount brokerage accounts of TradeStation Securities
The purchase price was not disclosed. The acquisition of the accounts, which TradeStation earlier acquired from Newport Discount Brokerage
, is expected to be immediately accretive to earnings.
"These accounts, which have been serviced by TradeStation Securities' main office in Boca Raton, Florida, will be seamlessly integrated into our Boca Raton office, or any of our other offices, at the customer's request," Muriel Siebert, president and chairperson at Siebert, stated. "The TradeStation customers will be offered our Internet service, broader product line, including municipal bonds and other fixed-income offerings, and a high level of personal attention by live brokers and customer service representatives on the telephone and at our branches."
"The customers will be converted to Siebert's clearing firm and will begin to receive the benefits of being Siebert customers in August 2002," added Siebert.
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