Ameritrade's board of directors and chief executive officer have come forward to deny that the company is for sale.

"The Board believes there will likely be further consolidation in the industry, but confirmed Ameritrade is not for sale. We are confident in our management team and its strategy," stated Joe Ricketts, founder and chairman of Ameritrade.

The board members met on Wednesday to discuss the firm's strategy and agreed on its path towards growth.

"With seven M&A transactions in the past four years, Ameritrade is a leader in consolidating this industry. We will continue to explore strategic opportunities, basing our decisions on whether a transaction will enhance shareholder value and benefit our clients," Joe Moglia, chief executive officer of the firm stated in a press release issued on Thursday.  

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