TD Waterhouse Wins Regulatory Backing, Sets Trading of Hong Kong Securities in 4Q
Ring, Niamh, American Banker
TD Waterhouse Group said Thursday that it received a green light from regulators to begin trading local securities in Hong Kong.
TD Waterhouse Hong Kong is to begin offering local securities in the fourth quarter, said Karen L. Buck, a senior vice president. In 1996 the unit of Toronto-Dominion Bank kicked off its brokerage presence in Hong Kong, selling North American securities to expatriate investors, Ms. Buck said.
Besides getting its license, TD Waterhouse has acquired a seat on the Hong Kong Stock Exchange from a local brokerage, Harvester Securities Co. The seat will give TD Waterhouse better access to Hong Kong stocks, Ms. Buck added.
And next year the brokerage plans to roll out on-line securities trading and the ability to buy stocks via cellular phone in Hong Kong, she added. The percentage of people in Hong Kong using Internet trading is "very small," Ms. Buck said, "but there is a large interest in cell phone trading."
TD Waterhouse has one Hong Kong branch and 25 employees, Ms. …