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Wednesday, April 7, 2010 as of 11:14 AM ET

Interactive Brokers Group

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  1. MF Global
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Online Brokers TradeKing, Zecco To Merge

Online brokerage firms TradeKing Group and Zecco Holdings announced their merger on Tuesday, a tie-up meant to lure trades from larger rivals.

The deal would consolidate a client base of around 500,000 accounts and place it sixth behind industry leaders. The financial terms of the deal weren't disclosed."It's all about creating a firm with the resources to challenge the top five," said Don Montanaro, chief executive of TradeKing, referring to Charles Schwab Corp. (SCHW), TD Ameritrade Holding Corp. (AMTD), E*Trade Financial Corp. (ETFC), Fidelity Investments and Scottrade Inc.Fidelity Investments has around 13.5 million funded client accounts. Charles Schwab held roughly 8.7 million client accounts at the end of March, according to Evercore Partners. TD Ameritrade had around 5.7 million, and E*Trade about 3.9 million. Smaller rivals like Interactive Brokers Group Inc. (IBKR) had about 200,000 client accounts. Privately-held Scottrade declined to disclose the number.Fort Lauderdale, Fla....

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