ToS audited

L

luckyputanski

Hi,
I'm wondering which broker should I choose: ToS or OptionsXpress. OX is more expesive but have been audited by deloitte. ToS doesn't say who audited them - I have to write a letter asking for this info. Does anyone know who audited them?
Thnaks
 
Quote from luckyputanski:

Hi,
I'm wondering which broker should I choose: ToS or OptionsXpress. OX is more expesive but have been audited by deloitte. ToS doesn't say who audited them - I have to write a letter asking for this info. Does anyone know who audited them?
Thnaks
More...

TOS no longer exists as a company. It is now just a brand of TD Ameritrade, which is owned 39% by Toronto Dominion Bank.

http://www.amtd.com/annual_reports/ar2012/site/DOC/AMTD_2012AR.PDF

shows that auditor is Ernst and Young.

I think TDA/TOS is very safe, far safer than others, in view of the TD Bank ownership stake. They have deep deep pockets and are ultimately too big to fail and would never let anything fail that has their name (TD) on it either.

In general, I think that U.S. brokers owned by large safe foreign banks are the safest, also in the case of futures brokers.

They are sort of doubly regulated in two countries. And their U.S. broker subsidiaries are small potatoes to them so they would just straighten them out if there ever were problems.
 
Quote from luckyputanski:

Hi,
I'm wondering which broker should I choose: ToS or OptionsXpress. OX is more expesive but have been audited by deloitte. ToS doesn't say who audited them - I have to write a letter asking for this info. Does anyone know who audited them?
Thnaks
More...

Charles Schwab owns OptionsXpress. TD is owned by TD Bank. If that is you only criteria, TD Bank would be the safer bet but I don't see this an an issue unless your account is enormous. Both have SIPC. Both are well funded. You should concentrate on criteria that will give you the tools you need for your trading.

1245
 
Quote from comintel:

I think TDA/TOS is very safe, far safer than others, in view of the TD Bank ownership stake. They have deep deep pockets and are ultimately too big to fail and would never let anything fail that has their name (TD) on it either.
More...

Thanks. I found it a bit strange that they don't show openly who is the auditor.
 
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