Seeking Alpha

E*Trade sells market-making business to SIG for $75M

  • E*Trade (ETFC) agrees to sell its market-making business - G1 Execution Services - to an affiliate of Susquehanna Investment Group for $75M, an amount significantly less than the $100M-$200M tossed about when the unit was put on the block this summer. E*Trade agrees to route 70% of customer orders through G1 over the next five years.
  • Q3 DARTs of 145K fall 3% sequentially, but are up 13% from a year ago.
  • Net operating interest income of $241M is off from $243M from Q2, $261M a year ago. Net interest spread of 2.30% falls 5 basis points from last quarter.
  • The loan portfolio slims another $500M to $9B, with the loan loss provision of $37M down from $46M last quarter.
  • Shares -3.3% AH.
  • Conference call at 5 ET.
  • Q3 results, press release.
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