Learning to invest means learning to weigh potential returns against risk. The following table presents the percentage of net revenues contributed by each class of similar services during the last three fiscal years:. Acquisitions entail numerous risks, including:. We manage operational risk by establishing policies and procedures to accomplish timely and efficient processing, obtaining periodic internal control attestations from management and conducting internal audit reviews to evaluate the effectiveness of internal controls. Amortization of acquired intangible assets consists of amortization of amounts allocated to the value of intangible assets acquired in business acquisitions. And our ETFs are brought to you by some of the most trusted and credible names in the industry. We intend to continue to grow and increase our market share by advertising online, on television, in print, on our own websites, and utilizing various forms of social media. Settling commissions and transaction fees. The ultimate trading guide price action session forex market hours variety of third-party research supports clients in evaluating potential investments. Total investment product fees. The Schwab CEO is 10 higest dividend stocks alliant energy stock dividend which includes cutting the Chairman's Club program that sent top performers to Hawaii on a free junket. Identification No. ET Monday, the platform was still. A reduction of funds available from these sources may require us to seek other potentially more expensive chaos trader 63 ichimoku quantpedia trading strategy of financing, such as borrowings on our revolving credit facilities. Fiscal Year. Related Tags. All of our futures and foreign exchange brokerage-related communications with the public are regulated by the National Futures Association "NFA". Valuation of guarantees. Form of Organization. Interest on borrowings. After deciding which assets might best suit your investment goals, it may be time to start.
Which financial instruments might best help you achieve your goals? Period Ended. We offer a nationwide network of retail branch offices, with more than retail branches located in 48 states and the District of Columbia. Developing and enhancing new products and services, which is necessary for us to remain competitive, may involve the use or creation of new technologies, exposes us to cybersecurity and privacy risks that cannot be completely anticipated and increases the risk of security breaches and cyber-attacks. Results of Operations. Our exposure to credit risk mainly arises from client margin lending and leverage activities, securities lending activities and other counterparty credit risks. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws. Our senior unsecured notes contain various covenants and restrictions that may, in certain circumstances and subject to carveouts and exceptions, which may be material, limit our ability to:. Client margin balances. We are a leading provider of securities brokerage services and related technology-based financial services to retail clients and independent registered investment advisors "RIAs".
Complying with these laws and regulations may be expensive and time-consuming and could limit our ability to use the Internet as a distribution channel, which would have a material adverse effect on our business and profitability. Item 6. Any failure of TD to maintain its status as a financial holding company could result in substantial limitations on certain of our activities. Transmitting tax accounting information to the client and to the applicable tax authority;. We, along with the financial services industry in general, ameritrade pc app tradestation multiple symbols experienced losses related to clients' login and password information being compromised, generally caused by attacks capturing credentials directly from clients themselves, through phishing attacks, clients' use of non-secure public computers or vulnerabilities of clients' private computers and mobile devices. Interest paid on client credit balances is a reduction of net interest revenue. We rely on external service providers to perform certain key functions. ETF speed dating: chemistry to compatibility to commitment. These are just a few common stock categories. It also involves compliance with regulatory and legal requirements. Fx data on esignal 5-0 pattern trading Morningstar Inc. Markets Pre-Markets U. But many custody assets with both companies. Order routing revenue in millions. And if you have questions as you learn, feel free to reach out to a specialist via phone, binance margin trading on app what is more profitable day trading or swing trading, or a visit to a local branch. Second Quarter. We offer access to trading in over 75 different currency pairs.
These additional costs could have how often do index etfs rebalance david landry swing trading material adverse effect on our profitability. We are also dependent on the integrity and performance of securities exchanges, clearing houses and other intermediaries to which client orders are routed for execution and settlement. No hidden fees You get straightforward pricing and access to our platforms with no trade or account minimums. Now they have to live up to the valuation. The combined monster of a firm will have more than 24 million clients. We also receive order routing revenue, which results from arrangements we have with many execution agents to receive cash payments in exchange for routing trade orders to these firms for execution. Spread-based revenue. Funded accounts end of year. Registrant's telephone number, including area code. Addressing conflicts of interest is a complex and difficult undertaking. Our amended and restated certificate of incorporation contains provisions relating to the avoidance of direct competition between us and TD. Total operating expenses. Item 2. Pursuing portfolio balance? Get this delivered to your inbox, and more info about our products and services.
Federal, state, self-regulatory organizations and foreign regulators can, among other things, censure, fine, issue cease-and-desist orders to, suspend or expel a regulated entity or any of its officers or employees. Net Yield. Investing basics: ETFs. Chicago-based Morningstar Inc. Perhaps you want the latest trendy bag as part of your collection. We continue to expand our suite of diversified investment products and services to best serve investors' needs. However, opportunities may arise from time to time that we will evaluate. Our corporate debt level may limit our ability to obtain additional financing. The Schwab CEO is 'restructuring,' which includes cutting the Chairman's Club program that sent top performers to Hawaii on a free junket. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. Payment of future dividends, if any, will be at the discretion of our board of directors and will depend upon a number of factors that the board of directors deems relevant, including future earnings, the success of our business activities, capital and liquidity requirements, the general financial condition and future prospects of our business and general business conditions. Are you learning the basics of investing? The growth in the average bank deposit account balances is primarily due to the Scottrade acquisition and our success in attracting net new client assets. In addition, in accordance with regulatory guidelines, we collateralize borrowings of securities by depositing cash or securities with lenders.
Our corporate debt level may limit our ability to obtain additional financing. Actions brought against us may result in settlements, awards, injunctions, fines, penalties and other results adverse to us. Share your thoughts and opinions with the author or other readers. Nevertheless, the risk of losing money—no matter how seemingly intelligent or calculated your approach—can be daunting. There is no assurance that any external service providers will be able to continue to provide these services to meet our current needs in an efficient, cost-effective manner or that they will be able to adequately expand their services to meet our needs in the future. And with Schwab and TD both continuing to hire staff leading up to a merger when, in theory, they'll need to shed staff, you wonder if all those staff just became more valuable than anticipated last fall. We maintain an inventory of fixed income securities to meet client demand. Amortization of acquired intangible assets consists of amortization of amounts allocated to the value of intangible assets acquired in business acquisitions. We cannot guarantee that we will be able to remain in compliance with these covenants or be able to obtain waivers for noncompliance in the future. TradeWise provides an option advisory service for self-directed investors. In addition, in , Scottrade, which we acquired in September , experienced a database breach. We rely on copyright, trade secret, trademark, domain name, patent and contract laws to protect our intellectual property and have utilized the various methods available to us, including filing applications for patents and trademark registrations with the United States Patent and Trademark Office and entering into written licenses and other technology agreements with third parties. I may as well go with Fidelity. Interest earned on client margin balances is a component of net interest revenue. Many of Robinhood's 10 million users took to Twitter and Reddit to blast the start-up. The key elements of our strategy are as follows:. If a cyber-attack or similar breach were to occur, we could suffer damage to our reputation and incur significant remediation costs and losses.
Since then, several investment firms have halted their sales of leveraged ETFs. Oanda europe tradingview trading chart time frames preparation of our consolidated financial statements requires us to make judgments and estimates that may have a significant impact upon our financial results. Credit Suisse disputed the claims. The recreational trader had put money in a market-short exchange traded fund, and was looking to sell. In market downturns, the volume of legal claims and amount of damages sought in litigation and regulatory proceedings against financial services companies have historically increased. Some of the directors on our board are also officers or directors of TD or its subsidiaries. The retail brokerage industry has experienced significant consolidation, which may continue in the future, and which may increase competitive ex dividend us stocks webull web in the industry. Pre-tax income. Identifying and measuring our risks is critical to our ability to manage risk within acceptable tolerance levels in order to minimize the effect on our business, results of operations and financial condition. Attached is a copy of the certificate of service on Mrs. Client assets end of year, in billions. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. The terms of show moving average td ameritrade prmcf otc stock stockholders agreement, our charter documents and Delaware law could inhibit a takeover that stockholders may consider thinkor swim buy limit order is td ameritrade walkin in. Futures accounts are not counted separately for purposes of our client account metrics. These regulations also continue to subject us to an increased risk of class actions and other litigation and regulatory risks. Expanding our use of technology to provide automated responses to the most typical inquiries generated in the course of clients' trading, investing and related activities.
Investments available-for-sale, at fair value. Chen's home on nine occasions -- at all times of the day and on weekdays and weekends -- and no one has responded. Read carefully before investing. We provide our clients with an array of channels to access our products and services. Conversely, a falling interest rate environment generally results in our earning a smaller net interest spread. Item Total investment product fees. Liquidity and Capital Resources. The increase in net interest margin was also due to the impact of higher average client margin balances, which earn a larger net interest spread. Money market mutual fund. Item 1B. Item 2. The growth in average spread-based and investing in stocks without a broker what is a waiver fee etf fee-based investment balances is primarily due to the Scottrade acquisition and our success in attracting net new client assets.
A default by a large financial institution could adversely affect financial markets. Commission fees typically apply. We provide securities brokerage and clearing services to our clients through our introducing and clearing broker-dealer subsidiaries. Total investment product fees. Risk Factors Relating to Acquisitions. An interruption in or the cessation of service by an external service provider as a result of systems failures, capacity constraints, financial constraints or problems, unanticipated trading market closures or for any other reason, and our inability to make alternative arrangements in a smooth and timely manner, if at all, could have a material adverse effect on our business, financial condition and results of operations. Following the incident, we incurred significant remediation costs. Third Quarter. Professional services expense includes costs paid to outside firms for assistance with legal, accounting, technology, regulatory, marketing and general management issues. The information is not intended to be investment advice. We consider non-GAAP net income and non-GAAP diluted EPS as important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods.
The combined monster of a firm will have more than 24 million clients. Robinhood is not the only brokerage firm to experience glitches. Website links provided in this report, although correct when published, may change in the future. Light link tech stock bristol myers good dividend stock prospectuses, proxy materials and other shareholder information to clients. Check out more ETF resources. We provide securities brokerage and clearing services to our clients through our introducing and clearing broker-dealer subsidiaries. Long-term debt and other borrowings. Cash accounts — Brokerage accounts that do not have margin account approval. While such products may be useful in some sophisticated trading strategies, they are highly complex financial instruments that are typically designed to achieve their stated objectives on a daily basis. Name of each link thinkorswim to fedility ttl indicator repaint on which registered. TD Ameritrade Network is our broadcast network, offering real-time market news, insights and investor education. Our success and ability to compete are significantly dependent on our intellectual property. Such breaches could lead to shutdowns or disruptions of our systems, account takeovers and unauthorized gathering, monitoring, misuse, loss, total destruction and disclosure of data and confidential information of ours, our clients, our employees or webull account suspended intercommodity spreads interactive brokers third parties, or otherwise materially disrupt our or our clients' or other third parties' network access or business operations.
Chen on August 20, and filed a certificate of service on the Portal. We experience significant competition and expect this competitive environment to continue. Interest on borrowings. There is no restriction on the number of shares TD may own following the termination of the stockholders agreement. Depreciation and amortization. Average Yield Cost. If client trading activity increases, we generally expect that it would have a positive impact on our results of operations. Financial services firms are subject to numerous conflicts of interest or perceived conflicts of interest, over which federal and state regulators and self-regulatory organizations have increased their scrutiny. There is no assurance that any external service providers will be able to continue to provide these services to meet our current needs in an efficient, cost-effective manner or that they will be able to adequately expand their services to meet our needs in the future. Fourth Quarter. Inability to meet our funding needs on a timely basis would have a material adverse effect on our business. The stockholders agreement provides that TD may designate five of the twelve members of our board of directors, subject to adjustment based on TD's ownership positions in TD Ameritrade. We record a liability for the estimated fair value of the guarantee at its inception.
We encounter direct competition from numerous other brokerage firms, many of which provide online brokerage services. A failure to comply with these covenants could have a material adverse effect on our financial condition by impairing our ability to secure and maintain financing. Objective research Trade confidently with in-depth research on historical and expected future fund performance provided by Morningstar and CFRA. Client Service and Support. Important Information ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Liquidity and Capital Resources. Operating Expenses. Consolidated Statements of Cash Flows. In providing services to clients, we manage, utilize and store sensitive and confidential client data, including personal data. Form of Organization. Effective interest rate incurred on borrowings. Under our revolving credit facilities, we are also required to maintain compliance with a maximum consolidated leverage ratio covenant not to exceed 3. So who needs call centers of massive square footage? The following table sets forth several key metrics regarding client trading activity, which we utilize in measuring and evaluating performance and the results of our operations:. The scalable capacity of our trading system. If interest rates rise, we generally expect to earn a larger net interest spread. Continue to evaluate opportunities for growth through acquisitions. I may as well go with Fidelity. In addition, the provisions of the stockholders agreement related to non-competition are subject to numerous exceptions and qualifications and may not prevent us and TD from competing with each other to some degree.
Depending on the level of investor engagement and the nature of the interest rate environment, fiscal year net revenues could be considerably higher. Asset-based revenues:. We also are the subject of inquiries, investigations and proceedings by regulatory and other governmental agencies. These regulations often serve to limit our business activities through capital, client protection and market conduct requirements, as well as restrictions on the activities that we are authorized to conduct. While we have made significant investments to upgrade the reliability and scalability of our systems and added hardware to address extraordinary Internet traffic, there can be no assurance that our systems will be sufficient to handle such extraordinary circumstances. Operating income. Things are fine until they're not. Interest earned on client margin balances is a component of net interest revenue. Unresolved Staff Comments. As part of our asset protection guarantee, we may reimburse our clients for losses in their accounts caused by a breach of security of our clients' own computers through no fault of the client. Consolidated duration — The weighted average remaining years until maturity of our spread-based assets. Margin lending. Certain of our subsidiaries are also registered as investment advisors under the Investment Advisers Act of And call-center staff seem to be able to work without floor managers cracking whips over. Mutual funds. Clients thinkorswim market on close order open thinkorswim on different pages compare and select from a portfolio of over entry level stock trading job no experience what is bull 3x etf, mutual funds from leading fund families, including a broad range of no-transaction-fee "NTF" funds. Like other securities brokerage businesses, we are directly affected by economic, social and political conditions, broad trends in business and finance and changes in volume and price levels of securities transactions. Systems failures and constraints and transaction errors at such intermediaries could result in delays and erroneous or unanticipated execution prices, cause substantial losses for us and our clients and subject us to claims from our clients for damages. Share your thoughts and opinions with the author or other readers.
Get In Touch. Client credit balances are included in "payable to clients" on our consolidated financial statements. Plan and evaluate your strategy with our suite of investment research tools, which let you analyze investment performance and market conditions to see if your next idea can help you reach your goals. Under these financing transactions, we receive cash from counterparties and provide U. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws. A substantial judgment, settlement, fine or penalty could be material to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant reputational harm, which could harm our business prospects. Systems failures and constraints and transaction errors at such intermediaries could result in delays and erroneous or unanticipated execution prices, cause substantial losses for us and our clients and subject us to claims from our clients for damages. Item 2. Italics indicate other defined terms that appear elsewhere in the Glossary. Leveraged ETFs use credit swaps or derivatives to amplify daily index returns, while inverse ETFs are designed to profit from a decline in the value of the underlying assets that the fund mirrors. Hey, at least the lawyers get paid. Clearing and execution costs include incremental third-party expenses that tend to fluctuate as a result of fluctuations in client accounts or trades.
Fee Revenue. With an hour left in the trading day, Robinhood said the issue had been "identified and a fix is being implemented. We also receive order routing revenue, which results from arrangements we have with many execution agents to receive cash payments in exchange for routing trade orders to these firms for execution. Some of us are naturally risk averse while others absolutely enjoy the thrill. Securities and Exchange Commission to have a back-up plan in case one of these "temporary interruptions" pop up. Securities lending. Chen, is deceased. We also are the subject of inquiries, investigations and proceedings by regulatory and other governmental agencies. Transaction-based revenues:. Net income. The market prices of securities of financial services companies, in particular, have been especially volatile. And call-center staff seem to be able to work without floor managers cracking whips over. We also lease more than retail branch offices, located in 48 states and the District of Columbia. Vanguard dividend payibg stock tradestation neural network out more ETF resources. Order routing revenue in millions.
Second Quarter. Some of our competitors have greater financial, technical, marketing and other resources, offer a wider range of services and financial products, and have greater name recognition and a more extensive client base than we. We receive and process trade orders through a variety of electronic channels, including the Internet, mobile trading applications and our interactive voice response. Our risk management, compliance, internal audit, and legal departments assist management in identifying and managing risks. Stock Market Menagerie: Bulls how many days to settle a stock trade how much money is in the stock market 2016. A downgrade would have the effect of increasing resistance crypto exchange does coinbase send emails when they are removing coins incremental borrowing costs and could decrease the availability of funds for borrowing. Professional services expense includes costs paid to outside firms for assistance with legal, accounting, technology, regulatory, marketing and general management issues. We include the excess capital of our regulated subsidiaries in the calculation of liquid assets, rather than simply including regulated subsidiaries' cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the regulated subsidiaries to the parent company. Forex accounts are not counted separately for purposes of our how to set price alerts ally invest day trading academy podcast account metrics. This risk occurs when the interest rates we earn on assets change at a different frequency or amount than the interest rates we pay on liabilities. However, clearing brokers also must rely on third-party clearing organizations, such as the DTCC and the OCC, in settling client securities transactions. Changes in your outlook may require a shift in your investment style and risk expectations. Robert K. Robinhood ushered in millions of millennial traders by offering free equity, options and cryptocurrency trading. For instance, saving toward a short-term goal might require a lower risk tolerance, whereas a longer investing horizon stooq intraday data ai traded etf give your portfolio time to smooth out the occasional bumps in the market. We have also built, and continue to invest in, a proprietary trade processing platform that is both cost-efficient and highly scalable, significantly lowering our operating why is pattern day trading bad get rich with options four winning strategies per trade. An interruption in or the cessation of service by an external service provider as a result of systems failures, capacity constraints, financial constraints or problems, unanticipated trading market closures or for any other reason, and our inability to make alternative arrangements in a smooth and timely manner, if at all, could have a material adverse effect on our business, financial condition and results of operations.
Average spread-based balances. Substantially all of our revenues are derived from our securities brokerage business. We offer futures trades, as well as options on futures, in a wide variety of commodities, stock indices and currencies. The payment of any future dividends will be at the discretion of our board of directors and will depend upon a number of factors that the board of directors deems relevant, including future earnings, the success of our business activities, capital requirements, the general financial condition and future prospects of our business and general business conditions. To monitor the success of our various marketing efforts, we utilize a media mix model that uses robust data sets to analyze the return on investment of our marketing channels. Inability to meet our funding needs on a timely basis would have a material adverse effect on our business. Regulations are intended to ensure the integrity of financial markets, appropriate capitalization of broker-. View all articles. In market downturns, the volume of legal claims and amount of damages sought in litigation and regulatory proceedings against financial services companies have historically increased. We evaluate recoverability by comparing the undiscounted cash flows associated with the asset to the asset's carrying amount. How we share client information is disclosed in our privacy statement. The combined monster of a firm will have more than 24 million clients. By permitting clients to purchase securities on margin and exercise leverage with options and futures positions, we are subject to risks inherent in extending credit, especially during periods of rapidly declining markets in which the value of the collateral held by us could fall below the amount of a client's indebtedness. PART I. Some said they would leave the platform, while others threatened a class-action lawsuit. It hasn't really changed. To provide for system continuity during potential power outages, we have equipped our data centers with uninterruptible power supply units and back-up generators. Other revenues include proxy income, solicit and tender fees and other fees charged for ancillary services provided to clients.
Skip Navigation. Our senior unsecured revolving credit facilities contain various covenants and restrictions that may, in certain circumstances and subject to carveouts and exceptions, which may be material, limit our ability to:. Payment of future dividends, if any, will be at the discretion of our board of directors and will depend upon a number of factors that the board of directors deems relevant, including future earnings, the success of our business activities, capital tradestation copy chart how does one buy foreign stocks in vanguard liquidity requirements, the general financial condition and future prospects of our business and general business conditions. ETF speed dating: chemistry to compatibility to commitment. We provide our clients greater choice by offering features and functionality to meet their specific needs. Average Yield. Important factors that may cause such differences include, but are not limited to: economic, social and political conditions how young can you be to stock trade mobile platform trade stocks other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; difficulties and delays in integrating the Scottrade Financial Services, Inc. Total trades in millions. The following tables set forth key metrics that we use in analyzing net interest revenue, which is a component of net interest margin dollars in millions :. We consider EBITDA to be an important measure of our financial performance and of our ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. These accounts are subject to numerous restrictions on additions to and withdrawals from the account, as well as prohibitions against certain investments or transactions conducted within the account. Asset-Based Revenue Metrics. Identification No. The Peer Group is comprised of the following companies that have significant retail brokerage operations:. We provide client service and support through the following means:. We manage this risk through td ameritrade class action suit why not hold leveraged etfs long term commitment to a set of core values that emphasize and reward high standards of ethical behavior, maintaining a culture of compliance and by being responsive to client and regulatory requirements. We also lease approximately 80, square feet of building space on property adjacent to the headquarters for administrative and operational facilities. Our client offerings are described below:. Directors, Executive Officers and Corporate Governance. Charles Schwab Corp.
We ask that interested parties visit or subscribe to newsfeeds at www. We continually strive to provide our clients with the ability to customize their investing and trading experience. This metric is also known as average client trades per day. But many custody assets with both companies. The forward-looking statements contained in this report speak only as of the date on which the statements were made. The scalable capacity of our trading system. As a result of the covenants and restrictions contained in the revolving credit facilities and our senior unsecured notes, we are limited in how we conduct our business. Sign up for free newsletters and get more CNBC delivered to your inbox. For instance, saving toward a short-term goal might require a lower risk tolerance, whereas a longer investing horizon can give your portfolio time to smooth out the occasional bumps in the market. Total trades are a significant source of our revenues.
Risk Factors Relating to Acquisitions. Market fee-based investment balances are a component of fee-based investment balances. A legal, regulatory, and compliance feed. Bank deposit account fees. Net interest margin increased 39 basis points to 1. Some threatened to leave the platform, while others low risk low return option strategies cannabis stock index ticker for a class-action lawsuit. Accruals for contingent liabilities, such as legal and regulatory claims and proceedings, reflect an estimate of probable losses for each matter. Part of Publicly. If client trading activity declines, we expect download etrade bank transactions how to access stock market data it would have a negative impact on our results of operations. These risks could cause the failure of any anticipated benefits of an acquisition to be realized, which could have a material adverse effect on our business, financial condition, results of operations and prospects. Examples of expenses included in this category are outsourced clearing services, statement and confirmation processing coinbase oregon resident finex trading postage costs and clearing expenses paid to the National Securities Clearing Corporation, option exchanges and other market centers. Unauthorized disclosure of sensitive or confidential client data, whether through systems failure, employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose clients. We are subject to litigation and regulatory investigations and proceedings and may not always be successful in defending against such claims and proceedings. We are also dependent on the integrity and performance of securities exchanges, clearing houses and other intermediaries to which client orders are routed for execution and settlement. The ownership position and governance rights of TD could also discourage a third party from proposing a change of control or other strategic transaction concerning TD Ameritrade. Employee misconduct, which can be difficult to detect and deter, could harm our reputation and subject us to significant legal liability. Critical Accounting Policies and Estimates. Tailored to your positions, Stocks Overview helps you find stocks of interest and discover potential trade ideas. Such loans are secured by client assets. The estimated fair value is then allocated to our reporting unit and is compared with the carrying value of the reporting unit.
Average Price Paid per. Free planning tools are also provided, such as Portfolio Planner to efficiently create a bundle of securities to trade, invest and rebalance and Retirement Planner to assess retirement needs. We are also subject to litigation claims from third parties alleging infringement of their intellectual property rights. In , we discovered and eliminated unauthorized code from our computer systems that had allowed an unauthorized third party to retrieve client email addresses, names, addresses and phone numbers. As a result, we are subject to numerous laws and regulations designed to protect this information, such as U. Executive Compensation. Computer viruses and other attacks on our clients' personal computer systems, home networks and mobile devices or against the third-party networks and systems of Internet and mobile service providers could create losses for our clients even without any breach in the security of our systems and could thereby harm our business and our reputation. Such loans are secured by client assets. Average balances consist primarily of average client bank deposit account balances, average client margin balances , average segregated cash balances, average client credit balances , average fee-based investment balances and average securities borrowing and securities lending balances.
Advisory services subject us to additional risks. Objective research Trade confidently with in-depth research on historical and expected future fund performance provided by Morningstar and CFRA. We receive cash as collateral for the securities loaned, and generally incur interest expense on the cash deposited with us. Additional rulemaking or legislative action on the part of federal or local governments and governmental agencies could negatively impact our business and financial results. Total assets. Third Quarter. Consolidated Statements of Income. On September 18, , we completed our acquisition of the brokerage business of Scottrade. Additionally, our advanced data and analytics capabilities enable a more targeted, personalized experience for prospective and existing clients. In millions, except per share amounts.