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    Christian Bolu

    Research Analyst at Bernstein

    Christian Bolu's questions to AMTD IDEA (AMTD) leadership

    Christian Bolu's questions to AMTD IDEA (AMTD) leadership • Q4 2019

    Question

    Christian Bolu of Bernstein asked about the pros and cons of Ameritrade being acquired and sought more detail on the source of client flows and expected activity uplift post-commission cuts.

    Answer

    President & CEO Tim Hockey declined to comment on the merits of being acquired. On client flows, he stated that account transfer data shows new assets are coming 'from all over' and that outflows are slowing. He referenced a free trade offer from 20 years ago that saw a 20x increase in trading intensity, and while not expecting that level of increase now, he is excited about the potential for more activity from traders, who are their most profitable clients.

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    Christian Bolu's questions to AMTD IDEA (AMTD) leadership • Q1 2019

    Question

    Christian Bolu asked for the reasons behind TD Ameritrade's sustained technology advantage and inquired about the source of market share gains in the institutional business.

    Answer

    President and CEO Tim Hockey attributed the technology lead to a cultural focus on innovation, agility, and system simplification that has been a multi-year journey. Regarding the institutional business, Hockey stated that share gains are broad-based and that while specific asset figures are not disclosed, the split with retail is roughly 50-50.

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