Ally Invest, rebranded from TradeKing, sees accounts, cash balances grow Y/Y in Q2 2017

Maria Nikolova

Ally Invest has contributed to the rise of “Corporate and other” revenues of Ally Financial in the second quarter of 2017.

In early May this year, US financial services provider Ally Financial Inc (NYSE:ALLY) rebranded brokerage TradeKing, which it acquired in June 2016 in a $275 million deal. As a result of the change, TradeKing became Ally Invest, and Ally Financial got a chance to markedly expand its product offering.

Today, Ally Financial reported its financial results for the second quarter of 2017, with our attention focused on any information the Group may provide on Ally Invest.

Ally Invest’s results are integrated in “Other” revenues. Other revenue increased $14 million year-over-year on the back of “favorable gains on asset sales and contributions from the Corporate Finance and Ally Invest businesses”, according to the earnings report.

The number of net funded accounts grew to 249,900 in the second quarter of 2017, compared to 241,800 in the equivalent period in 2016. Total customer cash balances and net customer assets also showed a rise in annual terms, whereas the average customer trades per day staged a drop to 16,600 against 18,400 a year earlier.

Following the rebranding, TradeKing’s securities products and services are now offered through Ally Invest Securities LLC. Advisory products and services are offered now through Ally Invest Advisors, Inc.

Forex products and services are offered through Ally Invest Forex LLC, an introducing broker to GAIN Capital Group. These Forex accounts are held and maintained at GAIN. Traders retain access to the ForexTrader and MT4 platforms, as well as research & analysis tools.

Futures trading services are provided by Ally Invest Futures LLC.

MBTrading, which was acquired by TradeKing in August 2015, now has a redesigned website displaying the following message: “Ally Invest Now Owns MB Trading. We’ve recently acquired MB Trading, and we’re working to combine our products and services. In the meantime, you can still open an MB Trading account”.

In June, in a move seen as the last step in TradeKing’s integration into Ally, TradeKing’s Trader Network was closed, with traders offered to make use of Ally’s community instead.

Read this next

Institutional FX

Euronext reports double-digit growth in FX volume

Pan-European exchange, Euronext has reported a 10 percent rebound in the average daily volume on its spot foreign exchange market. The ADV figure stood at $19.6 billion in January 2022, which is up from December’s $18 billion.

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”