TD Ameritrade faces scrutiny over Scottrade purchase

In a connected deal, Toronto-Dominion Bank , TD Ameritrade's biggest shareholder, said on Monday it had agreed to buy Scottrade's banking business for $1.3 billion as it continues to ramp up its expansion in the United States. TD Ameritrade's acquisition of Scottrade combines two of the United States' "big five brokerages," the others being Charles Schwab, Fidelity Investments and E-Trade, and would leave only four major brokers operating in the marketplace.