MDS Financial rescues Trader Dealer
By Vishal Teckchandani
Wednesday 9 April 2008
Clients of brokerage firm Trader Dealer are expected to resume trading today after a rescue bid by a group of companies led by MDS Financial.
Trader Dealer's clients have had their accounts frozen since March 28 after the firm was placed into receivership. It was placed into receivership as it is a subsidiary of embattled broker Opes Prime.
Trader Dealer will now be able to execute trades following a deal struck by Sydney-based MDS and Norris Smith Stockbroking.
This follows the undisclosed bid MDS and corporate advisory firm Box Red made for Trader Dealer's assets on April 3 as administrators were desperate to find a buyer to let its clients resume trading.
MDS has also rebranded the broker into Trader Dealer Online (TDO).
"Everyone has gone beyond the call of duty," MDS chairman Sean Rothsey told InvestorDaily.
"We have taken into effect what would normally take six weeks, people worked through the weekends and the nights to ensure that the regulatory and compliance issues were attended to."
Rothsey said the buyout of TDO was quick because Opes' administrators saw that MDS would be able to integrate the business quickly as it owned TDO's underlying trading platform, Bourse Data.
MDS shares were unchanged at 0.04 cents in trading yesterday.
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