E*Trade secures stake down under

Summary:Online brokerage E*Trade secured a 7.5 percent stake in E*Trade Australia on Monday.

Online brokerage E*Trade secured a 7.5 percent stake in E*Trade Australia on Monday. E*Trade did not pay in cash for the stake; instead it granted E*Trade Australia, a previously independent license holder of the Menlo Park, Calif.-based company, the right to use E*Trade's name and trademarks on a royalty-free basis in Australia and New Zealand. As part of the agreement, E*Trade will shift the costs of maintaining and developing E*Trade Australia's computer systems to its Australia-based namesake. --Troy Wolverton, Special to ZDNet News

Topics: New Zealand

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