E*TRADE (ETFC) and Jeffries announced a retail alliance to provide E*TRADE customers with access to Jefferies’ underwritings of municipal securities. This relationship will allow E*TRADE customers to have access to offerings originated by the Jefferies Municipal Securities platform. E*TRADE and Jefferies already had an alliance in which E*TRADE customers were able to access Jefferies’ underwritings of U.S. IPO and follow-on equity offerings. That deal has been in place since January 2014, and this deal will just further the alliance and give customers even more opportunities.
“We are excited to expand our relationship with Jefferies to include its leading municipal securities platform, enabling E*TRADE customers to have greater access to the early stages of municipal issues, said Dave Herbert, SVP of Retail Brokerage Services at E*TRADE.
Roy Carlberg, Head of Municipal Underwriting at Jefferies, said, “This alliance continues our collaborative work with E*TRADE and builds on the success of our existing Equity Capital Markets alliance.”
Since 1996, E*TRADE has participated in more than 800 new issue offerings. The online broker is looking to provide customers with a broader array of new issues with this announcement.
E*TRADE is urging customers who are interested in learning more about participating in a municipal offering to go to a local branch, call their E*TRADE Financial Consultant, or call customer service and ask to speak with a Fixed Income Specialist.
For the full press release click here.