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TD acquisition of Scottrade approved by Federal Reserve

TD bought Scottrade Financial Services Inc. on Oct. 24, 2016, in a cash-and-stock deal valued at about $4 billion.

Nati Harnik/AP Photo

The Federal Reserve on Wednesday approved the purchase of Scottrade Financial Services by Toronto-Dominion Bank, as had been expected.

The deal brings together two of the biggest U.S. discount brokerages, TD Ameritrade and Scottrade.

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