May 25, 2018 3:11 AM ET

Capital Markets

Company Overview of E*TRADE Clearing LLC

Company Overview

E*TRADE Clearing LLC operates as a subsidiary of ETCM Holdings, Inc.

Jersey City, NJ 07311

United States

Key Executives for E*TRADE Clearing LLC

E*TRADE Clearing LLC does not have any Key Executives recorded.

E*TRADE Clearing LLC Key Developments

E*TRADE Securities LLC and E*TRADE Clearing LLC to Pay $280,000 Civil Monetary Penalty for Failure to Retain Required Records and Failure to Diligently Supervise

The U.S. Commodity Futures Trading Commission issued an Order filing and settling charges against E*TRADE Securities LLC and E*TRADE Clearing LLC for non-compliance with applicable record-keeping rules and failure to diligently supervise. Both entities have their headquarters in Chicago, Illinois. The CFTC Order finds that between October 2009 and January 25, 2014, E*TRADE Securities did not preserve and maintain certain audit trail logs for their customers. Similarly, E*TRADE Clearing did not preserve and maintain customer audit trail logs after becoming registered as a Futures Commission Merchant in February 2013. The Order finds that by not preserving and maintaining these records, E*TRADE Securities and E*TRADE Clearing violated Section 4g(a) of the Commodity Exchange Act (CEA) and CFTC Regulations 1.31 and 1.35. The CFTC Order requires E*TRADE Securities and E*TRADE Clearing jointly to pay a $280,000 civil monetary penalty and to cease and desist from further violations of the CEA, as charged. To prevent similar problems in the future, the Order also requires E*TRADE Securities and E*TRADE Clearing to improve their recordkeeping procedures by updating their policies and procedures and providing appropriate training to officers and employees regarding the CEA's recordkeeping requirements.

E*TRADE Clearing LLC Enters into a 364-Day, $400 Million Senior Unsecured Revolving Credit Facility with a Syndicate of Banks

On June 24, 2016, E*TRADE Clearing LLC entered into a 364-day, $400 million Senior Unsecured Revolving Credit Facility with a syndicate of banks, and with JPMorgan Chase Bank, N.A., as administrative agent. The Credit Facility will be used by ETC for short-term operational needs, including, among other things, funding clearing agency margin deposits. As of June 24, 2016, no amounts were outstanding under the Credit Facility. The Credit Facility replaces the 364-day Senior Unsecured Revolving Credit Facility entered into by and among ETC, JPMorgan Chase Bank, N.A., as administrative agent, and the other parties thereto on June 26, 2015, which expired in accordance with its terms. The obligations under the Credit Facility are unsecured. The revolving loans under the Credit Facility will accrue interest at rates equal to, at the election of ETC, either the Federal Funds Rate or the Eurodollar Rate, plus a fixed margin of 1.75%. ETC will pay a commitment fee of 0.375% on the average daily unused portion of the Credit Facility. ETC may request increases in the aggregate amount of commitments under the Credit Facility in an aggregate amount not to exceed $200 million. The Credit Facility contains customary covenants for credit facilities of this nature, including financial maintenance covenants relating to ETC's minimum consolidated tangible net worth and regulatory net capital ratio.

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