Schwab acquisition of TD to close Oct. 6

The Fed also signed off on Morgan Stanley's purchase of ETrade, which is expected to close Friday

Charles Schwab Corp. announced late Wednesday that its acquisition of brokerage TD Ameritrade will close next Tuesday, Oct. 6.

The announcement followed the Federal Reserve’s approval Wednesday of Toronto Dominion Bank’s acquisition of an ownership stake in Charles Schwab in compensation for its stake in TD Ameritrade.

Separately, Morgan Stanley announced that its purchase of discount brokerage ETrade Financial Corp. will close Friday, following the Federal Reserve’s approval of the deal.

Schwab said in the statement that it will take 18 to 36 months to integrate TD Ameritrade into Schwab.

“Until then, Schwab and TD Ameritrade will continue to operate as separate broker-dealers, and clients of the two firms can continue to do business with their respective companies as they do today and can expect the same level of great service,” according to the statement. “More information will be made available to Schwab and TD Ameritrade clients once the transaction closes.”