I'm wondering what Merrill is up to again.

I've been seeing them quite a bit on the sell side for the past couple of days.

In 1990, the CIBC took over Merrill Lynch Canada, one of the eight largest Canadian institutions.

Merrill Lynch International is owned by Thomas Fung (see below, China Vision) and Li Ka-Shing business associate.

"COO, Tom White will be responsible for the day-to-day management of key operating functions within Fidelity Clearing Canada. He comes to Fidelity Clearing Canada after 27 years with Merrill Lynch Canada, Inc., most recently as director and vice president of its Global Markets & Investment Banking (GMI) Service

Based in Toronto, Fidelity Clearing Canada provides clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms. The business is part of Fidelity’s U.S.-based clearing organization, National Financial."

Fidelity Clearing Canada Strengthens Senior Management Team With Three New Appointments

Firm Establishes New Clearing Relationship with ITG Canada Corp., and Marks its One-Year Anniversary with Seven Broker-Dealer Clients

BOSTON -- Fidelity Clearing Canada today announced that it has strengthened its senior management team with the appointments of a new Chief Operating Officer, Chief Compliance Officer and Chief Financial Officer.

Thomas A. White has been hired as Chief Operating Officer (COO), Ronald White as Chief Financial Officer (CFO), and Bryan Moffitt as Chief Compliance Officer (CCO). All three executives will report to William (Bill) J. Henderson, CEO, Fidelity Clearing Canada.

Based in Toronto, Fidelity Clearing Canada provides clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms. The business is part of Fidelity’s U.S.-based clearing organization, National Financial.

“With a combined average experience of more than 20 years, Tom, Ron and Bryan are very well-known and respected leaders within their disciplines each possessing a deep knowledge and understanding of the Canadian clearing market and broker-dealer industry,” said Henderson. “Each will play a key role in helping our clients create greater operational and growth efficiencies.”

As COO, Tom White will be responsible for the day-to-day management of key operating functions within Fidelity Clearing Canada. He comes to Fidelity Clearing Canada after 27 years with Merrill Lynch Canada, Inc., most recently as director and vice president of its Global Markets & Investment Banking (GMI) Service.

As CFO, Ron White will be responsible for overseeing all aspects of the finance functions within Fidelity Clearing Canada. He joins Fidelity Clearing Canada from the Bank of Nova Scotia in Toronto where he served as CFO of Scotia iTrade, formerly E*Trade Canada.

As CCO, Bryan Moffitt will be responsible for compliance and oversight. Moffitt comes to Fidelity Clearing Canada from RBC Direct Investing Inc., where he served as CCO and was the primary contact for interaction with all regulatory bodies including IIROC and OSC, and was also responsible for ensuring that the company met its regulatory obligations.

ITG Canada Corp. Selects Fidelity Clearing Canada for Securities Clearing
Fidelity Clearing Canada also announced that ITG Canada Corp., the Canadian unit of Investment Technology Group, Inc. (ITG), an independent agency broker and financial technology firm, has selected it to provide securities clearing.

In addition to securities clearing, Fidelity Clearing Canada will provide ITG with real-time transaction processing as well as integrated risk management and operational tools as part of its open architecture brokerage platform.

With the addition of the ITG relationship, Fidelity Clearing Canada has now established relationships with seven Canadian broker-dealers in its first year of operation. Fidelity Clearing Canada currently clears approximately 260,000 trades per month on behalf of its seven clients.

“With the signing of seven clients since our launch one year ago, Fidelity Clearing Canada has made a significant impact on the Canadian market driven by our focus on delivering a dedicated service model supported by a sophisticated technology platform,” said Henderson. “Based on the volume and diversity of clients we have converted thus far, it is clear that broker-dealers are increasingly recognizing the strength and flexibility of the platform and its comprehensive capabilities to help them achieve success.”

“As part of a multinational brokerage business and a technology provider serving Canadian clients on a global scale, we have a keen understanding of the tools and solutions financial services firms require for continued success,” said Greg Davies, managing director, CFO at ITG Canada Corp. “We are looking forward to leveraging Fidelity Clearing Canada’s clearing capabilities and dedicated service team to help us continue growing our business.”

The Fidelity Clearing Canada platform allows ITG to put all of its Canadian, U.S., European and Asia-Pacific equities, along with its multicurrency foreign exchange and Canadian and U.S.-listed options activities, on one common system, enabling ITG to concentrate on its core business and serve its Canadian-based clients more efficiently.

About Fidelity Clearing Canada
Based in Toronto, Fidelity Clearing Canada provides execution, clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms. The business is part of Fidelity’s U.S.-based clearing organization, National Financial, which services approximately 300 broker-dealers in the U.S. with assets in excess of $544 billion (as of June 30, 2010). For more information about Fidelity Clearing Canada, please visit https://clearingcanada.fidelity.com.

While both part of the Fidelity Investments organization, Fidelity Clearing Canada is a separate business from Fidelity Investments Canada ULC. Fidelity Investments Canada manages over $54 billion in mutual fund and corporate pension plan assets ($CAD, as of June 30, 2010). For more information about Fidelity Investments Canada ULC, please visit www.fidelity.ca.

About ITG

Investment Technology Group, Inc. is a specialized agency brokerage and financial technology firm that partners with asset managers globally to provide innovative solutions spanning the investment continuum. A leader in electronic trading since launching POSIT in 1987, ITG's integrated approach now includes a range of products from portfolio management and pre-trade analysis to trade execution and post-trade evaluation. Asset managers rely on ITG's independence, experience, and agility to help mitigate risk, improve performance and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe and the Asia Pacific regions. For more information on ITG, please visit www.itg.com.

About Fidelity Investments

Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of nearly $3.2 trillion, including managed assets of more than $1.4 trillion, as of August 31, 2010. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

National Financial Services LLC, Member NYSE, SIPC 200 Seaport Boulevard, Boston, MA 02110

Fidelity Clearing Canada ULC (“FCC”)* is an indirect, wholly-owned subsidiary of FMR LLC (“FMR”). FMR and its subsidiaries collectively, including FCC and three other separate legal entities that are also Canadian securities registrants — Fidelity Investments Canada ULC, Pyramis Canada ULC and Pyramis Global Advisors LLC, conduct business under the “Fidelity Investments” name, which is a registered service mark of FMR and a registered business name of FCC.

Canadian clearing and custody services provided by Fidelity Clearing Canada ULC.U.S. clearing and custody services provided by National Financial Services LLC, member NYSE, SIPC. Fidelity Clearing Canada ULC and National Financial Services LLC are affiliates.

Investment Technology Group is an independent organization and is not affiliated with Fidelity.

*Member-Canadian Investor Protection Fund.

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