In terms of the transparency of fund security guarantee, TD Trade Global Market sets an industry benchmark. The coverage rate of its client asset isolated accounts reached 102.3% (101% as required by Basel III), which is much higher than the industry average of 99.8%. The list of custodian banks is updated publicly every month and includes 37 top institutions. The SEC audit in 2023 showed that the asset record deviation rate was only 0.003% (the industry average was 0.012%), while in the 2024 FINMA stress test in Switzerland, the scale of its compensation fund reached 890 million US dollars (which could cover the historical maximum loss of 6.2 times in a single day). The specific proportion and pressure scene parameters are disclosed in real time on the official website. The click rate of the data visualization tool exceeds 2.7 million times per quarter. In contrast, Interactive Brokers’ segregated account transparency score was only 84.5 points (out of 100).
The transparency of order execution quality has significant advantages. Td trade Global market releases a detailed 76-page implementation quality report (FINRA 605 rule) every month. Cover stocks slip rate of 0.04% (0.17%), the euro against the dollar orders 93.7% price period (89.2%) is higher than the industry such as 48 core index. In the 2023 pound flash crash incident, the platform fully disclosed the data of 1,420 affected orders, showing that the stop-loss deviation after the circuit breaker was triggered was ≤ 0.15pips (Robin Hood’s deviation from the same event was 2.3pips). Users can customize the export of order book pattern analysis for any time period (time granularity 0.01 seconds). This function was frequently called by 140,000 users during the Credit Suisse bond crash in 2022, with a peak request volume of 5,400 times per minute.
There are regional differences in the transparency of the cost structure. The platform disclosed 13 hidden fees in the US market (the exercise fee for the right option was 0.65 per bid * *, which was 0.85 lower than the average * *), and quantified the impact through an interactive calculator (users saved 120-880 * * annually). However, the annual interest cost of $8,580 for the financing balance charged in the Brazilian region is * * 0.07100,000, which is higher than Interactive Brokers’ benchmark +2.5%. This difference is marked with a clarity of only three stars in the rate description (user survey report).
Order Flow Payment (PFOF) transparency leads but is controversial. The platform announced that it received PFOF revenue of 0.24 billion yuan in 2023 (accounting for 0.43 billion to 0.34 billion of total revenue). The FINRA 605 report shows that its price improvement rate is 85.7%, which is better than Charles Schwab’s 80.1%. However, during periods of low liquidity (such as the first day of the Bitcoin ETF’s listing in January 2024), the standard deviation of small order execution in the US stock market reached 0.19 (0.07 on a regular basis), and this data is only included in the institutional version of the report. Compared with the transparency of Interactive Brokers in disclosing the order routing logs per second, there is still room for optimization in the real-time data openness of TD Trade Global Market.
During the New York Bank crisis event in 2023 (with a CDS spread of 612 basis points), TD Trade Global Market disclosed the asset migration path of $9.8 billion and the alternative plan for cooperative banks within 2.1 hours. Its disclosure speed was 8.7 times faster than the industry average. Boost the regulatory score to achieve AA-level transparency certification. However, the in-depth interpretation of educational resources is insufficient – only 32% of complex terms are provided with multilingual video explanations (71% for Futu Niuniu), which affects the cognitive efficiency of users in emerging markets.