thinkorswim

thinkorswim is an electronic trading platform and financial-services brand focused on self-directed investors and active traders. Its core audience includes retail customers who trade equities, listed options, futures and exchange-traded funds and who require more sophisticated charting, analysis, order-entry and market-monitoring capabilities than a basic brokerage interface typically provides. The business began in 1999 as Thinkorswim, Inc., an online brokerage founded by Tom Sosnoff and Scott Sheridan. It initially concentrated on options trading, a segment in which specialized education, analytics and execution tools were particularly important for individual investors. The company received backing from Technology Crossover Ventures and developed a reputation for serving retail options traders. By the time of its acquisition by TD Ameritrade, thinkorswim was described as a leading platform for retail options activity. Investools acquired Thinkorswim in February 2007. The platform subsequently became part of TD Ameritrade, which agreed to acquire the business in January 2009. The transaction was initially described as involving cash and TD Ameritrade shares, with the final value reported at approximately $749 million and including about 250,000 thinkorswim accounts. Lee Barbra was identified as the company's chief executive at the time of the TD Ameritrade transaction. Under TD Ameritrade, thinkorswim expanded beyond its original options-brokerage identity into a broader trading technology ecosystem. Its capabilities were used for equities, options, futures, exchange-traded funds and related market research. The platform also became associated with extended-hours innovation: in 2018, TD Ameritrade used thinkorswim to introduce 24/5 trading for selected exchange-traded funds, making it one of the first U.S. retail broker-dealers to offer that type of access. The brand also expanded into Hong Kong in early 2018. Charles Schwab Corporation acquired TD Ameritrade in October 2020. As a result, thinkorswim became part of Schwab's brokerage technology portfolio. Schwab subsequently integrated the platform into its customer offering, and Schwab customers received access to thinkorswim in 2023. The platform continued to serve as a more advanced trading environment within Schwab's broader retail-investing ecosystem rather than being replaced by a simple legacy interface. In late 2024, thinkorswim tested expanded around-the-clock weekday trading for selected stocks as a pilot. In 2025, the platform added 24/5 trading for many stocks in the S&P 500 and Nasdaq-100. This development extended a product strategy that emphasized access, active-trader tools and the ability to monitor or trade markets beyond conventional U.S. exchange hours. Today, thinkorswim is best understood as a specialized platform brand within Charles Schwab rather than as an independent brokerage company. Its positioning rests on advanced self-directed trading functionality, especially for options and other active strategies, while its ownership and distribution are tied to Schwab's brokerage business.

Thinkorswim, Inc. was established in 1999 by Tom Sosnoff and Scott Sheridan as an online brokerage specializing in options. The company was backed by Technology Crossover Ventures and built its identity around giving retail customers tools for analyzing and trading options. Its platform-oriented model distinguished it from simpler online brokerage services by emphasizing active trading, research and specialized order functionality. Investools acquired Thinkorswim in February 2007. The acquisition connected the trading business with a company known for investment education and related services. Thinkorswim later became an acquisition target for TD Ameritrade, which agreed in January 2009 to purchase the company. The consideration included cash and TD Ameritrade shares; the final reported transaction value was approximately $749 million and included roughly 250,000 thinkorswim accounts. Lee Barbra was the company's chief executive at the time. Thinkorswim was also described as a leader in the number of daily retail options trades. TD Ameritrade developed thinkorswim into a wider multi-asset retail-trading platform. Although options remained central to its reputation, customers could use the system for stocks, futures, exchange-traded funds and market analysis. The brand became particularly associated with active traders who wanted more detailed charting, strategy analysis and execution controls than were commonly available in entry-level brokerage products. In 2018, TD Ameritrade used thinkorswim to launch 24/5 trading for selected exchange-traded funds. The initiative extended trading access across most weekdays and represented an early effort by a U.S. retail broker-dealer to provide near-continuous access through its consumer platform. The same year, thinkorswim expanded into Hong Kong, giving the brand an international operating dimension. Charles Schwab Corporation acquired TD Ameritrade in October 2020. The transaction placed thinkorswim under Schwab ownership and made its technology part of Schwab's broader retail brokerage strategy. Schwab integrated the platform rather than treating it solely as a historical TD Ameritrade product. In 2023, Schwab customers were given access to thinkorswim, broadening the platform's potential user base within the combined company. The platform continued to evolve its extended-hours offering. In November 2024, it tested 24/5 trading for selected stocks in a pilot. In 2025, it expanded 24/5 access to many stocks included in the S&P 500 and Nasdaq-100. This progression reinforced thinkorswim's positioning as an advanced trading environment for customers seeking broader market access and more sophisticated self-directed tools. The brand is now part of Charles Schwab and is no longer an independent publicly traded brokerage. Its historical development runs from a specialist options brokerage to a technology platform serving a broader set of active retail-trading needs, while retaining a particular association with options and advanced analysis.

• 2025

  Expanded 24/5 stock access

  [1]Thinkorswimen.wikipedia.org

  The platform added 24/5 trading for many stocks in the S&P 500 and Nasdaq-100.

• 2024

  24/5 stock-trading pilot

  [1]Thinkorswimen.wikipedia.org

  thinkorswim tested expanded weekday trading for selected stocks in a pilot launched in November.

• 2023

  Access extended to Schwab customers

  [1]Thinkorswimen.wikipedia.org

  Charles Schwab customers received access to thinkorswim as part of the integration of TD Ameritrade capabilities.

• 2020

  Transfer to Charles Schwab ownership

  [1]Thinkorswimen.wikipedia.org

  Charles Schwab acquired TD Ameritrade, placing thinkorswim within Schwab's brokerage technology portfolio.

• 2018

  First 24/5 retail platform initiative

  [1]Thinkorswimen.wikipedia.org

  TD Ameritrade introduced 24/5 trading for selected ETFs through thinkorswim, extending access beyond regular U.S. market hours.

• 2018

  Hong Kong expansion

  [1]Thinkorswimen.wikipedia.org

  thinkorswim expanded into Hong Kong.

• 2009

  TD Ameritrade acquisition

  [1]Thinkorswimen.wikipedia.org

  TD Ameritrade acquired Thinkorswim in a transaction ultimately reported at approximately $749 million and involving about 250,000 accounts.

• 2007

  Investools acquisition

  [1]Thinkorswimen.wikipedia.org

  Investools acquired Thinkorswim in February, bringing the options-focused brokerage into its corporate group.

• 1999

  Thinkorswim is founded

  [1]Thinkorswimen.wikipedia.org

  Tom Sosnoff and Scott Sheridan founded Thinkorswim, Inc. as an online brokerage focused on options trading.

An advanced self-directed trading platform emphasizing options, active trading, market analysis, extended-hours access and multi-asset execution.

• Electronic trading platform · 1999

  thinkorswim trading platform

  The core thinkorswim environment is designed for self-directed investors and active traders. It supports trading and analysis across stocks, options, futures and exchange-traded funds, with functionality intended for charting, market monitoring, strategy evaluation and order execution. Its strongest historical association is with retail options trading, although the platform has developed into a broader multi-asset brokerage interface under TD Ameritrade and Charles Schwab.

• Extended-hours trading service · 2018

  24/5 trading

  thinkorswim's 24/5 offering extends access beyond regular U.S. market sessions on weekdays. The capability was initially introduced for selected exchange-traded funds in 2018, later tested for selected stocks in 2024, and expanded in 2025 to many stocks in the S&P 500 and Nasdaq-100. Availability depends on the instruments and operating terms supported by Charles Schwab.

• 2024

  Pilot for expanded 24/5 stock tradingProduct launch

  Background

  After introducing extended access for selected ETFs, the platform pursued broader weekday access for individual stocks.

  Action taken

  thinkorswim began a pilot for 24/5 trading in selected stocks in November 2024.

  Aftermath

  The pilot preceded a broader 2025 rollout covering many S&P 500 and Nasdaq-100 stocks.

  Source

• 2020

  Charles Schwab acquires TD AmeritradeM&A

  Background

  The acquisition combined two major U.S. retail brokerage businesses and included TD Ameritrade's technology assets.

  Action taken

  Charles Schwab acquired TD Ameritrade, bringing thinkorswim under Schwab ownership.

  Aftermath

  Schwab integrated thinkorswim into its brokerage offering and later provided the platform to Schwab customers.

  Source

• 2018

  Launch of selected 24/5 ETF tradingProduct launch

  Background

  Retail investors had traditionally been limited by regular exchange trading hours for many U.S.-listed instruments.

  Action taken

  TD Ameritrade introduced 24/5 trading for selected exchange-traded funds through thinkorswim.

  Aftermath

  The initiative positioned thinkorswim as an early U.S. retail platform for expanded weekday market access.

  Source

• 2009

  TD Ameritrade acquires ThinkorswimM&A

  Background

  Thinkorswim was a specialist options brokerage with a substantial retail trading user base and a strong position in daily retail options activity.

  Action taken

  TD Ameritrade acquired the business using cash and TD Ameritrade shares. The final reported value was approximately $749 million and included about 250,000 accounts.

  Aftermath

  Thinkorswim became a major technology and active-trading platform within TD Ameritrade.

  Reported final transaction value. Approximately $749 million (2009 acquisition)

  Source

• 2007

  Investools purchases ThinkorswimM&A

  Background

  Thinkorswim had developed as an options-focused online brokerage and trading platform backed by Technology Crossover Ventures.

  Action taken

  Investools acquired Thinkorswim in February 2007.

  Aftermath

  The transaction placed the platform within Investools before its subsequent acquisition by TD Ameritrade.

  Source

1. 1Thinkorswimen.wikipedia.org