Exhibit 21.1

E*TRADE Financial Corporation

Subsidiaries

Converging Arrows, Inc. ClearStation, Inc. E*TRADE Financial Corporate Services, Inc. BRE Holdings, LLC E*TRADE International Equipment Management Corporation E*TRADE Asset Management, Inc. E*TRADE Advisory Services, Inc. E*TRADE Insurance Services, Inc. Professional Path, Inc. E*TRADE Online Ventures, Inc. E*TRADE Disaster Relief Fund Confluent, Inc. E*TRADE Capital, Inc. Canopy Acquisition Corp. E*TRADE Technologies Group, LLC E*TRADE Archipelago Holdings, LLC Enlight Holdings, LLC eAdvisor W&L Aviation, Inc. BWL Aviation, LLC Web Street, Inc. Webstreet.com, Inc. Web Street Securities, Inc. E*TRADE Brokerage Holdings, Inc. E*TRADE Clearing LLC E*TRADE Securities LLC E*TRADE Futures LLC E*TRADE Capital Holdings, Inc. Tradescape Technology Holdings, Inc. ETP Technologies, LLC ETP Holdings, Inc. Tradescape Securities, LLC E*TRADE Professional Trading, LLC Engelman Securities, Inc. Dempsey & Company, Inc. Market Traders, Inc. Chestler Investments, Inc. Gene R. Inc. Klobuchar, Inc. Pelech, Inc. BJC Investments, Inc. MASC Delaware, Inc. Claude, Inc. Dempsey & Co., LLC GVR Company, LLC E*TRADE National Holdings, Inc. E*TRADE BBH, Inc. E*TRADE Re, LLC ETB Holdings, Inc. E*TRADE Global Asset Management, Inc. Capitol View, LLC E*TRADE Mortgage Backed Securities Corporation Telebanc Capital Trust I Telebanc Capital Trust II ETFC Capital Trust I ETFC Capital Trust II ETFC Capital Trust III ETFC Capital Trust IV ETFC Capital Trust V ETFC Capital Trust VI ETFC Capital Trust VII ETFC Capital Trust VIII ETFC Capital Trust IX ETFC Capital Trust X E*TRADE Bank TFBC Holdings Highland REIT Highland Holdings E*TRADE Consumer Finance Corporation Thor Credit Corporation Deutsche Recreational Asset Funding Corporation E*TRADE Access, Inc. ATM Ventures, LLC CCS Canada, Inc. E*TRADE Mortgage Corporation U.S. Raptor One, Inc. U.S. Raptor Two, Inc. U.S. Raptor Three, Inc. E*TRADE Settlement Services, Inc. LendingLink, LLC TIR Securities (Australia) Pty Limited TIR (Australia) Services Pty Limited Tirade Nominees Pty Limited Tiresome Nominees Pty Limited

E*TRADE Australia Limited E*TRADE Benelux SA E*TRADE Asia Ltd. TIR Holdings (Brazil) Limitada E*TRADE Canada Securities Corporation EGI Canada Corporation E*TRADE Technologies Corporation VERSUS Brokerage Services (U.S.) Inc. 3045175 Nova Scotia Company NSULC 3744221 Canada Inc. TIR (Holdings) Limited E*TRADE Bank A/S E*TRADE SARL E*TRADE Germany Communications GmbH ETRADE Securities (Hong Kong) Limited ETRADE Securities Limited ETRADE Global Research Limited ETRADE Finance (Hong Kong) Limited ETRADE Asia Services Limited E TRADE Systems India Private Limited E*TRADE Europe Securities Limited E*TRADE Web Services Limited E*TRADE Europe Services Limited E*TRADE Iceland HF E*TRADE Israel Electronic Commerce Ltd. E*TRADE Italia S.r.l. E*TRADE Korea Co., Ltd. E*TRADE Europe Holdings B.V. E*TRADE Securities Corporation E TRADE Nordic AB E*TRADE South Africa (Pty) Limited E TRADE Sverige AB TIR Securities (UK) Limited E*TRADE UK (Holdings) Limited E*TRADE UK Limited E*TRADE UK Nominees Limited Electronic Share Information Ltd. E*TRADE Global Services, Ltd. E*TRADE Securities Limited