<HTML>
<HEAD>
   <TITLE>mar1104_s8</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<A name="page_1"></A>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR align="center">
   <TD colspan=3><FONT size=2 face="serif">As filed with the Securities and Exchange Commission on March 12, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%" align="center">&nbsp;</TD>
   <TD align="center" width="34%">&nbsp;</TD>
   <TD align="center" width="33%"><FONT size=2 face="serif">Registration No. 333-</FONT></TD>
</TR>
<TR>
   <TD colspan=3><HR noshade size=2></TD>
</TR>
<TR>
   <TD width="33%" align="center">&nbsp;</TD>
   <TD width="34%" align="center">&nbsp;</TD>
   <TD width="33%" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%" align="center">&nbsp;</TD>
   <TD width="34%" align="center">&nbsp;</TD>
   <TD width="33%" align="center">&nbsp;</TD>
</TR>
<TR align="center">
   <TD colspan=3><B><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><FONT size=2 face="serif">Washington, D.C. 20549</FONT></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%"><hr align="center" width="50%" size="1" noshade></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT face="serif">FORM S-8</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT face="serif">REGISTRATION STATEMENT</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><I><FONT size=2 face="serif">Under</FONT></I></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><I><FONT size=2 face="serif">The Securities Act of 1933</FONT></I></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%"><hr align="center" width="50%" size="1" noshade></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="3" align="center"><B><FONT face="serif">E*TRADE FINANCIAL CORPORATION</FONT></B></TD>
  </TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><FONT size=1 face="serif">(Exact name of registrant as specified in its charter)</FONT></TD>
   <TD width="33%" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%" align="center"><B><FONT size=2 face="serif">Delaware</FONT></B></TD>
   <TD width="34%">&nbsp;</TD>
   <TD width="33%" align="center"><B><FONT size=2 face="serif">94-2844166</FONT></B></TD>
</TR>
<TR>
   <TD width="33%" align="center" valign="top"><FONT size=1 face="serif">(State or other jurisdiction<br>
   </FONT><FONT size=1 face="serif">of incorporation or organization)</FONT></TD>
   <TD width="34%">&nbsp;</TD>
   <TD width="33%" align="center" valign="top"><FONT size=1 face="serif">(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">135 East 57</FONT></B><B><SUP><FONT size=2 face="serif">th </FONT></SUP></B><B><FONT size=2 face="serif">Street</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">New York, New York 10022</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><FONT size=1 face="serif">(Address of principal executive offices) (Zip Code)</FONT></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%"><hr align="center" width="50%" size="1" noshade></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR align="center">
   <TD colspan=3><B><FONT size=2 face="serif">E*TRADE FINANCIAL CORPORATION 1996 STOCK INCENTIVE PLAN</FONT></B></TD>
</TR>
<TR align="center">
   <TD width="33%">&nbsp;</TD>
   <TD width="34%"><FONT size=1 face="serif">(Full title of the Plan)</FONT></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%"><hr align="center" width="50%" size="1" noshade></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">Russell S. Elmer</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">General Counsel</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">E*TRADE FINANCIAL CORPROATION</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">135 East 57</FONT></B><B><SUP><FONT size=2 face="serif">th </FONT></SUP></B><B><FONT size=2 face="serif">Street</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">New York, New York 10022</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><B><FONT size=2 face="serif">(212) 583-0604</FONT></B></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%" align="center"><FONT size=1 face="serif">(Name, address including zip code, and telephone number,</FONT><FONT size=1 face="serif">including area code, of agent for service)</FONT></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="34%"><hr align="center" width="50%" size="1" noshade></TD>
   <TD width="33%">&nbsp;</TD>
</TR>
<TR align="center">
   <TD colspan="3"><B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=1 cellpadding=3 cellspacing=0 bordercolor="#000000">
  <TR>
    <TD width="32%" align="center"><B><FONT size=1 face="serif">Title of<br>
      </FONT></B><B><FONT size=1 face="serif">Securities<br>
      </FONT></B><B><FONT size=1 face="serif">to be<br>
      </FONT></B><B><FONT size=1 face="serif"><U>Registered</u></FONT></B></TD>
    <TD width="16%" align="center"><B><FONT size=1 face="serif">Amount<br>
      </FONT></B><B><FONT size=1 face="serif">to be<br>
      </FONT></B><B><FONT size=1 face="serif"><U>Registered (1)</u><br>
      </FONT></B></TD>
    <TD width="16%" align="center"><B><FONT size=1 face="serif">Proposed<br>
      </FONT></B><B><FONT size=1 face="serif">Maximum<br>
      </FONT></B><B><FONT size=1 face="serif">Offering<br>
      </FONT></B><B><FONT size=1 face="serif">Price<br>
      </FONT></B><B><FONT size=1 face="serif"><U>per Share (2)</u></FONT></B></TD>
    <TD width="16%" align="center"><B><FONT size=1 face="serif">Proposed<br>
      </FONT></B><B><FONT size=1 face="serif">Maximum<br>
      </FONT></B><B><FONT size=1 face="serif">Aggregate<br>
      </FONT></B><B><FONT size=1 face="serif">Offering<br>
      </FONT></B><B><FONT size=1 face="serif"><U>Price (2)</u></FONT></B></TD>
    <TD width="16%" align="center"><B><FONT size=1 face="serif">Amount<br>
      of<br>
      <U>Registration Fee</u></FONT></B></TD>
  </TR>
  <TR>
    <TD width="32%"><FONT size=1 face="serif"><u><FONT size=1 face="serif">E*TRADE
      Financial Corporation 1996 Stock Incentive Plan</FONT></u><br>
      Common Stock, $0.01 par value</FONT></TD>
    <TD width="16%" align="center"><FONT size=1 face="serif">17,902,215 shares</FONT></TD>
    <TD width="16%" align="center"><FONT size=1 face="serif">$12.40</FONT></TD>
    <TD width="16%" align="center"><FONT size=1 face="serif">$221,987,466.00</FONT></TD>
    <TD width="16%" align="center"><font size="1">$28,126</font></TD>
  </TR>
</TABLE>
<TABLE border="0" cellpadding="0" cellspacing="0">
<TR>
  <TD valign="top">&nbsp;</TD>
  <td valign="top">&nbsp;</td>
</tr>
<TR>
   <TD valign="top" width="5%"><FONT size=1 face="serif">(1)</FONT></TD>
    <td valign="top"><FONT size=1 face="serif">This Registration Statement covers
      17,902,215 shares being added to E*TRADE Financial Corporation 1996 Stock
      Incentive Plan automatically pursuant to the terms of the plan. This Registration
      Statement also covers any additional shares of common stock which become
      issuable under the E*TRADE Financial Corporation 1996 Stock Incentive Plan
      by reason of any stock dividend, stock split, recapitalization or other
      similar transaction effected without Registrant&#146;s receipt of consideration
      which results in an increase in the number of the outstanding shares of
      Registrant&#146;s common stock.</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT size=1 face="serif">(2)</FONT></td>
    <td valign="top"><FONT size=1 face="serif">Calculated under Rule 457(h) of
      the Securities Act of 1933, as amended, on the basis of the average of the
      high and low selling prices per share of the Registrant&#146;s Common Stock
      on March 11, 2004, as reported by the New York Stock Exchange.</FONT></td>
</tr>
</TABLE>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<P align="center">
<B><FONT size=2 face="serif">PART II </FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Information Required in the Registration Statement </FONT></B>
</P>
<P>
<FONT size=2 face="serif">Item 3.&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Incorporation of Documents by Reference</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2"> E*TRADE </font> <font face="Times New Roman" size="2">Financial
    Corporation (the &#147;Registrant&#148;) hereby incorporates by reference
    into this Registration Statement the following do</font><font size=2 face="serif">cuments
    previously filed with the Securities and Exchange Commission (the &#147;SEC&#148;): </font></p>
<FONT size=2 face="serif"></FONT><FONT size=2 face="serif"></FONT>
<TABLE border="0" cellpadding="0" cellspacing="0">
<TR>
  <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="5%"><FONT size=2 face="serif">(a)</FONT></TD>
   <td valign="top"><FONT size=2 face="serif">The Corporation&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2003, filed with the SEC on March 11, 2004, pursuant to Section 13 of the Securities Exchange Act of 1934, as
amended (the &#147;1934 Act&#148;);</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT size=2 face="serif">(b)</FONT></td>
   <td valign="top"><FONT size=2 face="serif">The Corporation&#146;s Current Report on Form 8-K filed with the SEC on January 21, 2004; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top" width="3%">&nbsp;</td>
   <td valign="top" width="3%"><FONT size=2 face="serif">(c)</FONT></td>
   <td valign="top"><FONT size=2 face="serif">The Corporation&#146;s Registration Statement No. 001-11921 on Form 8-A12B filed with the SEC on July 12, 1996, (as amended on Form 8-A12B/A filed with the SEC on February 12, 2001) pursuant to Section
12 of the 1934 Act, in which there is described the terms, rights and provisions applicable to the Registrant&#146;s outstanding Common Stock, and the description of the associated rights contained in our registration statement on Form 8-A12B filed
on July 17, 2001.</FONT></td>
</tr>
</TABLE>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">All
      reports and definitive proxy or information statements filed pursuant to
      Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934
      (the &#147;1934 Act&#148;) after the date of this Registration Statement
      and prior to the filing of a post-effective amendment which indicates that
      all securities offered hereby have been sold or which deregisters all securities
      then remaining unsold shall be deemed to be incorporated by reference into
      this Registration Statement and to be a part hereof from the date of filing
      of such documents. Any statement contained in a document incorporated or
      deemed to be incorporated by reference herein shall be deemed to be modified
      or superseded for purposes of this Registration Statement to the extent
      that a statement contained herein or in any subsequently filed document
      which also is deemed to be incorporated by reference herein modifies or
      supersedes such statement. Any such statement so modified or superseded
      shall not be deemed, except as so modified or superseded, to constitute
      a part of this Registration Statement.</font></p>
<P>
<FONT size=2 face="serif">Item 4.&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Description of Securities</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">Not
      Applicable.</font></p>
<P>
<FONT size=2 face="serif">Item 5.&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Interests of Named Experts and Counsel</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">Not
      Applicable. </font></p>
<P>
<FONT size=2 face="serif">Item 6.&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Indemnification of Directors and Officers</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">Section 145 of the General Corporation Law of the State of Delaware (the &#147;Delaware Law&#148;) empowers a Delaware corporation to indemnify any persons who are, or are threatened to be
made, parties to any threatened, pending or completed legal action, suit or proceedings, whether civil, criminal, administrative or investigative (other than action by or in the right of such corporation), by reason of the fact that such person was
an officer or director of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys&#146; fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided that such officer or director acted in good faith and in a manner he reasonably believed to
be in or not opposed to the corporation&#146;s best interests, and, for criminal proceedings, had no reasonable cause to believe his conduct was illegal. A Delaware corporation may indemnify officers and directors in an action by or in the right of
the corporation under the same conditions, except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation in the performance of his duty. Where an officer or director is
successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director actually and reasonably incurred. </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">II-1</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">In accordance with the Delaware Law, the Amended and Restated Certificate of Incorporation of the Registrant contains a provision to limit the personal liability of the directors of the
Registrant for violations of their fiduciary duty. This provision eliminates each director&#146;s liability to the Registrant or its stockholders for monetary damages except (i) for any breach of the director&#146;s duty of loyalty to the Registrant
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware Law providing for liability of directors for unlawful payment of
dividends or unlawful stock purchases or redemptions, or (iv) for any transaction from which a director derived an improper personal benefit.  The effect of this provision is to eliminate the personal liability of directors for monetary damages for
actions involving a breach of their fiduciary duty of care, including any such actions involving gross negligence. </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">Article 5 of the Restated Bylaws of the Registrant provide for indemnification of the officers and directors of the Registrant to the fullest extent permitted by applicable law. </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">In connection with the incorporation of the Registrant into the State of Delaware, the Registrant entered into indemnification agreements with each director and certain officers. The
Indemnification Agreements provide indemnification to such directors and officers under certain circumstances for acts or omissions which may not be covered by directors&#146; and officers&#146; liability insurance. </FONT>
</P>
<P>
<FONT size=2 face="serif">Item 7.&nbsp;&nbsp; </FONT><U><FONT size=2 face="serif">Exemption from Registration Claimed</FONT></U><FONT size=2 face="serif"> </FONT>
</P>

<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2"> Not Applicable. </font></p>
<FONT size=2 face="serif"></FONT>
<P>
<FONT size=2 face="serif">Item 8. </FONT><U><FONT size=2 face="serif">Exhibits</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan=2 width="19%"><u><FONT size=2 face="serif">Exhibit Number</FONT></u></TD>
   <TD align="left" width="82%"><FONT size=2 face="serif"><u>Exhibit</u></FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%"><FONT size=2 face="serif">4</FONT></TD>
   <TD width="82%"><FONT size=2 face="serif">Instruments Defining Rights of Stockholders on Form 8-A12B (file number 001-11921),</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="82%"><FONT size=2 face="serif">filed on July 12, 1996, as amended by Amendment No. 1 on Form 8-A12B/A filed on</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="82%"><FONT size=2 face="serif">February 12, 2001, and the description of the associated rights contained in our</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="82%"><FONT size=2 face="serif">registration statement on Form 8-A12B filed on July 17, 2001, including any amendment</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="82%"><FONT size=2 face="serif">or report filed for the purpose of updating this description.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%"><FONT size=2 face="serif">5</FONT></TD>
   <TD width="82%"><FONT size=2 face="serif">Opinion and Consent of Davis Polk &amp; Wardwell.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%"><FONT size=2 face="serif">23.1</FONT></TD>
   <TD width="82%"><FONT size=2 face="serif">Consent of Deloitte &amp; Touche LLP, Independent Auditors.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%"><FONT size=2 face="serif">23.2</FONT></TD>
   <TD width="82%"><FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell is contained in Exhibit 5.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%"><FONT size=2 face="serif">24</FONT></TD>
   <TD width="82%"><FONT size=2 face="serif">Power of Attorney. Reference is made to page II-4 of this Registration Statement.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%"><FONT size=2 face="serif">99.1</FONT></TD>
   <TD width="82%"><FONT size=2 face="serif">E*TRADE Financial Corporation 1996 Stock Incentive Plan (As Amended and Restated</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="82%"><FONT size=2 face="serif">Through April 4, 2002).</FONT></TD>
</TR>
</TABLE>
<p><FONT size=2 face="serif">Item 9.&nbsp;&nbsp;  <u>Undertakings</u></FONT></p>

<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">A.   &nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes: (1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement (i) to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the &#147;1933 Act&#148;), (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement and (iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; provided, however, that clauses (1)(i) and (1)(ii) shall not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference into this Registration Statement; (2) that
for the purpose of determining any liability under the 1933 Act each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof; and (3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the E*TRADE Financial Corporation
1996 Stock Incentive Plan. </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">B.&nbsp;&nbsp;&nbsp;         The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or Section 15(d) of the 1934 Act that is incorporated by reference into this Registration Statement shall be deemed to be a new registration statement</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">II-2</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<P>
<FONT size=2 face="serif">relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">C.&nbsp;&nbsp;&nbsp;         Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers, or controlling persons of the Registrant pursuant to the indemnification
foregoing provisions summarized in Item 6 or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable.  In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">II-3</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<P align="center">
<B><FONT size=2 face="serif">SIGNATURES </FONT></B>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on
Form S-8, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 12th day of March, 2004. </FONT>
</P>
<P>&nbsp;
</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td colspan="2"><b><font size=2 face="serif">E*TRADE FINANCIAL CORPORATION</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="serif">By: </font></td>
    <td valign="top"><font size=2 face="serif"><u>/s/ Mitchell H. Caplan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
    </u>Mitchell H. Caplan <br>
    Chief Executive Officer and Director </font> <font size=2 face="serif"><u>    </u></font></td>
  </tr>
</table>
<P align="center">
<B><U><FONT size=2 face="serif">POWER OF ATTORNEY</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">KNOW ALL PERSONS BY THESE PRESENTS: </FONT></B>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">That the undersigned officers and directors of E*TRADE Financial Corporation, a Delaware corporation, do hereby constitute and appoint Russell S. Elmer and Robert J. Simmons, and each one of
them, the lawful attorneys-in-fact and agents with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents, and any one of them, determine may be necessary or advisable or
required to enable said corporation to comply with the Securities Act of 1933, as amended, and any rules or regulations or requirements of the Securities and Exchange Commission in connection with this Registration Statement. Without limiting the
generality of the foregoing power and authority, the powers granted include the power and authority to sign the names of the undersigned officers and directors in the capacities indicated below to this Registration Statement, to any and all
amendments, both pre-effective and post-effective, and supplements to this Registration Statement, and to any and all instruments or documents filed as part of or in conjunction with this Registration Statement or amendments or supplements thereof,
and each of the undersigned hereby ratifies and confirms all that said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof. This Power of Attorney may be signed in several counterparts. </FONT>
</P>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2"> <b><font size=2 face="serif">IN
        WITNESS WHEREOF</font></b><font size=2 face="serif">, each of the undersigned
        has executed this Power of Attorney as of the date indicated. </font> </font></p>
<p style="TEXT-INDENT: .5in"><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="33%"><FONT size=2 face="serif"><u>Signature</u></FONT></TD>
   <TD align="center" width="44%"><FONT size=2 face="serif"><u>Title</u></FONT></TD>
   <TD align="center" width="23%"><FONT size=2 face="serif"><u>Date</u></FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Mitchell H. Caplan</FONT></u></TD>
   <TD width="44%"><FONT size=2 face="serif">Chief Executive Officer and</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 12, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Mitchell H. Caplan</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director (Principal Executive</FONT></TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%"><FONT size=2 face="serif">Officer)</FONT></TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Robert J. Simmons</FONT></u></TD>
   <TD width="44%"><FONT size=2 face="serif">Chief Financial Officer</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 12, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Robert J. Simmons</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">(Principal Financial and</FONT></TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%"><FONT size=2 face="serif">Accounting Officer)</FONT></TD>
   <TD width="23%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">II-4</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ George Hayter</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">George Hayter</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Chairman of the Board</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 12, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ William Porter</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">William A. Porter</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Chairman Emeritus</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 1, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Ronald D. Fisher</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Ronald D. Fisher</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 12, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Michael K. Parks</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Michael K. Parks</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 12, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ C. Cathleen Raffaeli</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">C. Cathleen Raffaeli</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">February 29, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Lewis E. Randall</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Lewis E. Randall</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 1, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Lester C. Thurow</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Lester C. Thurow</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">February 27, 2004</FONT></TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><u><FONT size=2 face="serif">/s/ Donna L. Weaver</FONT></u></TD>
   <TD width="44%">&nbsp;</TD>
   <TD width="23%">&nbsp;</TD>
</TR>
<TR>
   <TD width="33%"><FONT size=2 face="serif">Donna L. Weaver</FONT></TD>
   <TD width="44%"><FONT size=2 face="serif">Director</FONT></TD>
   <TD width="23%"><FONT size=2 face="serif">March 12, 2004</FONT></TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="serif">II-5</FONT>
</P>
<hr width="100%" size=3 noshade>
<div align="center">

  <p><br>
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->

</p>
</div>
<p align="center"><strong><font size="2">EXHIBIT INDEX </font></strong>
</p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan=2 width="19%"><u><FONT size=2 face="serif">Exhibit Number</FONT></u></TD>
    <TD align="left" width="82%"><FONT size=2 face="serif"><u>Exhibit</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%"><FONT size=2 face="serif">4</FONT></TD>
    <TD width="82%"><FONT size=2 face="serif">Instruments Defining Rights of
        Stockholders on Form 8-A12B (file number 001-11921),</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="82%"><FONT size=2 face="serif">filed on July 12, 1996, as amended
        by Amendment No. 1 on Form 8-A12B/A filed on</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="82%"><FONT size=2 face="serif">February 12, 2001, and the description
        of the associated rights contained in our</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="82%"><FONT size=2 face="serif">registration statement on Form
        8-A12B filed on July 17, 2001, including any amendment</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="82%"><FONT size=2 face="serif">or report filed for the purpose
        of updating this description.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%"><FONT size=2 face="serif">5</FONT></TD>
    <TD width="82%"><FONT size=2 face="serif">Opinion and Consent of Davis Polk &amp; Wardwell.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%"><FONT size=2 face="serif">23.1</FONT></TD>
    <TD width="82%"><FONT size=2 face="serif">Consent of Deloitte &amp; Touche
        LLP, Independent Auditors.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%"><FONT size=2 face="serif">23.2</FONT></TD>
    <TD width="82%"><FONT size=2 face="serif">Consent of Davis Polk &amp; Wardwell
        is contained in Exhibit 5.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%"><FONT size=2 face="serif">24</FONT></TD>
    <TD width="82%"><FONT size=2 face="serif">Power of Attorney. Reference is
        made to page II-4 of this Registration Statement.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%"><FONT size=2 face="serif">99.1</FONT></TD>
    <TD width="82%"><FONT size=2 face="serif">E*TRADE Financial Corporation 1996
        Stock Incentive Plan (As Amended and Restated</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="82%"><FONT size=2 face="serif">Through April 4, 2002).</FONT></TD>
  </TR>
</TABLE>
<hr width="100%" size=3 noshade>

</BODY>

</HTML>
[{"type": "S-8", "sequence": "1", "filename": "mar1104_s8.htm", "secsgml_size_bytes": 38212}]
{"company-data": {"conformed-name": "E TRADE FINANCIAL CORP", "cik": "0001015780", "assigned-sic": "6211", "irs-number": "942844166", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-113558", "film-number": "04666573"}, "business-address": {"street1": "135 E. 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "6503316000"}, "mail-address": {"street1": "135 E. 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "E TRADE GROUP INC", "date-changed": "19960531"}}
mar1104_s8
As filed with the Securities and Exchange Commission on March 12, 2004
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
E*TRADE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
94-2844166
(State or other jurisdiction
of incorporation or organization)
(IRS Employer Identification No.)
135 East 57
th
Street
New York, New York 10022
(Address of principal executive offices) (Zip Code)
E*TRADE FINANCIAL CORPORATION 1996 STOCK INCENTIVE PLAN
(Full title of the Plan)
Russell S. Elmer
General Counsel
E*TRADE FINANCIAL CORPROATION
135 East 57
th
Street
New York, New York 10022
(212) 583-0604
(Name, address including zip code, and telephone number,
including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of
Securities
to be
Registered
Amount
to be
Registered (1)
Proposed
Maximum
Offering
Price
per Share (2)
Proposed
Maximum
Aggregate
Offering
Price (2)
Amount
of
Registration Fee
E*TRADE
      Financial Corporation 1996 Stock Incentive Plan
Common Stock, $0.01 par value
17,902,215 shares
$12.40
$221,987,466.00
$28,126
(1)
This Registration Statement covers
      17,902,215 shares being added to E*TRADE Financial Corporation 1996 Stock
      Incentive Plan automatically pursuant to the terms of the plan. This Registration
      Statement also covers any additional shares of common stock which become
      issuable under the E*TRADE Financial Corporation 1996 Stock Incentive Plan
      by reason of any stock dividend, stock split, recapitalization or other
      similar transaction effected without Registrant's receipt of consideration
      which results in an increase in the number of the outstanding shares of
      Registrant's common stock.
(2)
Calculated under Rule 457(h) of
      the Securities Act of 1933, as amended, on the basis of the average of the
      high and low selling prices per share of the Registrant's Common Stock
      on March 11, 2004, as reported by the New York Stock Exchange.
PART II
Information Required in the Registration Statement
Item 3.
Incorporation of Documents by Reference
E*TRADE
Financial
    Corporation (the "Registrant") hereby incorporates by reference
    into this Registration Statement the following do
cuments
    previously filed with the Securities and Exchange Commission (the "SEC"):
(a)
The Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2003, filed with the SEC on March 11, 2004, pursuant to Section 13 of the Securities Exchange Act of 1934, as
amended (the "1934 Act");
(b)
The Corporation's Current Report on Form 8-K filed with the SEC on January 21, 2004; and
(c)
The Corporation's Registration Statement No. 001-11921 on Form 8-A12B filed with the SEC on July 12, 1996, (as amended on Form 8-A12B/A filed with the SEC on February 12, 2001) pursuant to Section
12 of the 1934 Act, in which there is described the terms, rights and provisions applicable to the Registrant's outstanding Common Stock, and the description of the associated rights contained in our registration statement on Form 8-A12B filed
on July 17, 2001.
All
      reports and definitive proxy or information statements filed pursuant to
      Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934
      (the "1934 Act") after the date of this Registration Statement
      and prior to the filing of a post-effective amendment which indicates that
      all securities offered hereby have been sold or which deregisters all securities
      then remaining unsold shall be deemed to be incorporated by reference into
      this Registration Statement and to be a part hereof from the date of filing
      of such documents. Any statement contained in a document incorporated or
      deemed to be incorporated by reference herein shall be deemed to be modified
      or superseded for purposes of this Registration Statement to the extent
      that a statement contained herein or in any subsequently filed document
      which also is deemed to be incorporated by reference herein modifies or
      supersedes such statement. Any such statement so modified or superseded
      shall not be deemed, except as so modified or superseded, to constitute
      a part of this Registration Statement.
Item 4.
Description of Securities
Not
      Applicable.
Item 5.
Interests of Named Experts and Counsel
Not
      Applicable.
Item 6.
Indemnification of Directors and Officers
Section 145 of the General Corporation Law of the State of Delaware (the "Delaware Law") empowers a Delaware corporation to indemnify any persons who are, or are threatened to be
made, parties to any threatened, pending or completed legal action, suit or proceedings, whether civil, criminal, administrative or investigative (other than action by or in the right of such corporation), by reason of the fact that such person was
an officer or director of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided that such officer or director acted in good faith and in a manner he reasonably believed to
be in or not opposed to the corporation's best interests, and, for criminal proceedings, had no reasonable cause to believe his conduct was illegal. A Delaware corporation may indemnify officers and directors in an action by or in the right of
the corporation under the same conditions, except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation in the performance of his duty. Where an officer or director is
successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director actually and reasonably incurred.
II-1
In accordance with the Delaware Law, the Amended and Restated Certificate of Incorporation of the Registrant contains a provision to limit the personal liability of the directors of the
Registrant for violations of their fiduciary duty. This provision eliminates each director's liability to the Registrant or its stockholders for monetary damages except (i) for any breach of the director's duty of loyalty to the Registrant
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware Law providing for liability of directors for unlawful payment of
dividends or unlawful stock purchases or redemptions, or (iv) for any transaction from which a director derived an improper personal benefit.  The effect of this provision is to eliminate the personal liability of directors for monetary damages for
actions involving a breach of their fiduciary duty of care, including any such actions involving gross negligence.
Article 5 of the Restated Bylaws of the Registrant provide for indemnification of the officers and directors of the Registrant to the fullest extent permitted by applicable law.
In connection with the incorporation of the Registrant into the State of Delaware, the Registrant entered into indemnification agreements with each director and certain officers. The
Indemnification Agreements provide indemnification to such directors and officers under certain circumstances for acts or omissions which may not be covered by directors' and officers' liability insurance.
Item 7.
Exemption from Registration Claimed
Not Applicable.
Item 8.
Exhibits
Exhibit Number
Exhibit
4
Instruments Defining Rights of Stockholders on Form 8-A12B (file number 001-11921),
filed on July 12, 1996, as amended by Amendment No. 1 on Form 8-A12B/A filed on
February 12, 2001, and the description of the associated rights contained in our
registration statement on Form 8-A12B filed on July 17, 2001, including any amendment
or report filed for the purpose of updating this description.
5
Opinion and Consent of Davis Polk & Wardwell.
23.1
Consent of Deloitte & Touche LLP, Independent Auditors.
23.2
Consent of Davis Polk & Wardwell is contained in Exhibit 5.
24
Power of Attorney. Reference is made to page II-4 of this Registration Statement.
99.1
E*TRADE Financial Corporation 1996 Stock Incentive Plan (As Amended and Restated
Through April 4, 2002).
Item 9.
Undertakings
A.      The undersigned Registrant hereby undertakes: (1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement (i) to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the "1933 Act"), (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement and (iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; provided, however, that clauses (1)(i) and (1)(ii) shall not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated by reference into this Registration Statement; (2) that
for the purpose of determining any liability under the 1933 Act each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof; and (3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the E*TRADE Financial Corporation
1996 Stock Incentive Plan.
B.            The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the 1933 Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the 1934 Act that is incorporated by reference into this Registration Statement shall be deemed to be a new registration statement
II-2
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
C.            Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers, or controlling persons of the Registrant pursuant to the indemnification
foregoing provisions summarized in Item 6 or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable.  In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on
Form S-8, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on this 12th day of March, 2004.
E*TRADE FINANCIAL CORPORATION
By:
/s/ Mitchell H. Caplan
Mitchell H. Caplan
Chief Executive Officer and Director
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS:
That the undersigned officers and directors of E*TRADE Financial Corporation, a Delaware corporation, do hereby constitute and appoint Russell S. Elmer and Robert J. Simmons, and each one of
them, the lawful attorneys-in-fact and agents with full power and authority to do any and all acts and things and to execute any and all instruments which said attorneys and agents, and any one of them, determine may be necessary or advisable or
required to enable said corporation to comply with the Securities Act of 1933, as amended, and any rules or regulations or requirements of the Securities and Exchange Commission in connection with this Registration Statement. Without limiting the
generality of the foregoing power and authority, the powers granted include the power and authority to sign the names of the undersigned officers and directors in the capacities indicated below to this Registration Statement, to any and all
amendments, both pre-effective and post-effective, and supplements to this Registration Statement, and to any and all instruments or documents filed as part of or in conjunction with this Registration Statement or amendments or supplements thereof,
and each of the undersigned hereby ratifies and confirms all that said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof. This Power of Attorney may be signed in several counterparts.
IN
        WITNESS WHEREOF
, each of the undersigned
        has executed this Power of Attorney as of the date indicated.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Mitchell H. Caplan
Chief Executive Officer and
March 12, 2004
Mitchell H. Caplan
Director (Principal Executive
Officer)
/s/ Robert J. Simmons
Chief Financial Officer
March 12, 2004
Robert J. Simmons
(Principal Financial and
Accounting Officer)
II-4
/s/ George Hayter
George Hayter
Chairman of the Board
March 12, 2004
/s/ William Porter
William A. Porter
Chairman Emeritus
March 1, 2004
/s/ Ronald D. Fisher
Ronald D. Fisher
Director
March 12, 2004
/s/ Michael K. Parks
Michael K. Parks
Director
March 12, 2004
/s/ C. Cathleen Raffaeli
C. Cathleen Raffaeli
Director
February 29, 2004
/s/ Lewis E. Randall
Lewis E. Randall
Director
March 1, 2004
/s/ Lester C. Thurow
Lester C. Thurow
Director
February 27, 2004
/s/ Donna L. Weaver
Donna L. Weaver
Director
March 12, 2004
II-5
EXHIBIT INDEX
Exhibit Number
Exhibit
4
Instruments Defining Rights of
        Stockholders on Form 8-A12B (file number 001-11921),
filed on July 12, 1996, as amended
        by Amendment No. 1 on Form 8-A12B/A filed on
February 12, 2001, and the description
        of the associated rights contained in our
registration statement on Form
        8-A12B filed on July 17, 2001, including any amendment
or report filed for the purpose
        of updating this description.
5
Opinion and Consent of Davis Polk & Wardwell.
23.1
Consent of Deloitte & Touche
        LLP, Independent Auditors.
23.2
Consent of Davis Polk & Wardwell
        is contained in Exhibit 5.
24
Power of Attorney. Reference is
        made to page II-4 of this Registration Statement.
99.1
E*TRADE Financial Corporation 1996
        Stock Incentive Plan (As Amended and Restated
Through April 4, 2002).