As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
First, brokerages cut commissions. Now they may be bulking up.
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The discount brokerage business has been going through a tumultuous couple of months. In early October, Charles Schwab announced that it was eliminating fees on equities, exchange-traded funds and options trades. One by one, its rivals followed suit. Now Schwab is reportedly in talks to buy its biggest rival, TD Ameritrade. Combined, the two brokerages would manage over $5 trillion in assets.
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