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Article: Merrill Lynch opts for Internet trading Move to allow customers Web accounts expected to be followed by competitors
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- June 2, 1999
CopyrightCopyright 1999 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Merrill Lynch & Co., the nation's largest stock brokerage, shook
the securities industry Tuesday by announcing it will let customers
trade stocks over the Internet for $29.95 a pop.
The decision marks a dramatic change for Merrill Lynch, which has
spent decades forging a nationwide network of 14,000 brokers who
give investment advice and who earn commissions of hundreds of
dollars for placing stock trades.
Merrill Lynch debated for months whether online trading would
undermine its traditional brokerage services. The firm was finally
swayed by the rapid loss of business to a growing number of online
brokers such as Charles Schwab, ETrade and Ameritrade.
"This is probably the most ...