
Our Generation’s May Day
On May Day, the 183-year-old Wall Street practice of charging fixed commissions came to an abrupt end. The industry profoundly and irreversibly changed that day. It gave rise to discount brokers—Charles Schwab being the pioneer and most successful offspring of May Day—and led to the disappearance of scores of old-line, white-shoe brokerage firms who found themselves unable to compete. Some historic inflection points come with black-and-white dates and blaring news headlines; others sneak up, quietly and gradually. Either way, they are not to be ignored.
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