Crapshoot Investing: How Tech-Savvy Traders and Clueless Regulators Turned the Stock Market into a Casino by McTague Jim

Author:McTague, Jim [McTague, Jim]
Language: eng
Format: epub, mobi
Publisher: FT Press
Published: 2011-02-23T05:00:00+00:00

The SEC eliminated the fixed commissions on May 1, 1975, a day that the brokers began referring to as “Mayday”—after the distress call.

The impact of this particular change was radical and immediate. In September 1975, a former investment newsletter publisher named Charles Schwab opened the doors to a new kind of brokerage firm—one that offered steep trading discounts to small investors. Imitators soon followed. Schwab was perceived as a champion of small investors, and the opening of his discount service marked the beginning of the gradual return of their return to the market.

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