Schwab buys TD Ameritrade

By Stan Choe, The Associated Press
Charles Schwab is buying rival TD Ameritrade in a $26 billion stock swap, a blockbuster agreement brought about by massive disruption in the online brokerage industry.
Bowing to competitive pressure, brokerages have made it free for customers to trade U.S. stocks online. A combination of two of the biggest players in the industry would allow Schwab to save billions of dollars and make up for revenue lost from no longer charging investors such commissions.
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