Business Services Industry
Merrill Lynch to Launch Online Trading Service.
Knight Ridder/Tribune Business News, June, 1999 by Feldman, Amy
Knight Ridder/Tribune Business News
Jun. 2 -- After months of hemming and hawing, Merrill Lynch -- the nation's largest brokerage -- said yesterday it would let its 5 million clients trade over the Internet beginning next month and would offer discounted cyber-trading by the end of the year.
Merrill's moves are the boldest yet by a traditional Wall Street firm, and will position the industry goliath against fast-moving cyber-brokerages Charles Schwab and E*Trade.
Merrill said that it will charge online clients just $29.95 to trade stocks, bonds and mutual funds online. The price -- the same as Schwab's -- is a fraction of what Merrill traditionally charges, but still well above the fees of deep-discounters like E*Trade and AmeriTrade....
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