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The price war was swift and brutal, lasting less than eight weeks.
这场价格战迅速又残酷，持续了还不到8周的时间。
On October 1st Charles Schwab said it would no longer charge retail customers for trading shares,
10月1日，嘉信理财表示其将不再向网上交易股票、
exchange-traded funds or options online, forgoing $4.95 a trade.
交易型开放式指数基金或期权的散户收取费用，每笔交易放弃了4.95美元。
The share price of America's biggest discount broker dropped by nearly a tenth.
美国最大的折扣经纪的股价下跌了近十分之一。
That of its big rival, TD Ameritrade, suffered more, plunging by a quarter. TD Ameritrade followed in eliminating commissions two days later.
其最大的竞争对手德美利证券的损失更大，其股价下跌了四分之一。在两天后德美利证券也取消了佣金。
It had little choice, though it reckoned the move would cut its revenue by $220m-240m a quarter, or 15-16%.
它别无选择，尽管它估计此举将使其收入每季度减少2.2亿至2.4亿美元，即15-16%。
On November 25th came a truce, and surrender: Schwab agreed to buy TD Ameritrade for $26bn in shares.
11月25日双方休战投降：嘉信理财同意以260亿美元的价格收购德美利证券。
The deal combines Schwab's 12.1m brokerage accounts with TD Ameritrade's 12m.
这笔交易将嘉信理财的1210万经纪账户与德美利证券的1200万账户合并。
It will unite two platforms used by independent financial advisers—7,500 on Schwab's, 7,000 on TD Ameritrade's—
该交易将合并两个独立金融顾问—嘉信理财的7500个，美国德美利证券的7000个—
for trading, market information and regulatory updates.
用于交易、市场信息和监管更新的两个平台。
Investors in both companies will be relieved. On November 21st, when it was first reported that a deal was imminent,
两家公司的投资者都将松一口气。11月21日，当德美利证券首次被报道即将达成交易时，
TD Ameritrade's shares jumped by almost 17% and Schwab's by 7.3%.
其股价上涨了近17%，嘉信理财上涨了7.3%。
Yet the takeover is as much a sign of the strains on big brokers as a demonstration of their market clout.
然而，此次收购既是大型券商承受压力的一个信号，也是其市场影响力的一个证明。
Founded in 1971, Schwab became a thorn in the sides of established stockbrokers after America's regulators abolished fixed commissions in 1975.
嘉信理财成立于1971年，在美国监管机构于1975年废除固定佣金制度后，嘉信理财成为老牌券商的眼中钉。
Ameritrade was founded the same year. In the 1990s, by then joined by E Trade, a smaller rival, the upstarts ventured online.
Ameritrade于同年成立。20世纪90年代，小型竞争对手E Trade加入其中，这些新贵开始在网上冒险。
Ameritrade joined forces with TD Waterhouse, the discount-broking arm of Canada's Toronto-Dominion Bank, in 2006.
2006年，Ameritrade与加拿大多伦多道明银行旗下的折扣经纪公司TD Waterhouse合并。
But in recent years digital technology has enabled an even cheaper, wholly digital, discount-broking model.
但近年来，数字技术使一种更便宜、完全数字化的折扣经纪模式成为可能。
The most prominent exponent is Robinhood, a six-year-old Silicon Valley startup, which boasts 6m clients and charges nothing for trades.
最杰出的代表是Robinhood，这是一家成立六年的硅谷初创公司，拥有600万客户，交易不收取任何费用。
It makes money from payments from marketmakers to whom it sends trades for execution,
它从市场庄家那里收取费用，然后把交易交给市场庄家完成
interest from cash in clients' accounts, charging for premium services and lending stocks on margin. It has also applied for a banking licence.
从客户账户里的现金中收取利息，收取优质服务费用，并以保证金形式借出股票，从而赚钱。它还申请了银行牌照。
译文由可可原创，仅供学习交流使用，未经许可请勿转载。
