May Day

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May Day

The date of May 1, 1975, after which brokers were allowed to charge any brokerage commission, rather than a mandatory rate.

May Day

1. Informal; the first date on which brokerages were allowed to charge commissions below the previous minimum commissions. On May Day, brokers were permitted to negotiate commissions directly with clients for the first time. May Day occurred on 1 May 1975.

2. A holiday for workers that occurs on the first of May. May Day is a significant day for leftist groups and other proponents for the working class. It is more commonly celebrated in Europe than in the Americas. See also: Labor Day.

May Day

A widely used reference to May 1, 1975, the date on which brokerage commissions on securities became negotiable. May Day ushered in discount brokerage firms that charge investors reduced fees.
References in periodicals archive ?
Workers Welfare Fund was established for this purpose and the 1st of May was designated as the gazetted holiday, he continued.
The addition of the new aircraft will enable bmi to operate a direct non-stop link from Almaty in Kazakhstan to London Heathrow three times per week commencing on the 1st of May.
CONCERT: Songs of exile and migration are on the fayre with Birmingham's 1st Of May Band - a spin-off from the acclaimed Banner Theatre - on what is called the Wild Geese tour.
The Polish Socialist party has published a manifesto urging everybody to cease work on the 1st of May and the workmen's branch of the society is circulating a separate manifesto threatening with death anyone who may desecrate this holiday by committing robbery or beating defenceless persons.
He added: "We want all hands to the pump to try to make sure that is what we deliver on the 1st of May.