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

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.

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Discount brokerage firm
negotiated commission

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