May Day

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May Day

Refers to May 1st, 1975, when brokerages changed from a fixed commission for securities transactions to a negotiated one.

Notes:

Previous to this, commissions were standard from broker to broker. The elimination of fixed minimum commissions, saw the advent of discount brokerages which offer lower fees but no investment advice.

See also: Broker, Commission, Discount Broker

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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