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Happy 30th To Discount Brokerages; DEREGULATION; 'Mayday' move in 1975 led to low commissions and new era for traders.(SERIES: THE NEW INVESTOR)(IBD SPECIAL REPORT)
Byline: KEN HOOVER
It was 30 years ago, May 1, 1975, that commissions on stock trades were deregulated.
Before that, they were fixed by the exchanges with the approval of the Securities and Exchange Commission. A traditional broker charged $200 or $225 per transaction.
The move to commissions set by competition began in 1968 when the New York Stock Exchange applied for what it thought was a routine rate increase. The Justice Department intervened, questioning not just the increase, but also the need for fixed commissions.
Congress got into the act, and the SEC was forced to deregulate commissions as the exchanges and big brokerages screamed in protest.
Wall Street held its breath over what became known as "Mayday."
A New York Times story started this way:
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