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The price war was swift and brutal, lasting less than eight weeks.
這場價格戰(zhàn)迅速又殘酷，持續(xù)了還不到8周的時間。
On October 1st Charles Schwab said it would no longer charge retail customers for trading shares,
10月1日，嘉信理財(cái)表示其將不再向網(wǎng)上交易股票、
exchange-traded funds or options online, forgoing $4.95 a trade.
交易型開放式指數(shù)基金或期權(quán)的散戶收取費(fèi)用，每筆交易放棄了4.95美元。
The share price of America's biggest discount broker dropped by nearly a tenth.
美國最大的折扣經(jīng)紀(jì)的股價下跌了近十分之一。
That of its big rival, TD Ameritrade, suffered more, plunging by a quarter. TD Ameritrade followed in eliminating commissions two days later.
其最大的競爭對手德美利證券的損失更大，其股價下跌了四分之一。在兩天后德美利證券也取消了傭金。
It had little choice, though it reckoned the move would cut its revenue by $220m-240m a quarter, or 15-16%.
它別無選擇，盡管它估計(jì)此舉將使其收入每季度減少2.2億至2.4億美元，即15-16%。
On November 25th came a truce, and surrender: Schwab agreed to buy TD Ameritrade for $26bn in shares.
11月25日雙方休戰(zhàn)投降：嘉信理財(cái)同意以260億美元的價格收購德美利證券。
The deal combines Schwab's 12.1m brokerage accounts with TD Ameritrade's 12m.
這筆交易將嘉信理財(cái)?shù)?210萬經(jīng)紀(jì)賬戶與德美利證券的1200萬賬戶合并。
It will unite two platforms used by independent financial advisers—7,500 on Schwab's, 7,000 on TD Ameritrade's—
該交易將合并兩個獨(dú)立金融顧問—嘉信理財(cái)?shù)?500個，美國德美利證券的7000個—
for trading, market information and regulatory updates.
用于交易、市場信息和監(jiān)管更新的兩個平臺。
Investors in both companies will be relieved. On November 21st, when it was first reported that a deal was imminent,
兩家公司的投資者都將松一口氣。11月21日，當(dāng)?shù)旅览C券首次被報(bào)道即將達(dá)成交易時，
TD Ameritrade's shares jumped by almost 17% and Schwab's by 7.3%.
其股價上漲了近17%，嘉信理財(cái)上漲了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，此次收購既是大型券商承受壓力的一個信號，也是其市場影響力的一個證明。
Founded in 1971, Schwab became a thorn in the sides of established stockbrokers after America's regulators abolished fixed commissions in 1975.
嘉信理財(cái)成立于1971年，在美國監(jiān)管機(jī)構(gòu)于1975年廢除固定傭金制度后，嘉信理財(cái)成為老牌券商的眼中釘。
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世紀(jì)90年代，小型競爭對手E Trade加入其中，這些新貴開始在網(wǎng)上冒險。
Ameritrade joined forces with TD Waterhouse, the discount-broking arm of Canada's Toronto-Dominion Bank, in 2006.
2006年，Ameritrade與加拿大多倫多道明銀行旗下的折扣經(jīng)紀(jì)公司TD Waterhouse合并。
But in recent years digital technology has enabled an even cheaper, wholly digital, discount-broking model.
但近年來，數(shù)字技術(shù)使一種更便宜、完全數(shù)字化的折扣經(jīng)紀(jì)模式成為可能。
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，這是一家成立六年的硅谷初創(chuàng)公司，擁有600萬客戶，交易不收取任何費(fèi)用。
It makes money from payments from marketmakers to whom it sends trades for execution,
它從市場莊家那里收取費(fèi)用，然后把交易交給市場莊家完成
interest from cash in clients' accounts, charging for premium services and lending stocks on margin. It has also applied for a banking licence.
從客戶賬戶里的現(xiàn)金中收取利息，收取優(yōu)質(zhì)服務(wù)費(fèi)用，并以保證金形式借出股票，從而賺錢。它還申請了銀行牌照。
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