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Schwab could not go on charging $4.95 a pop. Still less could TD Ameritrade keep asking $6.95.
嘉信理財不能再繼續收取4.95美元的費用了。德美利證券也不收取6.95美元的沒用了。
Admittedly, both have more strings to their bows than execution.
誠然，兩家公司不僅只有交易這一種手段。
They have their adviser platforms; they hold a combined $5trn-plus in client assets; Schwab owns a bank with $208bn in assets.
他們有自己的顧問平臺；他們總共持有逾5萬億美元的客戶資產；嘉信理財擁有一家資產達2080億美元的銀行。
But no one expects the combined firm to start charging again for online trades.
但是沒有人認為合并后的公司會重新對在線交易收費。
To stay competitive, the established discount brokers will have to drive costs down, spread those costs over a broader base and spend more on technology.
為了保持競爭力，老牌折扣經紀將不得不降低成本，將這些成本分散到更廣泛的基礎上，并在技術上投入更多資金
Christopher Harris, an analyst at Wells Fargo, estimates that in past takeovers of discount brokers,
美國富國銀行的一名分析師Christopher Harris估計在過去對折扣經紀公司的收購中，
cost savings have amounted to 50% of the target's expense base.
節省的成本達到了目標公司支出基礎的50%。
Schwab and TD Ameritrade expect to save $1.8bn-2bn a year, about two-thirds of TD Ameritrade's operating costs.
嘉信理財和德美利證券預計每年將節省18億至20億美元，約占德美利證券運營成本的三分之二。
As elsewhere in finance, the biggest are likeliest to endure.
和其他金融領域一樣，最大的公司最有可能堅持下去。
They can afford to spend oodles on technology and to maintain branches as a national branding presence.
他們有財力在技術上投入大量資金，并維持分支機構作為全國性品牌的存在。
And when margins are wafer-thin, volume is king.
當利潤微薄時，交易量才是王道。
The importance of scale may help to explain why E Trade's share price fell by more than 9% on the day news broke of its rivals' probable tie-up.
規模的重要性或許能夠幫助解釋為什么在其競爭對手可能結盟的消息傳出的當天，E Trade的股價下跌了9%以上。
It had also been buoyed by a takeover premium; now E Trade looks a little lonely.
它還受到收購溢價的提振；現在E Trade看起來有點孤單。
America's antitrust authorities are certain to scrutinise a deal between the two biggest discount brokers.
美國反壟斷機構肯定會仔細審查這兩家最大的折扣經紀之間的交易。
Whether they will block it, says Matthias Memminger of Bain, a consulting firm, is less sure.
貝恩咨詢公司的Matthias Memminger表示，他們是否會阻止它，就不那么確定了。
Americans buying and selling shares have plenty of choice. They can invest, for example, using Fidelity or Vanguard,
美國人買賣股票有很多選擇。例如，他們可以用富達或先鋒這兩家強大的資產管理公司來投資
two mighty asset managers that push their own funds, or through their tied advisers.
（這兩家公司都在推廣自己的基金），也可以通過他們的固定顧問進行投資。
Banks' broking divisions are also keen for their custom.
銀行的經紀部門也熱衷于此。
And Schwab and TD Ameritrade will doubtless argue that they have fintechs to look out for too.
嘉信理財和德美利證券無疑也會辯稱，它們也需要關注金融科技。
If they didn't, they would have had less of an urge to merge.
如果不是如此，他們就不會那么急于合并。
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