Shares of TD Ameritrade soared more than 20% in premarket trading on the report. Schwab's shares rose 7%.
Schwab was the first of the major players to make the move, eliminating commissions in early October. Schwab's competitors, including Fidelity and TD Ameritrade, were quick to follow.Schwab's founder and chairman Charles Schwab told CNBC'slast month that consolidation in the retail brokerage industry is a "logical conclusion that will occur."
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