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Finance Dictionary and Glossary of Investment Terms
May Day
Definition 1.
Refers to May 1st, 1975, when the brokerages changed from a fixed commission for securities transactions to a negotiated one.
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Definition 2.
The date of May 1, 1975, after which brokers were allowed to charge any brokerage commission, rather than a mandatory rate.
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Definition 3.
May 1, 1975, the date on which fixed minimum brokerage commissions were no longer in effect in the U.S., leading to the rise of the discount broker industry.
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