| the first day of May, long celebrated with various festivities, as the crowning of the May queen, dancing around the Maypole, and, in recent years, often marked by labor parades and political demonstrations. |

| May Day n.
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May Day
Refers to May 1st, 1975, when brokerages changed from a fixed commission for securities transactions to a negotiated one.
Investopedia Commentary
Previous to this, commissions were standard from broker to broker. The elimination of fixed minimum commissions, saw the advent of discount brokerages which offer lower fees but no investment advice.
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May Day