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The past few years have seen a spectacular and revolutionary development in the mechanics of stock trading-perhaps the largest change since brokers' fees were deregulated in 1975-electronic trading, or "e-trading." Sleek names of on-line firms like Ameritrade, Charles Schwab, and E*Trade are being bandied about more than old-line composite brokers such as Morgan Stanley Dean Witter, PaineWebber, and Merrill Lynch

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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