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Charles Schwab in talks to buy TD Ameritrade

Dan Primack, author of Pro Rata

Photo: Smith Collection/Gado/Getty Images

Charles Schwab is in talks to buy TD Ameritrade, according to multiple media reports this morning.

Why it matters: This would create a discount brokerage behemoth with over $5 trillion in assets under management.

  • The combined company would be just behind BlackRock ($6.9 trillion) and Vanguard ($5.6 trillion). Schwab already was in third place with $3.85 trillion but adding TD Ameritrade closes the gap quite a bit.

Market reax: TD Ameritrade stock jumped around 25% in early trading, giving it a $22.4 billion market cap, while Schwab moved mildly higher.

The big picture: Both Schwab and TD Ameritrade recently killed their online trading commissions, in an effort to blunt the rise of Robinhood, which this past summer was valued at $7.6 billion by venture capitalists.

Neither company is commenting, although both CNBC and Fox Business report that an official announcement could come as early as today.

Go deeper:

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7 mins ago - Politics & Policy
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Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

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51 mins ago - Technology

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.

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Kids’ screen time up 50% during pandemic

Illustration: Sarah Grillo/Axios

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Why it matters: For most parents, pre-pandemic expectations around screen time are no longer realistic. The concern now has shifted from the number of hours in front of screens to the quality of screen time.

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