Ameritrade Buying Datek
from the consolidation dept
For years, honestly, I could never really tell the difference between any one of the 250 or so online stock trading sites. So, it’s really not a surprise that they’re starting to consolidate. The latest is that Ameritrade is buying Datek. They say that, combined, they’re “almost” as big as E*Trade (to which I could easily respond with the “horseshoes and hand grenades” argument, but that seems petty). I would imagine that we’ll end up seeing a bit more consolidation in this space, before this is all worked out.