Our annual comparison of on-line discount brokers lists 46 brokers this year. We appear to be entering a quiet period in the industry. After tremendous growth in the late 1990s, the industry started a period of consolidation that began in 2002. However, consolidation has slowed over the past few years and the number of brokers this year fell by only one. While the focus on consolidation may have shifted, specialization is still key to differentiating oneself from the herd.
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