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Schwab-Ameritrade Deal Seen Drawing Tough Antitrust Review

  • Deal would unite two major platforms for financial advisers
  • Scrutiny could focus on interest on accounts paid to investors
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Schwab Nears Deal to Buy TD Ameritrade
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Charles Schwab Corp.’s plan to buy rival TD Ameritrade Holding Corp. could face tough antitrust scrutiny over a deal that combines two of the biggest companies that run platforms used by independent financial advisers.

The tie-up would create a $5 trillion giant, advancing Schwab’s leading position as custodian for assets managed by financial advisers. That could raise antitrust concerns even as competition among brokerages is driving down fees for investors.