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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

May Day  

Definition 1.

Refers to May 1st, 1975, when the brokerages changed from a fixed commission for securities transactions to a negotiated one.
 

Definition 2.

The date of May 1, 1975, after which brokers were allowed to charge any brokerage commission, rather than a mandatory rate.
 

Definition 3.

May 1, 1975, the date on which fixed minimum brokerage commissions were no longer in effect in the U.S., leading to the rise of the discount broker industry.
 
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