Bill Doyle Until Quotations

Up until now, Schwab has been setting the pace in online brokerage. Merrill, though, is a bolt from the blue. Eight months ago, Merrill wasn't even in the online trading game. Merrill was held back only by the high cost of its online trading account.

The Chinese have a history of pushing it right until the end. It will be settled and it won't be too much longer. We expect a healthy price increase.