TD Ameritrade Holding Corp. and E*Trade Financial Corp. are in merger discussions, which would create a dominant player in a highly fragmented industry, according to The Wall Street Journal.

E*Trade has 4.7 million brokerage and banking accounts, and TD Ameritrade has 6.3 million accounts. Their competitor, Charles Schwab, the current largest online broker, has around 6.9 million accounts.

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