Traditional Brokers Lose to Online Discount Brokers

Bloomberg, Bradley Keoun, 5 July 2006Evan Cohen, a 41-year-old software developer in Flushing, New York, knows why the discount brokers are back and, more than ever, are undercutting the traditional retail franchises of Merrill Lynch & Co., Citigroup Inc.'s Smith Barney, UBS AG and Morgan Stanley with cheaper and easier trades.``They offer virtually every tool that every other trading company