Introduction & Context
Retail investors now drive up to 60 percent of U.S. equity volume, reshaping brokerage offerings.
Background & History
Morgan Stanley bought E*Trade in 2020; meme-stock frenzy tripled its daily users.
Key Stakeholders & Perspectives
Legacy brokers fear churn; regulators eye gamification risks; Gen Z traders crave slick UX.
Analysis & Implications
Better data can narrow the info gap but may boost volatility if crowds react simultaneously.
Looking Ahead
E*Trade hints at crypto integration by July; watch whether Power Pro adds token trading next.