Datek Online Holdings Corp.

Datek Online Holdings Corp. was a prominent online brokerage firm that rose to fame in the late 1990s. It revolutionized the industry by offering low, flat-fee commissions (famously $9.99 per trade) and providing individual investors with direct access to the market through its "Island ECN" (Electronic Communication Network). The company's origins trace back to a day-trading firm, and it became a major competitor to rivals like E*TRADE and Charles Schwab. In 2002, in a landmark deal for the online brokerage industry, Datek was acquired by Ameritrade Holdings Corporation for approximately $1.3 billion. The Datek brand and its technology were subsequently integrated into Ameritrade, which later became TD Ameritrade and was itself acquired by Charles Schwab.