E*Trade, TD Ameritrade to do M&A tango?

Online brokerages are in merger talks but haven't made it final yet, according to published reports.

Cha, cha, cha.

Online brokerages E*Trade Financial and TD Ameritrade Holding reportedly are hitting the dance floor to test out the concept of a merger, according to a report in The Wall Street Journal.

The Journal notes that the parties have been in tight discussions over the past weeks but that they haven't yet progressed to that final M&A dip.

Nonetheless, E*Trade shares were up 6 percent and TD Ameritrade rose 8 percent in pre-market trading, according to MarketWatch.

A merger of the two online brokerages would bring consolidation to the market, a move that investors may or may not appreciate. Last week, competitor Charles Schwab faced faced sporadic outages, as investors loaded its system to conduct trades during a highly volatile market.

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