OMAHA - TD Ameritrade’s first earnings report in the era of 0% commissions shows why the brokerage is now poised to merge with competitor Charles Schwab: The Omaha firm’s trading revenue and net earnings are both down sharply.

During the quarter that ended Dec. 31, TD Ameritrade’s trading revenue dropped 43% from a year earlier, from $537 million to $305 million. That helped depress earnings to 70 cents per share in Tuesday’s report, down from $1.07 the previous year.

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