Charles Schwab’s (SCHW -0.4%) acquisition of Ameritrade (AMTD -0.2%) will likely take six to 10 months to gain regulatory approval, Morgan Stanley analysts, including Michael Cyprys, said in a note after talking with antitrust experts. Estimate probability of the transaction closing at higher than the 60%-70% that the market is pricing in; the lag in getting regulatory approval, though, “could lead to volatility in the stock and present buying opportunities,” the analysts wrote. They note that approval would have been easier had Schwab cut its commissions to zero after the merger. The analysts say the acquisition doesn’t hurt competition in the registered investment advisor market, but “was spawned from intense competition already existing in the marketplace.” Nick Note: it is a outrage that this kind of concentration of retail costumer funds woud be allowed. They will corn hole 70-80% of all retail trading accounts. And their clients lose 80% of the tme. And it aint no accident……