Schwab's Latest Monthly Activity Highlights says, "In the meantime, continued declines in the rate environment have led to heightened revenue pressures during the fourth quarter -- we currently believe that management fee waivers on our proprietary money market mutual funds could increase by approximately $30 million over the third quarter total of $78 million -- and client trading volumes have slowed in recent weeks." Bloomberg quotes FBR Capital Markets Corp. Analyst Matt Snowling in its article, "Charles Schwab Drops After Forecast Misses Estimates," "Schwab's been facing some pretty big headwinds in terms of the impact of lower rates. Because Schwab's such a giant manager of money-market funds and given the lower interest rate environment, they've gotten hit a lot harder than other managers."