U.S. online stockbrokers lost some $19 billion in value after Charles Schwab set trading fees to zero, with rivals following suit. The price war is a kind of karma for the financial giants the online upstarts targeted, writes AntonyMCurrie.
Charles Schwab on Oct. 1 said it will remove all commission fees for customers buying and selling stocks, exchange-traded funds and options listed on U.S. and Canadian exchanges as of Oct. 7. The company was previously charging a $4.95 commission for each trade. Customers trading options will still pay 65 cents per contract.
Rival TD Ameritrade followed suit later on the same day and E*Trade Financial did so a day later, while Interactive Brokers made a similar move for certain types of customers on Sept. 26.
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