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Stories of Interest
- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
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NEWSLETTERS & ALERTS
Wall Street News
How Low Can You Go? Fidelity, Then Schwab, Slash Retail Commissions
Fidelity Investments has cut the commission it charges retail brokerage clients on trades for stocks and ETF by 38% - from $7.95 to $4.95. Fidelity said it also reduced option pricing to $0.65 per contract, down from $0.75. The move will likely put pressure on the rest of the U.S. brokerage industry.
"It puts the flag up that Fidelity is the value player in investing," said Ram Subramaniam, president of Fidelity’s retail brokerage business.
Hours after Fidelity released its plans, Charles Schwab matched the reduced prices, dropping its commissions from $6.95 to $4.95. The firm also matched Fidelity’s option pricing at 65 cents per contract.
Discount brokers TD Ameritrade and E*Trade Financial each charge $9.99 per trade.