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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.