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AMTD TD Ameritrade Holding Corporation

39.97
0.00 (0.00%)
26 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
TD Ameritrade Holding Corporation NASDAQ:AMTD NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 39.97 39.94 39.97 0 01:00:00

E*Trade Joins Rivals in Cutting Commissions to Zero

02/10/2019 9:56pm

Dow Jones News


TD Ameritrade (NASDAQ:AMTD)
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By Lisa Beilfuss 

E*Trade Financial Corp. said Wednesday that it would eliminate trading commissions, matching bigger rivals' moves a day earlier.

Beginning Oct. 7, E*Trade will offer zero commissions on stocks, exchange-traded funds and options listed on U.S. exchanges.

The decision comes after Charles Schwab Corp. -- the biggest publicly traded electronic broker -- said Tuesday that it was nixing trading commissions. TD Ameritrade Holding Corp. quickly followed. Another rival, Interactive Brokers Group Inc., set the stage for the moves last week when it said it would launch a zero-commission stock-trading service.

Trading commissions are the latest front in a fierce price war that has been playing out across the financial sector. Brokerages and money managers have been whittling prices on ETFs and financial advice, wooing new and younger clients with fee-free products and services. The popularity of commission-free trading apps such as from Robinhood Markets Inc. has put increased pressure on firms still charging commissions, which has made up about one-fifth of E*Trade's overall revenue.

The announcement by Schwab sent shares across the industry reeling, adding more pain to an industry already under pressure because of economic worries that have hurt stock-trading volumes. Interest-rate cuts by the Federal Reserve are further cutting into e-brokers' profitability.

This week, E*Trade's stock has lost 19%. It fell another 3.5% after the close of trading Wednesday following the pricing news. Shares of Ameritrade have dropped 29% while Schwab's stock is off 12%. Schwab makes significantly less revenue from commissions than its rivals.

 

(END) Dow Jones Newswires

October 02, 2019 16:41 ET (20:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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