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- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
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- 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
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Discount Broker Shares Tumble on Price War Fears
February 3, 2017
Shares in discount brokerages TD Ameritrade, E*Trade and Charles Schwab fell as investors bet Schwab's slashing of trading commissions would be the start of a price war. Schwab announced earlier on Thursday that it would reduce its online equity and ETF trade commissions to $6.95 from $8.95 and claimed to have the lowest commission among competitors.
- Shares in TD Ameritrade fell as much as 11% and were on track for its biggest one-day percentage decline since Dec. 2008.
- Shares in E*Trade fell 9.7% to $33.97 after hitting a low of $33.33 earlier in the session.
- Shares in Schwab fell 4.9% at $39.33.
