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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.
