Shares of the biggest online brokerages plummeted this week after market leader Charles Schwab announced plans to eliminate commissions for U.S. stocks, exchange traded funds and options.
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Schwab Triggers Online-Broker Bloodbath as Price War Deepens
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The move escalates a long-simmering price war as investors gravitate toward the cheapest products, with Interactive Brokers announcing just last week that it would provide free trades. Since the middle of last year, firms including Fidelity Investments, Vanguard Group and JPMorgan Chase & Co. have eliminated fees and commissions on a range of offerings.
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