{"id":19130,"date":"2019-10-04T13:23:42","date_gmt":"2019-10-04T12:23:42","guid":{"rendered":"https:\/\/traders-paradise.com\/?p=19130"},"modified":"2019-10-04T13:23:42","modified_gmt":"2019-10-04T12:23:42","slug":"cutting-commissions-in-the-brokerage-industry","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/","title":{"rendered":"The Race For Zero In The Brokerage Industry"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19132 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1.jpg\" alt=\"Cutting Commissions to Zero In The Brokerage Industry\" width=\"800\" height=\"533\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1-300x200.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1-768x512.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1-370x247.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1-760x506.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-top-2-1-424x282.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><em>by Dana M. Lang<\/em><\/p>\n<p><span style=\"font-weight: 400;\">Three online <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/06\/questions-to-ask-a-broker\/\">brokerage<\/a> rivals, following each other, are cutting their base commissions to zero. The first was Charles Schwab with the announcement that it will stop charging commissions for the US equity, ETF and options from October 7. Only a few hours later TD Ameritrade stated that they, too, were cutting fees. And finally, two days ago October, 2 E*TRADE stated the same.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#At_least_very_strange_decisions\" >At least, very strange decisions.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#Who_else_is_cutting_commissions_to_zero\" >Who else is cutting commissions to zero?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#SUBSCRIBE_Full_Trading_Investing_Course_%E2%80%93_Secrets_Revealed\" >SUBSCRIBE: Full Trading &amp; Investing Course \u2013 Secrets Revealed<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#The_financial_impact_of_cut_commissions\" >The financial impact of cut commissions\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#Will_trading_commissions_be_cut_at_all_online_brokers\" >Will trading commissions be cut at all online brokers?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#DONT_MISS_THIS_Trading_With_Success_%E2%80%93_A_FULL_guide_for_beginners\" >DON&#8217;T MISS THIS: Trading With Success \u2013 A FULL guide for beginners<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/#READ_THIS_TOO_Trading_With_Signals\" >READ THIS TOO: Trading With Signals<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"At_least_very_strange_decisions\"><\/span><b>At least, very strange decisions.\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Peter Crawford, Schwab&#8217;s CFO, in his <\/span><a href=\"https:\/\/www.aboutschwab.com\/cfo-commentary\"><span style=\"font-weight: 400;\">blog post<\/span><\/a><span style=\"font-weight: 400;\"> explained:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWhy did we take this step, and why now?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2026 There has been a clear pause in the so-called commission wars among the \u201ctraditional\u201d e-brokers since the price reductions we made in 2017. At the same time, we are seeing new firms trying to enter our market \u2013 using zero or low equity commissions as a lever. We\u2019re not feeling competitive pressure from these firms\u2026yet. But we don\u2019t want to fall into the trap that a myriad of other firms in a variety of industries have fallen into and wait too long to respond to new entrants. It has seemed inevitable that commissions would head towards zero, so why wait? \u2026 That\u2019s exactly what we are doing here \u2013 we\u2019re making these pricing changes because we believe they enhance both our value proposition and our competitive positioning, encouraging the consolidation of client assets and trades at Schwab.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Charles Schwab has more than 12 million users and $3,7 trillion in assets.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This pricing discount is almost 6% of its total net revenue.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crawford wrote: &#8220;&#8230; commissions per revenue trade (CPRT) have been falling for multiple years, so the potential revenue impact in coming quarters could very well be smaller, holding all else equal.&#8221;<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_else_is_cutting_commissions_to_zero\"><\/span><b>Who else is cutting commissions to zero?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19131 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1.jpg\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1-300x200.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1-768x512.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1-370x247.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1-760x506.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/10\/cutting-m-2-1-424x282.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Cutting commissions is good news, but investors have to know that shares of Schwab (SCHW) fell 10% on this news.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, investors and traders got an opportunity to trade all over the world with almost no costs. Why do I say almost? Because there is still a per-contract commission on options trades of $0.65.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The same comes from TD Ameritrade. Just like Schwab, TD Ameritrade customers will not be free of all trading costs. The per-contract commission is the same, $0.65.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"SUBSCRIBE_Full_Trading_Investing_Course_%E2%80%93_Secrets_Revealed\"><\/span><a href=\"https:\/\/traders-paradise.com\/courses\/trading-investing-course-secrets-revealed\"><strong>SUBSCRIBE: Full Trading &amp; Investing Course \u2013 Secrets Revealed <\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">And the last in this row of less-commissions is E*TRADE. On Tuesday, almost immediately after the market closed they revealed that will cut the base commission to zero. But this brokerage went a step forward, it will reduce the options contract cost for all traders at $0.50 per contract.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These reductions in trading costs will have an <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/01\/online-stock-broker\/\">impact<\/a> on less active traders.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_financial_impact_of_cut_commissions\"><\/span><b>The financial impact of cut commissions\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">E*Trade&#8217;s commission revenue was 17.7% of its net revenue for the first 6 months, TD Ameritrade&#8217;s commission revenue was around 30%, of its net, and Schwab&#8217;s commission revenue made up 6% of total net revenue. The biggest loser here, as we can see is TD Ameritrade.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Will_trading_commissions_be_cut_at_all_online_brokers\"><\/span><b>Will trading commissions be cut at all online brokers?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some of them charge a $1 per month or have a limited zero-commission offering. But with some of them, for example, Robinhood doesn&#8217;t have a commission but if you trade more than 200 shares at once, that will cost you more than any commission paid. And don&#8217;t be worried about brokerages. They will make their revenues on the ways we can&#8217;t even imagine. Big numbers are in play.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"DONT_MISS_THIS_Trading_With_Success_%E2%80%93_A_FULL_guide_for_beginners\"><\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/03\/trading-with-success-guide-for-beginners\/\"><strong>DON&#8217;T MISS THIS: Trading With Success \u2013 A FULL guide for beginners <\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">We are waiting for Fidelity, TradeStation, and other online brokers.\u00a0 What will be their response? It&#8217;s not over. We are expecting more and more brokerages to follow those examples. But keep an eye on your broker&#8217;s charges, forget the commissions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">How much interest you have to pay for your inactive cash?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does your broker has any other offer? How much you have to pay for the assets you trade the most? By the way, this cutting has no influence on future trades.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"READ_THIS_TOO_Trading_With_Signals\"><\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/03\/trading-with-signals\/\"><strong>READ THIS TOO: Trading With Signals <\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>by Dana M. Lang Three online brokerage rivals, following each other, are cutting their base commissions to zero. The first was Charles Schwab with the announcement that it will stop charging commissions for the US equity, ETF and options from October 7. Only a few hours later TD Ameritrade stated that they, too, were cutting [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":19133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1004],"tags":[1293,1294,1295],"class_list":["post-19130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-financial-news","tag-brokerages","tag-commissions","tag-cutting-commission"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brokerages are cutting commissions to zero - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Cutting commissions to zero in the brokerage industry will have just a small influence on traders&#039; and investors&#039; payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/10\/cutting-commissions-in-the-brokerage-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brokerages are cutting commissions to zero - 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