In the continuing march downward in broker fees, Fidlity Investments this afternoon announced it will eliminate tiered pricing for stock trades, with a single online trading fee of $7.95 for new and existing customers, starting tomorrow. Fidelity said some customers would see commissions reduced by 60%.
The firm also announced a deal with BlackRock (BLK), owners of the iShares family of exchange traded funds, to let customers trade 25 iShares ETFs with no commission. The ETFs include iShares S&P 500 Value (IVE), and the Russell 2000 Value (IWN), among others.
The move follows similar initiatives by Charles Schwab (SCHW) last month. Schwab stock is off 23 cents, or 1.3%, at $18.21, while E*Trade Financial (ETFC) is off 5 cents, or 3%, at $1.55, and TD Ameritrade Holding (AMTD) is down 55 cents, or 3%, at $17.68.
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