|E*TRADE will be screwed if they don't follow suit.|
| Reply to m4e - Msg #2801154 - 10/01/2019 18:27|
The Best Just Got Better: TD Ameritrade Introduces $0 Commissions for Online Stock, ETF and Option Trades
TD Ameritrade Holding Corporation (Nasdaq: AMTD) announced today that its U.S. brokerage firm will eliminate commissions for its online exchange-listed stock, ETF (domestic and Canadian), and option trades, moving from $6.95 to $0, effective Thursday Oct. 3, 2019. Clients trading options will now pay $0.65 per contract with no exercise and assignment fees.
“We are committed to giving our clients the best possible investing experience, with cutting-edge technology and award-winning investor education and service teams. And now, that experience just got better,” said Tim Hockey, president and chief executive officer of TD Ameritrade. “We’ve been taking market share with a premium price point, and with a $0 price point and a level playing field, we are even more confident in our competitive position, and the value we offer our clients.”
For nearly 45 years, TD Ameritrade has pioneered trading and investing experiences that continually push the envelope of what clients expect from their brokerage firm. From the first touch-tone phone trade to the first mobile trade, the company is committed to exploring new opportunities that deliver easy, personal, and above all enlightening experiences for its clients including:
thinkorswim, the best-in-class trading platform, rated #1 by Stockbrokers.com four years in a row;
A price improvement rate better than its competition;1
Award-winning investor education and service teams; and
An extensive branch network.
“This is great news for our clients, and thanks to the diversity of our business model, we’re able to make it a reality,” said Steve Boyle, chief financial officer, TD Ameritrade. “We expect this decision to have a revenue impact of approximately $220-240 million per quarter, or approximately 15-16 percent of net revenues, based on June Quarter fiscal 2019 revenue. We’ll have more information about our fiscal 2020 plan when we release fourth quarter earnings later this month.”
Rates will be effective for TD Ameritrade retail clients, as well as clients of independent registered investment advisors that utilize TD Ameritrade Institutional. A final pricing schedule will be available on Oct. 3, 2019.
Source: TD Ameritrade Holding Corporation
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20191001:nBw87Fd7xaRe: eliminating commissions for stocks, etfs and options as of Thursday