E-Trade Scraps Commission Fees, Warns Quarterly Revenue to Suffer $75M Hit

This post was originally published on this site

© Reuters. © Reuters.

Investing.com – E-Trade inched higher in after-hours trading Wednesday after confirming it would scrap commission fees for its online U.S. stock, ETF and options trades.

  • E-Trade estimates a quarterly revenue impact of $75 million from scrapping fees. The decision comes on the heels of Charles Schwab (NYSE:) also eliminating its commissions.
  • E-Trade’s (NASDAQ:) new fee structure will start on Oct. 7.
  • E-Trade was up 0.3% postmarket after ending the day 3.6% down. But shares had already fallen sharply the previous session following Schwab’s announcement.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.