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.
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