Fidelity Investments eliminated trading commissions on its online brokerage, matching a step some of its biggest rivals unveiled last week
Beginning early Thursday, Fidelity stopped charging individual investors commissions on online trades of U.S. stocks, exchange-traded funds and options trades. For investment advisers, commissions will be cut to zero on Nov. 4. Fidelity’s online brokerage has 21.8 million accounts.Wall Street’s digitization has reset many of the fundamental costs of investing, from commissions to the fees paid on mutual funds, and lifted investors’ expectations for their brokers, advisers and money managers.
“We prioritized where we could provide the most value to investors,” Kathleen Murphy, president of Fidelity’s personal-investing business, said in an interview. “It’s much more important to have industry-leading practices on cash and trade execution.”
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