E-Trade announced Wednesday that it will eliminate commissions for its clients. The changes take effect on October 7."With this new commission schedule we are further raising the bar, delivering an unrivaled experience at price points that cannot be beat—main street investors will now trade the stocks and ETFs of their choice for $0," said E-Trade CEO Mike Pizzi in a statement.The news comes one day after rivals Charles Schwab and TD Ameritrade both eliminated commissions.
Trading app tries to fix a 'rigged' financial system 04:09Robinhood, a private company that is currently valued at $7.6 billion according to research firm CB Insights, is now worth almost as much as E-Trade -- which has a market value of $8.4 billion.Jack Randall, a spokesman for Robinhood, said in a statement to CNN Business that"the changes taking place across the brokerage industry reflect a focus on the customer that's been inherent to Robinhood since the beginning.
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