Charles Schwab says it will cut online stock and ETF fees to zero – and all the major brokers are getting clobbered

Charles Schwab announced Tuesday that it will lower fees to zero for stock, exchange-traded fund, and options trades made on US and Canadian exchanges.The firm’s shares fell as much as 10% on the news.Competing brokerages TD Ameritrade and E*Trade saw even deeper losses, each plunging roughly 20% at their intraday lows.Watch Charles Schwab trade live on Markets Insider.Charles Schwab announced Tuesday that it will eliminated online fees for stock, exchange-traded fund, and options trades made on US and Canadian exchanges.The change will go into effect on October 7, when online clients will see equity and ETF commissions that formerly sat at $4.95 lowered to zero. The fee on options trades will be lowered to 65 cents per contract.Shares of Charles Schwab fell as much as 10% on the move. Competiting

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