- Wells Fargo on Tuesday became the latest firm to eliminate online trading commissions for stocks and exchange-traded funds on its self-directed platform. Bank of America did the same on Monday.
- Interactive Brokers, Charles Schwab, TD Ameritrade, E-Trade, and Fidelity all moved to eliminate fees for US-listed trades in late September and early October, in turn wiping out huge chunks of some of the companies’ market caps.
- Those moves speculated about consolidation across the industry; Schwab said in late November that it would purchase TD Ameritrade for $26 billion.
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