Schwab Triggers Online-Broker Bloodbath as Price War Deepens
- Shares of TD Ameritrade, E*Trade fall most in more than decade
- Firm plans to eliminate commissions for stock, ETFs, Options
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Shares of the biggest online brokerages plummeted Tuesday after market leader Charles Schwab Corp. announced plans to eliminate commissions for U.S. stocks, exchange traded funds and options.
TD Ameritrade Holding Corp. took the biggest hit, tumbling 26%, the most since 1999. E*Trade Financial Corp. dropped 16%, the most in more than a decade. Shares of Interactive Brokers Group Inc. and Schwab both slid more than 9%.