Fidelity Investments, the biggest
U.S. mutual fund company, will cut commissions next month on
stock and options trades by 42 percent for its most active
customers after Charles Schwab Corp. made a similar change.
The new commission rate of $8, down from $14, applies to
Fidelity’s “gold level” customers who make at least 120 stock,
bond or options trades a year and have $30,000 in household
assets at the Boston-based company. Customers who make fewer
trades and have $1 million in assets at Fidelity also qualify,
down from 240 trades a year or $2 million previously required..
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“This is a sweet spot in the marketplace,” Jeff Carney,
president of the Fidelity Personal Investments division, said on
a telephone conference with journalists. “We’d like to be the
number one player” among active traders, he said.
Bloomberg News
