E*TRADE Zero Commission on U.S. stock, ETF and options trades. Starting 10/7

https://about.etrade.com/newsroom…7436705191
E-Trade is getting rid of commission fees on U.S. stock, ETF and options trades.
The move comes within a week of Interactive Brokers, Charles Schwab and TD Ameritrade all dropping their commission fees.
E-Trade estimates a quarterly revenue impact of $75 million from dropping fees.
Retail brokerage firm E-Trade announced Wednesday it will drop commission fees on online U.S. stock, ETF and options trades.
The move comes within a week of Interactive Brokers, Charles Schwab and TD Ameritrade all dropping their commission fees. Shares of all the brokerage firms have been getting hit this week on fears that a lack of commission revenue with hurt margins.
E-Trade’s new fee structure will start on October 7. Options will still have a 65 cents charge per contract.
""With this new commission schedule we are further raising the bar, delivering an unrivaled experience at price points that cannot be beat," said E-Trade chief executive officer Mike Pizzi in a press release.
E-Trade estimates a quarterly revenue impact of $75 million from dropping fees.
Bank of America estimates E-Trade gets about 17% of revenue from commission. TD Ameritrade generates 28% of revenue from commissions and Schwab generates only 8% from revenue.
https://www.cnbc.com/amp/2019/10/…e-war.html