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A pretty inescapable conclusion of research into discount brokerages: the commission on stock/ETF trades will go to zero.
Too many players have too good economics elsewhere in the stack.
This will hit brokerages very unevenly; some barely care about commissions.
Too many players have too good economics elsewhere in the stack.
This will hit brokerages very unevenly; some barely care about commissions.
I also think order routing revenue is a sideshow, and the prominence given to it is largely the result of people reading Flash Boys and assuming that HFT must be screwing retail *somehow*.
Reality is probably “Providing liquidity to retail is pretty competitive, riskless, cheap”
Reality is probably “Providing liquidity to retail is pretty competitive, riskless, cheap”
Crazy that folks think they’re being exploited by shadowy masters of the universe via employment of microwave beams and teams of physicists and not by the page which lists account interest rates.
