Summary
Charles Schwab and TD Ameritrade announced zero fees on ETF and stock trades in response to Interactive Brokers’ similar move. This is not a typical price war among industry incumbents but a fight for trading volume and relevance started by digital disruptor Robinhood, which used technology to upend the status quo.
The correct response to digital disruption is not to engage in price wars but to strengthen customer experience by enhancing core strengths and capabilities.
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