E*TRADE cuts prices

Online stock broker E*TRADE Australia has announced a new pricing structure that could see frequent users paying nearly $30 per trade rather than the previous $49.50.

The new pricing was announced today as the company prepares for the launch later this month of its ANZ E*TRADE Online Investing service, which will see it gain access to the ANZ bank's customer base of four million.

Standard brokerage fees for E*TRADE have also been cut, down to $39.50 from $49.50.

Under the new scheme, customers of E*TRADE who make more than 40 trades per quarter are classed as "frequent" investors, and will be eligible for $10 rebates per trade, bringing the cost down to $29.50 per trade (for transactions up to $40,000).

In a statement released today, the company said it anticipates the ANZ alliance will bring substantial growth in customer numbers, and with the new pricing, will position it well to become the top online broker in Australia.

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