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At 4:25 AM -0400 5/4/99, Joe Frabosilio wrote:
>I hope this is not a joke that I'm falling into.
>The complaint is, lets say you place a trade for 1000 shares of ABC stock
>@$20.limit order. The brokerage says that it only charges $15 per trade
>upto 5000 shares. So, you place your trade, your fills are
>500,150,50,200,100= 1000 shares. In the past you only paided $15 total.
>Now with the new commissions schedule you pay $15 * 5=$75 for that one
>trade. Thats the complaint.
This is not correct, at least according to Fidelity this morning.
If you place an order for 1000 shares, you get charged one $15 commission
no matter how many partial fills it takes to complete the order.
The change was that previously, you could trade the same stock several
times a day for one commission. Now there is a $15 commission for each
order you place. (This is for their "frequent trader" program called
"Spartan".)
Bob Fulks
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