Stock trading is back but no one is charging for it, thanks to millennials


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Argus Research
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Biggar
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JMP Securities
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Fintech
Square CFO Amrita Ahuja
UBS
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Stephen Biggar
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The New York Times
SOURCE: https://www.cnbc.com/2019/11/11/stock-trading-is-back-but-no-one-is-charging-thanks-to-millennials.html
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Summary

Biggar said the older firms were "watching from a distance" and "started to take more notice" as soon as start-ups reached a certain level of client.Retail trading has taken off in the past decade.Average daily client trades at Charles Schwab nearly doubled from 400,000 six years ago to 767,000 in 2018, according to Argus data. Schwab was the first major brokerage to offer so-called fractional trading, which the firm said was aimed at attracting younger first-time traders.Fintech players aren't necessarily looking to free trades as a money-marker, either.On its latest earnings call, Square CFO Amrita Ahuja said trading increases "stickiness" on the platform. "It improves the daily utility of our app and enable us to efficiently cross-sell features that can be monetization drivers."If history is any indication, the move to free trades may also drive stock market activity.UBS senior equity research analyst Brennan Hawken said trading volume will likely pick up, even if it's "temporary." In the six months after the last round of commission cuts, Hawken said the major firms have historically seen an acceleration in account growth, often linked to trading volume.

As said here by Kate Rooney