![]() ![]() In 2018, Schwab’s clients received total price improvement of $694 million vs $635 million at Fidelity.Schwab clients actually received better price improvement on order sizes of 500-4,999 shares than did Fidelity clients as demonstrated by the facts clearly displayed on our web sites:.Average execution speed was 0.05 seconds.Average savings per order was $12.29 as a result of better execution prices.95.9% of orders were filled at prices better than the National Best Bid and Offer (NBBO).Here’s how Schwab improved executions for market orders of 500-1,999 shares in S&P 500® stocks during the second quarter:.Additionally, Fidelity does receive payment for its order flow on options.Fidelity also receives rebates from markets to which it routes substantial percentages of its equity and ETF orders. NFS operates a registered ATS that generates revenue by matching trades. Fidelity claims it does not receive payment for order flow on equities and ETFs, but Fidelity routes trades through its affiliate National Financial Services (NFS).In 2019, Schwab was ranked #1 overall among online brokers by Investor’s Business Daily and #1 in trade reliability. ![]() Third parties recognize Schwab’s leadership when it comes to trading.Fidelity provides “industry leading trade execution that does not sacrifice customer interests.”. ![]() Their approach clouded the facts on a number of fronts investors deserve better.Īs our clients know, we have a long history of being transparent, and because of this tradition of transparency, we feel it is important to make the facts clear - for the benefit of our employees, shareholders, and most importantly, the investing public: The last broker to follow suit did so while making a number of claims about how their overall value bests others. We were thrilled to see others follow our lead to help millions of investing Americans save more money, and commend those who share our belief that investors deserve tangible value. On October 1, we took an historic step in eliminating online trading commissions. Zero Confusion: Setting the Record Straight ![]()
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