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Another broker yields to plunging trading fees

The trend toward cheap online stock trading commissions has taken hold so firmly that even one of the more recalcitrant brokers on cost has buckled.

Credential Direct, which is credit union-run, recently introduced a simple, very competitive commission schedule that can be summed up as follows: $8.88 trades for every client, with no fine print and no electronic communications network (ECN) fees. That’s a big reduction from Credential’s old $19 commission, which it stuck with even as some of the big bank-owned firms cut their fees to just under $10 for all customers.