Today, Bank of America declared that they will allow investor to trade free, yes FREE, by Feb 2007, Eastern state like NY,NJ, CT is already started.
http://www.bankofamerica.com/investing/
http://www.bloomberg.com/apps/news?pid=20601087&sid=as7tPSHtD7Sw&refer=home
I can sense here what all the online services looking for "Advertisement Revenue". Basically, they all want to attract more hit to their site so that they can sell the advertisement, not a bad idea, at all, considering Google buyout Youtube.com (2 yr old company) for $1.6B, the only reason is they got 100m hit everyday.
Other interesting thing I like about this annoucement is Gorilla Marketing, they only rollout the services to Eastern State, so by the time everybody know they have the service and infrastructure ready. This is exactly what youtube.com did, no major advertisement.
With this annoucement, discount broker like etrade, TDWH, etc are under pressure. They have to follow the suite or they have to provide better services to the investor. I can clearly see the company Zocco.com, who annouced free trade 2 days back, will have trouble of serviving.
Other online services like Yahoo Voip just annouced they they let people to call India for free on the day of Diwali, and significant lower rate during the period of Diwali (1 week). Another way to attract visitor.
But hey, I like this idea and it make lots of sense.
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