SEC removes minimum stockbroker’s commission

The Securities and Exchange Commission said Wednesday it removed the minimum amount of commission that stockbrokers may charge their customers to boost trading activity in the stock market.

“Lower transaction costs are vital in encouraging the public to invest their money in the stock market. The removal of the minimum stockbroker’s commission seeks to address this, and hopefully bring out more retail investors and spur trading activity,” SEC chairperson Emilio Aquino said. The SEC said the removal of the minimum commission takes into account the rise of online trading platforms, which paved the way to more cost-efficient transactions. It also takes cues from other neighboring jurisdictions, which do not prescribe a minimum stockbroker’s commission.The SEC is hoping that the removal of the minimum commission would help spur trading in the stock market, which is on a downtrend due to market conditions.

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