I reckon it might have something to do with etrade offering API interfaces in the US to software program providers. Some of these programs can generate up to 200 trades per month per person.
You do the math.
What etrade don't realise is that they are letting the competition in the door buy trying to scalp a mean profit still.
There is no reason why they shouldn't be offering $14 trades to scare off Bell, but bell is getting bigger and bigger.
What ANZ need to realise is that brokerage is not an oligopoly like it is with mortgage lending. it's a market that people will change brokers over 50c unlike our mortgages where we feel locked in.
