The commission-free ETF platform idea continues to spread, this time to a clearing and custody giant that supports broker-dealers, as well as RIAs.
Trevor Hunnicutt of InvestmentNews reports
might launch its own commissions-free ETF trading platform. Pershing, part of BNY Mellon
, works with about 900 B-Ds and 700 RIAs.
"We're actively looking at that as a further potential solution, evaluating many things including the economics of the program," Sandy Bolton
, managing director of financial solutions at Pershing, tells the trade publication. "We want to ensure when we launch a program like that, that it is a robust platform."
RIA custody giants Charles Schwab
and TD Ameritrade
already offer such platforms as a way for the advisors they support to avoid the commissions normally required to trade ETFs.
Neil Anderson, Managing Editor
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