As known, американские фондовые Brokers получают свою прибыль, mostly, in the form of commissions for transactions by their clients. And here, few people thought about what is happening with these commissions lately. Many brokerage companies are traded on the stock exchange and the price of their shares directly depends on the profit received. — actual and expected, mostly, due to commissions received from clients.
For example, Brokers, have built a commission system in the form of payment for each share — as an example broker InteractiveBrokers— charges an average of $ 0.005 per share. If the trader has a deposit 100 000 долларов и средняя stock is worth 50 Dollars, then he can buy 2000 shares and IB получит прибыль 10 Dollars. Теперь вспомним что последние годы stock market постоянно растет и если средняя акция стоила 50 Dollars, then now she stands, for example, 100 Dollars. means, trader с тем же депозитом теперь купит в два раза меньше акций, which means that the IB broker will no longer profit 10 Dollars, but only 5…..
That is, the profit of a broker with a pay-per-share for several years of market growth, по логике, should decrease in 2-3 Times, and even more.
And here is the broker's profit with a debited commission, for example, Ameritrade, who takes 9.95 dollar per transaction, in theory, it should not decrease.
That's why, we can confidently short a broker with a commission for the number of shares and at the same time buy a broker with a fixed commission. So to speak, pair trading with a fundamental idea :)
