It’s definitely not mad about having yet another of its keystone business lines undercut and made worthless.

Fidelity Investments thinks it’s the best in the biz when it comes to trading stocks on behalf of investors. Of course, Fidelity thinks a lot of things—including that the mutual funds that are at its heart are worthless, and that bitcoins have a future. But Fidelity really believes in its trading, in its trade execution, in its ability to do things more efficiently, in the value of its use of higher-yielding money-market funds to park client cash, all designed to save those clients a few bucks.

And you know what? When promised free trading by literally everyone else, clients didn’t care. And so now Fidelity will have to go on doing all of those other nice things, but without the $4.95 per trade fee it has enjoyed for so long. But, like, however much that’s costing the company, it’s not a big deal, or whatever.

After the firm matched that offering, Fidelity executives have sought to play down its significance.

“We prioritized where we could provide the most value to investors,” Kathleen Murphy, president of Fidelity’s personal-investing business, said in an interview. “It’s much more important to have industry-leading practices on cash and trade execution.”

I guess those infrastructure fees must really be paying off.

Fidelity Is Latest to Cut Online Trading Commissions to Zero [WSJ]

Related