Bank of America says Merrill Edge platform will offer free stock tradingPosted: Updated:
Here are the latest business headlines from Cheddar.
Facebook's Libra, which has recently seen numerous setbacks, is now open to alternatives, including having a series of stablecoins. Stablecoins are cryptocurrencies that are usually pegged to a government-backed currency. Facebook planned for Libra to be a single digital token tied to several different global currencies.
BMW says it's actively seeking new partners for its joint venture with Daimler. The two rivals have teamed up on a laboratory of sorts for new mobility options. That venture so far includes Daimler's "car2go" unit and Beamer's "drive now, park now and charge now" businesses. BMW's new boss told a German newspaper that he wants more partners and more investments into these mobility ventures. He also said he wants BMW to overtake Daimler as the world's largest luxury carmaker. Daimler is the parent of Mercedes-Benz.
Bank of America is the latest company to offer free stock trading. It says it will get rid of commissions on trades made through its Merrill Edge service. The lender has previously said that nearly 90% of the trades done on the platform are already free due to perks that are offered based on the amount of money a customer puts into their account. Monday's announcement is the latest indication of how startups like Robin Hood are forcing the major brokerages in a race to zero commissions.