E-Trade just said it's getting rid of commissions - making it the fourth broker to axe fees over the past week in a frantic race to zero

• E-Trade said Wednesday after the closing bell that it would eliminate commissions for online US-listed stock, options, and exchange-traded fund trades, becoming the fourth major discount brokerage in a week to make such a move.
• The changes will take effect on October 7.
• The announcement comes one day after rivals Charles Schwab and TD Ameritrade said they would both eliminate commissions on US-listed transactions.
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E-Trade said Wednesday after the closing bell that it would eliminate commissions for online US-listed stock, options, and exchange-traded fund trades, becoming the fourth major discount brokerage in a week to make such a move.

The discount brokerage said it expected such a change would have had a $75 million impact on its second-quarter operating results.

This is a developing story. Please check back for updates.

Read more: Charles Schwab on Charles Schwab: The founder explains why the firm just axed commissions as broker wars reach a fever pitch