According to a report from the Hong Kong Standard, online brokers in the SAR have started a price war ahead of the removal of the minimum commission level next month.
The internet brokerage arm of the Bank of China Group, BOCI Online reportedly made the first move, lowering its brokerage commission from 0.2% to 0.138%, and reducing its minimum charge per trade by 20% to HK$80.
SHK Online Securities also launched an aggressive campaign, according to the HK Standard, offering five free trades if investors transfer more than HK$50,000 in assets from other brokerages or banks, and waiving all service and administrative fees for six months.
'Market sentiment has been weak,' the firms's chief executive, Douglas Chen explained. 'Our strategy is to attract new customers with our competitive rates.'
The jurisdiction's traditional brokerages are not planning to follow suit by slashing their commission rates, according to the report.
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