Stock-Trading Fees Sink to Record Low

Wall Street’s average stock- trading commission fell to a record low this year as more shareholders switched to electronic transactions and institutional investors pressed for lower fees, according to an industry survey.

The average rate for trading a New York Stock Exchange-listed share declined to 3.9 cents a share from 4.2 cents last year, consulting firm Greenwich Associates said in a survey of fund managers released Wednesday. The average for a Nasdaq Stock Market trade dropped to 3.8 cents from 4 cents.

Commissions have declined by almost 70% since May 1, 1975, or “May Day,” when regulators abolished fixed rates, opening the market up to competitive pricing.