(Bloomberg) -- Another half a day, another shot across the bow.

Less than 12 hours after Fidelity announced a raft of fee cuts for retail investors at midnight on Feb. 27, Charles Schwab fired back. It lowered its standard online retail trade commission from $6.95 to $4.95, matching Fidelity. Schwab also matched Fidelity's cut in fees on options contracts to 65 cents per contract for individual investors.

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