In an effort to keep up with competitors, Fidelity Investments has reduced commissions for online U.S. equity trades made by retail investors and financial advisors.

The Boston-based fund company announced Tuesday that it planned to cut commissions to $7.95 per trade as of March 15. Currently, Fidelity charges investors with more than $1 million in trades $8.00, plus one cent a share for every share over 3,000 shares. For investors with less than $1 million, it charges $17.95 for trades, plus $0.015 per share for every share over 1,000.

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