eTrade 2005 Annual Report Download - page 45
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Total net revenues
100
%
100
%
100
%
—
%
Commissions
Commissions revenue increased 6% to $458.8 million in 2005 from $431.6 million in 2004. The average commission per trade is impacted
by the mix between and within our domestic and international businesses. The primary factors that affect our commissions are DARTs
and average commissions per trade. Each business has a different pricing structure, unique to its customer base and local market
practices, and as a result, a change in the executed trades between these businesses impacts average commission per trade. Each
business also has different trade types (e.g. equities, options, fixed income and mutual funds) that can have different commission rates
and as a result, changes in the mix of trade types within these businesses impact average commission per trade.
Retail commissions increased $10.8 million compared to 2004 due to higher volumes (DARTs), offset by lower average commission per
trade. Increased market pressures, strategic pricing and a change in the composition of our retail customer base have resulted in lower
average commission per trade, down 12% from
27
2006. EDGAR Online, Inc.