【この記事のライターは、Leena Raosです】

2006年にわれわれは、Zeccoのゼロ手数料モデルの何が危険であるかについて、３点指摘しておいた。このディスカウントオンラインブローカーが、経済不況で価格構造を変えざるを得なくなったのは驚くにあたらない。

最近の数年、この「手数料ゼロ」証券取引サービスは、最低残高を$2500に引き上げ、無料取引数を40件から10件へと引き下げてきた。今度はさらに取引に制限をかけようとしている。顧客宛のレターの中で、CEO Jeroen Vethは、3月1日以降、無料取引のためには、顧客の資産が$25,000以上必要になると言っている。レターの全文が下にある。

なぜか？ Zeccoは、今や低利率になってしまった顧客の口座からは、もはや利益を上げられなくなったのだ。ディスカウントされた手数料から得られる収益はごくわずかにすぎない。

市場が不安定になった時にこの会社を襲う問題の 前兆はあった。Zeccoは昨年末に$25M（2500万ドル）の資金を確保することができたが、不況による取引減少の影響をまともに受けてしまった。取引を活発化しようとZeccoは、月間25件以上の取引をした顧客に対してさらに10件無料取引ができるようにした。1月初め、Goldman Sachsは、ディスカウントブローカーの一日平均収益を28%減と予測した。

Charls Schwabなどの上位証券会社でさえ、現在の経済不況への耐性はないのだから、2006年の時点で料金構造に赤信号の出ていたZeccoは料金モデルを見直さざるを得ない。先週Charles Schwabは、取引件数減少のために今年度の収益が最大20%減少する可能性があり、今四半期中に従業員の5%に当たる500～600人の人員削減を行うことを予告した。

Vethが送ったレターの全文は以下のとおり（英文）。

Dear Zecco Trading client,

I’m writing to tell you that as of March 1st, 2009, we’re increasing
the minimum level of assets needed to earn 10 free trades per month to
$25,000. We’re also adding a new way to get free trades: customers who
make at least 25 total trades per month will also qualify for 10 free
stock trades per month.

Additionally, as of March 1st, 2009, you’ll be able to earn $75 for
each friend referred to Zecco Trading through our Zecco Friends
program. You can use that cash to offset trade commissions or make new
investments.

Why was this necessary now? Anyone who’s read a newspaper lately knows
that the US and world economies have been hit hard over the past 4
months. As a result, some of the largest corporations in the world
have had to cut costs and adjust to new business realities. With
reduced retail trading volumes and lower interest rates, we at Zecco
Trading simply could no longer provide free trades to as many people
as we would like.

Many customers will not be affected by this change. For those of you
who are impacted, I want you to know that I understand this is
disappointing news. Since our founding, our goal has always been to
provide a great value to online investors, and we’ve always made free
stock trading part of that. And while we continue to provide some of
the lowest trade commissions of all leading online brokerages at $4.50
each, we understand that nobody likes to pay for something that was
previously free.

I’d like to emphasize that we are continuing to invest in our customer
service and trading platform. You may have already noticed the
improvements within our customer service team. We’ll also be upgrading
to an entirely new trading platform later in 2009. This new platform
will improve reliability as well as introduce advanced order types,
enhanced options trading capabilities, online bond trading, better
account management, single-step login, and a faster website.

So how can you qualify for free stock trades? There are two simple
ways to do it:
1. Keep $25,000 in net assets in your account. This doesn’t have to be
cash — it can be stocks, ETFs, mutual funds, options, or other
assets.

OR

2. Make 25 total trades in a calendar month. These can be stock, ETF,
or options trades. And yes, free trades count.*

For more qualification details, visit:
http://www.zecco.com/trading/newpricing.aspx

As mentioned above, as of March 1st, 2009 you’ll also be able to earn
$75 for each friend referred to Zecco Trading. You must refer your
friend through our Zecco Friends Program, and your friend must open
and fund their Zecco Trading account with at least $500. See program
details here.

Thank you for your loyalty to Zecco Trading. We intend to continue
earning your business as the best value for online investors.

Jeroen Veth

[原文へ]

（翻訳：Nob Takahashi）