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Desjardins Online Brokerage is the latest Canadian financial institution to eliminate commissions on trades of stocks and ETFs.

The discount brokerage arm of Montreal-based Desjardins Securities Inc. said Monday that it won’t charge commissions on stocks and ETFs in Canadian or U.S. dollars traded online or using its mobile app.

Desjardins’ announcement comes a few weeks after National Bank Direct Brokerage became the first Canadian bank-owned self-directed brokerage subsidiary to eliminate commissions.

National Bank explained its strategy as putting “a relatively small” amount of revenue at risk in order to increase its client base and gain market share.

Major direct brokerage platforms in the U.S have offered commission-free trading since 2019.

In Canada, Wealthsimple Inc., a digital investing platform that is majority-owned by Power Corp., launched no-fee trading for stocks and ETFs with no minimum required in 2018.