Meritz Securities, the US stock "zero commission" has ended early... under pressure from financial authorities

Merritts Securities’ fee-free US stock trading promotion for our clients ended on January 5, 2026. This move resulted in the early termination of the service compared to the original plan, and future new account holders will no longer enjoy the same fee discounts as before.

This measure can be interpreted as an action taken by the securities industry in line with the government’s tone of “stabilizing the financial market and protecting investors,” while strengthening risk management. Merritts Securities initially planned to maintain this discount until the end of 2026, but recent regulatory pressures from financial authorities regarding the overseas stock investment boom have increased, prompting the company to change its policy ahead of schedule. Notably, the “zero commission” activity for US stock trading was a major marketing tool to attract individual investors, and the termination of this program has been viewed as unusual within the industry.

Merritts Securities also stated that accounts opened before the implementation of this measure, such as the “Super 365” accounts, will retain the original discounts; domestic stock trading will continue to support fee reductions. This clearly indicates that the termination is not a complete abolition but a targeted adjustment limited to US stock trading discounts.

Previously, on December 23 of last year, Merritts Securities issued a notice to overseas stock investors, warning that their gains and losses could be significantly affected by external variables such as exchange rate fluctuations and political factors. This appears to be related to concerns from financial regulators about the phenomenon of domestic individual investors flocking to US and other overseas markets despite high exchange rates.

Currently, institutions like the Financial Committee and the Financial Supervisory Authority believe that the recent unregulated growth of overseas investments driven by high exchange rates is putting pressure on foreign exchange supply and demand. They are conducting related inspections of major securities firms and requiring rectifications. Merritts Securities’ decision is a response to this policy direction, and it is expected that other securities companies may also adopt similar discount adjustments in the future.

This trend aligns with the authorities’ goal of establishing a balanced investment environment between domestic and international stock markets. From the perspective of individual investors, aside from increased fee burdens, overseas investment psychology may also be affected. Therefore, securities firms’ marketing strategies are likely to shift toward focusing on physical asset operations or diversified investment products.