TD Ameritrade (NASDAQ: AMTD) issued a statement to StreetInsider.com related to news this morning that competitor Charles Schwab (NASDAQ: SCHW) is eliminating commissions for stocks, ETFs and options listed on U.S. or Canadian exchanges, across all mobile and web trading channels.

Becky Niiya, Director, Corporate Communications at TD Ameritrade said: "The news just came out. We’re committed to delivering the best experiences for our clients. We have the best platforms, award-winning service and investor education, and an extensive branch network. Our price improvement rate is better than our competition for the size market orders the vast majority of our clients place. And, we will remain competitive."

Shares of AMTD are down 23.2% following the announcement.