Quick & Reilly Group, the discount brokerage being bought by Fleet Financial Group of Boston, moved this week to slash the cost of an on-line trade to a new low.

Quick & Reilly created a no-frills Internet subsidiary, Suretrade Inc., advertising a fee of $7.95 per 5,000 shares. That undercuts the previous low of $8 charged by Ameritrade, a deep discounter based in Omaha that recently reduced the fee from $12.

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