Day trading in Canada

spoke to head of compliance. We had a list of request for information from the regulators which we are supplying this week. Assuming the information supplied is ok, then IB will be considered for approval during the next board meeting. If the board determines more information is required, the same cycle begins. [/B][/QUOTE]

what's the good word this week def?
 
Def I sincerely hope IB is just going to comply with minimum Canadian registration requirements, rather than setting up a Canadain subsidiary. I still want those 1 cent per share commissions, not special prices tailored to the anti-competitive fee structure of Canadian on-line brokers, as Schwabb did.

It makes my blood boil to see the hoops IB is having to jump through to give Canadians the type of service they deserve.

If the regulators screw IB around too much, I am sure many of us would be willing to have a word with our elected representatives. I already did months ago on the basic issue of access to US brokers, not specific to IB, and he is very sympathetic.

A few questions in provincial legislatures may stir things up a bit.
 
ctrader,
there is a light at the end of the tunnel. The main license was approved and now each indivual province must approve. Those applications are ready and/or have been sent. The clock is ticking.....

dufferdan,
This process has taken a long time. However, in defense of the Canadian regulators I do not think they discriminate between local and foreign companies. Just part of the bureaucratic process where meetings take place only so often and as a result things take a long time.

As for commissions... unless there is some law requiring firms to charge canadians more than non-canadians, IB would charge the same fees. If you guys haven't figured it out yet, IB doesn't try to take advantage of its customers based upon location.
 
The main license was approved and now each indivual province must approve. Those applications are ready and/or have been sent. The clock is ticking.....



The "main license"? Do you mean the Ontario licence? And was it just approved?

Hopefully the rest of the provinces just fall in line and just rubber stamp those applications.
 
Originally posted by def
from what I understand you need to be approved to offer brokerage in canada and then have to apply to each and every province.
More...


Well basically from what I understand you need to:

1) incorporate in Canada

then,

2) Aquire registration from each Provincal Securities Regulatory Organization in each Province you intend to operate in.

then,

3) Aquire membership in the Investment Dealers Association(IDA).


So I am not sure which steps are completed but by the sounds of it , it seems you already did the IDA process.(because that typically takes 3-4 mths!) BUt they say you need provincial registration as a prerequisite to get IDA approval. So I am baffled.


Also not sure if your previous approvals for TImber Hill will shorten this process. But my guess is this is a seperate entity.

http://www.ida.ca/Membership/BecomMemb/AppInfoGuide_en.asp

 
From: Todd Turner <todd_a_turner@y...>
Date: Wed Oct 24, 2001 12:32 pm
Subject: RE: [ibusers] Canadian


Hi there,

A fellow canadian here, I am in calgary. A couple of days ago I talked to the IB subsiduary in canada, and the man on the other end said they were hoping for canada-wide registration in January.

todd
-----Original Message-----
From: greennatalie@yahoo.com [mailto:greennatalie@yahoo.com]
Sent: October 24, 2001 8:54 AM
To: ibusers@yahoogroups.com
Subject: [ibusers] Canadian


When is IB going to be accessible to Canadians?
 
Originally posted by def
from what I understand you need to be approved to offer brokerage in canada and then have to apply to each and every province.
More...


Def have you been able to clarify my last few questions with IB Canada?

1) what they have and haven't done re: the registration process?

2) what you were referring to in July with regards to getting registered in Quebec?

3) timeline for avail. being in Jan 2002?

Thanks
 
its a mixed process. some require beforehand, others IDA afterwards. all the apps have been sent in.

don't recall what I exactly said but probably meant the quebec apps were sent in.

jan 2002 should be conservative estimate. hoping for something sooner since we think all outstanding questions/requests have been addressed. crossing figures at this time....
 
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