Day trading in Canada

Originally posted by def
IB's applications have been submitted to the Canadian authorities. A few people are in the process of being registered as well. Hopefully approval will come sometime during July and August at the worst.
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I checked on a few Provincial regulators and Quebec has membership in an SRO as requirement for approval. So it looks like IB must have got their IDA membership first(good thing cus it takes 3 mths)

Will be glad to see IB actually on the membership list though.
 
Originally posted by def
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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Anything of note today Def?

thanks
 
Anyone know of how to trade with a US address I was at this free seminar given by www.daytrading-university.com and some other Canadian trader stated that he uses a US address to trade but that was all he said. I had an account with cybertrader and they closed it down because of this F@#$^&* Canadian Gov. :mad: I looked swift trade and trade freedom what a crock those 2 look like. Why all of a sudden all this interest in making it harder for Canadians to open or keep day trading accounts in the US?

Thanks for any help out there :)
 
"Why all of a sudden all this interest in making it harder for Canadians to open or keep day trading accounts in the US? "

Because many Canadian traders were fleeing Cnadian brokers for US brokers with better fees and technology. Major Canadian brokers are owned by the banks. The banks are major contributors to Canadian political parties. Enough said?

The only way to fight back is to make a fuss with your provincial representatives and finance ministers.
 
Def,

Are things still on track to have IB up and running in Canada by January. Will registration also include futures trading as well as stocks?
 
i didn't see dufferdon's post till now, sorry bout that.

as for canada, frustrations mount but we continue to reply to request for additional information or perceived defficiencies and are up again for approval in the January meeting. If more information is required after that meeting, we will respond accordingly and be up for approval in the february meeting and so on. I'm hoping for January as I am getting tired at answering these threads :)
 
I really would suggest that any Canadians that care about this issue email their provincial securities commission, tell them that you know IB is in the registration process and ask what is taking so long. A phone call to your local provincial representative complaining about restricted access to US brokers and the perceived delays in registering them in Canada would be a good idea.

Early this year we were told that relief was at hand and that US brokers were being encouraged to register here. Some encouragement.

We were told that others ( Datek, Ameritrade and RJT I think)were coming to Canada too. What happened to them? Is the fix in and we just don't know about it?
 
I communicated with the OSC earlier in the year. At that time they said it generally only takes several weeks and there are no special meetings to approve a new intl. broker/dealer. Soon after though their site changed to read:

"A complete new business application without deficiencies normally takes about six weeks whereas a deficient application may take up to three months and longer to process."

Also def keeps mentioning these "monthly meeting" which is also contrary to what I was told by the OSC.

This whole process that should be black and white ,seems to be bogged down in ambiguity.

Pathetic!
 
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