IB and Canadians

[Rushman]

Hi guys, this is my first post, so please bear with me. My question is for def, who I understand to be affiliated with International Brokers somehow. My question is this: is IB making progress towards gaining the regulatory approval that will enable it to allow Canadians to open accounts? I know quite a few associates who are simply waiting for this to happen, as am I. Is approval inevitable, and if so what is the timeframe that we can expect? Thanks again def.

Rushman

 

[def]

Rushman,

The correct name is Interactive Brokers - though we are international with clients in over 80 countries .

It's up to the regulators when approval is granted. I'll enquire today and post back here tomorrow.

 

[def]

Not great news. There is a low probability that the application will be reviewed by the regulators in June. They do not meet in July/August and thus if not reviewed in June, the earliest is September. With my experience with regulators, I would guess another 1-2 months after the initial review is necessary to gain approval. In short, I'd say 3-6 months.

 

[Cdntrader]

What I don't understand is why IB doesn't allow accounts from the Province of Ontario - where IB is registered with both the Ontario Securities Commission and the Investment Dealers Association.

I don't think there is one other U.S. futures broker that is not accepting Canadian accounts.

 

[def]

I'll have to check in on that. My guess is that IB Group is registered for proprietary trading (the timber hill side) and has not yet been approved for clients.

 

[Cdntrader]

"My guess is that IB Group is registered for proprietary trading (the timber hill side) and has not yet been approved for clients."

From OSC website:

TIMBER HILL CANADA COMPANY - BROKER/INVESTMENT DEALER - EQU, OPT, FUTURES

http://www.osc.gov.on.ca/en/Market/registrant_stu.


Looks like they are registered as a retail firm to me.

 

[def]

Timber Hill is registered, yes. The regulators want Interactive Brokers registered as well.

 

[Cdntrader]

I thought they were one in the same.

 

[Rushman]

Thanks for the reply, def. One last question: in which of the Canadian provinces is IB applying for regulatory approval. Thanks.

 

[def]

I would imagine all of Canada. I'll try to confirm later tonight.

cdntrader, i wish it was so simple. they are sister companies. the group structure must adhere to the requirements of a myriad of global regulators. In some jurisdictions IB has to register as a unique entity, in others it doesn't.