IB's Canadian Registration..............

I have had another communication with the OSC regarding the hold-up with IB's registration. They again refused to tell me whether there is even an application from IB. Furthermore they also refused to tell me the legal or administrative reason for refusing to tell me whether there is an application. And I thought we live in a democracy. These people are arrogant and unresponsive.

I have to say that IB is being less than forthcoming too. I have communicated with them, but they will not tell me what is the source of the hold-up. If they would tell us what is going on and who is the source of the problem, we could be more effective in directing our concerns and complaints to the appropriate party.

My submission to the BCSC was copied to the OSC and I asked them whether they will consider similar proposals in Ontario. They won't comment on that issue either.
 
quite often when dealing with regulators there might be confidentiality clauses embedded in the applications or other documents. I have no idea if this is true in Canada. Nevertheless, the ones dealing with the application are on the legal side and I have never found an attorney eager to pass on information other than a need to know basis.

The comments on this on other threads are not inaccurate. There were demands that would make the IB business model unworkable. I thought we threw in the towel but I hear rumblings that another attempt is in the works. If and when I hear something I'll make another post.
 
Originally posted by dufferdon
I have had another communication with the OSC regarding the hold-up with IB's registration. They again refused to tell me whether there is even an application from IB. Furthermore they also refused to tell me the legal or administrative reason for refusing to tell me whether there is an application. And I thought we live in a democracy. These people are arrogant and unresponsive.

I have to say that IB is being less than forthcoming too. I have communicated with them, but they will not tell me what is the source of the hold-up. If they would tell us what is going on and who is the source of the problem, we could be more effective in directing our concerns and complaints to the appropriate party.

My submission to the BCSC was copied to the OSC and I asked them whether they will consider similar proposals in Ontario. They won't comment on that issue either.
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It's the IDA that IB is STILL dealing with apparently. You may want to direct your wrath their way.

But perhaps it might be best not to piss anyone off until we see how the next meeting goes. Which apparently is scheduled in the next 2 weeks.
 
I have posted this info before, but it looks like lots of Canadians are still looking for low cost US brokers that will accept them, so here it is again:

I live in Ontario and have been trading with JPR Capital in the USA for 6 months now. I highly recommend them, they gladly accept Canadians. Not only that, but they offer the cheapest commission I have seen, only half a cent per share (based on 2000 share order). And they use Realtick which I think is a great interface. Southwest is the clearing firm.

Even better, they now offer futures trading for Canadians, almost no firms in the USA will do that for Canadians. MAN is the clearing firm for futures. Cost is $11 per round trip and I haven't used them yet, I am just setting up an account now. I was told the price could be lowered to $8 RT if I did good volume, we'll see....

Give them a call, just do a yahoo search for them and find the phone number. Ask to speak to Arlene, she will help you set up an account. Tell her "Bob from Canada" sent you there.
 
Originally posted by canadian_dude
I have posted this info before, but it looks like lots of Canadians are still looking for low cost US brokers that will accept them, so here it is again:

I live in Ontario and have been trading with JPR Capital in the USA for 6 months now. I highly recommend them, they gladly accept Canadians. Not only that, but they offer the cheapest commission I have seen, only half a cent per share (based on 2000 share order). And they use Realtick which I think is a great interface. Southwest is the clearing firm.

Even better, they now offer futures trading for Canadians, almost no firms in the USA will do that for Canadians. MAN is the clearing firm for futures. Cost is $11 per round trip and I haven't used them yet, I am just setting up an account now. I was told the price could be lowered to $8 RT if I did good volume, we'll see....

Give them a call, just do a yahoo search for them and find the phone number. Ask to speak to Arlene, she will help you set up an account. Tell her "Bob from Canada" sent you there.
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Actually ALL futures brokers take Canadian accounts EXCEPT IB(at this time)
 
Thanks for bringing JPR to our attention. However, their commissions include a ticket charge of $10 for the first 2000 shares and then $10 plus 1/2 cent per share from 2001+ shares

They also charge ECN fees (passed on, not included in commiss) I hope you were aware of this, since you have been trading with them for a few months now :D My point is that IB cleans out their clock.

http://jprcapital.com/fees_ncommissions.html

IB has my fervent prayers, as does the IDA my wrath.
 
IB's Canadian registration was approved yesterday for most provinces (quebec, BC, alberta and I think ontario). The others will shortly follow.

Within a week details will be supplied on the web site. Account applications will not be accepted till next week.
 
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