Pattern Daytrader Rule gone from IB Canada accounts

[Kirkx]

According to email currently being sent to clients IB Canada is restructuring its back office operations and as a result PDT rule will no longer apply to Canadian accounts. To be effective sometime mid September. Good riddance.

Hopefully IB branches in other countries will follow suit.

 

[Cdntrader]

Quote from Kirkx:

According to email currently being sent to clients IB Canada is restructuring its back office operations and as a result PDT rule will no longer apply to Canadian accounts. To be effective sometime mid September. Good riddance.

Hopefully IB branches in other countries will follow suit.

no more Reg T either.

 

[Elwood]

Excellent news.

 

[Cdntrader]

Quote from Kirkx:

According to email currently being sent to clients IB Canada is restructuring its back office operations and as a result PDT rule will no longer apply to Canadian accounts. To be effective sometime mid September. Good riddance.

Hopefully IB branches in other countries will follow suit.

I wonder if they will offer RRSP's and TFSA's now?

That would be handy.

 

[Jack_Larkin]

Quote from Cdntrader:

no more Reg T either.

What replaces it?

IIROC set margins?

 

[risknav]

Perhaps one of the IB representatives on the board can answer this;

Will this change, either immediately or shortly after revert the restriction set over the past couple months on foreign (I know for sure K200 and N225) index options, essentially taking away trading privileges for IB Canada accounts?

I couldn’t, and didn’t want to get into the details over the phone when I called IB Canada but they were telling me it was related to an internal clearing change, I think going from the US to UK division and some other external regulations.

 

[Cdntrader]

Quote from Kirkx:

. To be effective sometime mid September. Good riddance.

H

No sign yet. Anyone been contacted?

 

[risknav]

Quote from Cdntrader:

No sign yet. Anyone been contacted?

Not yet, I remember them saying it would change your account ID (not your login) so that’s what I’ve been keeping an eye on.

My best guess is it happens over one of the next two weekends in September, just seems logical in terms of making a big transition like this.

 

[Cdntrader]

Quote from risknav:

Not yet, I remember them saying it would change your account ID (not your login) so that’s what I’ve been keeping an eye on.

My best guess is it happens over one of the next two weekends in September, just seems logical in terms of making a big transition like this.

Good points. Maybe they were waiting to get past the Fed meeting.

 

[Cdntrader]

Quote from risknav:

Not yet, I remember them saying it would change your account ID (not your login) so that’s what I’ve been keeping an eye on.

My best guess is it happens over one of the next two weekends in September, just seems logical in terms of making a big transition like this.

Looks like conversion will happen for month end. Which makes sense. That way you don't mix up monthly statements.