What is it with TOS and the UK residents?

M

maxima120

I am looking for a broker which has somewhat advanced platform.

I want to be able to do 2 things at least

1. to chart pnl and greeks for hypothetical trades in past based on real historical data (backtesting)

2. to chart pnl and greeks for my open trades

Ideally I want to have access to the historical and real-time market data and open positions information through Excel.

I found TOS has nice feature called thinkBack which does partially what I need.

But their new bosses in ameritrade doesnt let them open UK accounts....

Anyone knows whats the actual problem and is it going to be resolved any time soon ?
 
are you actually going to trade with TOS commissions? If not you can setup a demo account and have all the functionality of the analysis tab. Address 1600 pennsylvania ave. Some people use TOS analysis and execute thru IB. Their simple to use options analysis is their only edge for retailers, amazing no one has copied it yet.
 
UK has a distinct regulatory regime. So, a broker pretty much has to open an office there and get licensed with the local regulator (FSA). Both parts are costly. A number of large broker like MB Trading accept accounts from anywhwere in Europe and almost anywhere in the world excluding the UK. Interactive Brokers (one of the few American firms that accept UK customers) mandate that all account applications from UK customers are processed by the UK office.
 
I have/had number of accounts in my trading life and they all are in US and all are futures and I am sure none of the brokers has nothing to do with FSA and have no offices in the UK.

Is it something to do with equties/options?
 
HowardCohodas to ThinkOrSwim

Some acquaintances of mine have been asked to close their TOS accounts because they are in restricted countries.

Could you help us understand the idea of restricted countries (restricted by whom?) and the reason for the TD policy and what changed recently to cause this action?
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ThinkOrSwim to HowardCohodas

Hello Howard,

Thanks for the email.

Countries are qualified as Restricted Countries due to the global requirement for conducting international business. It is purely a business decision made by TD Ameritrade’s compliance team after careful consideration and risk assessment.

TOS is close to completing the full convergence with TD Ameritrade, and, therefore, we are adopting many of their compliance policies.

Please feel free to contact us with anything further. Have a nice day.

Regards,

Billie Swango

Client Liaison
866-839-1100
773-435-3232 fax

thinkorswim, Division of TD AMERITRADE, Inc.
600 west chicago avenue, suite #100
chicago, IL 60654-2597
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Quote from maxima120:

I have/had number of accounts in my trading life and they all are in US and all are futures and I am sure none of the brokers has nothing to do with FSA and have no offices in the UK.

Is it something to do with equties/options?
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It has to do with allowing trading on UK exchanges (LSE, LIFFE, LME). By opening a UK subsidiary a broker becomes subject to the UK regulatory regime.

Brokers that have no business in the UK (which in particular means they don't advertise or solicit clients in the UK) still can accept UK customers without the burden of compliance with local regulations.

Also the most restrictive regulations are relatively recent. Brokers that happily accepted UK accounts 10 years ago may no longer be in a position to do so.
 
Quote from maxima120:

why would I be looking for US broker to trade UK products? :)
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Maybe they offer lower commissions...

Otherwise, a number of US brokers may offer access to certain Europen products for the convenience of their US customers. You know, global reach and all that jazz.
 
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