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There are two (2) reasons why U.S. onlinde brokerage firms are not allowing
the opening of Canadian resident accounts:
1) high registration expenses; the cost per Canadian province is very
costly, having to register your b-d separately in each one to do business,
2) the risk involved with trading on margin; the ability to go after
"rogue" traders who create margin calls for b-ds is difficult due to
Canadian laws.
Our firm, ViperTrading has been trying for quite some time and it doesn't
seem that any U.S. clearing firms are in any rush to change their position
in the matter.
Mike
----- Original Message -----
From: "Michael Holder" <mholder@xxxxxxxxxxxx>
To: "David Demetre" <laertes@xxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
Sent: Sunday, October 28, 2001 7:24 PM
Subject: RE: canadian brokers
> Dave why / since when are we barred from opening accounts with IB and most
> other US firms?
> Mike Holder
> Toronto
>
> -----Original Message-----
> From: David Demetre [mailto:laertes@xxxxxxxxxxxx]
> Sent: October 27, 2001 3:12 PM
> To: omega-list@xxxxxxxxxx
> Subject: canadian brokers
>
>
> Folks:
> If you are living in Canada, has anyone found a good online
> futures broker to use?. We are now barred from opening
> accounts with IB and most other US firms. Excuse me if this
> has been dealt with here before, but what have people done
> to get around this? Any url's to previous discussions would
> be appreciated. The brokers in Canada are awful; high
> commisions and less than cutting edge services. There is
> only one direct access firm for stock trading.
> (tradefreedom.com)
> thanks
> Dave
>
>
>
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