Datek Canada Brokerage Services Inc. is admitted to membership in the Investment Dealers Association Of Canada BULLETIN #3007 June 13, 2002 New Member Datek Canada Brokerage Services Inc. effective June 13, 2002. The head office is located at 120 Adelaide Street West, Suite 916, Toronto, ON M5H 1T1. Telephone: (416) 306-4102 and Fax: (416) 306-4101. The directors and officers are: ⢠Peter Haig Williams, Director, Chairman, Chief Executive Officer, Chief Financial Officer and UDP ⢠Giovanni (John) Grifonetti, Non-Industry Director ⢠Brigitte J. Geisler, Senior Vice-President Legal and Compliance, Chief Compliance Officer and ADP ⢠Jonathan L. Purther, Senior Vice-President Sales and Service Datek Canada Brokerage Services Inc. is under the prime audit jurisdiction of the Investment Dealers Association of Canada. Kenneth A. Nason Association Secretary
I think that canadian brokers will have some trouble times with these recents news. Good news for canadian customers!
E*Trade Canada reduced their commissions to $19.99 Cdn recently as a proactive response to IB and Datek's entrance into Canada. The small print you ask? You get the honour of being charged $20 if you make 75+ trades in a quarter! Oh, and if your order is not executed in one minute they'll waive your commission!! one minute!! So far no response from the banks yet. The interesting result I think will be that the most active segment of the market will leave. Although this represents a very small percent of their total clients it accounts for the majority of their revenue.
"You get the honour of being charged $20 if you make 75+ trades in a quarter!" It used to be similar a year ago with Schwab here in the states as a reaction to the discount brokers. You got to pay "only" $19.95 a trade after you'd done 30 trades that month at $29.95. No trader pays more than $5-$10 anymore.
Does anyone know how many (or which) U.S. brokerages have ventured up North to Canada? Datek, IB, E*Trade... Thanks,