Anyone know anymore info on when Datek is coming to Canada? I heard they had applied and are awaiting approval. I got this from the security commission website. There staff could'nt even provide any info on this.
I'm not surprised you got the run-around. The last people our securities regulators feel thay are answerable too is the investing public of Canada, the very people they purport to serve and protect. It was the same when I asked questions about their policy decision to hound US brokers. No answers to the relevent questions.
The most powerful corporations in Canada are the banks (TD, Royal, CIBC, Scotia, and National). They control all the organizations that deal with the securities markets in Canada. Unfortunately Canada's business environment resembles Russia's in this regard. The big 5 throw their weight around and bury any competition. IB and Datek have been attempting to get in for a while now. Both are large established US companies. There is absolutely no legitimate reason why they have to prove anything to Canadian regulators. They already answer to a much more powerful regulator, the SEC. Current avg minimum commission through a bank brokerage $29 Ib's commission 1 cent/share with a $1 minimum Datek minimum commission $9
I have a letter from the Ontario Finance Minister stating that the crack-down on US brokers did not result from representations by Canadian (bank-owned) brokers. You don't think he would be misleading me or the OSC misleading him do you?!!! If they continue to drag their heels on Datek and IB perhaps someone should file an access to information request to get to the bottom of this issue.