Does anyone know if there is any news on IB's pending registration with Canadian regulators? I've been waiting a year to open additional accounts with IB.
typical......... the last I heard was a top executive at IB was suppose to have met with regulators last week. IB felt that their registration would finally get approved in DEC. also from another source at IB, "the Canadian regulators have thrown up roadblock after roadblock that we have had to deal with" and "they have never seen such tactics"
Yes. It really is pathetic how they are trying to prevent these U.S. brokers from entering the country.
lol...its not the regulators its the banks shaking in their boots! Datek is also being stone walled but apparently IB has more balls and is pushing much harder. Good for them. I wish IB all the best and can´t wait to see those incompetent idiots react to a 85% plus drop in their commission REVENUES and loss of clients!!
no kidding........... The Banks are the ones behind the blockade of US discount brokers. The regulators will say that they are simply looking after our interests which is simply a smokescreen. The reality is that US Securities Laws also protect Canadians and according to lawyers these American laws are actually much better for investors than Canadian Securities Laws. Two questions for regulators would be: 1) Why have they never cared about Canadians, who have for many years opened US Futures accounts mainly because Canadian brokers would not deal in the futures markets? (these US futures brokers were never forced to register in Canada) 2) Why do they simply care about US discount brokers registering? (There has been no crackdown on countries whose securities laws are much worse, like many offshore countries) The answers are obvious. The banks are behind the blockage because they know firms like IB will put pressure on revenues. Allowing IB into the marketplace will change the industry forever. A Security Commission's mandate is suppose to protect investors. It appears however, that regulators are actually protecting the big five banks. I hope regulators will prove me wrong by allowing discount brokers into the country. But I'll believe it when it happens and perhaps the best way to accomplish this might be through a class action lawsuit. In the meantime, they can simply defer IB's registration via deficiency letters.
I might have posted on the wrong board earlier, but as I was saying to all the Canadians....where there is a will there is a way. If you want a US brokerage account, it is possible to have. It doesn't require any tooth pulling, but it does require a white lie.
As a Canadian, I like to see US brokerages can run freely in Canada. If those so called authorities still trying this tactic, take it to the North America Free Trade arbitrator and complain. Hopefully US brokerages do not give up on Canadian accounts.
Financial institutions are exempt from the free trade agreement. I suggest that anyone looking for IB to open here get in touch with their provincial regulators and ask what the delay is. If you don't get a satisfactory response give your provincial representative and Finance Minister an earful. I fear that if we are complacent on this they will just continue to delay until IB gives up.