Email text:------------------ Amp's reply from Jaaaaa: Currently Amp can only open accounts in Ontario and Alberta. From: ...@yahoo.com] Sent: Thursday, May 24, 2012 1:21 PM To: AMP - Jaaaaaaa Subject: accounts in BC, Canada Does AMP offer accounts in BC? Thank-you
Ok I understand better now. Unfortunately the reason is probably that Ontario and Alberta have exemptions in their securities laws for foreign brokers provided they do not directly solicit their residents. Those exemptions have been there for a long time. It appears that BC does not have such an exemption. From another post elsewhere: "Best example I can think of a regulator enforcing this type of rule is the British Columbia Securities Commission where they have successfully restricted foreign brokers from accepting BC residents if the broker is not regulated by the BCSC." So I suspect that no foreign broker will accept your account any more unfortunately, and that those few who do are likely just ignorant of the new BC law and are likely to dump your account later. It is exactly the same situation (in reverse) for U.S. residents trying to open a forex account abroad. The CFTC is suing foreign brokers who accept U.S. residents so *almost* all foreign brokers are dumping their U.S. customers.
I thought the Ontario registration was blanket Canada, or, that there was a particular Ontario registration that covered all regulators/jurisdictions however aquarian1, regardless of AMP's 'Jaaaaa's' reply, I suggest you complete AMP's online application, submit it and see if it's accepted if it is accepted, go ahead and fund your account and don't worry about regulators
An actual Ontario registration would be good across Canada. However an Ontario exemption from registration is not. Ontario exempts foreign brokers who do not solicit directly. This is not the same thing as an Ontario registration.
Many thanks for your posts fellows. As I mentioned in passing I had by money stolen by the MFGlobal thieves and it cost me a lot. (See MF Global thread if you want the gory details! too painful.) So I will be happy as a clam never to ever trust my money to USA again. Over the weekend I believe I have sourced just what I need - a friendly Canadian firm with low margins. The best part is that they don't take the other side of trade against me as most firms do. (I still want to do some due diligence - but looking good! - yes!) I heard that all the clients with MF Global Canada got 100% of their money back within 7 days because it was held at the Royal Bank!! Forced by Canadian law!! The CFA, CME and SEC are a joke - no American trader can ever have any confidence in "segregated funds" It's just marketing for your money has flown to the Caymans and we are laughing in your face!
Yes oh course not his real name as I didn't want to post that. As noted above I think I have found my solution so the compromised of a USA based company is of no interest Thanks for your help.
From Larry Levin's daily email: The market is currently trying to decide which route it should take at the fork in the road. Should it be the ââ¬Åprintingââ¬Â route of hopium, or the ââ¬Åbank runââ¬Â route that leads to a market decline? While we to see which path is chosen, I recommend watching the following PBS video on MF Global and Jon Corzineââ¬â¢s $6 billion bet on European debt. We canââ¬â¢t forget how this horrendous bet literally stole $1.5 billion of customer money when it went bad. http://video.pbs.org/video/2237926398
I have just discovered a US futures broker with a new Canadian office (in Winnipeg): R.J. O'Brien Canada. http://www.rjobrien.ca/ The choice of trading platforms looks good (CQG, CTS T4, Trading Technologies). Margin limits and commissions are surely adjusted higher to meet Canadian rules, but they might be lower than those of IB Canada. I wish they would place an add in the Globe & Mail or on CBC. How on earth are we supposed to know that some US futures broker has just decided to open a Canadian office.