Canadian daytraders should brace themselves and read the following document that I found on the IB Discussion Board: Investment Dealers Association of Canada Proposed Regulations 2500 - Day Trading and 100.22 - Margin Requirements For Intra-Day Exposures and Proposed Policy No. 10 It appears that the IDA is proposing a PDT rule modeled on the American regulation, with a $40k CAD minimum to daytrade. This is the only information I found so I'm not sure of the current status of this proposal. In 2001 many American traders lamented that they had been unaware of their opportunity to give feedback to the PDT proposals before they were passed. If Canadian traders get such an opportunity they should take advantage of it. If anyone knows or learns anything more about this proposed rule, please post. Let's keep this thread going with new and updated information, ideas and opinions.
Maybe IDA could dream about that, but they are not the market regulator in this area, this job is doing by the provincial regulator! FYI, in the moment a similar rule exist in Canada with 25kCA$, but if you check carefully, you will see that the brokers don't apply this rule because the provincial regulator have do a different choice for the moment. Does IDA and the provincial regulators will change the rules? Maybe, but this will kill the business for many brokers in Canada, because the number of traders owning more 40k$CA in non-RRSP account is very small, leaving few marging to them! And when you know that these active traders do the largest part of income for them, this will mean out of business for many of them in short time! Wait & see ...
Hello Long, Thank you. My signature is a crown of Victories. Stands for Victories except for loVe yesterday.