Heard US future brokers are closing all Canadian citizens of their US futures brokers accounts from the collapse of PFG and MF global collapse. Like Foreign forex brokers are banned from accepting US citizens forex trading. also regulators in Canada are shutting down unregistered forex brokers soliciting Canadian citizen accounts. Does anyone know the regulations about US brokers banned from accepting Canadian accounts. but can accept other foreign accounts? As for prop trading in Canada that is a grey area too of the financial regulators. which is why most are remote traders as the regulators can go to the place of the traders office if they are trading other people's money. US stock brokers have been banned from accepting Canadian citizen accounts but the futures market was grey they could accept but couldn't solicit clients previously, but now has changed today. Financial market regulators in Canada and US are enforcing the rules in the books with an iron fist. word up.
Mary Jo only the new SEC big boss woman on the job and the heat is already on. The massive deregulation of the of the financial markets i n the US and world is reverting back to more regulations. it was like no regulation or regulations not enforceable. The market in the 70's and 80's is totally more regulated and different than it is now if more experienced market participants can tell you. New Sherriff in town and it's hitting the streets.
Do you mean closing accounts for British Columbia residents? BC has prohibited foreign futures brokers. Ontario still allowed them as long as not solicited as of last report.
Right some people continually confuse a problem affecting residents of one or two provinces as being a problem with "Canadian traders" generally. Regulation is at the provincial level in Canada, not at the federal level.
it is all about capital controls. government are ever more fearful of runs on their currency and loss of revenues. "Right some people continually confuse a problem affecting residents of one or two provinces as being a problem with "Canadian traders" generally. " which provinces?
So far as I know, the only stupid provinces that have the draconian law of not allowing traders to trade with foreign companies are Alberta and BC. The rest of Canada are all game. But it is ridiculous that those brokers just single-handedly reject and close accounts belonging to Canadians. Oh well, their loss.