What is it with TOS and the UK residents?

Discussion in 'Options' started by maxima120, May 12, 2011.

  1. I am looking for a broker which has somewhat advanced platform.

    I want to be able to do 2 things at least

    1. to chart pnl and greeks for hypothetical trades in past based on real historical data (backtesting)

    2. to chart pnl and greeks for my open trades

    Ideally I want to have access to the historical and real-time market data and open positions information through Excel.

    I found TOS has nice feature called thinkBack which does partially what I need.

    But their new bosses in ameritrade doesnt let them open UK accounts....

    Anyone knows whats the actual problem and is it going to be resolved any time soon ?
  2. are you actually going to trade with TOS commissions? If not you can setup a demo account and have all the functionality of the analysis tab. Address 1600 pennsylvania ave. Some people use TOS analysis and execute thru IB. Their simple to use options analysis is their only edge for retailers, amazing no one has copied it yet.
  3. LeeD


    UK has a distinct regulatory regime. So, a broker pretty much has to open an office there and get licensed with the local regulator (FSA). Both parts are costly. A number of large broker like MB Trading accept accounts from anywhwere in Europe and almost anywhere in the world excluding the UK. Interactive Brokers (one of the few American firms that accept UK customers) mandate that all account applications from UK customers are processed by the UK office.
  4. I have/had number of accounts in my trading life and they all are in US and all are futures and I am sure none of the brokers has nothing to do with FSA and have no offices in the UK.

    Is it something to do with equties/options?
  6. LeeD


    It has to do with allowing trading on UK exchanges (LSE, LIFFE, LME). By opening a UK subsidiary a broker becomes subject to the UK regulatory regime.

    Brokers that have no business in the UK (which in particular means they don't advertise or solicit clients in the UK) still can accept UK customers without the burden of compliance with local regulations.

    Also the most restrictive regulations are relatively recent. Brokers that happily accepted UK accounts 10 years ago may no longer be in a position to do so.
  7. why would I be looking for US broker to trade UK products? :)

    anyway. I got the picture. thanks
  8. LeeD


    Maybe they offer lower commissions...

    Otherwise, a number of US brokers may offer access to certain Europen products for the convenience of their US customers. You know, global reach and all that jazz.