For those looking at concerns with Etrade Canada, note it is a member of the Canadian Investment Protection fund, details at the site, basic one million in protection for your assets:
cipf.ca
Also got this letter from Etrade Canada President this am as I logged on:
AN IMPORTANT MESSAGE TO E*TRADE CANADA CUSTOMERS
To our valued E*TRADE Canada customers:
This is a challenging time for the financial services industry. You will be familiar with recent negative news, particularly from the U.S., in the credit, housing, and stock markets, and the financial services sector is not immune to these market conditions.
We want you, our customers, to know that E*TRADE Canada and its parent company, E*TRADE Financial Corporation, continue to be well capitalized in accordance with applicable regulatory requirements.
We also want to assure you that, as E*TRADE Canada is a separate legal entity, separately regulated under the jurisdiction of Canadian regulatory authorities, our customers continue to enjoy the benefits of:
* state-of-the-art asset protection, including the E*TRADE Complete Protection Guarantee and CIPF coverage (the details of which are available on our website)
* custodying in Canada of customer assets through our carrying broker arrangement with Penson Financial, itself an independent Canadian regulated broker-dealer
* the segregation of customer assets from company assets in accordance with Canadian regulatory requirements.
Not only is E*TRADE Canada well capitalized, maintaining capital significantly in excess of Canadian regulatory requirements, E*TRADE Canada invests only in high quality government issued short term paper and has no direct investments in the asset-backed paper you have been reading about in the press.
If you have any questions about E*TRADE Canada in these financial markets, please do not hesitate to contact your customer service representative or Relationship Manager.
We appreciate the opportunity to continue to serve you and your investing needs.
Sincerely,
Duncan Hannay
President
E*TRADE Canada |
