Canadian Regulators Delaying Registration for U.S. Brokers? Message Board

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Non-Tech : Canadian Regulators Delaying Registration for U.S. Brokers?

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To: TFF who started this subject	5/14/2002 12:28:17 AM
From: Nikku Nayar	Read Replies (1) of 26

I am wondering what has become of any active Canadian traders who were trading through U.S. accounts up until the crackdown by Canadian regulators. I have been preparing for an entry into the equities markets, and the realization that I can no longer open a U.S. deep discount/direct access trading account has come as quite a shock. I am a little surprised that I hadn't heard about this crackdown - I guess I was too busy preparing to trade - picked the wrong 6 month period to quit reading the Globe and Mail :) Is my future in the futures? Is this the only market left for Canadian traders who want the advantage of the lowest possible transaction costs? I have heard that one can set up an LLC in the US (cost apparently under $1000 USD) and get around the equities problem this way - has anyone tried this? I just can't get my head around $25 CDN/trade when I was counting on good execution with any one of 3-4 established direct access firms at i.e. $2-7 USD/trade for my lot size. This is the only direct access firm I have found operating in Canada tradefreedom.com $15.95 USD/trade - not good for a prospective swing/position type trader who will start with low volume. $350 CDN/month data fees!! I find it completely unnecessary to pay these kind of data fees at this point in my trading, given the current trend in data delivery costs. PS - yes, I know that direct access isn't strictly necessary for my type of trading, but I don't need my hand held and I'm wondering why I would use any other type of broker.

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