PRW: Interactive Brokers Canada Inc. to Begin Accepting Customers June 1
(PR Newswire 05/16 10:43:45)
GREENWICH, Conn., May 16 /CNW/ -- Starting June 1, residents of Alberta,
British Columbia, Ontario and Quebec may open accounts with Interactive
Brokers Canada Inc., www.interactivebrokers.ca , providing these Canadian
investors access to the electronic brokerage firm's low cost, high- speed
execution services.
"Many Canadian investors will soon have a low cost alternative for trading
stocks, options and futures. For only $1.00 US, investors can trade 100
shares of US stocks. This is a small fraction of what other Canadian
brokers charge," said Tim O'Meara, Director of Interactive Brokers Canada
Inc. "Besides low commissions, customers will also benefit from our direct
access technology. No middlemen. Customers' orders are routed directly
from their Trader Workstation to the electronic market center of their
choice."
On May 14, 2002, the Investments Dealers Association of Canada admitted
Interactive Brokers Canada to its membership. Beginning June 1, Canadian
investors who are residents of Alberta, British Columbia, Ontario, or Quebec
will have the opportunity to trade US stocks, US equity options and
commodity futures and futures options traded on electronic exchanges around
the world. It is expected that residents of Manitoba, New Brunswick,
Newfoundland, Nova Scotia Prince Edward Island, and Saskatchewan will be
able to open accounts with Interactive Brokers Canada in the near future.
Canadian stocks and derivatives are not currently available, but the firm
plans to eventually offer these products. At this time, Canadian customers
must fund their accounts in US dollars.
Interactive Brokers Canada's retail commission schedule is as follows:
Stocks are $0.01 US per share with a $1.00 US minimum, (after 500 shares in
the same order the cost drops to $0.005 US per share), options are $1.00 US
per contract and futures are $2.40 US per contract.
Interactive Brokers Canada, a global electronic brokerage firm and member of
the Interactive Brokers Group LLC (IBG), will provide execution and clearing
services for stock, options, futures, currencies and VWAPs. IBG is
comprised of electronic brokerage and proprietary trading firms, including
Timber Hill, a leading market maker. IBG executes trades on more than 40
exchanges and ECNs in 16 countries. Customers may route their orders to a
particular market center, or use the firm's intelligent high-speed Best
Execution order routing system.
IBG's total consolidated capital as of year-end 2001 was $931.7 million,
placing IBG number 31 out of 100 on Institutional Investor's ranking of
largest Wall Street firms. IBG's daily trading volume regularly exceeds
200,000 trades. The Group employs approximately 430 traders, programmers
and support staff located in offices and exchanges throughout the world.
/Web site: interactivebrokers.com
interactivebrokers.ca /
/For further information: Timothy O'Meara, Director of Interactive Brokers
Canada Inc., +1-514-287-1027, tomeara(at)interactivebrokers.ca , or Carla
Cavaletti, Director, Media Relations for Interactive Brokers,
+1-312-542-6928, press(at)interactivebrokers.com /
10:43 ET |
