Day trading in Canada Message Board

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Gold/Mining/Energy : Day trading in Canada

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To: The Devil Dog who wrote (759)	10/8/1998 10:50:00 PM
From: John Hunt	Read Replies (1) of 4467

Hi Wayne, My understanding is that it was more a case of what they didn't do. MB Trading (Terra Nova is a Nasdaq member) went to Nasdaq and asked what needed to be done to accept customers in various foreign countries and in the case of Canada were told that nothing was required. Apparently Canadian security laws require that foreign brokers and their representatives be registered in Canada even if they are not trading Canadian securities, although there are exemptions for brokers to continue to serve existing customers that moved from the US to Canada. The situation is made more complex by the fact that ECN's are being set up to match customer orders (ARCA is one, owned by Terra Nova) and these are not part of the regular exchanges. The W-8 form is simply a disclosure to US tax authorities that you are a non-resident of the US and not an American living abroad. Nothing like being protected even when you don't want to be. :-)) John

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