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Gold/Mining/Energy : CDN. MOMO PUPPIES -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (21256)	1/24/2000 11:50:00 PM
From: bigbuk	Read Replies (3) \| Respond to of 36688

Info on TDW from a friend that attended a meeting tonight in Van. Also posted on yahoo board as well. post.messages.clubs.yahoo.com BB Tonight, TD Waterhouse held a small gathering at the downtown Vancouver office grand opening for TD Waterhouse Presidents Account holders. Wine and cheese style it was pretty good. I pulled one of the reps aside and coincidentally he was one of the guys with some degree of seniority so he was able to answer some of my questions. Basically it has to do with order execution on the TSE. When we place online orders at any of the Canadian brokerages, this is what happens: 1. You click "Confirm Order" and the order gets sent to a verification queue. 2. An account/trading representative looks at the order, or the next order in the queue, and makes sure that it matches your account profile. So basically if you signed up to be 50% speculation and 50% fixed income. If all of a sudden you're buying tons of internet stocks in your portfolio, they will reject the order, because that is not one of your prescribed goals. What you will have to do then, is either buy some bonds =) or change your account profile. 3. Assuming they verify your order, your order now becomes "live" and placed on the respective exchange. 4. It fills or sits there, if it fills it will get reported back... and the rest is pretty easy. Essentially, the current bottleneck for brokers is they do not have the amount of licensed and authorized staff required to go through and verify your order in a timely manner. Some people have experienced up to 30mins of waiting "Pending" status wise and this is just out of whack. If you try calling in to speak with an account representative, it will be a nice round of Mozart or Beethoven hold music. 20mins later you can post your order, but perhaps, by then you've missed your entry. -- So what to do? What I have been aware of is that this "verification" procedure is there to protect the interests of the investor. The industry has been lobbying the gov't to change the rules in the past 2 years or so. What would be ideal? When you post your order, it goes straight from a quick automated verification (ie. make sure you have the required funds/margin to make the order) and then straight to the exchange. This bypasses the human work behind the order and saves both time, money, and makes it more efficient. Even automating the verification process to a certain degree should be possible. What can we expect in the months to come? This is the feedback I got from the guy @ TDW. Right now, all parties have pretty much agree on the fact that changes need to be implemented to the current system. Expect to see something phased in, starting in a 2months or so. Most likely, they will let you sell equities direct to market. Basically no real verification needed there anyhow, and doing an inventory check on your account is pretty straightforward and easily automated. So that will start first... and eventually we should see a full automation of orders on the TSE. It's kind of weird, he also commented that BC and Quebec's securities regulators are somewhat resistant to such changes... Damn NDPers here in BC... I tell you... nothing gets done in this province... They can't even pull scandals off properly... geesh! Anyways... that's the update I wanted to convey... right now, with volume soaring up, looks like online brokerage stuff in canada will "trudge" along in the typical mediocre Canadian style... If you have any questions feel free to give me a shout on here. Cheers.