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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: BradC who wrote (1042)	11/4/1998 4:02:00 PM
From: the Chief	Read Replies (2) \| Respond to of 4467

Hi Brad. It's also important to keep in mind that Canadian securities laws require Canadian brokers to manually check orders entered online as opposed to the US where they can be routed directly to the exchanges. This fact alone says something about the attitude of the powers that be towards online trading in Canada. This is 100% correct and 100% of our problem. I have talked today with RB and they insist that all discount brokerages are enmasse attempting to be excluded from the IDA imposed "securites act" rules. They say they have been trying for three years...However, I have just found out the appropriate documents were only received by IDA about a week ago!! The problem appears the securities act which is supposed to protect us....now appears to be patronizing us! The act doesn't believe "grownups" actually want to control there own accounts. To show you the level of foolishness that the "act" provides follow this: 1)I order up 2000 shares of xyz @ $1.00 2) some nimrod than checks to see if my "risk level" allows the purchase of xyz (Father making sure I am not spending too much) 3) the nimrod then "approves" the transaction Time to execute depending on nimrods "que" anywhere from 1 min- 14 minutes! 4) i decide to SELL 2000 xyz @ $1.20 5) some nimrod "RECHECKS TO SEE THAT IT IS WITHIN MY RISK LEVEL..AGAIN???????????? 6) the ninmrod "approves" the transaction Time to execute depending on nimrods "que" anywhere from 1 min- 14 minutes! Jumpin cripe, its in my account, its past the stupid risk test. DUH don't they think they would say; well if its in his account "DAD" must have approved it already!! Cripe were in a backward system and theres little chance the nimrods will ever improve either!!! Ah-h-h-h-h that felt good the Chief