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

To: bigbuk who wrote (2509)	3/6/1999 3:48:00 PM
From: Ron Schier	Respond to of 4467

After-hours trading in the cards for TD customers First for Green Line Katherine Macklem Financial Post Toronto-Dominion Bank's Green Line Investor Services is looking at opening up after-hours trading to retail clients -- an option now available in Canada and the United States only to professional brokers and institutions. "We're looking at the various ways in which you can trade in the after-hours market currently, Instanet, being one of them," said Steve Sparrow, regional manager of Green Line's call centre operations. After-hours trading is handled by electronic exchanges, one of which is managed by the Internet service provider Instanet. A U.S. discount brokerage said earlier this week it will open trading in the evening to U.S. retail clients through a new electronic exchange. The move, by Discover Brokerage, a unit of Morgan Stanley Dean Witter & Co., will be a first for individual investors. The volume of stock buying and selling outside the traditional trading hours tends to be light, which contributes to a high degree of volatility in share prices. But "as the global community continues to grow, we will see the activity coming from other parts of the world that will help support steady volumes throughout the entire 24-hour period," Mr. Sparrow said. The first stage, before around-the-clock trading, will be markets opening their trading sessions an hour or two earlier and closing an hour or two later. He said Green Line doesn't yet have a target date when after-hours trading would open up. Many of the traditional stock exchanges, including the Toronto Stock Exchange, are considering extending their trading hours as a way of warding off the growing competition from the electronic networks. "The world has shifted dramatically," said Barbara Stymiest, chairwoman of the TSE. "If you think back, exchanges had a monopoly. But when you move into an electronic world, all of a sudden you've got a lot more flexibility. Exchanges have to be more creative and respond to a competitive environment." Green Line is looking at opening up after-hours trading for about three hours in the early evening, probably from 6 p.m. or 7 p.m. to 9 p.m. or 10 p.m., Mr. Sparrow said. The level of liquidity in the market, technical limitations, and making sure a system would be cost-effective are the main issues being evaluated, he said. "We would like to be able to do it if we have a comfort level with the liquidity for the retail investor and can find a way that we can do it that is convenient for our clients and cost-effective," Mr. Sparrow said, adding that the fees for trades made outside regular hours are likely to be more expensive. Already, a Green Line client can trade around-the-clock in real time on the European, Asian, and Australian markets. After-hours trading would open up the North American market.