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

To: keith massey who wrote (2699)	4/6/1999 12:08:00 AM
From: IdiotJed	Read Replies (2) \| Respond to of 4467

I realized that the arrows were also bringing unsorted charts, so opening and closing like you said is the way to go. Thanks. IJ

To: keith massey who wrote (2699)	4/8/1999 10:46:00 AM
From: BradC	Respond to of 4467

Discount brokers push for new trading guidelines Waive vetting rules: Looking to make online trading faster and cheaper By KATHERINE MACKLEM The Financial Post Canada's discount brokers are lobbying for new rules covering their relationship with clients, claiming that changes to the regulations will make online trading faster and cheaper. The discount brokers, including the country's largest, TD Bank's Green Line Investor Services, have banded together to pitch to securities regulators that "know-your-client" rules should be relaxed. Now, brokers, both the traditional ones and those who take orders electronically, are required to monitor all trades and verify the transactions are suitable for their clients. The discount brokers say that vetting requirement should not apply when trades are unsolicited. "Given the new realities of the retail investor, rules that were written in a different day need adjusting," said John See, Green Line's president and chief operating officer. In the United States, discount brokers are not obliged to track and vet each trade made online by their clients, although the Securities and Exchange Commission is considering some basic ground rules to cover day traders. "We are forced to intervene whether or not the client wants it," Mr. See said. Each transaction order is manually reviewed against a client's investment objectives, adding time and cost to each deal, he said. "It's a process that our U.S. counterparts are not bound to abide by," he said. Mr. See said trades would be completed more quickly and would cost less money if the regulators accept the discount brokers' proposals. "What we should be able to do is execute transactions much faster because there will be no queue in which they are held before they are sent to the market," he said. The brokers are specifically proposing that the vetting rules be waived when a client wants to sell a long-term position, but they are also asking that the whole process be reviewed for unsolicited transactions, said Paul Bates, president and chief executive of Charles Schwab Canada Co. The pitch has been made to the Canadian Securities Administrators, which includes the provincial securities regulatory bodies. The Ontario Securities Commission, the largest and most powerful of the regulatory bodies, is still in the early stages of considering the submission, said OSC spokesman Mark Conacher. "What my objective would be, long term, to see us move from a transaction by transaction suitability judgment for unsolicited transactions to an account-based, or portfolio-based suitability judgment," Mr. Bates said. "I actually believe that you can add greater value to the process if you can do it on an account basis rather than on a transaction basis." Technological advances are forcing the industry to look at some fundamental principles in regulation, said Joe Oliver, president and chief executive of the Investment Dealers Association, which will soon submit a policy paper on the issue to the securities commissions. "Here's one [principle] that may no longer be justified. "I think we're looking at a real sharp distinction between the whole discount broker, Internet, unsolicited trading side of the retail business which will be fast and very inexpensive and largely unprotected by some of the traditional rules and on the other hand a category where people are getting expert advice."