Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Serge Collins who wrote (2861)	4/20/1999 11:02:00 AM
From: Chris K.	Respond to of 4467

Thanks for your response Serge but I still think we have the power to change things. What we have to do is complain in masses and not sporadically like we have been doing. They can handle one caller at a time but when they see that there are thousands at a time who are requesting change.... well, that's a strong signal!!! I agree that we don't have regulatory comities like the SEC or NASD but we have our voice. Lets get everyone on board. Create a website where we can all become members of a newsletter and voice our concerns in a unified and strong force. Lets get the media on our side. Lets expose this inefficient system and make them improve it!!! Just some ideas. Gotta go write an exam. Ciao, Chris K.

To: Serge Collins who wrote (2861)	4/20/1999 11:12:00 AM
From: Sultan	Respond to of 4467

Part of the problem is, each order placed online is reviewed by a Rep. and then released. This is "know the customer rule" and it adds to the cost of the trade as well and one reason all the discount brokers are asking OSC to eliminate with rule so that when you enter an order based on your profile, the order just gets released automatically without any intervention. If they agree, you will see commission dropping and execution a lot faster.

To: Serge Collins who wrote (2861)	4/20/1999 1:29:00 PM
From: Sleeperz	Read Replies (1) \| Respond to of 4467

On April 8th I placed an order with Greenline to Buy GLE @ $1.35, hitting the BID 5 minutes to close. With 1 minute to go it was an open order in the Order Inquiry and just sitting there. #@@#%% Never got filled even though there were 80 Lots of GLE on sale at $1.35 Complained to GL, they said once the order is send to the TSE its the TSEs fault. But before that they made up numerous other excuses like limit orders do not show up on the BID/ASK volume. @#$%@#$ Ya right. Chris K: I placed an order yesterday with InvestorLine with 6 minutes left in the trading day and I didn't get a fill. You can count me in for at least a loss of $10,000. @#%@#% If someone ever commissioned a study to find out how much investors are losing by using discount brokers (this would be difficult to do), I suspect the losses to investors would be in the billions of dollars. The problem is that investors in Canada have absolutely no recourse. You don't have an SEC or NASD to complain to and both the IDA and OSC are a joke.

To: Serge Collins who wrote (2861)	4/20/1999 10:03:00 PM
From: BradC	Respond to of 4467

It would be great if Schwab is the white knight galloping to the rescue but I fear it is only a matter of time before they get crushed as well when people start switching. We really need more than one decent broker. The problems in Canada are extreme and affect all the online brokers. We can only hope that the industry as a whole realizes that people want to trade this way and start taking the problems seriously. The irony of this situation is that most Canadian brokers are backed by deep-pocketed banks, so the incompetence and lack of system capacity must have some other cause than lack of money. My guess is they are scared to death of losing full-service business and are very reluctant players in the online market.