So, what's left for canadian resident

This is a discussion on So, what's left for canadian resident within the Brokerages forums, part of the Commercial category; by the way.....zumo is american futures broker accepting canadians...

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Old Jan 12, 2011, 4:41pm   #8
 
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Re: So, what's left for canadian resident

by the way.....zumo is american futures broker accepting canadians
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Old May 9, 2011, 8:33pm   #9
 
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Re: So, what's left for canadian resident

Lind-Waldock (MF Global), Jitney Trade & Peregrine Financial Group (PFG Canada) are THE only other Canadian brokerages that I've been able to find which offer self-directed futures trading accounts. Note PFG Canada is currently only registered in BC, Alta, Sask, Man & NS.

As for US based futures brokerages, a good place to start looking would be eSignal's participating brokers listing

Correct me if I’m wrong, but my understanding of the gist of the regulations (by Canadian provincial regulators) prohibiting resident Canadians from using US brokerages is to prevent us from trading in Canadian markets through US brokerages (taking advantage of lower commissions, etc.). See below.

The Canadian chartered banks have taken it upon themselves in recent years to acquire the accounts (not necessarily the operations) of the low-cost US brokerage branches operating in Canada – e-Trade Canada acquired by Scotiabank; Ameritrade Canada (thinkorswim) acquired by TD Bank Financial Group as just two examples.

What pisses me off is that in acquiring these branch operations, both Scotiabank & TD have decided there “isn’t enough demand” from Canadian investors to warrant futures/FOREX trading accounts in their operations. WTF? My question to them is: What happened to those who had such accounts in the former Canadian branches of the US brokerages they acquired? Either the “rules” were overlooked or some Canadian investors got royally screwed.

The failure of Canadian brokerages to offer the same services (including futures/FOREX trading accounts) to their clients, combined with the extremely limited selection of brokerages to chose from makes this situation intolerable to many Canadian investors.

POSTSCRIPT:
It would appear my initial understanding was incorrect. It seems the regulations [in all provinces] are designed to ensure resident Canadian investors (you) are protected from unscrupulous “persons” & fraud by requiring any “person” (i.e. a brokerage / exchange / clearing house etc.) which sells any securities to resident Canadians, to be “recognized” (registered) by the [securities] commission of the province in which that Canadian resides.

The Canadian Securities Administrators (CSA/ACVM) – an umbrella organization of all provincial securities regulators – maintains a national database of recognized "persons" permitted to sell securities to Canadian residents. Note the operative word “resident” and the omission of the word “citizen” – you don't have to be a citizen to be a resident of Canada. The link below is to the CSA’s database search engine:

http://www.securities-administrators...ch.aspx?id=850

I would bet the recently proposed federal securities bill (currently being considered by the Supreme Court of Canada as to jurisdictional authority) would encourage a (reciprocal) recognition of securities brokerages regulated by the SEC as being candidates for exemption with Canadian regulators & vice versa.

Not holding my breath.

Last edited by Meliora Cogito; May 10, 2011 at 11:14am.
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Old May 20, 2011, 2:59pm   #10
 
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Re: So, what's left for canadian resident

I am a Canadian "permi. resident" also, currently looking at "Markets.com." This forex company is based out of Cyprus and is registered with the Cyprus, European regulatory bodies. I have never used this company, as of this date, but considering it for the future. You can go to the company website to view: www.Markets.com

Has anybody any experience with this Forex company? Would appreciate hearing from anyone that has experienced this company and it's +/- workings.

Many thanks in advance.

shydog.
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Old May 20, 2011, 3:02pm   #11
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Re: So, what's left for canadian resident

Why would anyone domiciled in Canada, which has one of the strongest client fund protection schemes anywhere on the globe, want to risk their cash in a country which has NO protection for your funds whatsoever? Unless you’re going to trade them some Canadian mining stock of course..LOL.

Just kidding….
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Old Jul 16, 2012, 6:45am   #12
 
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Re: So, what's left for canadian resident

Well well... so what have we learned since this thread was begun a year and a half ago? Well, we had the first bankruptcy and criminal fraud resulting in near total loss of client funds in the history of the futures exchanges. Oh, and wait, we also had the second ever bankruptcy and criminal fraud resulting in client losses in the history of the futures exchanges.

So now out of the, what was it, 4? Brokers willing to work with CAN residents 50% were crooked.

But, what you would have learned if you were one of their Canadian customers, as I was with PFG Best, is that Canadian regulations, those onerous, draconian throwbacks to an age of liberal moral relativism and free market-strangling red tape, actually saved you from not losing only part of your money, no, it saved you from losing any money at all! Unlike their US customers, who made up, ironically, a 99% share, and who look to be getting a max. 20 cents on the dollar if anything, my account has already been transferred to a caretaker brokerage less than one week after the PFG story broke. The funds can be withdrawn or I may continue to trade on as customer of this caretaker brokerage. I will experience 0% loss simply because I am a Canadian.

Nest time you badmouth red tape or the Canadian system which keeps you from freely giving your money to thieves, thieves intrinsically and financially linked to the US political system through campaign financing, or when you become frustrated with a political system here that doesn't offer the kingmaker qualities of the US Executive branch, give a thought for my 12 grand in risk capital that might've been your own.
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