Discount Brokerage Weekly Roundup
This week, the Canadian discount brokerage industry saw another member announce that it will move its clearing and settlement services in-house. Virtual Brokers, a division of BBS Securities, announced that they will no longer be using Penson Financial Services Canada to take care of “back office” operations, such as trade clearing and settlement. The announcement from Virtual Brokers follows the official statement from Penson that they are closing down of Canadian operations. Two weeks ago, Questrade also announced that they too will begin to clear/settle trades in house.
While one company was exiting, another one was letting customers back in. Thinkorswim Canada, a division of TD Waterhouse, is once again accepting Canadian accounts. The thinkorswim platform will only be able to trade US listed stocks and options and is only available to holders of TD Waterhouse Discount Brokerage US margin accounts.
Best Canadian Discount Brokerage Tweet of the Week
This week’s top tweet goes to @Questrade for sharing a great technical analysis article on moving averages. Check out their tweet here.
The World Moneyshow is coming back to Toronto again from October 18th through the 20th. For more details click here.
The People Have Spoken
This week, we took a peek into the Canadian Money Forum for a common question for beginner DIY investors – where to get started. Here’s what one group of responses had to say to a young and debt-free family about getting into investing.