The big news from the Canadian discount brokerage industry this week was the huge announcement that OptionsXpress will no longer be available in Canada. Virtual Brokers will be acquiring all of the OptionsXpress Canada accounts as of December 1st pending regulatory approval. This now narrows the number of Canadian discount brokerages that provide a powerful and easy to use options trading platform along with great stock market education resources down by one. According to an apparent notice sent to clients (which we found posted here but cannot confirm its authenticity) from OptionsXpress Canada, individuals who wish to transfer to another discount brokerage must let OptionsXpress Canada know in writing before November 23rd otherwise the account will be passed along to Virtual Brokers. Be sure to contact OptionsXpress Canada directly for any questions.
Questrade announced this week that they are serving as market maker on behalf of Foran Mining Corporation (FOM on the TSX Venture Exchange). The one year agreement will take effect November 12th and Questrade will receive $5,500/month for these services. Questrade has been somewhat active in adding companies to its market making segment adding American Vanadium, Red Tiger Mining and Destiny Media earlier this year. To see the TSX market makers list, click here.
When National Bank Direct Brokerage announced via twitter that they have a LinkedIn page we got a little excited as they’re currently not really around on the social media scene except via their parent National Bank’s twitter feed (to see who which discount brokerages are active on social media, click here). Unfortunately, when we stopped by to have a look around there wasn’t a lot of content on there yet.
Don’t forget, November is Financial Literacy Month. We’ll be posting all sorts of interesting gems for self-directed investors to help them enhance their knowledge of investing and finance. For more information on Financial Literacy Month activities, check out this page here.
Best Canadian Discount Brokerage Tweet of the Week
Even though the LinkedIn tweet left us scratching our heads a little, National Bank managed to score another tweet of the week for their Clearfacts newsletter on the difference between investing and trading. You can read the article via their tweet here.
This upcoming week has a couple of presentations for self-directed investors that are likely to be interesting. Tyler Bollhorn’s new book, The Mindless Investor, is launching so he’s running a couple of free sessions to explain some of the principles from his book and how do-it-yourself investors can use these to help them with their trading. Sessions will be held in Calgary (Nov. 12th) and Vancouver (Nov. 13th).
The People Have Spoken
Sometimes matching stock orders between buyers and sellers takes time. It’s usually why discount brokerages give themselves a few days to get things settled behind the scenes. Usually it’s a three day (known as T+3 as in Time + 3 days) window between the transaction date and the settlement date (for a great explanation, see this link). This week, redflagdeals.com forum poster raxdax10 wanted to know why the money didn’t appear on their TD Waterhouse discount brokerage account after selling a stock. Read what some helpful folks had to say here.