CANADIAN SECURITY TRADERS ASSOCIATION, INC.
P.O. Box 3, 31 Adelaide Street East
Toronto, Ontario M5C 2H8
The CSTA has been fielding a number of comments made by our members, some of which are:
- "our primary vendor is Belzberg and despite having spent literally hundreds of hours they are still not able to get our / their smart router to work"
- "I also remember when it was the CLIENT who was put first but now we have the ‘trade-through rule’ which now basically means that the marketplace comes first, if you miss a small bid / offer on a ‘fringe’ market in the midst of trading for your client… you will be fined for it."
We believe this comment refers to a trader having to trade a small amount of stock on an alternative marketplace at a price that may be one cent better than the main market and possibly missing the larger volume which the client gave us directions to execute, hence the marketplace comes first, not the CLIENT.
- "Imagine the market place when there are ten exchanges doing very little business but sucking loads of cash out of the dealers just because they are forced to have accounts with them."
- "this is the worst thing I have seen in a long time – none of the vendors have been fully ready – the systems have not been ready for multiple markets – regulators should have checked with all vendors before launching this disaster – the Canadian market does not need multiple exchanges."
- "I have a letter in my file that says that I missed 100 shares by 3 MILLASECONDS!! I feel that there is a lack of understanding and co-operation with regulators. Our firm is trying to do their best under challenging technological changes."
- "This is already onerous on the large dealers, I can`t imagine the trouble it is causing for the smaller broker dealers. As it stands it could become a meaningful barrier for entry to our industry which will eventually limit competition and more than offset the supposed benefits to investors that come from multiple marketplaces."
- "I am responding to this new Trade-Through rule as it is the most ridiculous thing I`ve seen in my 19 years in the business. I have never been asked to pay a monthly fee just for the right to trade on an exchange whether I do a trade or not. It is the biggest money grab I`ve seen yet and will do nothing to ensure the continued diversification in the brokerage business which I think everyone, outside the banks, would be a good thing."