Some brokers, including E-Trade Canada, have already accepted the agreements. Others, including Merrill Lynch HSBC, Qtrade Investor and Credential Securities, claim that their clients already signed the agreements when they opened their online accounts. Welcome to The Globe and Mail`s commentary community. It is a space where subscribers can interact with each other and Globe employees. Non-subscribers can read and sort comments, but cannot handle them under any circumstances. Click here to register. That`s a good point. Why don`t brokers oppose the stock exchanges and tell them that they should put the agreements in favour of something more concise and understandable? TD says customers have 30 days to sign the agreements once they are made available on their online trading site of web brokers. This is expected to be in mid-April. After 30 days, customers are prevented from receiving offers in real time until they sign the agreements.
For TD Waterhouse customers, this message should bring a sense of pre-seeing. It`s only been a year since Canada`s largest online broker launched an initiative to encourage customers to sign an agreement on Nasdaq listings in real time. Mr Kee added that the exchange agreement is a standard document widely used by the TSE. Mr. Hill said he understands the stock markets trying to protect themselves and their data, but he is still upset that he is being asked to sign the agreement. Or something like that. There are four different agreements for four different exchanges, and they are all as confusing as you might imagine. Donald Hill, a retired patent attorney, in Perth, Ont. , says that the last paragraph of the agreement indicates that “the subscriber” would be required to compensate and defend the exchange in the event of a third-party complaint because of a data dispute. According to TD, each exchange now requires you to accept the agreement to obtain real-time prices for their listed shares. If TD customers choose not to accept it, they must be due with offers that are delayed by 15 or 20 minutes depending on the exchange. This time, TD takes a user-friendly approach, where people have access to their accounts, whether or not they sign the four Exchange subscriber contracts, one for the Canadian exchanges and the other for the New York and American Stock Exchanges, The Nasdaq and the Option Price Reporting Authority.
Several of the largest online brokers have confirmed that they will enter into agreements for clients and others next month, including TD Waterhouse, Royal Bank Direct Action, BMO InvestorLine and Scotia Discount Brokerage. People in the online brokerage world say that over the past 18 months, major stock exchanges have become more militant in encouraging online brokerage clients to abide by their standard subscriber agreements. You can read copies of the agreements on TD Waterhouse`s website at the address — just click on the link on the homepage. Initially, TD customers had to accept the terms of the agreement to access their account, whether or not they used Nasdaq prices. Following an outcry, the broker sent people into their accounts, while preventing them from using Nasdaq prices unless they signed the deal. No, no price. Some online brokers have calculated offers in real time earlier, but this practice is fortunately faded.