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. You can read copies of the agreements on TD Waterhouse`s website at the address — just click on the link on the homepage. Or something like that. There are four different agreements for four different exchanges, and they are all as confusing as you might imagine. 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. Some online investors are faced with these stock market customer agreements. 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? 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.
Mr Kee added that the exchange agreement is a standard document widely used by the TSE. 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. 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. 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. 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. No, no price. Some online brokers have calculated offers in real time earlier, but this practice is fortunately faded.
Now, the cost of using offers in real time may be that you accept legal agreements that say you don`t expire and that you sell offer data to third parties, and that you won`t sue a stock exchange if it issues incorrect data. 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. HSA Bank does not provide intermediation services; Brokerage services are provided by TD Ameritrade. Investment accounts are not covered by FDIC insurance, may lose value and are not a deposit account or other HSA Bank commitment.