Right now it looks as if SEC rules do not apply to my brokerage account because: a) it's a Canadian broker and b) because settlement currency is CDN Dollars.
Now, I don't see why settlement currency had anything to do with this because I am trading US shares.
-------------------- Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game. Posts: 605 | From: Ontario, Canada | Registered: Feb 2005
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I just called Ameritrade and got the same answer, the $25,000 SEC rule does not apply to Canadian accounts.
The only thing is, and this is same for almost all brokers, that I cannot take funds out for 3 days after the trade, or until the settlement date.
-------------------- Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game. Posts: 605 | From: Ontario, Canada | Registered: Feb 2005
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Well then thats very fortunate for you. I was surprised to hear the SEC rule did not apply to you. I learned something new today. Thanks.
The settlement rules as far as withdrawing funds are the same here as well. You cannot withdraw unsettled funds from your brokerage account. But as I said...for purely trading purposes...margin accounts eliminate the settlement date issues and allow you to keep your cash in play. Which is always a good thing.
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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I called 11 brokers today to learn more on this and it looks like If you're in the US yes it does apply to you, and if you're in Canada it doesn't.
-------------------- Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game. Posts: 605 | From: Ontario, Canada | Registered: Feb 2005
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