OANDA recently let its Canadian clients know that they will need to migrate their accounts to OANDA Canada in order for it to comply with IIROC regulations (thanks to Yohay from forexcrunch.com for the tip). Canadian regulations are as numerous and conflicting as the US ones with various local and provincial regulatory agencies setting finance related rules. IIROC (Investment Industry Regulatory Organization of Canada) is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
This is what OANDA had to say when I contacted them, I hope this helps OANDA's Canadian traders looking for more information about this:
"OANDA Canada was registered with IIROC on September 2009. New Canadian users registered directly OANDA Canada soon after. In November 2010 the first migration email was circulated for existing Canadian clients of OANDA Corporation into OANDA Canada. Migration is needed for clients as well as OANDA Canada to comply with Canadian regulations.
OANDA Corporation is registered with the NFA and CFTC in the United States and cannot, under current Canadian law, offer retail Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term trading on margin to Canadian clients.
OANDA registered its Canadian subsidiary with IIROC in Canada to allow its Canadian clients to continue to trade retail forex with us. This means that Canadian clients will have to migrate their account(s) from OANDA Corporation to OANDA Canada in order to continue to trade.
The main difference between the regulatory regimes in the U.S. and Canada is the leverage available to clients. The margin requirements are higher in Canada and subject to change based on the underlying volatility of the currency pairs. A benefit of trading with OANDA Canada is that clients funds are insured of up to $1,000,000.00 CAD with the Canadian Investor Protection Fund (CIPF) providing a higher level of security of funds.
We are aware that there are a number of clients that have concerns about the account migration. If clients have questions or concerns, we'd kindly request they email us at frontdesk-ca@oanda.com"
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.
OANDA recently let its Canadian clients know that they will need to migrate their accounts to OANDA Canada in order for it to comply with IIROC regulations (thanks to Yohay from forexcrunch.com for the tip). Canadian regulations are as numerous and conflicting as the US ones with various local and provincial regulatory agencies setting finance related rules. IIROC (Investment Industry Regulatory Organization of Canada) is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
This is what OANDA had to say when I contacted them, I hope this helps OANDA's Canadian traders looking for more information about this:
"OANDA Canada was registered with IIROC on September 2009. New Canadian users registered directly OANDA Canada soon after. In November 2010 the first migration email was circulated for existing Canadian clients of OANDA Corporation into OANDA Canada. Migration is needed for clients as well as OANDA Canada to comply with Canadian regulations.
OANDA Corporation is registered with the NFA and CFTC in the United States and cannot, under current Canadian law, offer retail Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term trading on margin to Canadian clients.
OANDA registered its Canadian subsidiary with IIROC in Canada to allow its Canadian clients to continue to trade retail forex with us. This means that Canadian clients will have to migrate their account(s) from OANDA Corporation to OANDA Canada in order to continue to trade.
The main difference between the regulatory regimes in the U.S. and Canada is the leverage available to clients. The margin requirements are higher in Canada and subject to change based on the underlying volatility of the currency pairs. A benefit of trading with OANDA Canada is that clients funds are insured of up to $1,000,000.00 CAD with the Canadian Investor Protection Fund (CIPF) providing a higher level of security of funds.
We are aware that there are a number of clients that have concerns about the account migration. If clients have questions or concerns, we'd kindly request they email us at frontdesk-ca@oanda.com"
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.
