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Should foreign people now open accounts with brokers in Canada which have access to the USA to be protected against such what ever or did I miss interpret that with my little English knowledge.?
I think you would have to check further than just for a canadian broker. The clearing firm could use an US-based bank to hold the customer funds.
As an example, Mirus Futures accepts Canadian residents. Their clearing firms are Dorman Trading or Rosenthal Collins Group (RCG). Dorman Trading only accepts residents of Ontario, while RCG will accept all residents except the ones that reside in British Columbia. The client funds are held at BMO Harris Bank National Association (NA), which is located in Chicago, Illinois.
There’s a new theory floating around Wall Street about the money missing from customer accounts at MF Global: it was Madoff-ed.
According to a top executive at a larger Wall Street firm, his top guys believe that the money didn’t go anywhere. It just never existed.
Thanks for the links. You're in Canada so the banks are better.
If TD collapses it will be after the famines, and riots.
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I'm upset because I'm out of money.
I got a call about an hour before close that 60% of my cash plus an open short position was transferred out and I had an hour to go to my bank and wire to the US more money. Result I got closed out at end of day with a $1,200 loss on a trade that was well margined on Friday. So the trade - that I'm not in anymore - goes in my direction and ends up being a $4,400 winner by the end of the week
I'm out $5,600 and I still don't know how much of the remaining 40% I'll see.
This was devasting to me - both financially and emotionally.
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I don't have your prb - out having money to worry about them stealing but if I did I would just mix it up.
some in cash - hidden at home /some at different banks wtih none more than $100,000
some in silver - hidden at home /some at safety deposit box
some in gold -hidden at home /some at safety deposit box
some in ETFs
Some at a brokerage - stock cash account.
some in land
etc.
might as well make sure you have water and provisions - for power out - better yet a place in the country
and then not worry.
Go ahead and trade - just don't leave too much in the account.
Most likely your biggest riskk for losing money is trading errors - not collapses.
Trade sim with only the size you could trade in real life.
Don't trade real money until you are consistently making it on the sim - if that is 4 yrs then so be it.
There are many many poor and starving people in the world.
There are many homeless and destitute.
They will suffer far worst than you and can't stock up supplies.
Take care of those in need around you and trust that God will provide for you -"your daily bread"
One thing to point out is that zero edge author(s) often distort things and exaggerates for sensationalism - imho. Also they appear to lacks knowledge of Canada.
As an example when we had the last Federal election which was called for a no confidence vote,
they wrote someothing alongs the lines of "anarchy breaks out - Canadian govt collapses."
Well most Cdns are yawing at that time - it was just Harper manouvering to get a majority govt.
The system in Canada provides for challenging a non-majority govt and forcing an election - as they did in this case regarding the budget (I don't follow politics that closely and really don't believe people can get gov't they want with the party process- but I digress)
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Yes Ontario has a bad credit rating and needs to get to grips with health care spending,
But I was speaking of Cdn banks - There are only 4 large banks : TD, RY, BMO, CM. In no way did they have the prbs US banks and financial firms did. No bankruptcies no bailouts.
Furthermore you have $100,000 per banking account guaranteed by the Cdn Deposit Insurance Corp.
Amercians don't have that protection for their bank accounts. This is a BIG difference.
In any case you should know all this.
You said you were worried about opening an futures account.
Nothing is guaranteed but futures brokers in Canada have to operate under Canadian Law.
good luck and remember what I said -- you are more likely to cause your losses through trading errors that a Cdn bank or brokerage or futures trader.
all higher than JP Morgan Chase 34, and Deutsche Bank 33 and all higher than all USA banks except BYN Mellon 24 (though I was reading some stuff about them being sued (?) a 1.5yr ago (?) - so I'm not too sure of them.
--------as to your housing question -
well yes I think its overpriced in Canada - but what do I know? LOL?
I'm not in the housing (game) market. The way all the govt keep printing money everything has lost balance.
[edit : funny the article writer has the same thought as I "Yeah, but what does The Economist know. They don't get the intricacies of a real estate market that only goes up....forever....and is not bound by pesky fundamentals. Otherwise, the graph below might actually concern us."]
If you stay nimble and move to cash quite often (for your equities) I would think you should be OK.
The dividend yield on the Cdn banks is very good - so you can make a basket of them and trade them moving to cash whenever they jump up.