The National Bank of Canada is enabling investors in Ontario and British Columbia to make direct trades online through its discount express brokerage application. Permission was granted by the Ontario and British Columbia Securities Commissions.
Autonomous investors in Ontario and British Columbia can choose the National Bank Discount Brokerage Express mode online to conduct stock-market transactions direct with the trading floor. A representative no longer checks the suitability of their orders versus their investment goals and risk tolerance.
The National Bank Discount Brokerage Express mode is for investors who prefer to rely on their own investment knowledge. Express mode brokerage offers savings on certain trades.
According to Yves Breton, president of National Bank Discount Brokerage, investors' increasing use of the Internet is an important factor in making them more autonomous. "Today's investors can access an impressive amount of financial data on the Internet, which is why more and more of them want to do their own trading," he says.
Investors in Quebec have been able to make direct trades since January 2001.