Questrade responds to IIROC decision on foreign currency margin rates
November 23, 2009 (PRLEAP.COM) Business NewsQuestrade announced that it is taking immediate steps to comply with the determination of the Investment Industry Regulatory Organization of Canada (IIROC) on foreign currency ("forex") margin requirements. Questrade was notified of the decision on November 11.
The decision regards Questrade's good faith disagreement with IIROC on the interpretation of rules pertaining to forex margin requirements and has no impact on any other Questrade division such as equities and options. Questrade remains a member in good standing with IIROC.
Edward Kholodenko, the CEO of Questrade Inc. said: "While we are disappointed with the ruling, the firm will comply with this decision."
Kholodenko continues: "At no time did Questrade's forex margin policy have any adverse impact on our clients or the firm. We had a genuine disagreement with Staff and simply wanted a fair opportunity to be heard. Now that the panel has spoken, we respect their decision."
Questrade continues to discuss this issue with IIROC and the Ontario Securities Commission, who recently came out with a Notice pertaining to forex, and is actively participating to ensure that all Canadian forex traders receive the best possible services.
Questrade Inc., headquartered in Toronto, provides Canadians with high-speed, direct access trading in the U.S. and Canadian stock and options markets as well as forex trading. Since its inception in 1999, the company has grown and diversified, and is currently ranked as Canada's fastest-growing online brokerage. The company continues to demonstrate its competitive leadership with a combination of outstanding service, advanced technology and competitive pricing structures.
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