Gone in 60 Seconds - or Free
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[Toronto, ONTARIO] First, there was 30-minute delivery or less or your pizza is free. Now, there is a TSE trade in 60 seconds or less or the trade is free. Has the world gone mad? No, it's just that E*Trade Canada is aiming to improve customer service for online investors who know that in today's highly volatile market, time is of the essence.
Starting Wednesday, January 17, qualifying orders for Toronto Stock Exchange (TSE) stocks bought or sold by an E*Trade Canada customer will be traded within 60 seconds or the customer will receive a full rebate of trading commissions on those orders. The program will be extended to other exchanges in the future. Dubbed The 60 Second Advantage, the service promises to please Internet investors who demand fast, reliable transactions.
"Consumers demand high caliber, easy-to-use investment tools to educate, inform and empower themselves to take control of their finances and these tools must function at Internet speed," said Colleen Moorehead, president of E*Trade Canada. "Our 60 Second Advantage is the first such offer to hit the Canadian online financial services market, and shows our commitment to providing the best online investment experience."
All of which should come as a relief to online investors who experienced bottlenecks in the system that impaired service during last spring's RRSP crunch. What's more, E*Trade Canada was given relief last year from the "Suitability Rule" by the provincial securities regulatory authorities and the TSE. Customers who have consented to waive their suitability review process no longer need to have their orders delayed by a broker for an investment and risk profile review.
Nevertheless, certain conditions do apply to the 60 Second Advantage. The order must be a market order for a TSE-listed equity security that is executed on the TSE. Limit orders, and mutual fund and option orders, are excluded from the offer. The order must be placed between 9:45 a.m. and 3:45 p.m. (Toronto time), on regular TSE trading days. And the customer must have consented to the "no suitability review" service offered by E*Trade Canada.