Datek Online, the New Jersey-based online stock trading service launched in 1996 which claims to provide some of the fastest execution on the Internet, is branching out into the Canadian market. Plans for the service are not yet finalised, but an application has been lodged with the Investment Dealers Association of Canada, the equivalent of the US's National Association of Securities Dealers.
Datek Online faces a tough time ahead trying to win over Canadian investors and there is much competition already present in the market. Online trading giant E*Trade is already firmly established in Canada, having set up shop four years ago. Its chief operating officer, Bruce Seago, said: 'The Canadian marketplace is a very competitive marketplace. There are already 10 to 15 firms competing in the online segment. Datek obviously is a well-respected company but they will have to establish themselves in Canada and that’s not an easy task'. E*Trade is said to welcome the competition.
The online trading industry in Canada is fairly well-developed, but there is a different regulatory environment from the US in place.
Datek Online's potential Canadian customers are expected to benefit from the same services that are offered via the US operation. The company says that these include fast execution; immediate portfolio updates; free, unlimited real-time quotes; low fees and extended trading hours for individual investors.
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