By James Langton

(January 15 – 11:45 ET) – E*TRADE Canada is guaranteeing market order execution in 60 seconds or the trade is free, under an offer call the Sixty Second Advantage.

This morning E*TRADE is announcing that it will offer TSE market orders executed in 60 seconds or less, or the commission on the trade will be waived. The offer does not apply orders at market open, between 09:30 ET and 09:45 ET, or market close, between 15:45 ET and 16:00 ET.

E*TRADE chief executive Colleen Moorehead says that recent changes to the suitability requirements is allowing the firm to offer its institutional quality order execution. Last year, regulators began granting relief from suitability requirements for discount brokers, allowing them to process unsolicited orders without checking suitability, although they still must ensure margin positions are onside.

While the offer is starting with the TSE, Moorehead says that E*TRADE will be expanding the offer to cover other exchanges, and it will eventually add limit orders too. “Our goal is to be first to market, to offer excellent quality and excellent pricing.”

Moorehead says that the offer comes partly in response to the trouble investors had last RRSP season in getting fast, efficient service from their discount brokers. Part of this was attributable to the regulatory requirements, which were then onerous. But lack of capacity at the brokers themselves was clearly an issue, too. Recognizing that fast executions are one of the primary reasons that investors trade online, E*TRADE aims to establish itself as the top online trading provider.