(March 2 – 10:55 ET) – Day trading shop Swift Trade Securities Inc. is setting up a branch in Québec. It has received approval from the Québec securities commission.
Swift Trade began in Toronto and has a branch in Vancouver. It’s opening for business in Montreal where it will have space for 75-day traders. Simon Librati, Quebec spokesman for Swift Trade Securities, says that the firm restricts its customers to full-time day traders with at least $25,000 in “front money”. Prospective day traders must also take a six-week course from Swift Trade.
“Day trading is not for everyone. It’s not something you just decide to do. You have to be serious, disciplined and a very thorough person. But most of all, you have to be comfortable with the day trading environment,” says Librati.
Day trading has recently come under a lot of scrutiny in the U.S. where the practice is widespread. The U.S. Senate Permanent Investigations Subcommittee has been holding hearings on the practice and the Securities and Exchange Commission recently brought charges against a couple of U.S. day trading firms.
Swift Trade says its business is booming in Canada, noting that after Montreal it has plans to open in Calgary, Edmonton, London, Ont., Ottawa and Winnipeg.
-IE Staff