That`s a good point. Why don`t brokers oppose the stock exchanges and tell them that they should put the agreements in favour of something more concise and understandable? At least one TD Waterhouse customer criticized the agreement for Canadian exchanges as ambiguous and distressing. According to TD, each exchange now requires you to accept the agreement to obtain real-time prices for their listed shares. If TD customers choose not to accept it, they must be due with offers that are delayed by 15 or 20 minutes depending on the exchange. This time, TD takes a user-friendly approach, where people have access to their accounts, whether or not they sign the four Exchange subscriber contracts, one for the Canadian exchanges and the other for the New York and American Stock Exchanges, The Nasdaq and the Option Price Reporting Authority. Or something like that. There are four different agreements for four different exchanges, and they are all as confusing as you might imagine. No, no price. Some online brokers have calculated offers in real time earlier, but this practice is fortunately faded. Now, the cost of using offers in real time may be that you accept legal agreements that say you don`t expire and that you sell offer data to third parties, and that you won`t sue a stock exchange if it issues incorrect data. Donald Hill, a retired patent attorney, in Perth, Ont. , says that the last paragraph of the agreement indicates that “the subscriber” would be required to compensate and defend the exchange in the event of a third-party complaint because of a data dispute. Welcome to The Globe and Mail`s commentary community.
It is a space where subscribers can interact with each other and Globe employees. Non-subscribers can read and sort comments, but cannot handle them under any circumstances. Click here to register. Welcome to The Globe and Mail`s commentary community. It is a space where subscribers can interact with each other and Globe employees. Some online investors are faced with these stock market customer agreements. You can read copies of the agreements on TD Waterhouse`s website at the address — just click on the link on the homepage. Initially, TD customers had to accept the terms of the agreement to access their account, whether or not they used Nasdaq prices.
Following an outcry, the broker sent people into their accounts, while preventing them from using Nasdaq prices unless they signed the deal. TD says customers have 30 days to sign the agreements once they are made available on their online trading site of web brokers.