Online brokerage Questrade Inc. announced Thursday that it is taking immediate steps to comply with the determination of the Investment Industry Regulatory Organization of Canada (IIROC) on foreign currency (FX) margin requirements. Questrade was notified of the decision on November 11.

Questrade says the decision regards the discount brokerage firm’s good faith disagreement with IIROC on the interpretation of rules pertaining to FX margin requirements and has no impact on any other Questrade division such as equities and options.

Toronto-based Questrade remains a member in good standing with IIROC.

“While we are disappointed with the ruling, the firm will comply with this decision,” says Edward Kholodenko, Questrade’s CEO.

“At no time did Questrade’s FX margin policy have any adverse impact on our clients or the firm,” Kholodenko continues.

“We had a genuine disagreement with [IIROC] staff and simply wanted a fair opportunity to be heard. Now that the panel has spoken, we respect their decision.”

Questrade continues to discuss this issue with IIROC and the Ontario Securities Commission, who recently came out with a notice pertaining to FX, and is actively participating to ensure that all Canadian FX traders receive the best possible services.

Questrade provides Canadian investors with high-speed, direct access trading in the U.S. and Canadian stock and options markets as well as FX trading.

IE