tag:blogger.com,1999:blog-754894216207950592.post6918582869976401353..comments2024-03-20T15:55:23.392-07:00Comments on NoNameStocks: Brokerages, the new SEC Rule, and a PodcastDan Schumhttp://www.blogger.com/profile/05728696891530868697noreply@blogger.comBlogger33125tag:blogger.com,1999:blog-754894216207950592.post-43560331902916056802022-02-23T08:05:48.437-08:002022-02-23T08:05:48.437-08:00oh like make a Candadian LLC? That is interesting...oh like make a Candadian LLC? That is interestingDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-20970305141724367742022-01-06T08:06:18.475-08:002022-01-06T08:06:18.475-08:00Has anyone looked into if an American citizen coul...Has anyone looked into if an American citizen could form a corporate entity in Canada to open an account with Questrade that would support trading in this market?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-76252086591534219572022-01-03T23:01:35.348-08:002022-01-03T23:01:35.348-08:00Have you heard anything about the willingness of m...Have you heard anything about the willingness of market makers like Citadel to make markets in these stocks? There is no point in finding a broker willing to make a phone call if there is no one with inventory to answer the phone.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-64405299578387273212022-01-03T08:23:49.608-08:002022-01-03T08:23:49.608-08:00Nothing with a US online brokerage but here is wha...Nothing with a US online brokerage but here is what I have heard. You should call them as things are changing and all of this is what people told me, not what I confirmed myself. <br /><br />-Canadians can open an account with Questrade<br />-in the US there's some full service brokerages. They have higher fees, you have to call in trades, higher account minimums, etc. Robotti, Centerpoint Securities, Caldwell Sutter, Janney, Hilltop Securities. Dan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-15878865576655228432022-01-02T18:40:30.174-08:002022-01-02T18:40:30.174-08:00Dan or anyone else - were you able to find a broke...Dan or anyone else - were you able to find a broker who allows buying these dark stocks? vko007https://www.blogger.com/profile/15858463956616053271noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-27478111242996598032021-12-03T08:25:34.284-08:002021-12-03T08:25:34.284-08:00I'm not upset about the $7 per trade fee becau...I'm not upset about the $7 per trade fee because it's just the same as it was a couple years ago. And way cheaper than it was before the days of online discount brokerage. Dan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-76008920426278601762021-12-03T05:52:31.000-08:002021-12-03T05:52:31.000-08:00Have you tried using the special order instruction...Have you tried using the special order instructions and choosing AON (all or none), that way you either get the whole order or nothing and the fees make sense relative to the dollar amount of the order since you won't get partial fills.FixedHubhttps://www.blogger.com/profile/01003771065693689635noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-60180234095562407732021-12-02T20:40:07.851-08:002021-12-02T20:40:07.851-08:00Any thoughts on the Schwab change where they are c...Any thoughts on the Schwab change where they are charging commissions on OTC stocks again? I don't care (that much) about the $7 per trade, but on these thinly traded stocks, I feel like they are doing everything they can to dry up the liquidity. It was nice being able to put in a good until cancelled limit price without having to worry about being charged commissions on a trade for 5 shares or whatever. It is getting tough....<br /><br />Markhttps://www.blogger.com/profile/15350288303949096929noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-40326225506214087452021-11-30T08:50:54.178-08:002021-11-30T08:50:54.178-08:00I'm so glad the SEC is protecting us from trad...I'm so glad the SEC is protecting us from trading dangerous OTC stocks while allowing safe stocks like AERC, which is plummeting more than 80% today, to trade normally. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-5896214870957812552021-10-29T09:55:56.222-07:002021-10-29T09:55:56.222-07:00a friend tells me he was just on chat with Questra...a friend tells me he was just on chat with Questrade this morning. He confirmed they can only help Canadian citizens, not USDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-86994052404451556322021-10-13T07:51:09.731-07:002021-10-13T07:51:09.731-07:00Are you a US or Canadian citizen?Are you a US or Canadian citizen?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-23251691133903343352021-10-13T04:09:05.457-07:002021-10-13T04:09:05.457-07:00I just signed up partially at Questrade but may ta...I just signed up partially at Questrade but may take me a while to finish the process. I'm just interested in trading a few caveat emptied stocks that I like hope it works out. Thanks for the lead (MM).😀Fishermanhttps://www.blogger.com/profile/11101536144783369129noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-85219260152588333012021-10-04T09:25:33.391-07:002021-10-04T09:25:33.391-07:00Seems like the last trade price still shows up on ...Seems like the last trade price still shows up on just about any broker or site, but the bid/ask won't show up to the "general public". Sponginoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-82364258201455405292021-10-03T01:14:55.412-07:002021-10-03T01:14:55.412-07:00I am wondering where you can get price information...I am wondering where you can get price information for dark stocks. OTCmarkets does not publish prices anymore. Interative brokers shows a price but I think this is the price as before the stock was transferred to the expert market. Michuhttps://www.blogger.com/profile/03414971091277943787noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-24412329458907226632021-10-01T15:44:38.949-07:002021-10-01T15:44:38.949-07:00definitely that's the worrydefinitely that's the worryDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-19067206905614727582021-10-01T15:44:05.630-07:002021-10-01T15:44:05.630-07:00oh thanks that's interesting. I'd heard f...oh thanks that's interesting. I'd heard from a couple people that canadian brokerages may continue allowing. or at least some of them. I wonder if an american could take advantage of thatDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-25392339363560253222021-10-01T09:27:39.479-07:002021-10-01T09:27:39.479-07:00I invest from Canada. Questrade, a Canadian broke...I invest from Canada. Questrade, a Canadian broker, allows buying dark stocks which are currently in the "Expert market".<br /><br />I put in a limit order for TCOR and it was accepted. Thought I'd share that infoMMhttps://www.blogger.com/profile/18240786416154346355noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-69690113960693875092021-09-08T09:27:05.697-07:002021-09-08T09:27:05.697-07:00...an alternative to dark stock could also be very......an alternative to dark stock could also be very tiny global stocks. according to this article, returns (55% p.a.) look similar to U.S. stocks. "But there are far more good-looking foreign nanocaps than US-traded nanocaps and their returns are also much more consistent".<br />https://seekingalpha.com/instablog/5978721-ruerd-heeg/5636422-no-dark-stocks-invest-in-nanocaps-instead<br /><br />Michuhttps://www.blogger.com/profile/03414971091277943787noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-79839581471311096722021-09-05T10:51:28.814-07:002021-09-05T10:51:28.814-07:00I wonder if we should now assume that these stocks...I wonder if we should now assume that these stocks will go down. Basically, you can only sell them e.g. with IB. I wonder to whom, though. The (stock) supply is greater than the demand, which should have a negative impact on the price. At least in theory. Michuhttps://www.blogger.com/profile/03414971091277943787noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-18027207026740720362021-09-04T08:47:23.332-07:002021-09-04T08:47:23.332-07:00here's a very in depth article about the new S...here's a very in depth article about the new SEC rule: <br /><br />https://www.securitieslawyer101.com/2021/what-you-need-to-know-as-the-september-28-amended-rule-15c2-11-date-approaches/Dan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-71451712772714089412021-08-31T07:52:15.732-07:002021-08-31T07:52:15.732-07:00here is the response from Interactive Brokers: htt...here is the response from Interactive Brokers: https://ibkr.info/article/3956Dan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-55345919327853816862021-08-27T16:47:41.025-07:002021-08-27T16:47:41.025-07:00I don't think so but I have not asked them mys...I don't think so but I have not asked them myself. I think I've heard others say IB will notDan Schumhttps://www.blogger.com/profile/05728696891530868697noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-80844436197821785152021-08-24T08:04:42.541-07:002021-08-24T08:04:42.541-07:00Will Interactive Brokers permit trading in such st...Will Interactive Brokers permit trading in such stocks?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-78457920344269095862021-08-07T12:19:28.196-07:002021-08-07T12:19:28.196-07:00Dan, you have put in great effort toward this caus...Dan, you have put in great effort toward this cause and it's a shame that the SEC's intended reason for this change, to provide transparency, will actually impair and further hurt the small investor. But let's not bitch and lets "what-if" this for a minute. What if we do not liquidate these positions, AND, the company never formally reports?<br /><br />The SEC rule requires no advertised "bid/ask"; the major brokerages likely find this portion of the business, under the new conditions, to be cost-prohibitive and have responded by completely eliminating trading. <br /><br />At the worst: the shares of the company will still be owned by you, but in a very similar manner to shares in a private corporation. It will likely be very difficult but not impossible to sale these shares, but you'll have to find a buyer the old school way.<br /><br />Likely scenario: Capitalism will solve this. A brokerage will realize the opportunity and begin catering to "dark" stocks, allowing trading but complying with the SEC rule. Eventually with time showing the negative impact of this rule and enough grass-roots complaining, the rule will be reversed.<br /><br />Just my two cents on the matter.MMhttps://www.blogger.com/profile/18240786416154346355noreply@blogger.comtag:blogger.com,1999:blog-754894216207950592.post-31255247533943474132021-08-06T10:09:12.500-07:002021-08-06T10:09:12.500-07:00Ok thanks. I think some shareholders are going to ...Ok thanks. I think some shareholders are going to be caught off guard by this.Anonymousnoreply@blogger.com