# Frustration of stock trading



## KenLi (Feb 7, 2017)

Currently I am doing stock trading with TD easybroker for my TFSA. The most frustrating thing is that most of time I place an order, it will be "pending review", and it takes time to "open". I think you guys understand how important that the order opens right away.

then I called TD and ask them why it will be pending minutes before the order goes live. The answer is "we have to review it, that 's the government request".

My question is why the government request that? anyone knows if other brokers doing the same? any solutions for this kind of "pending review"?


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## GreenAvenue (Dec 28, 2011)

... none of my trades ever 'opened' right away with TD. But then again I'm not a daytrader, that might be the difference? I buy and hold.


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## gibor365 (Apr 1, 2011)

In CIBC IE, if have "cash" on account, trade wiil be in Open status immediately, if I don't have enough cash, but have enough money in ATL5000 or ATL5500 (for US$ trades) it will switch to Open status in 1 min or so


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## GreenAvenue (Dec 28, 2011)

Well this is TD. They forgot to add the word "not" before 'EasyBroker'. 
(but I love TD's customer service!)


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## Beaver101 (Nov 14, 2011)

KenLi said:


> Currently I am doing stock trading with TD easybroker for my TFSA. The most frustrating thing is that most of time I place an order, it will be "pending review", and it takes time to "open". I think you guys understand how important that the order opens right away.
> 
> then I called TD and ask them why it will be pending minutes before the order goes live. The answer is "we have to review it, *that 's the government request*".
> 
> My question is why the government request that? anyone knows if other brokers doing the same? any solutions for this kind of "pending review"?


 ... you should ask them to elaborate on that or tell them how long does it take the government to review it before telling TD ebroker to approve the transaction as that answer sounds rather pokey.


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## Beaver101 (Nov 14, 2011)

gibor365 said:


> In CIBC IE, if have "cash" on account, trade wiil be in Open status immediately, if I don't have enough cash, but *have enough money in ATL5000 or ATL5500 (for US$ trades) it will switch to Open status in 1 min or so*


 .... interesting ... so CIBC IE doesn't require you to do a T+1 on ATL5/500 at all? Ie. your ATL5/500 is as good as immediate cash or it that you have margin?


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## Beaver101 (Nov 14, 2011)

Beaver101 said:


> ... you should ask them to elaborate on that or tell them how long does it take the government to review it before telling TD ebroker to approve the transaction as that answer sounds rather pokey.


 ... PS: If it makes you feel any better, I get a "pending" on a HISA sell. Beats me why the brokerage's HISA needs to be pended ... for review? or because of T+1 settlement. 

PPS: I think the "pending review" stance is done on a discretionary account basis by the brokerage ... ie. the rep or order-taker who pends a review doesn't know what he's doing versus one who does and not some ridiculous "government request" .. . talk about making responses up.


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## Eclectic12 (Oct 20, 2010)

KenLi said:


> Currently I am doing stock trading with TD easybroker for my TFSA. The most frustrating thing is that most of time I place an order, it will be "pending review", and it takes time to "open" ... then I called TD and ask them why it will be pending minutes before the order goes live. The answer is "we have to review it, that 's the government request".
> 
> My question is why the government request that? anyone knows if other brokers doing the same? any solutions for this kind of "pending review"?


Weird ... the gov't regulation back around 2000 was that a qualified rep had to review the order to make sure it matched the risk profile. AFAICT, it was done away with, until you mentioned it.

I used to see "pending review" for anything from a couple of minutes to about half an hour. Ever since the regulations were changed, when ordering stock - by the time I document in my spreadsheet the assigned order number then check the order status, the order is open (maybe twenty seconds or less).

I'd call and ask what the requirement to review is based on plus what if anything, can waive this.




Beaver101 said:


> ... you should ask them to elaborate on that or tell them how long does it take the government to review it before telling TD ebroker to approve the transaction as that answer sounds rather pokey.


In the past, it was a licensed broker rep for the type of order placed ... no gov't reps involved. At the time, the growth in popularity and lack of licensed reps used to cause long delays.




Beaver101 said:


> ... PS: If it makes you feel any better, I get a "pending" on a HISA sell. Beats me why the brokerage's HISA needs to be pended ... for review? or because of T+1 settlement.


I don't believe it is for a review but for the fact that the order won't get processed until 3pm (?) when the MF orders are processed. I believe pending means the order is placed but unlike the stock, nothing is going to happen until a set time. 

Stock orders OTOH don't wait for 3pm to be sent out.




Beaver101 said:


> ... PPS: I think the "pending review" stance is done on a discretionary account basis by the brokerage ... ie. the rep or order-taker who pends a review doesn't know what he's doing versus one who does and not some ridiculous "government request" .. . talk about making responses up.


Not sure ... but it used to be a gov't requirement that all discount brokers struggled with (and the gov't admitted).

Only guess I can make is that the OP registered as a beginner where it isn't run of the mill stock. For my orders it's been as little as ten seconds to switch from order to order status showing the order is open ... it is highly doubtful a person reviewed the order that quickly.


Cheers


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## Eclectic12 (Oct 20, 2010)

gibor365 said:


> In CIBC IE, if have "cash" on account, trade wiil be in Open status immediately, if I don't have enough cash, but have enough money in ATL5000 or ATL5500 (for US$ trades) it will switch to Open status in 1 min or so


Interesting ... with TDDI regardless of whether it's cash or TDB8150, in a taxable or registered account- the last "pending" I can recall was well over a decade ago for a stock order.


Cheers


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## gibor365 (Apr 1, 2011)

Beaver101 said:


> .... interesting ... so CIBC IE doesn't require you to do a T+1 on ATL5/500 at all? Ie. your ATL5/500 is as good as immediate cash or it that you have margin?


Yes, the only difference that if I have cash it will be opened immideately and if ATL it will take about 1 min to switch it to Open, after it's executed, I place order to sell ATL.


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## janus10 (Nov 7, 2013)

In both Scotia iTrade and Interactive Brokers I get pretty much instantaneous order creation.


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## Spudd (Oct 11, 2011)

I am with TD and I have seen the "pending review" status a few times. Usually when I'm doing really big orders. Once I saw it for a smaller order but it went through to being open pretty quickly. 99% of the time though, it goes through right away.


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## OnlyMyOpinion (Sep 1, 2013)

KenLi said:


> Currently I am doing stock trading with TD easybroker for my TFSA. The most frustrating thing is that most of time I place an order, it will be "pending review", and it takes time to "open". I think you guys understand how important that the order opens right away.
> then I called TD and ask them why it will be pending minutes before the order goes live. The answer is "we have to review it, that 's the government request".
> My question is why the government request that? anyone knows if other brokers doing the same? any solutions for this kind of "pending review"?


I suspect there is something more going on here. What are the equities involved? Are you trading within your cash or margin limit? Are the amounts unusually high and/or are you a new client?

I did a half dozen trades yesterday with TDDI totaling about $700k without issue.


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