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A long-awaited change to Canadian banking is coming (globalnews.ca)
submitted 2 years ago* by to c/canada@lemmy.ca
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Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.

Ah yes, finally what we've been missing in our financial system! 🤭

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[–] 1 point 2 years ago

The regulation is the IIROC Dealer Member Rule (DMR) 3200 A. 1.(b) (i) which prohibits IIROC registrants (brokerages) from allowing their clients to use their own automated order systems to generate orders. So just clarifying that its not illegal because it's unsafe, just that they dont want us to give an app our credentials that does algorithmic trading on our behalf. Their reasons, i dont know.

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