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system
i trade options in the u.s. using schwab. how could my wife do the same in canada?
user
your wife could open a non-registered margin trading account with a canadian full-service or discount broker. an account at one of the top canadian brokers should provide access to trade u.s.-listed options. i've traded both canadian and u.s.-listed options with my own broker. on the application, you'd need to indicate an interest in trading options, and more specifically, what kind of option trades; e.g. long puts and calls only, covered writing, combination trades, etc. and yes, part of the application approval process (at least when i went through it) is to answer a few questions to prove that the applicant is aware of the types of risks with trading options. be sure to do some research on the fees and currency/fx aspects before you choose a broker.  if you plan to exercise any options purchased or expect to be assigned for any you write, be aware that those fees are often different from the headline cost-per-trade advertised by brokers. for instance, i pay in excess of $40 when a call option i write gets assigned, vs. ~$10 that i'd pay if i just plain sold the stock. one other thing to investigate is what kind of online option trading research and order entry tools are available; not every broker has the same set of features with respect to options — especially if it isn't a big part of their business.
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