K, Just a few interesting stories from P2P-Lending:

Peer to peer currency exchange PeerFX to launch soon

PeerFX.com looks to be setting up a currency exchange system where you can deal directly with other buyers and sellers, but seemingly in a non-speculative manner, but rather if you need the money for a vacation or some such. 

Looks like they're just dealing with the USD:CAD currency pair as a commenter over there has mentioned as being probably the most useless. The commissions for this kind of trade (especially for Canadians), is pretty low. Also, as stated, the EURO has meant that the market for european currencies has become more liquid. Likely, the slower moving currencies that currently have high commissions will continue to do so (eg: converting your CAD$ to various dinars or dirhams). 

And I've already touched on the variety of methods at my other website of converting large sums of money between Canadian Dollars and US Dollars and other currencies. 

But hey, I guess we'll have to see what the rates are like. If they set up the system correctly, a Canadian buying a house in the US might be able to purchase all available US$ from a bunch of people and save a nice chunk of money. 

We'll see if they run into any unfortunate regulatory problems if and when they do launch. 

IOU Central Update

Yes, them. I've received a reply from Claude St. Pierre, the secretary general of the BDRVM. He appears to be a lot easier to talk to Frederic Alberro (who's now employed by a canadian grocers' association) at the AMF. 

Anyways, here was the reply: 

". As for the other respondents (ed: two unrelated respondents (probably software developers) were lifted from the case) , they, jointly with the Financial Market Authority, required the Bureau to postpone any hearing of the case sine die, to give the Autority more time to further its investigation. The Bureau granted the request on April 23rd, 2008."

"Sine Die" means without specifying a future date. I'll have to send another email to get another update. The AMF has yet to reply to my emails, yay them.

OSC Reply

I sent an email to the Ontario Securities Commission on June 8th requesting some information about Communitylend and the P2P lending industry in general. On July 2nd, they replied that they can't provide any kind of legal advice (?????). Anyways, I feel CommunityLend's feelings (if any) on regulatory issues.

They also suggested that I can "direct your inquiry to the Financial Services Commission of Ontario (FSCO) which regulates loan and trust companies in Ontario.  As you have indicated in your e-mail, your company’s business consists of person-to-person lending and the borrowing market which involves loans.  FSCO may have guidelines or rules that apply to this matter."

I guess I'll have to send the FSCO an email as well, I guess their license is one of the eleventy that Communitylend has applied for

Stuff for me to do

Send an email to all of the potential P2P lending companies in Canada to see where they are.