RBC Global Services has announced a four-week fee amnesty for the deposit of physical securities held by our Canadian subcustody clients-without incurring the normal out-of-pocket transfer and deposit costs. This exclusive program begins June 2, 2004 and runs until June 30, 2004, RBC Global said.
RBC’s clients can deposit physically held securities that are eligible for deposit with the Canadian Depository for Securities (CDS) or the Depository Trust Company (DTC).
RBC Global says it is accepting the deposit of physical securities to facilitate more timely and streamlined trade settlements. The Canadian market continues to move closer to a fully immobilized, and ultimately dematerialized, securities environment. Book-based settlements are not hindered by potential delays in the receipt, transfer and credit of securities for deposit, or missing/ incomplete documentation, RBC pointed out.
RBC Global Services is focused on the development of solutions that support straight-through processing-as reflected in this distinctive program. To benefit from this cost-saving initiative, RBC Global will accept for deposit, depository-eligible physical securities received in good order for transfer, from June 2, 2004 to June 30, 2004.