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Presumably by “trade in New York” you mean there’s an ADR (so you’re still trading within your account, but for a separate security). Edit: because otherwise y
by boulos 6y ago
Presumably by “trade in New York” you mean there’s an ADR (so you’re still trading within your account, but for a separate security).
Edit: because otherwise you’d need to also wire transfer, right? (Not saying this isn’t rational, just asking).
Looks like all the major Canadian banks are a good option for this (https://seekingalpha.com/article/93201-11-top-canadian-dividend-stocks-available-as-adrs https://seekingalpha.com/article/93201-11-top-canadian-divid...).
- Scoundreller 6y agoNope, not an ADR. These are cross-listed shares trading under the same CUSIP. Lots of cross-listed Canadian banks, railways, resource companies and telecoms. Usually I use something high priced to minimize spreads and avoid earnings seasons.
- boulos 6y agoInteresting! Thanks for clarifying! Edit: And your brokerage doesn't force the settlement funds into your local currency at an exorbitant rate or anything? (I am deeply amused by your backdoor currency exchange)
- Scoundreller 6y agoNot anymore. It’s fairly standard for Canadian brokerage accounts to have a US$ and CAD$ side. You do have to 'journal' the holdings between them for my broker. This is now possible online, but used to require a phone call. The big gotcha with this method (depending on your account and broker) is that you might need to wait for your 'buy' to settle (2 biz days I think?) before journalling, so you face some market risk). The procedure is somewhat formalized: https://www.finiki.org/wiki/Norbert%27s_gambit https://www.finiki.org/wiki/Norbert%27s_gambit
- wdb 6y agoYes, normally takes two days, and can see the reason why they want you to call them beside the client binding :)
- Scoundreller 6y agoDepends on the broker. Some make it instantly possible. Also instant if you already have a cross-listed holding.
- wdb 6y agoThink it also depends on the interbank system