TORONTO, Jan. 18 /CNW/ - Scotia iTRADE today introduced the
U.S.-Friendly RRSP, a new service for clients who trade U.S. securities
in their Canadian dollar registered accounts. These trades will
continue to settle in Canadian dollars but an additional retail foreign
exchange markup or 'spread'* will not be charged.
"At Scotia iTRADE, we are continually looking for ways to deliver value
to the online investor, and the new U.S.-Friendly RRSP gives customers
an opportunity to diversify their holdings in a more cost-effective
manner," said Bob Grant, Managing Director, Online Brokerage,
For a flat-fee of $30 per calendar quarter, the U.S. Friendly-RRSP:
Offers no additional retail foreign exchange mark up or "spread"* on
trades of U.S. securities;
Allows clients to continue to trade in their Canadian dollar registered
Is available for all registered accounts including RESPs and TFSAs
"The U.S.-Friendly RRSP complements our current RRSP offering of the No
Annual Fee No Minimum RRSP, giving customers a choice of the service
they want for their RRSP accounts," said Mr. Grant. "For customers with
trading strategies that include U.S. securities in their registered
accounts, they now can trade without the retail foreign exchange
markup. For customers not interested in this type of trading, we
continue to offer our No Annual Fee No Minimum RRSP."
Details and more information are available at www.scotiaitrade.com. To open a Scotia iTRADE account, you may go online at www.scotiaitrade.com, call 1-888-769-3723 or visit a Scotiabank® branch.
* For trades in U.S. securities in Scotia iTRADE's U.S.-Friendly
Canadian dollar registered accounts on a single trading day, the
foreign currency component will be transacted at the single, benchmark,
mid-market rate used by Scotia Capital Inc. to price its holdings of
US/Canadian dollar currencies at the end of that trading day (SCI Rate). Scotia iTRADE will not apply its retail markup or "spread" over and
above the SCI Rate to the foreign currency component of the trade.
Only trades in U.S. securities in the U.S.-Friendly RRSP will be given
this preferential foreign exchange rate. Conditions apply. For details,
visit www.scotiaitrade.com. For important information on foreign exchange transactions, visit our
Help Centre, under the heading "Converting Funds Between Currencies" at www.scotiaitrade.com. A quarterly fee of $30 (plus applicable
taxes) per registered account per calendar quarter applies.
Scotia iTRADE (Order-Execution Only Accounts) is a division of Scotia
Capital Inc. ("SCI"). SCI is a member of the Canadian Investor
Protection Fund and the Investment Industry Regulatory Organization of
Canada. Scotia iTRADE does not provide investment advice or
recommendations and investors are responsible for their own investment
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $526 billion (as at
October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
® Registered trademark of The Bank of Nova Scotia. Used under license.
For further information:
Robyn Harper, Scotiabank Media Communications, (416) 933-1093, firstname.lastname@example.org