TORONTO, Nov. 25, 2014 /CNW/ - Today Virtual Brokers announced availability of additional insurance coverage to CIPF for up to $11,000,000 through Lloyd's of London, a London-based insurance firm. This represents the highest insurance coverage available from a financial institution in Canada to date.
"Extending client protection is important to supporting peace of mind for our clients. We are members of the Canadian Investor Protection Fund "CIPF", but in our typical 'above and beyond' service approach, we decided to offer our clients the highest level of protection available in the industry.
Now we offer the lowest commission pricing in Canada, the highest investor protection, and the greatest range of choice in product, pricing, and trading platforms. Our clients deserve the best and that is what we are determined to deliver", said Kambiz Vatan-Abadi, Chief Operating Officer at Virtual Brokers.
Lloyds of London
Lloyd's of London is the world's leading insurance market. It was established in 1688 and provides specialist insurance coverage to businesses worldwide. It is regulated by the Financial Services Authority, which oversees all financial institutions in the United Kingdom. Its financial strength is constantly rated by independent rating agencies.
At present, Lloyd's enjoys an A+ rating from both Fitch and Standard & Poor's and an A rating from A.M. Best.1 These ratings are based on the financial strength of the company and are subject to change by the rating agencies at any time. For more information about Lloyd's, please see www.lloyds.com.
Ratings are subject to change and do not remove market risk.
Canadian Investor Protection Fund (CIPF) - CIPF was established by the investment industry to protect investors. CIPF's mandate is to ensure, within defined limits, that the cash and securities belonging to eligible customers of Canadian investment dealers are returned to them in the event of the insolvency of a CIPF Member. Claims that are eligible for coverage are normally settled by ensuring that the trustee has sufficient assets to transfer the customer accounts to another Member.
A limit has been placed by CIPF on the coverage provided for a customer's General Account, and each Separate Account (described in the CIPF Coverage Policy available on CIPF's website), equal to $1 million CDN for losses of securities, commodity and futures contracts, segregated insurance funds and cash.
About BBS Securities Inc. ("BBS") and Virtual Brokers ("VB"):
Founded in 2008, BBS and VB have completely revolutionized the online trading brokerage environment. Committed to helping their clients succeed, they consistently introduce new and unique products, deliver ultra-low cost pricing, and equip clients with trading platforms that offer a high level, reliable trading experience. Powered with innovative technologies and a deep understanding of financial markets, VB provides superior trade execution services to investors, traders and fund managers.
Virtual Brokers ("VB") is a division of BBS Securities Inc. ("BBS"). BBS is Canadian-owned and operated, and is registered in all provinces and territories of Canada as an Investment Dealer. BBS is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). BBS is also a participant of the Toronto Stock Exchange (TSX), the TSX Venture Exchange (TSX-V), the Canadian National Stock Exchange (CNSX), Alpha, Pure, Chi-X, and Omega.
*Virtual Brokers was ranked "Best Online Broker in Canada" by the Globe and Mail, 2012 and 2013
4100 Yonge Street, Suite 506
Toronto, Ontario M2P 2B5
Image with caption: "Virtual Brokers (CNW Group/Virtual Brokers)". Image available at: http://photos.newswire.ca/images/download/20141125_C6541_PHOTO_EN_8501.jpg
SOURCE: Virtual Brokers
For further information: Kambiz Vatan-Abadi, Chief Operating Officer, 416-227-8151, [email protected]