I'm not sure exactly how independant the Cdn branch was. I
don't understand the anatomy of corporations or companies or
whatever they are. Even the guys in the Canadian PFG office are
all suddenly unemployed right now.
But yes the ordinary retail clients (like me) who had an account
with the Canadian branch - our money was kept separately in a
Canadian bank - even if our money was denominated in US funds, it
was still kept in a Canadian bank. When I asked PFG every month or
so to send me a cheque, the cheque was issued by a Canadian bank -
the Canadian Imperial Bank of Commerce.
It's not so odd. There are many US brokerages with Canadian
branches. Even the new brokerage RJ Obrien, where our accounts are
being transferred to, is a US company with an office in Toronto -
and the ARE covered by the CIPF (Canadian Investor Protection
Fund).
The rep I spoke to from RJ Obrien this morning told me that
they're experienced doing this sort of thing because they did it
for the MFGlobal-Canada clients.
.....Susan
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Title: Canadian branches Hi Parkridge77 I'm not
may affect market temporarily
Posted by sschulman on 11th of Jul 2012 at 04:13 pm
Hi Parkridge77
I'm not sure exactly how independant the Cdn branch was. I don't understand the anatomy of corporations or companies or whatever they are. Even the guys in the Canadian PFG office are all suddenly unemployed right now.
But yes the ordinary retail clients (like me) who had an account with the Canadian branch - our money was kept separately in a Canadian bank - even if our money was denominated in US funds, it was still kept in a Canadian bank. When I asked PFG every month or so to send me a cheque, the cheque was issued by a Canadian bank - the Canadian Imperial Bank of Commerce.
It's not so odd. There are many US brokerages with Canadian branches. Even the new brokerage RJ Obrien, where our accounts are being transferred to, is a US company with an office in Toronto - and the ARE covered by the CIPF (Canadian Investor Protection Fund).
The rep I spoke to from RJ Obrien this morning told me that they're experienced doing this sort of thing because they did it for the MFGlobal-Canada clients.
.....Susan