Who is RBC Correspondent Services
MD Global has chosen Royal Bank of Canada’s Correspondent Services (RBC CS) as our clearing partner, responsible for the processing of our client transactions. RBC has a strong history in the clearing business, serving more than 150 broker-dealer clients since 1979. RBC Correspondent Services is a division of RBC Capital Markets, LLC, member of NYSE/FINRA/SIPC. RBC Capital Markets, LLC is owned by Royal Bank of Canada, which trades under the symbol “RY” on the New York Stock Exchange.
RBC employs nearly 80,000 full-and part time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 53 other countries- making it a respected leader in diversified financial services. Their financial strength, sound risk management policies, strong balance sheet, diversified business mix, and performance relative to its peers has been, and should be, a source of confidence for investors.
RBC Correspondent Services is part of RBC’s U.S. Wealth Management business, which has a rich hundred-year history of serving the sophisticated wealth management needs of the world’s leading families and custodial services to broker-dealers is an important strategic priority of RBC.
What is Royal Bank of Canada’s Standing Among Its Peers in Global Financial Services?
1Source: Bloomberg, October 16, 2009.
2Global 100 list identifying companies that have the best developed abilities, relative to their industry peers, to manage environmental, social and governance risks and opportunities. The Global 100 list is compiled by the World Economic Forum in Davos, Switzerland. RBC has been named to this list every year from 2004-2008.
How Your Assets are Protected
MedAx Capital Group has taken extensive precautions to ensure the safety of the assets in which you have entrusted with us. Here is a summary of just some of the protections in place to safeguard your assets:
1 - We have chosen RBC Capital Markets, LLC. as the custodian of our client’s assets. When you open a brokerage account with MedAx Capital Group, your funds and securities are held and safeguarded by RBC Capital Markets, LLC., a wholly owned subsidiary of Royal Bank of Canada (RBC) (NYSE and TSX: RY). Operating since 1869, Royal Bank of Canada has more than $770 billion in assets and one of the highest credit ratings of any financial institution- Moody’s Aaa and Standard and Poor’s AA-1 . Global Finance Magazine rated RBC the safest bank in Canada (1999-2009) and the safest bank in the Americas (January 2009)2.
2 - RBC Capital Markets, LLC maintains membership with the Securities Investor Protection Corporation (SIPC). Since RBC Capital Markets, LLC is a member of SIPC, you are eligible for SIPC insurance protection. SIPC is the first line of defense in the event a brokerage firm fails. In the event of a catastrophic loss of RBC’s firm capital, SIPC reserve funds would be available to satisfy your claims against the firm up to $500,000, including up to $250,000 in cash. Since created by Congress forty years ago, the SIPC has advanced over $1.2 billion to make possible the recovery of $108 billion in assets for 763,000 customers. SIPC estimates that no fewer than 99 percent of persons who are eligible have been made whole in the failed brokerage firm cases that it has handled to date.
3 - An additional insurance policy purchased by RBC Capital Markets, LLC from Lloyd’s of London. The policy provides additional securities and cash protection up to $99.5 million per SIPC qualified account (of which $900,000 may be in cash). The firm’s excess SIPC policy is subject to a maximum aggregate amount payable of $400 million.
4 - RBC Capital Markets, LLC, also offers protection if a client’s securities are missing because of theft by an outsider, computer fraud of theft by an employee for personal gain. In such cases, the firm’s CAN$310 million Financial Institution Bond coverage would cover the client’s losses, subject to that policy’s terms, conditions and limits.
1Source: Bloomberg, February 25, 2009.
2Global 100 list identifying companies that have the best-developed abilities, relative to their industry peers, to manage environmental, social and governance risks and opportunities. The Global 100 list is compiled by the World Economic Forum in Davos, Switzerland. RBC has been named to the list every year from 2004-2008.