Royal Bank of Canada rising in ranks of U.S. trading firms
June 25, 2013
On the floor of the New York Stock Exchange, it has traditionally paid off to take an aggressive approach to trading. However, Royal Bank of Canada is beginning to make a name for itself on Wall Street by taking a more nuanced, long-game approach to the high-stakes stock trading field, according to The New York Times. It may not be long before RBC is the bank being spoken of in countless excited conversations, conducted over a prepaid phone card.
The news source reported that RBC is earning a great deal of attention for its consistently beneficial, customer-friendly practices. The financial institution eschews the opportunity to profit from fees and rebates when helping its clients conduct trades, as noted by Robert McGrath, head of trading at wealth management firm Schroders.
"They really go out of their way to try to find ways to support our business - sometimes actually to their own detriment," McGrath told the source.
RBC also deliberately slows its customers' orders to avoid high-frequency - and often very high-risk - trades, which will be beneficial in the long run.
As a nation, Canada is making notable steps to gain ground in the global stock trade. According to Traders Magazine, RBC is one of several Canadian banks that are coming together to form their own national stock exchange.