A number of Canadian issuers provide shareholders with the option of receiving income in either Canadian or US currency. Currently, clients that elect to receive income in the alternate (non-default) currency have positions recorded under two different ISINs. This clearly identifies the variations in income options, but it can complicate client asset reconciliations.
Now, RBC Global Services’ system will automatically combine the two positions for client recordkeeping purposes to reflect one total position on client statements to simplify the overall entitlement reconciliation process.