Canadian Money Forum banner

21 - 37 of 37 Posts

·
Registered
Joined
·
15,839 Posts
So does iTrade REALLY move DLR.U between sections without direction to do so? If so, it would make ZSP.U different to DLR.U.

Obviously we don't expect ZSP.U or, indeed any other holding, to be automagically journaled around between sections without our specific direction to do so. Reports are that iTrade nonetheless actually does this with DLR.U for some reason that I do not fully understand. Is it actually true? If it is, what makes it right and proper for them to move DLR.U but not obvious that ZSP.U should be subject to the same logic?

And in case it is not clear, it is this information I am trying to make sense of:

Is that in fact true that this happens with iTrade?


oh dear. You are making a mountain out of what is less than a molehill & all the ess aitch eye tee cursing isn't helping your case either.

if you want a broker whose architecture is built - for whatever reason - to "restore" some stocks back to an opposite currency position, perhaps you'd want to think about Questrade.

in any event, please do stop picking on scotia iTrade. The gambit trades chronicled in this thread sound totally benign to me. The thread is actually a good teaching module for how-to-gambit at scotia. Let's close by thanking the OP for his posts.
 

·
Registered
Joined
·
776 Posts
Discussion Starter #23
Is that in fact true that this happens with iTrade?
I am only relaying information my FIL provided to me. Not sure if he misheard or misinterpreted what the rep said but that is my understanding of the information he received from the person he was talking to at iTrade.
 

·
Registered
Joined
·
4 Posts
Hi everyone, I am trying now to gambit with iTrade.
1. Bought dlr
2. Filled the form online to transfer dlr from CAD side of TFSA into dlr.u on US side of TFSA.

Today (Saturday) noticed that dlr was transferred to US side yesterday (Friday). I was busy yesterday so I did not notice it.

But now when I try to sell DLR.U from my US TFSA side it shows me a message that “Your account does not hold sufficient shares of this security”. In fact, I my US side I see DLR but not DLR.U.

Just wondering what can be an issue.
 

·
Registered
Joined
·
4 Posts
Yeah, when I try to sell it as DLR in my US TFSA side it works, but with CAD - USD exchange fees.
When trying to sell as DLR.U - showing a message I don’t have those shares.

Maybe they journaled dlr into dlr.u yesterday but since I did not sell them dlr.u automatically went into dlr during the night as mentioned above in this thread?
 

·
Registered
Joined
·
4 Posts
So I called iTtade today. I waited just a minute on the line and was connected to a broker and asked him to journal over some of the shares. I did not even need to tell him what exactly I want, once he acceded my account he just asked me if I want to journal all the dlr into dlr.u. I said yes and it took him like 2 minutes. Also, I asked if dlr.u are going to turn into dlr again during the night, but he said they shouldn’t. I can’t sell them today because the market is closed and need to wait until tomorrow, so let see if dlr.I will survive overnight and don’t turn to dlr again.
 

·
Registered
Joined
·
4 Posts
Final update:dlr.u turned back into dlr overnight indeed. I had to call again next morning (few minutes wait time) and speak to a trader. It was painless. He changed my dlr into dlr.u again and I sold it.
Hope the information will be helpful for people looking how to gambit with iTrade.
 

·
Registered
Joined
·
10,896 Posts
I don't know if they are the same CUSIP. I know that ZSP (CAD version) and ZSP.U (USD version) are not and cannot be used for NG. Better check that first.....
 

·
Registered
Joined
·
184 Posts
@AltaRed. Thanks. Can you explain a little further as I am not sure what CUSIP relationship with NG is specifically? On the Blackrock site, I found cusips for XAW (46435d109) and XAW.U (46435D208) are different. But I thought the only difference between the two is what currency its traded in even though both trade on TSX. I already have a strong position in XAW and wanted to convert to some to USD. I figure that it should only be a call for journally some of my position over to USD. Guess I'm incorrect?
 

·
Registered
Joined
·
10,896 Posts
It is my understanding that it has to be the identical security (CUSIP) to buy/sell on the exchanges. IOW, I don't believe you can buy XAW on TSX with CAD, journal over to get XAW.U, and then sell XAW.U on the TSX to get USD because they are NOT the same security. Whereas interlisted stocks like BCE or TD have identical CUSIP numbers on both the TSX and NYSE.

If you want to be certain, ask your brokerage....but be sure to articulate the CUSIP numbers are different.
 

·
Registered
Joined
·
475 Posts
I did dlr at Itrade, in last two months and it does take a bit of leg work.
In rrsp with us side already set up, Sell ex cdn securitie(s) to raise cdn cash. wait for it to settle
Buy DLR cdn side monday am, wait for it to settle cdn side, journal request to us side, when it turned up there ( ask thurs 3 pm or so, was there next mon am it was usd version)
Sell, wait for that sale to settle.
Buy the usd stocks/etf's i wanted.

I moved about $400k cdn, and the saving over the quoted direct exchange spread at itrade was more than $3700cdn. So to me a few days stick handling the trade using DLR as worth it to me.
 

·
Registered
Joined
·
237 Posts
Gonna finally attempt this in Itrade. I notice DLR is down 0.19% today. Am I risking something here just to possibly save a few bucks? On $100,000 that would be a $1900 loss if it takes a couple days to settle before journaling...or am I misunderstanding this process?
 

·
Registered
Joined
·
237 Posts
Gonna finally attempt this in Itrade. I notice DLR is down 0.19% today. Am I risking something here just to possibly save a few bucks? On $100,000 that would be a $1900 loss if it takes a couple days to settle before journaling...or am I misunderstanding this process?
Also with Itrade I am unclear about the journaling process after buying. I do not see any drop down menu regarding transfer of securities. Guess only way to do it is to call?
 

·
Registered
Joined
·
10,896 Posts
At Scotia iTrade, journalliing can be done online via a form. In your brokerage account Account Summary
  • select Additional Services
  • Click on Transfer Securities and Funds Between Accounts
  • Fill out the form

My experience is it takes upwards of one business day depending on time of day one submits the form. I don't know if it works well with DLR/DLR.U. Never done an NG using this methodology. I've always used an interlisted stock.
 
21 - 37 of 37 Posts
Top