RBC Royal Bank is one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.
RBC Correspondent Services is a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC. RBC Capital Markets, LLC is a member of the NYSE, AMEX, CHX, CBOE and PSE and has execution capabilities on all principal exchanges. RBC Capital Markets, LLC is owned by Royal Bank of Canada, which trades under the symbol RY on the New York Stock Exchange.
Alexander Capital, L.P. has a contractual agreement with RBC Correspondent Services to serve as our Clearing Firm. This fully disclosed agreement states the responsibilities of each party. Prior to the agreement becoming effective, RBC is responsible for making all disclosures to our firm’s designated examining authority as required by NYSE Rule 382. Each client is notified to the relationship via a disclosure letter. The disclosure letter details the responsibilities that our firm, Alexander Capital, L.P., and RBC has to the client. Although client assets are held by RBC Capital Markets, LLC, neither RBC Capital Markets, LLC nor RBC Correspondent Services has responsibility for the financial condition or performance of Alexander Capital, L.P. or our Financial Advisors.
SIPC & Additional Coverage for Client Accounts
Our Clearing Firm, RBC Correspondent Services, is a division of RBC Capital Markets, LLC. RBC Capital Markets, LLC is a member of the Securities Investor Protection Corporation (SIPC). SIPC is a nonprofit membership corporation funded by its member security broker-dealers. SIPC protects the securities clients of its members in the event of the failure of a member firm. SIPC reimburses clients the cash value of their securities up to $500,000 per client. Any cash in a client’s account would be reimbursed by SIPC up to $250,000 (reducing the $500,000 above).
RBC Capital Markets, LLC has purchased an additional policy that offers coverage in excess of the protection provided by SIPC. This Policy covers additional securities and cash protection up to $99.5 million per client, of which $900,000 may be in cash. A $400 million aggregate limit applies to this additional coverage.
RBC Capital Markets, LLC also offers protection if a client’s securities are missing because of theft by an outsider, computer fraud, or 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.
Note: Neither SIPC protection, nor protection in excess of that offered by SIPC, covers a decline in the value of a client’s assets due to market loss. Additional information is available upon request or at www.sipc.org.
