[boulos]

Presumably by “trade in New York” you mean there’s an ADR (so you’re still trading within your account, but for a separate security).

Edit: because otherwise you’d need to also wire transfer, right? (Not saying this isn’t rational, just asking).

Looks like all the major Canadian banks are a good option for this (https://seekingalpha.com/article/93201-11-top-canadian-divid...).

[Scoundreller]

Nope, not an ADR. These are cross-listed shares trading under the same CUSIP.

Lots of cross-listed Canadian banks, railways, resource companies and telecoms. Usually I use something high priced to minimize spreads and avoid earnings seasons.

[boulos]

Interesting! Thanks for clarifying!

Edit: And your brokerage doesn't force the settlement funds into your local currency at an exorbitant rate or anything? (I am deeply amused by your backdoor currency exchange)

[Scoundreller]

Not anymore. It’s fairly standard for Canadian brokerage accounts to have a US$ and CAD$ side.

You do have to 'journal' the holdings between them for my broker. This is now possible online, but used to require a phone call.

The big gotcha with this method (depending on your account and broker) is that you might need to wait for your 'buy' to settle (2 biz days I think?) before journalling, so you face some market risk).

The procedure is somewhat formalized: https://www.finiki.org/wiki/Norbert%27s_gambit

[wdb]

Yes, normally takes two days, and can see the reason why they want you to call them beside the client binding :)

[Scoundreller]

Depends on the broker. Some make it instantly possible. Also instant if you already have a cross-listed holding.

[wdb]

Think it also depends on the interbank system