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(December 5, 2007) The IDA has expelled Graydon Elliott Capital Corporation from the industry, following a suspension that was imposed in February 2007.

The IDA hearing panel found that Graydon had “failed to meet IDA minimum capital requirements from January 1 to February 26, 2007; provided inaccurate, misleading and contradictory information concerning its financial and other affairs on several occasions when under close scrutiny by the IDA; and engaged in a variety of financial transactions that seemed, at best, questionable, and at worst, improper, and in violation of various requirements imposed upon it by the IDA.”

On the upside, the expulsion will not effect any clients, as Graydon currently has no accounts, assets or even employees. All client accounts were transferred to Penson Financial Services Inc. when Graydon was suspended in February.

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RBC joins SIO

(December 5, 2007) RBC Asset Management has joined the Social Investment Organization (SIO) as an associate member, making it the first bank-owned fundco to do so.

“We are pleased to have RBC Asset Management join our organization, and we appreciate their support in promoting socially responsible investing,” said Eugene Ellmen, executive director of the SIO.

In May of this year, RBC announced it was teaming up with Jantzi Research to offer three SRI funds, including a balanced Canadian equity and global equity fund.

“We are committed to supporting the development of socially responsible investing and corporate governance in Canada and are pleased to join the SIO in its efforts to promote these considerations,” said Brenda Vince, president, RBC Asset Management.

Related Link: RBC to jump into responsible investing

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Instinet changes name of Canadian ATS

(December 5, 2007) Instinet has announced it is changing the name of its Canadian alternative trading system before it has even been launched. The name ICX, has been dropped in favour of Chi-X Canada.

“In a relatively short amount of time, we have seen a very strong awareness of our Chi-X brand take hold around the world among both dealers and institutions,” said Anthony Abenante, co-CEO of Instinet. “That being the case, Instinet intends to standardize both the technology of our displayed ATS platforms and their branding as Chi-X.”

The Chi-X brand is already operating in Europe, allowing the trading, clearing and settlement of the component stocks of the FTSE 100 (British), CAC 40 (French), AEX 25 (Dutch) and DAX 30 (German) indexes.

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Worldsource teams up with B.C. credit union

(December 5, 2007) Worldsource Financial Management (WFM) has struck a deal with Coast Capital Savings to act as mutual fund dealer to the credit union. The agreement in principle also includes the provision of life insurance services, through Worldsource Insurance Network (WIN).

Coast Capital Savings is Canada’s second largest credit union with $9 billion in assets, 360,000 members and 49 branches in British Columbia’s lower mainland and Vancouver Island.

“A key element of Coast Capital Savings’ expansion strategy is to accelerate the profitable growth of our investment services business and we are confident this will be achieved through our partnership with Worldsource,” says Lloyd Craig, president and CEO of Coast Capital Savings. “We see this as an investment in the credit union industry as it creates healthy competition, opportunity and choice for credit unions looking to improve their service to members and grow their business.”

“Worldsource prides itself on being a leader in the financial advisory sector. We continue to build upon our integrated wealth management platform offering advisors and their clients independent choice and service excellence,” says Paul Brown, chairman and CEO of WFM and president, WIN. “We are excited about this opportunity and we look forward to a new relationship with Coast Capital that will support the growth of both organizations.”

The agreement is subject to regulatory approval.

(12/05/07)