# Discount Broker will not journal interlisted stocks?



## JosephK (Nov 7, 2012)

Hi, I was planning on gambiting some money from CAD to USD. When I sent my brokerage (Virtual Brokers) an email asking who exactly to call in order to journal over a stock, and to confirm weather there was a fee involved or not. The response I got was "This is known as a Norbert Gambit and is not a service we offer". Anyone had a similar experience where the broker has basically come right out and said "we know exactly what you're trying to do and we want our comission goddamn it!"? Is this something common? uncommon? Should I resign myself to paying the 1.5% commission, or just buy the stock, call them up, and try and badger them to go through with it? As you can probably tell I'm new to this, so I would appreciate any advice you guys might have.

K.


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## slacker (Mar 8, 2010)

Thanks for sharing. I will not be using Virtual Brokers as a result of this information.

Questrade works just fine with Norbert's Gambit.


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## HaroldCrump (Jun 10, 2009)

JosephK said:


> Should I resign myself to paying the 1.5% commission, or just buy the stock, call them up, and try and badger them to go through with it?


No, you will be wasting your time.
They know exactly what you are doing, and they have already said they will not allow it.
You need to switch brokers.


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## CanadianCapitalist (Mar 31, 2009)

If I were a VB client, I would be screaming bloody murder. Journaling is pretty standard practice. An investor may want to journal for any number of reasons other than gambitting. They may simply want to hold a stock in the currency in which the stock pays a dividend. Eg. As other members have pointed out, some Canadian stocks pay USD dividends and it makes sense to hold these stocks in the USD side of the account. My advice: write them a letter pointing out why you are moving and move to a broker who will accommodate you (which is pretty much every one else).


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## humble_pie (Jun 7, 2009)

true tidbit - when CanadianCapitalist unleashed a tsunami of gambits in 2010 & the 1st tidal wave of eager currency arbitrageurlets hit up td waterhouse, the big green grumbled & tried to refuse gambitting.

rumour tidbit - tdw's lawyers told them they could not legally refuse.


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## humble_pie (Jun 7, 2009)

investors & traders have been arbitraging currencies & everything else under the sun ever since Marco Polo voyaged to the court of the great khan to find silks & spices for venetians.

when you go to the US & cram the car with duty-free shopping because the goods are less expensive, you're arbing.


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## Cal (Jun 17, 2009)

Switch Brokers if this is something that you require in your brokerage service.


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