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Quality Order Execution

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The RBC Trading Desk

Decades of Expertise at Work for You

RBC’s professional traders make it their business to save you time and money—working toward best execution on client orders. But what is “best execution?” Jeff Varey, VP of Equity Agency Trading at RBC Wealth Management, makes it simple in this video.

Better than the Status Quo

Brokerages are required to obtain the best execution terms possible for clients. While all firms are held to this standard, not all firms will produce the same results, depending on how they choose to deliver. RBC rigorously monitors order execution quality, striving to exceed regulatory standards. This applies to all clients—whether you’re a new investor, Active TraderLegal Disclaimer footnote 1 or an institution.

RBC Expertise and Award-WinningLegal Disclaimer footnote 2 Trading Technology

You’ve done your research and placed your trade. Your order sets in motion an intricate process involving trading professionals and technologies to help get the best possible price.

How the RBC Trading Desk Works on Your Behalf

When a buy or sell order comes across the RBC Trading Desk, several factors are evaluated, including price, how easily a trade can be executed (liquidity), order size, the trade's potential market impact and any specific instructions an investor provides.

Best Price

Decisions made on the RBC Trading Desk can benefit you when trades are executed at prices better than the quoted market price. For example, the trading desk attempts to save pennies per share on orders, which adds up significantly if you trade frequently and/or in large order sizes in certain securities.

Optimal Speed

In most cases, the faster a trade is carried out, the less value is lost between the expected price at the time the order is placed and the average price at execution (slippage). The RBC Trading Desk works to avoid slippage by speeding up the rate at which transactions are made.

Strategic Timing

There are times when the RBC Trading Desk may slow down an order for a thinly traded security with a particularly wide spread between prices. By reviewing the order until there’s more consensus around a security’s price, they can help execute the best trade for you.

Safety Net

Human error happens, but we’ve got your back. In some cases, the RBC Trading Desk can flag that a common mistake has been made, such as picking the wrong symbol before executing a trade or entering a price that significantly deviates from the quote.

Trade Execution FAQs

Trade execution refers to the filling of a buy or sell order for a security. After an investor submits an order, the brokerage firm—such as RBC Direct Investing—is responsible for routing the order to a market participant for execution. At RBC Direct Investing, orders are routed to RBC Dominion Securities for execution on Canadian markets.
Trades are monitored, filtered and routed via electronic systems. Straightforward, low-risk trades are often routed in milliseconds. Complex trades, or trades that could net negative results for a client if sent through unassisted, are sent to one of the experts at the RBC Trading Desk to handle personally.
No, this service is included in RBC Direct Investing’s regular pricingLegal Disclaimer footnote 3.

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