Chapter 2 (part 4) Flashcards
In Canada what organization clears trades?
The CDS Clearing and Depository Services Inc.
What is a Schedule I Bank?
A large Canadian owned Bank that provides a wide variety of products and services.
One shareholder or a group of shareholders can hold no more than 20% of a schedule I bank.
What is a Schedule II Bank?
Are federally regulated foreign banks. Can partake in same activities as Schedule I bank.
A single shareholder can have control of a Schedule II bank by owning 65% of shares provided the remaining shares are publicly traded. (shareholder equity less then 12 billion dollars)
What is a Schedule III Bank?
Are federally regulated foreign banks that focus on corporate and institutional finance and investing.
What is a Trust company?
They offer a wide range of products and services similar to chartered banks. Trust companies are the only organizations aloud to operate as a Trustee for individual or corporation.
What is a credit union?
A co-operative member owned organization. Offers wide variety of products and services focused towards businesses and individuals. but has some limitations. Not profit orientated like a bank.
