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Norberts Gambit Mistake

  • Last Updated:
  • Jul 21st, 2021 10:01 pm
[OP]
Sr. Member
Mar 14, 2015
821 posts
88 upvotes
Edmonton

Norberts Gambit Mistake

I bought DLR.U for 10.08 on Friday but it's showing as the TSX verson of DLR in my USD Margin account, I thought it would show as the American equivalent until I transferred it over to the CAD accounts?

When I try to do a securities transfer, it says my USD Margin account isn't eligible, how can I sell the DLR for CAD in this case?
7 replies
Deal Addict
Dec 4, 2011
2401 posts
2516 upvotes
Montréal
You should buy DLR (not DLR.U) on the Canadian side, journal them over to the USD side and sell DLR.U. All of these are on the TSX

You seem to have bought the wrong security (assuming you wanted to do CAD->USD) in DLR.U, that is the main problem. You should be able to call in and do the reverse (journal DLR.U from the USD to the CAD side and sell DLR when it settles in 3-4 days) if the website does not let you do it.
[OP]
Sr. Member
Mar 14, 2015
821 posts
88 upvotes
Edmonton
I'm trying to do USD to CAD! I bought DLR.U in my USD account and am trying to journal over to my CAD account but the security shows a canadian flag beside the DLR but I bought it for the DLR.U price..
Deal Addict
Dec 4, 2011
2401 posts
2516 upvotes
Montréal
FlyOverMyDoodle wrote: I'm trying to do USD to CAD! I bought DLR.U in my USD account and am trying to journal over to my CAD account but the security shows a canadian flag beside the DLR but I bought it for the DLR.U price..
Perhaps you need to call in (you do not say what broker you are using) because what you are doing (buy DLR.U on USD side and journal over to CAD side then sell DLR) should work.
Deal Expert
User avatar
Sep 19, 2004
26335 posts
8587 upvotes
where I belong
FlyOverMyDoodle wrote: I'm trying to do USD to CAD! I bought DLR.U in my USD account and am trying to journal over to my CAD account but the security shows a canadian flag beside the DLR but I bought it for the DLR.U price..
Need to read/research more
https://wealthsavvy.ca/norberts-gambit-questrade/
https://calcu.ca/2020/12/27/norberts-gambit-calculator/
RFD - norbert-gambit-calculator-2309791/

DLR.U, wait 2 days to settle (otherwise call and pay more), journal online (TDDI) or call in, sell as DLR on CAD side at $12.xx price
Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A
[OP]
Sr. Member
Mar 14, 2015
821 posts
88 upvotes
Edmonton
jerryhung wrote: Need to read/research more
https://wealthsavvy.ca/norberts-gambit-questrade/
https://calcu.ca/2020/12/27/norberts-gambit-calculator/
RFD - norbert-gambit-calculator-2309791/

DLR.U, wait 2 days to settle (otherwise call and pay more), journal online (TDDI) or call in, sell as DLR on CAD side at $12.xx price
That wasn't the issue though, it's been 3 days since so that's not what I was asking...
[OP]
Sr. Member
Mar 14, 2015
821 posts
88 upvotes
Edmonton
admiralackbar wrote: Any update?
Called my broker and they weren't sure why the error message was showing but they did it manually and it worked but not sure why it happened in first place

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