Good post BOW,

Below is an excerpt from my account agreement with RBC cash trading account. I would like as many opinions of interpretation on this wording as possible. At present, I am unsure how to interpret this wording and will eventually end up calling RBC on this.

Thanks in Advance.

d. Securities Lending: If your securities are not fully paid for or are

not excess margin securities we may lend any of your securities to any

third party on terms we think are best. We may also use any of your

securities to deliver against any other sale of securities we make,

including a short sale. We may do so for a sale for your account or

another client’s account.

Provided that nothing in this section shall relieve us from any of our