RBC Capital Markets receives Notice of Allowance for its THOR® patent from the U.S. Patent and Trademark Office

RBC Capital Markets receives Notice of Allowance for its THOR® patent from the
                       U.S. Patent and Trademark Office

PR Newswire

NEW YORK, June 13, 2013

NEW YORK, June 13, 2013 /PRNewswire/ - RBC Capital Markets, the corporate and
investment banking division of Royal Bank of Canada, today announced that it
has received a Notice of Allowance from the U.S. Patent and Trademark Office
(USPTO) on its novel THOR® technology, a smart order router that significantly
enhances investors' ability to access liquidity in the market and receive best
execution.

The Patent Application (No. 13281486), "Synchronized Processing of Data by
Networked Computing Systems" was allowed by the USPTO on RBC's THOR®
technology, which covers the synchronized arrival of orders at multiple venues
for all financially traded instruments. Unlike conventional order routing
technologies - such as spray or serial routers - that send orders to multiple
trading venues simultaneously or serially, and rely on speed of transmission,
RBC's THOR® routing logic determines when orders should be sent to multiple
exchanges so that simultaneous arrival can be achieved. This solves market
structure challenges around latency arbitrage and disappearing liquidity.
Through the use of THOR®, virtually all orders from investors are filled on a
regular basis. The patent when granted (anticipated later this summer) will be
valid until 2029.

"RBC continues to increase its technological and thought leadership in
identifying solutions for our clients," saidRobert Grubert, Head of U.S.
Equities at RBC Capital Markets. "We developed THOR® because our clients rely
on RBC, as their broker, to develop solutions and strategies that level the
playing field on their behalf in today's complex marketplace and achieve best
execution. The allowance of a patent by the USPTO is a testament to THOR's®
ingenuity and uniqueness."

Since the launch of THOR in 2010, RBC has consistently realized fill rates of
100 per cent or better, including reserve or hidden liquidity. RBC's
performance statistics have been validated by QSG/Markit, an independent TCA
provider, over the course of the last three years. In addition, RBC retained
Grant Thornton LLP to conduct an independent audit of RBC's trade performance
metrics, and it confirmed that the THOR® technology resulted in fill rates
that far surpassed alternative smart order routing methodologies.

"Our clients benefit globally by THOR's® ability to mitigate the impact of
certain predatory High Frequency Trading strategies which therefore reduces
the cost of execution for our clients," said Greg Mills, RBC Capital Markets'
Co-Head of Global Equities. "This patent underscores our dedicationtodevelop
proprietary solutions for challenges around latency arbitrage that investors
and other market participants experience on a daily basis."

RBC's THOR® was launched in the U.S. in May 2010 and subsequently in the
Canadian and European markets in September 2010 and August 2011 respectively.
The U.S. patent application was first filed in December 2009. Corresponding
patent applications have also been filed in other geographies including
Canada, Australia and the European Union. RBC will continue protecting its
intellectual property through the maintenance of its current patent and
trademark applications as well as through future applications.

About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of the Royal
Bank of Canada, the 4th largest bank in North America by market
capitalization. RBC Capital Markets is a premier investment bank that provides
a focused set of products, services and expertise to corporations,
institutional investors and governments around the world. With over 6,500
professionals in 15 countries, we deliver our products and services to clients
in over 100 countries through operations across North America, Europe and the
Asia-Pacific region. For more information, please visit www.rbccm.com.

SOURCE RBC Capital Markets

Contact:

In the U.S.
Kait Conetta, RBC Capital Markets, 212-428-6409,kait.conetta@rbc.com

In Canada
Gillian McArdle, RBC Capital Markets, 416-842-4231,gillian.mcardle@rbc.com

In Europe
Louisa Fairman, RBC Capital Markets, 44-20-7029-7821,Louisa.fairman@rbccm.com
 
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