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RBC Capital Markets appoints David Watt as Senior FX Strategist


NEW YORK and TORONTO, January 15, 2007 — RBC Capital Markets, the corporate and investment banking arm of RBC Financial Group, today announced the appointment of David Watt as a Senior Foreign Exchange Strategist.

Mr. Watt joins RBC Capital Markets from another major Canadian investment bank where he had been a senior economist for over five years. He has previously worked as a senior economist at the Bank of Canada and holds a Master of Arts (Economics) from Queen’s University. Based in Toronto, Mr. Watt will report to Monica Fan, RBC Capital Markets’ Global Head of FX Strategy in London, where he will cover the Canadian and American currencies.

“David is a welcome addition to our global currency research team,” said Ms. Fan. “His experience in analyzing the Canadian and American markets continues to enhance our foreign exchange research team’s ability to provide clients with valuable insights into the markets and trading strategies globally.”

RBC Capital Markets’ foreign exchange research team was ranked 7th globally for both short term and long term research by Euromoney in its 2006 foreign exchange survey. Euromoney also rated RBC Capital Markets the top FX bank globally in Canadian dollar trading, and 2nd in North America and 7th globally for the Most Impressive Approach to FX.

About RBC Capital Markets Global Foreign Exchange
RBC Capital Markets is the corporate and investment banking arm of RBC Financial Group. In foreign exchange, RBC Capital Markets offers a full, 24-hour global, trading and sales operation, managed from London, Sydney and Toronto. It is a market-maker in 51 major and emerging market currencies, the leader in Canadian dollars, and offers a full range of derivative products. RBC combines FX and commodities sales and trading because of the important influence commodities have on the FX market. The firm is also a leading edge provider of FX market research and strategy.


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