Bank of New York launches ADR trading platform
05 December 2001 | 2540 views | 0
The Bank of New York's agency broker subsidiary, BNY ESI & Co, has launched the first phase of ADR Direct, a trading platform for American depositary receipts (ADRs).
The platform enables institutional investors to access additional liquidity by purchasing shares in local trading markets and converting them into ADRs. Clients will benefit from better execution along with improved anonymity and more cost transparency in cross-border trading, says the bank.
ADR Direct also provides all foreign exchange, clearance and settlement services from the local market through delivery at Depository Trust Corporation.
ADRs are US securities that represent equity ownership in non-US companies. The Bank of New York currently issues depositary receipts for more than 1400 programmes and accounts for 65% of all public sponsored depositary receipt programmes.