16 August 2017
visit www.avoka.com

Bank of New York launches ADR trading platform

05 December 2001  |  2540 views  |  0 Bank of New York launches ADR trading platform

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank of New York introduces post-trade FX messaging

Bank of New York introduces post-trade FX messaging

10 October 2001  |  2967 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
hands typing furiouslyBI and Analytics - A New Perspective
10955 views 0 | 2 tweets | 12 linkedin
Coinbase raises $100mCoinbase raises $100m
10080 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9424 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9183 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8289 views comments | 6 tweets | 21 linkedin

Featured job

Find your next job