Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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June 30, 2004

Leaving the ADR Stone Age

By Staff Reports

No more manual intervention in ADR conversion. That's what Bank of New York (BNY) officials are promising with an enhanced electronic platform. BNY says the jazzed-up platform allows clients accessing non-U.S. trading markets to bypass a global settlement and clearing infrastructure. The enhancement was made to BNY's ADR DirectSM, an upgrade spearheaded by G-Trade, a part of the BNY Securities Group. It specializes in electronic direct access for non-U.S. dollar equity executions in foreign marketplaces. "For the first time, investors can electronically trade and perform ADR conversions in real time," according to Jonathan Slone, president of G-Trade. In the past two years, other players also launched their own ADR conversion products.