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John D'Antona Jr.
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CANNABIS CORNER: Funding Without Prejudice

It might be getting a whole lot easier to inhale if one is in the cannabis industry.

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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.