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Leaving the ADR Stone Age

Traders Magazine, June 2004

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.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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