Agency broker and trading systems provider ConvergEx has added new functionality to its ADR brokerage offering in a bid to enable its buy-side clients access to over 25 conversion markets.
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The agency-focused brokerage expanded capabilities of its electronic American depository receipt (ADR) trading suite which now includes fresh improvements to its ADR Direct® platform. ConvergEx’s ADR terminal also allows users to trade ordinary shares overseas and convert the shares to ADRs in US dollars. The firm claims that its annual volume of last year reached almost 500,000,000 million shares with over 17,500 conversions.
An American depositary receipt (ADR) is a stock that trades in the U.S. financial markets but represents a negotiable security of a non-U.S. company. ADRs are denominated and pay dividends in the buck and may be issued in the U.S. by a bank or brokerage.
Eric W. Noll, Convergex President and CEO, commented: “Convergex has been seeing a steady increase in its ADR business as more and more customers who are looking to access the ADR marketplace are choosing Convergex as their destination of choice. In addition, clients especially appreciate our agency-focused business model and the fact that we offer a dedicated 24-hour ADR desk to guide clients through the ADR conversion trading process.”