BNY’s ADR Platform Goes Real-Time
CONNECTIVITY
NEW YORK—The Bank of New York (BNY) has enhanced its ADR Direct conversion platform for American Depositary Receipts (ADRs) so that clients may now complete conversions in five seconds, without broker intervention.
The upgrade went live in early April, says Andrew Levine, head of ADRs at BNY’s international trading unit, G-Trade. Approximately 80 clients now use the service, up from 50 in late 2003 (Trading Technology Week, Oct. 27, 2003). Previously, clients had about 15 seconds to accept or
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