ConvergEx Expands ADR to Poland and Philippines
ConvergEx Group has made its ADR Direct technology available for customers trading ordinary shares in the Philippines and Poland. They can convert those shares to American depository receipts (ADRs), helping to minimize market impact and reduce explicit trading costs. It provides a real‐time view of the components of the trades.
"Offering access to these additional sources of local liquidity gives our customers greater flexibility and expanded access to emerging markets," says Andrew Levine, managing director and head of ConvergEx's ADR business. "Our customers also have the benefit of our dedicated ADR desk, which is able to provide guidance on foreign ownership limitations and corporate actions, especially in emerging markets."
ADR Direct can execute conversion trades in 32 countries through any order or execution management system. Other recently added markets include Indonesia, Korea, Malaysia, Thailand and Turkey.
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