ConvergEx Launches ADR Depository to Create Unsponsored Programs

Brokerage firm ConvergEx has launched an American Depositary Receipt (ADR) Depository, the first of its kind in nearly 20 years.
By Jake Safane(2147484770)
Brokerage firm ConvergEx has launched an American Depositary Receipt (ADR) Depository, the first of its kind in nearly 20 years.

The new depository allows clients to direct Convergex to create ADR programs for them to invest in, as well as being able to trade and convert ADRs with Convergex.

The firm will build out the offering over the coming months, making it available in 27 markets.

“ADRs are an essential security for U.S. investors interested in accessing international markets, and unsponsored ADRs are one of the fastest growing segments of our ADR brokerage business,” says Andrew Levine, ConvergEx managing director and head of ADRs. “With a commitment to apply additional resources toward the highly-specialized business of ADRs, we challenged ourselves to build this offering for our clients, and our expertise enabled us to deliver.”

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