Agency broker and trading systems provider ConvergEx has added functionality to its ADR Direct technology to enable US buy-side clients to trade ordinary shares in Indonesia and Malaysia and convert the shares into American depository receipts (ADRs) in US dollars.
The platform, available via ConvergEx's ADR desk or from users' desktops, offers real-time trading and is designed to minimise market impact and reduce explicit trading costs. ConvergEx received a patent for its ADR trading tools on 15 September 2010.
“ConvergEx is continually looking for new ways to provide access to overseas liquidity and building ADR Direct for Malaysia and Indonesia offers unique opportunities for our clients,” said Andrew Levine, managing director and head of ConvergEx's ADR business “Our innovative ADR products enable our clients to easily invest in emerging markets through a simplified workflow. In the coming months we plan to open several new destinations so that clients continue to have the broadest access to world markets.”