NEW YORK, July 31, 2013 /PRNewswire/ -- ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that its ADR business has grown 20% year over year in the first half of 2013.
"We offer truly unique solutions and a keen focus in this highly specialized business. Our patented* platform gives clients an advantage in the market that they simply cannot find anywhere else," said Andrew Levine, managing director and head of ConvergEx's ADR business. "Our products help extend liquidity hours, offer clients greater control of their trades, minimize market impact and reduce trading costs."
During the first six months of the year, more than 120 diverse clients traded with the desk. In the 32 countries where ConvergEx offers ADR conversions, market inflows were the strongest in France, Switzerland and Japan. The greatest outflows were seen in the U.K. and Australia.
Also in the first half of 2013, the company made its ADR Direct® and Reverse ADR SM products available to ConvergEx clients using Eze Software Group's RealTick EMS, giving them access to a new user-friendly workflow to centralize all the components of ADR conversions with global trade execution.
"We are proud of what we have achieved so far and are excited to roll out a number of new services in the latter part of the year, including going live with ADR trading in Russia," continued Mr. Levine. "Our business is strong and we believe we will see continued growth."
ConvergEx's fully dedicated 24‐hour ADR Desk offers support for ADR execution capabilities throughout Europe, Asia, South America, the Middle East and Africa. The firm's comprehensive ADR offering includes:
- ADR Direct – This ground-breaking product allows clients to trade ordinary shares overseas, convert the shares to ADRs in U.S. dollars and receive a net ADR price in real-time. With ADR Direct, a client settles the ADR portion of the trade through the U.S. settlement system.
- Reverse ADR– Investors can extend the local trading day into U.S. trading hours, continue to trade when there is news or diversify trading markets during the Europe/U.S. overlap. With Reverse ADR, clients can trade ADRs in the U.S., receive a local currency conversion price and settle the trade in ordinary shares in the local currency, all according to the local settlement cycle.
*ADR Direct includes technology subject to ConvergEx's U.S. Patent No. 7,778,896.
About ConvergEx Group
ConvergEx Group is a leading provider of global brokerage and trading-related services for institutional investors and financial intermediaries. ConvergEx combines client-first service with innovative products, sophisticated strategies and proprietary technology to meet the challenges of increasingly dynamic and fast-paced markets. Headquartered in New York with 15 key locations, the company serves more than 3,000 clients accessing over 100 global market centers.
ConvergEx Group includes ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC); LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions; and ConvergEx Limited in the UK and Australia. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group