ConvergEx Group's ADR Business Returns to Brazil
NEW YORK, March 27, 2014 /PRNewswire/ -- ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that it has resumed offering Brazil ADR conversions through its ADR Direct® platform. The move follows the recent removal of the IOF (Imposto sobre Operacoes Financeiras) stamp tax by the Brazilian Ministry of Finance for ADR creation conversions.
ConvergEx's ADR desk affords clients broad capabilities, and in the case of Brazil lets them use a combination of full-service and electronic capabilities to invest in one of the largest and most actively traded ADR markets. Furthermore, ADR Direct clients can leverage ConvergEx's Bovespa ID to do ADR conversion trades.
"ADR Direct's reentry into the Brazilian market represents our commitment to a client base looking to maximize global investment opportunities wherever they may be," said Justin Coppola, senior vice president and head of ConvergEx Group's ADR desk. "Our highly-qualified ADR desk is well positioned to facilitate access to overseas opportunities, to seek liquidity and to help reduce execution costs."
ConvergEx now offers ADR conversion trading in 33 countries through a patented* platform that helps extend liquidity hours, gives clients greater control of their trades, seeks to minimize market impact and reduce trading costs. Its fully dedicated 24‐hour ADR Desk offers full service and electronic ADR conversion trading capabilities in 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 a presence in several other key locations including London, Chicago, San Francisco, Boston and Atlanta, 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. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group