NEW YORK, June 26, 2012 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that its patented* ADR Direct® technology is now available for Philippine and Polish stocks. Using the ADR Direct technology, customers can trade ordinary shares in the Philippines and Poland and convert those shares to ADRs – helping customers minimize market impact and reduce explicit trading costs, while giving them a real‐time view of the components of their trades.
"Offering access to these additional sources of local liquidity gives our customers greater flexibility and expanded access to emerging markets," said 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 is a pioneering product that leverages advanced global equity execution and clearing technology. ConvergEx customers are able to use the technology to execute conversion trades in 32 countries through any OMS or EMS. Other recently added markets include Indonesia, Korea, Thailand, Turkey and Malaysia.
The ConvergEx ADR Desk offers a comprehensive suite of patented electronic ADR execution tools designed to enhance daily workflow while sourcing deeper global liquidity for ADR trades and conversions. ConvergEx's dedicated 24‐hour ADR desk gives customers access to around‐the‐clock support.
*ADR Direct includes technology subject to ConvergEx's U.S. Patent No. 7,778,896.
About ConvergEx Group
ConvergEx Group is a leading technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries globally. Its products and services span the investment life cycle and are designed to enable customers to achieve improved results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves more than 4,000 customers accessing over 100 global markets. Formed in 2006, the firm has over 1,250 employees located in 23 cities throughout the Americas, Europe, Middle East, Africa and Asia-Pacific.
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); Eze Castle Transaction Services LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); Eze Castle Software LLC; RealTick LLC; ConvergEx Solutions LLC, of which Cogent Consulting, ConnEx, Jaywalk and LDB are divisions; ConvergEx Limited in the UK and Australia; and ConvergEx Asia Pacific Limited in Hong Kong. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group