Bank of N.Y. Speeds ADR Conversions
CONNECTIVITY
NEW YORK--The Bank of New York (BNY) is enhancing its platform for American Depositary Receipts (ADRs), ADR Direct, to facilitate faster conversions via the Bloomberg Tradebook ECN after reaching the milestone of 50 live customers, officials told TTW last week.
By the middle of Q1 2004, clients will be able to allocate ADR transactions directly through the Tradebook interface, says Andrew Levine, head of ADRs at BNY’s international trading unit, G-Trade.
BNY already offers an interface between ADR
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