Systems and methods for direct electronic trading of depositary receipts
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United States of America Patent
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Aug 17, 2010
Issued Date -
N/A
app pub date -
Dec 3, 2002
filing date -
Dec 3, 2002
priority date (Note) -
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status (Latency Note)
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Abstract
An electronic DR conversion system includes a DR authority that interfaces with investors through the investor's order management system. When an investor has purchased or sold ordinary shares in a local market and wishes to convert them to, or cancel DRs, the investor can so instruct the DR authority. The DR authority will automatically obtain a foreign exchange rate for the transaction and compute a pass through cost, which is displayed to the investor via their order management system. If the investor accepts the pass through cost, then the DR authority can be configured to automatically issue a plurality of directions to the computer systems of various entities that will be involved in the issuance or cancellation process.
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