Cowen’s ADR brokerage capabilities and patented ADR products allow clients to trade ordinary shares overseas, convert shares to ADRs in U.S. dollars and receive an ADR conversion price.

ADR Brokerage Desk

Cowen’s ADR desk offers dedicated technology and support to guide clients through ADR conversion trading, powering these innovative capabilities by leveraging advanced global equity execution and clearing technology.

  • Designed to enhance daily workflow while sourcing deeper global liquidity for ADR trades
  • 24-hour technology and support for high or low-touch ADR trading
  • ADR team focuses on accessing overseas trading liquidity, odd-lot and buy-in markets, corporate actions and securities borrowing
  • U.S. and non-U.S. execution tools such as direct market access, smart order routing, algorithms and ATSs
  • Clients trade directly and anonymously across non-U.S. equity markets and can connect through the OMS or EMS of their choice
  • Clients can execute multiple foreign exchange contracts and receive one average price to diversify foreign exchange timing risk for each ADR conversion trade

ADR Direct®

ADR Direct allows institutional investors to trade ordinary shares overseas and to automatically convert those shares to ADRs in U.S. dollars. With ADR Direct, a customer settles ADRs for the ordinary share trade through the U.S. settlement system. Where the foreign trading market has more liquidity than the ADR trading market, ADR Direct enables customers to cost effectively minimize market impact, reduce explicit execution costs and maximize returns.

Global Liquidity Management: ADR Direct is powered by a patented process that enables customers to automatically convert ordinary shares to ADRs and to receive a net ADR price and net ADR money in seconds.

Foreign Exchange Trading Engine: ADR Direct utilizes a foreign exchange trading engine with multiple streaming providers to price FX trades.

ADR International Wrap: ADR Direct specializes in helping Wrap Advisors and sponsors seek best execution. ADR Direct can be the “step out” broker on behalf of the advisor when sponsoring brokers cannot effectively manage ADR conversion trading.


ADR Direct Portal

Cowen’s ADR Direct and Reverse ADRs portals
provide real-time views of your conversion trades.

Reverse ADRs℠

Clients use Reverse ADRs to extend their local trading day into U.S. trading hours. They can continue to trade when there is relevant news, and can diversify trading markets during the Europe-U.S. overlap. Clients trade ADRs in the U.S., receive a local currency conversion price in seconds, and settle the trade in ordinary shares in the local currency, all according to the local settlement cycle.

Our advanced U.S. liquidity management tools such as smart order routing, DMA, algorithms, and ATSs are leveraged to power Reverse ADRs’ capabilities. Clients can directly and anonymously trade in the U.S. by connecting seamlessly to Cowen through their OMS or EMS.

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