Do you know how ADRs are managed?
BNYM is a custodial bank. ADRs – (the tradeable U.S. securities that represent the foreign shares of a foreign company i.e. PLL – require a corresponding number of foreign shares to be held in custody at a depositary bank. Or in our case 100 ASX = 1 ADR)
BNYM is not the substantial holder. The brokers and their clients are the holders.
BNYM also got into trouble with the SEC a couple of years ago for improper handling of "pre-released" ADRs. You are supposed to first take the ASX shares out of the market before issuing them as ADRs to clients in the US.
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Last
15.5¢ |
Change
0.005(3.33%) |
Mkt cap ! $64.64M | |||
| Open | High | Low | Value | Volume |
| 16.0¢ | 16.0¢ | 15.0¢ | $92.62K | 587.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 128406 | 15.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 15.5¢ | 237907 | 5 |
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