Hi rayjohnston
My understanding is that BNYM do not buy shares from the ASX when dealing with an ADR. I think Martin indicated this in another post. That is, BNYM is just a holding house or transfer agent.
To use an example: Joe Blow has an account with Westpac. he buys shares on the ASX and the shares are handled by, say ComputerShare. Westpac do not issue Joe Blow with the shares. So ComputerShare is the transfer agent so to speak.
In the case of BNYM, Deutsche Bank buys the ASX:PRR shares for a client, and BYNM then handles the record keeping of those shares and issues the ADR's to the client, much the same as ComputerShare does. I think thats why Deutsche bank is called one of the 3 "Market Makers".
If you have a read of the documents that were filed recently it was all about the legal agreement between Prima Biomed and BYNM regarding the share holdings.
Hi rayjohnston My understanding is that BNYM do not buy shares...
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Last
42.0¢ |
Change
0.025(6.33%) |
Mkt cap ! $598.3M | |||
| Open | High | Low | Value | Volume |
| 39.5¢ | 42.0¢ | 39.5¢ | $890.1K | 2.163M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 127863 | 41.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 42.5¢ | 30850 | 2 |
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| IMM (ASX) Chart |