More commonly known as “MAX,” the ADR Cross-Book Maximizer is the ADR market’s first online, automated marketplace for ADR traders and brokers to execute ADR/ordinary share cross transactions, JPMorgan said.
MAX provides an avenue to reduce ADR “flowback” to the home market, as the ADRs remain placed with investors in the US, bolstering the liquidity of ADR programs, the company announcement said.
The distinguishing functionality of MAX is that it allows investors to post and execute cross transactions in an automated, electronic and anonymous environment where crosses are guaranteed to settle on a T+2 timetable, JPMorgan said.
All transactions occur with investor identifications undisclosed, thus protecting trading positions.
Additionally, crosses will be priced as low as $0.015 per share, compared to industry standard $0.05 issuance and cancellation fees, the bank said.
Additional information is available .