Posted by forex at 5:17 AM
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1. Contact the depository bank that issued your ADRs and holds the common stock. To convert ADRs to common stock, you must find a buyer who holds the stock itself and wants to convert it to ADRs. The depository bank may be able to match you up with a buyer. They do not make swaps themselves.
2. Call brokers to find a match. There is a small market with traditional brokerage firms of investors who will swap common stock for the ADRs of that stock. You may have to contact several brokers in the United States or the country where the stock was issued, but the place to start is with your own broker.
3. Exchange ADRs for common stock (or vice versa) using one of the recently introduced online trading platforms such as JP Morgan's ADRMax or ADR Navigator (marketed by I. A. Englaner). Beginning in 2002, these services are online electronic exchanges for ADRs (as an example, there is a link to one in Resources). Open an account with one of these services the same way you would with a traditional broker, by supplying personal information and an initial deposit.
4. Make the exchange of ADRs for common stock once you find a buyer. If you use the traditional approach, all you need to do is place your order with the broker. For online trading, use the service's trading platform software to enter your order. The system then searches until it finds a match and you are done.