ADR Conversions

ADR Conversions

An American Depository Receipt, or ADR, is an instrument that trades like a stock but is composed of ordinary shares of a foreign corporation.

Clients who hold supported ADRs (listed below) can now use IB's Voluntary Election Tool to convert ADRs into their ordinary shares.

ADRs provide a convenient and cost-effective way to buy foreign shares without incurring foreign tax obligations on each transaction. While ADR prices tend to follow the price of the foreign underlying shares, it may be the case that these prices diverge to create an arbitrage opportunity. The Voluntary Election Tool provides a simple process for converting your ADR into the underlying foreign shares.

Note that the number of ordinary shares that make up each ADR varies, and the ratio of shares to ADR is indicated by the ADR ratio. For example, the ADR "RDS A" for Royal Dutch Shell has a ratio of 2:1, or two ordinary shares per one ADR. If the shares were trading at 35.00 USD, the price of the ADR would likely be around 70.00 USD.

Clients who want to convert their ADRs to the underlying shares, perhaps to take advantage of an arbitrage opportunity, can now use the Voluntary Election Tool in Account Management to manage the process.

To access the Voluntary Election Tool, log into Account Management. For more details on using the conversion tool, see the ADR Conversion Process knowledge base article. To see the list of conversion-supported ADRs, see the Supported ADRs tab.

For non-supported ADRs, submit an Inquiry Ticket using the Customer Message Center in Account Management.

Supported ADRs

Ordinary Shares (ORD) ORD Symbol ORD ISIN Ratio (ORD to ADR) ADR Symbol ADR ISIN
CATLIN GROUP LTD CGL BMG196F11004 2 CNGRY US1491881041
CHINA SOLAR ENERGY HOLDINGS 155.OLD BMG2111R1051 20 CSEHY.OLD US16941W1071
E-KONG GROUP LTD. 524 BMG2952Q1419 200 EKONY US26856N1090
ESPRIT HOLDINGS LTD 330 BMG3122U1457 2 ESPGY US29666V2043
FIRST PACIFIC CO 142 BMG348041077 5 FPAFY US3358892004
GULF KEYSTONE PETROLEUM LTD GKP BMG4209G1087 20 GFKSY US4023121027
IMAGI INTERNATIONAL HOLDINGS 585 BMG476291528 10 IINHY US45248T1034
JOHNSON ELECTRIC HOLDINGS 20140728173225179 BMG5150J1403 10 JELCY US4790872075
CP POKPHAND CO LTD 43 BMG715071343 25 CPKPY US1259182012
SCMP GROUP LTD 583 BMG7867B1054 5 SCPXY US78402H1023
SHANGRI-LA ASIA LTD 69 BMG8063F1068 20 SHALY US81942Q1031
VARITRONIX INTERNATIONAL LTD 710 BMG9321Z1086 5 VARXY US92224Q1094
ANTOFAGASTA PLC ANTO GB0000456144 2 ANFGY US0371891070
DIXONS RETAIL PLC DXNS GB0000472455 3 DSITY US2558761043
BHP BILLITON PLC BLT GB0000566504 2 BBL US05545E2090
ARM HOLDINGS PLC ARM GB0000595859 3 ARMH US0420681068
BRITISH LAND CO PLC BLND GB0001367019 1 BTLCY US1108281007
SKY PLC SKY GB0001411924 4 BSYBY.OLD US1110131083
WETHERSPOON (J.D.) PLC JDW GB0001638955 5 JDWPY US4721461097
EASYJET PLC EZJl.OLD GB0001641991 4 ESYJY.OLD US2778561009
AVIVA PLC AV. GB0002162385 2 AV US05382A1043
DIAGEO PLC DGE GB0002374006 4 DEO US25243Q2057
BAE SYSTEMS PLC BA. GB0002634946 4 BAESY US05523R1077
BRITISH AMERICAN TOBACCO PLC BATS GB0002875804 2 BTI US1104481072
HALMA PLC HLMA GB0004052071 3 HLMLY US40637C2098
REXAM PLC 20140602005820REXl.OLD GB0004250451 5 20140602005821REXMY.OLD US7616554066
IMPERIAL BRANDS PLC IMB GB0004544929 2 ITYBY.OLD US4531421018
IMI PLC IMIl.OLD GB0004579636 2 IMIAY.OLD US44969D1081
SPIRENT COMMUNICATIONS PLC SPT GB0004726096 4 SPMYY US84856M2098
JOHNSON MATTHEY PLC 20160111000818JMATl.OLD GB0004764071 2 20160112001728JMPLY.OLD US4791423092
SABMILLER PLC. SAB GB0004835483 1 SBMRY US78572M1053
COMPASS GROUP PLC CPGl.OLD GB0005331532 1 20140804003029CMPGY US20449X2036
HSBC HOLDINGS PLC HSBA GB0005405286 5 HSBC US4042804066
LEGAL & GENERAL GROUP PLC LGEN GB0005603997 5 LGGNY US52463H1032
INTERNATIONAL POWER PLC IPR GB0006320161 10 IPRPY US46018M1045
4IMPRINT GROUP PLC FOUR GB0006640972 2 FOREY US35104M1027
PEARSON PLC PSON GB0006776081 1 PSO US7050151056
PRIMARY HEALTH PROPERTIES PHPl.OLD GB0007015521 2 PYHPY US74162X1063
PRUDENTIAL PLC PRU GB0007099541 2 PUK US74435K2042
RIO TINTO PLC RIO GB0007188757 1 RIO US7672041008
ROYAL BANK OF SCOTLAND GROUP RBSl.OLD GB0007547838 20 RBS US7800976893
BP PLC BP. GB0007980591 6 BP US0556221044
LLOYDS BANKING GROUP PLC LLOY GB0008706128 4 LYG US5394391099
TATE & LYLE PLC TATE GB0008754136 4 TATYY US8765706077
BG GROUP PLC BGl GB0008762899 5 BRGYY US0554342032
TESCO PLC TSCO GB0008847096 3 TSCDY US8815753020
TRINITY MIRROR PLC TNI GB0009039941 2 TNMRY US89653Q1058
SMITH & NEPHEW PLC SN. GB0009223206 5 SNN US83175M2052
ASTRAZENECA PLC AZN GB0009895292 1 AZN US0463531089
GW PHARMACEUTICALS PLC GWP GB0030544687 12 GWPH US36197T1034
GKN PLC GKN GB0030646508 1 GKNLY US3617556069
BT GROUP PLC BT.A GB0030913577 10 BT US05577E1010
LONMIN PLC LMIl.OLD GB0031192486 1 LNMIY.OLD US54336Q2030
CARNIVAL PLC CCL GB0031215220 1 CUK US14365C1036
MARKS & SPENCER GROUP PLC MKS GB0031274896 2 MAKSY US5709121058
BARCLAYS PLC BARC GB0031348658 4 BCS US06738E2046
PETROPAVLOVSK PLC POG GB0031544546 2 PPLKY US71674T1025
BURBERRY GROUP PLC BRBY GB0031743007 2 BURBY US12082W2044
KINGFISHER PLC KGF GB0033195214 2 KGFHY US4957244035
ICAP PLC IAP GB0033872168 2 IAPLY US4509361097
CSR PLC CSR GB0034147388 4 CSRE US12640Y2054
SAROSSA CAPITAL PLC SRC GB0055696032 20 ATSMY US03718Q1094
SAINSBURY (J) PLC SBRY GB00B019KW72 4 JSAIY US4662492085
CENTRICA PLC CNA GB00B033F229 4 CPYYY US15639K3005
ROYAL DUTCH SHELL PLC-A SHS RDSA GB00B03MLX29 2 RDS A US7802592060
ROYAL DUTCH SHELL PLC-B SHS RDSB GB00B03MM408 2 RDS B US7802591070
BUNZL PLC BNZL GB00B0744B38 5 BZLFY US1207384066
RENTOKIL INITIAL PLC RTO GB00B082RF11 5 RTOKY US7601251041
NATIONAL GRID PLC NG. GB00B08SNH34 5 NGG US6362743006
SIRIUS MINERALS PLC SXX GB00B0DG3H29 500 SRUXY US82967P1030
GREENE KING PLC GNK GB00B0HZP136 2 GKNGY US3947022030
HIKMA PHARMACEUTICALS PLC HIK GB00B0LCW083 2 HKMPY US4312881091
BRITVIC PLC BVIC GB00B0N8QD54 2 BTVCY US1111901047
LADBROKES PLC LAD GB00B0ZSH635 1 LDBKY US5057301013
UNILEVER PLC ULVR GB00B10RZP78 1 UL US9047677045
DEBENHAMS PLC DEB GB00B126KH97 4 DBHSY US2427372030
NIGHTHAWK ENERGY PLC HAWK GB00B156TD53 20 NHEGY US65411V1070
VODAFONE GROUP PLC VOD.OLD GB00B16GWD56 10 VOD.OLD US92857W2098
HOME RETAIL GROUP HOME GB00B19NKB76 4 HMRTY US43731T1025
EXPERIAN PLC EXPN GB00B19NLV48 1 EXPGY US30215C1018
SMITHS GROUP PLC SMIN GB00B1WY2338 1 SMGZY US83238P2039
PROVIDENT FINANCIAL PLC PFG GB00B1Z4ST84 1 FPLPY US74387B1035
RELX PLC REL GB00B2B0DG97 4 RUK.OLD US7582052079
UNITED UTILITIES GROUP PLC UU. GB00B39J2M42 2 UUGRY US91311E1029
SKYEPHARMA PLC SKP GB00B3BFNB64 1 SKYEY US8308082002
VERNALIS PLC VER GB00B3Y5L754 2 VNLPY US92431M2061
PREMIER OIL PLC PMO GB00B43G0577 1 PMOIY US7405361079
ROLLS-ROYCE HOLDINGS PLC RR. GB00B63H8491 5 RYCEY US7757812067
HONG KONG TELEVISION NETWORK 1137 HK0000065349 20 CTEL.OLD US1786772095
AIA GROUP LTD 1299 HK0000069689 4 AAGIY US0013172053
CLP HOLDINGS LTD 2 HK0002007356 1 CLPHY US18946Q1013
HONG KONG & CHINA GAS 3 HK0003000038 1 HOKCY US4385503036
POWER ASSETS HOLDINGS LTD 6 HK0006000050 1 HGKGY US7391972004
HANG LUNG GROUP LTD 10 HK0010000088 5 HNLGY US41043E1029
HANG SENG BANK LTD 11 HK0011000095 1 HSNGY US41043C3043
HENDERSON LAND DEVELOPMENT 12 HK0012000102 1 HLDCY US4251663039
HYSAN DEVELOPMENT CO 14 HK0014000126 2 HYSNY US4491623041
SUN HUNG KAI PROPERTIES 16 HK0016000132 1 SUHJY US86676H3021
NEW WORLD DEVELOPMENT 17 HK0017000149 2 NDVLY US6492743058
SWIRE PACIFIC LTD - CL A 19 HK0019000162 1 SWRAY US8707943028
BANK OF EAST ASIA LTD 23 HK0023000190 1 BKEAY US0618741039
GALAXY ENTERTAINMENT GROUP L 27 HK0027032686 10 GXYEY US36318L1044
HONG KONG AIRCRAFT ENGINEERG 44 HK0044000302 1 HKAEY US4385691054
MTR CORP. 66 HK0066009694 10 MTRJY US5537683006
SINO LAND CO 83 HK0083000502 5 SNLAY US8293443086
SWIRE PACIFIC LTD-CL B 87 HK0087000532 5 SWRBY US8707944018
HENDERSON INVESTMENT LIMITED 97 HK0097000571 5 HDVTY US4250701095
HANG LUNG PROPERTIES LTD 101 HK0101000591 5 HLPPY US41043M1045
SHUN TAK HOLDINGS LTD. 242 HK0242001243 10 SHTGY US8256461026
CITIC LTD 267 HK0267001375 5 CTPCY US17304K1025
CHINA RESOURCES BEER HOLDIN 291 HK0291001490 2 CRHKY US16940R1095
CATHAY PACIFIC AIRWAYS 293 HK0293001514 5 CPCAY US1489063081
WING HANG BANK LTD 302 HK0302001547 2 WGHGY US9741121043
SHANGHAI INDUSTRIAL HLDG LTD 363 HK0363006039 10 SGHIY US81943M1018
BEIJING ENTERPRISES HLDGS 392 HK0392044647 10 BJINY US07725Q2003
TELEVISION BROADCASTS LTD 511.OLD HK0511001957 2 TVBCY US8795313092
TECHTRONIC INDUSTRIES CO LTD 669 HK0669013440 5 TTNDY US87873R1014
LENOVO GROUP LTD 992 HK0992009065 20 LNVGY US5262501050
I- CABLE COMMUNICATIONS LTD., 1097 HK1097008929 20 ICABY US44934B1044
BOC HONG KONG HOLDINGS LTD 2388 HK2388011192 20 BHKLY US0968132094
SHIRE PLC SHP JE00B2QKY057 3 SHPG US82481R1068
HUTCHISON TELECOMM HONG KONG 215 KYG4672G1064 15 HTHKY US44841V1026
LEE & MAN PAPER MANUFACTURIN 2314 KYG5427W1309 10 LMPMY US5233521021
SEMICONDUCTOR MANUFACTURING 981 KYG8020E1017 50 SMI US81663N2062
TRULY INTERNATIONAL HOLDINGS 732 KYG910191363 20 TRUHY US8978911076
KONINKLIJKE KPN NV KPN NL0000009082 1 KKPNY US7806412059
AKZO NOBEL AKZA NL0000009132 1 AKZOY US0101993055
KONINKLIJKE PHILIPS NV PHIA NL0000009538 1 PHG US5004723038
KONINKLIJKE DSM NV DSM NL0000009827 0.25 RDSMY US7802491081
HEAD N.V. HD3 NL0000238301 1 HEDYY US4220701027
ING GROEP NV-CVA INGA NL0000303600 1 ING US4568371037
AEGON NV AGN NL0000303709 1 AEG US0079241032
ASM INTERNATIONAL NV ASM NL0000334118 1 ASMIY USN070451026
BE SEMICONDUCTOR INDUSTRIES BESI NL0000339760 1 BESIY US0733201034
OCE NV OCE NL0000354934 1 OCENY US6746272037
KONINKLIJKE AHOLD NV AHa.OLD NL0006033250 1 AHONY.OLD US5004674025
ASML HOLDING NV ASML.OLD NL0006034001 1 ASML.OLD USN070591862
RELX NV REN NL0006144495 2 ENL.OLD US7582042005
ARCADIS NV ARCAD NL0006237562 1 ARCAY US03923E1073
POSTNL NV PNL NL0009739416 1 PNLYY US73753A1034
TNT EXPRESS NV TNTE NL0009739424 1 TNTEY US87262N1090