The Securities and Exchange Commission (SEC) on Friday said Cantor Fitzgerald & ...
Cantor Fitzgerald and BMO obtained pre-released ADRs indirectly from other broker-dealers when “they should have known that the pre-release transactions were not backed by foreign shares,” according to the SEC.The multi-year SEC effort has aimed to clean up common abuses related to the use of “pre-release” ADRs.
Because of slight differences is international trade settlement times, ADRs are allowed to be “pre-released” to close any gap, usually less than a few days. That’s where, according to the SEC, banks and brokers flouted the requirement to hold enough foreign shares, creating an undue surplus.
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