I.A. Englander adds UK-based ADRs to ADR Navigator

* I.A. Englander expands instant execution platform for ADR/ordinary conversion
* Over 50 of the most active UK-based ADRs are now available on the platform

New York, February 15, 2006 - I.A. Englander & Co., the premier derivatives brokerage firm, today announced that it has added UK-based American Depositary Receipts (ADRs) to its electronic ADR/ordinary conversion platform, ADR Navigator. ADRs are certificates issued by an American bank that represent a share of a foreign stock held on deposit.

Unaffiliated with depositary banks, ADR Navigator is the first independent electronic platform designed to provide anonymity and liquidity to the ADR arbitrage market. ADR Navigator's users can convert ADRs to ordinary shares, and vice versa, at significantly reduced transactions costs versus bank depositary conversions. Following the successful launch of the platform in 2004, the addition of UK-based ADRs such as Vodafone, Diageo, Lloyds TSB Group, and BP opens up one of the most important markets to I.A.Englander's buy-side and sell-side clients.

Investment in ADRs is on the rise as evidenced by a 194% increase in capital raised by non-U.S. companies in the last year, according the Federal Reserve. In 2005, U.S. investment in non-U.S. equities increased by over 12%.

Stephen Tobias, Co-Founder and President of I.A. Englander, comments, "We have added UK-based ADRs to the platform in response to growing interest from the market. There are numerous factors that make the UK ADR/ordinary conversion market very appealing to global equity traders and we are pleased to be able to extend our platform to meet this growing interest. We launched ADR Navigator because we recognized a need to execute ADR/ordinary conversions in a simpler, quicker and less expensive way than bank depositary conversion. The expansion of ADR Navigator to include UK-based ADRs is proof of our continued commitment to the platform and the benefits it is bringing the market."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development