$LUKOY $SBRCY I asked IB (Interactive Brokers) whether they will surrender my ADRs to Citibank/JP Morgan after I open an account in Russia. ADRs need to first be surrendered by the broker, giving the depository bank control (e.g. Citibank), which can then proceed to convert the shares to MOEX. Here is the reply I got from IB: -- It is correct that Citibank and JP Morgan have open their books to ADR/GDR conversion. Unfortunately, Interactive Brokers does not support ADR/GDR conversions at sponsoring bank due to operational reasons. We can only ask you to be patient as for the moment, no conversions can be processed. As soon there are more information, all clients will be notified in a separate notification. -- So IB believes that "operational reasons" is good enough of an excuse to break its fiduciary duty towards us. Anyone thinking to challenge that in course or has already?
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