RE: ADR volume19 Jun 2020 19:33
here is a summary on how the ADR programs work for London listed shares:-
When you instruct your broker to buy ordinary shares on your behalf, your broker will have the option of buying shares on AIM, or buying Nasdaq listed ADRs. Conversely, when you wish to sell your position, your broker will either sell them on AIM, or otherwise, may sell them on the Nasdaq market. Any necessary conversion of securities would first be effected in the manner described above. In any event, this would be a seamless process for shareholders. Unless they particularly wish to give specific instructions in that regard (in which case they are free to do so) shareholders will not need to be concerned with which market their shares are purchased from or sold into. Brokers will simply buy or sell in the market where there is the most liquidity at that time.