I just starting looking into this yesterday because I noticed that some of the ADRs that I own have large management fees; this is especially true for low priced stocks because they seem to charge the ADR fee on a per share basis.I have accounts at Fidelity and at Schwab. Fidelity now has international trading capability and the fees appear to be slightly lower than eTrade's (e.g. HKD250 per trade on the HKSE and 9 pounds on the LSE). Schwab told me that they will be launching the capability next month.I called Fidelity to ask some questions. Trades are settled in local currencies so if you have dollars then they will convert to purchase the shares. They said that there is about a 1% difference in the exchange rate so switching over back and forth can be costly. However, when a security is sold, one can choose to leave the proceeds in the local currency for future purchases.The biggest downside that I noticed is that securities held on foreign exchanges are not applied when calculating how much marginpurchasing power is available.Chris
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