Stone Street Capital · Dubai · London
Proprietary investment and trading across cross-border equity and depositary receipt arbitrage — bridging Asian, UK and US markets with institutional-grade infrastructure.
The Opportunity
Emerging and offshore equity markets continue to attract record allocations from sovereign wealth funds and institutional managers. Yet direct, USD-denominated access remains operationally complex — fragmented infrastructure, multi-layered regulation, and inefficient currency exposure stand between capital and opportunity.
The Friction
Accessing offshore equity in their local form requires investors to navigate currency controls, regulatory frameworks, and fragmented settlement infrastructure — each introducing cost, delay, and execution risk.
Capital deployed locally remains exposed to FX volatility, while conversion pathways back to USD are tightly governed.
Each transaction touches a broker, custodian, depository, and depositary bank — fragmented onboarding multiplies cost and time.
Local settlement systems operate independently of international clearing — creating reconciliation gaps that institutional capital cannot tolerate.
Our Solution
We design and operate the institutional pathway that converts local listed equities into US-listed American Depositary Receipts — beneficial ownership retained, USD tradable, and settled through global clearing infrastructure.
Executed through licensed FPI broker-dealer relationships within full regulatory compliance.
Issuance and custody coordinated with major depositary banks — the asset becomes a USD instrument.
DTC delivery, full operational management, and reverse conversion available on request.
Investors hold the underlying economic interest throughout — no synthetic exposure or wrapper risk.
How It Works
A coordinated workflow across FPI-licensed brokers, designated depository participants, depositary banks, and US broker-dealers — all sequenced within a single institutional framework.
SWF / institutional KYC, account structuring across broker-dealer and depository participant.
Beneficial Owner files Foreign Portfolio Investor application; framework agreements executed.
Indian listed equities acquired by FPI broker-dealer, aligned to existing sponsored ADR programs.
Shares transferred to depositary bank; ADRs issued, listed and tradable on the NYSE.
ADRs credited via DTC to the client custody account — held, traded, or reverse-converted on instruction.
Proposition
Value Proposition
Transition from local-currency exposure to USD instruments with FX risk managed inside the structure.
Full outsourcing of execution, custody, and conversion — one counterparty, one workflow.
Exposure via US-listed securities with access to deeper liquidity pools and US-time-zone execution.
Architected for sovereign and large institutional capital — fee-aligned, transaction-based economics.
Competitive Advantage
Structuring within Indian, UK, and US frameworks — FPI, DR, FEMA, RBI, SEC, FCA.
Coordination across multiple counterparties centralised within a single coordinated structure.
Hedging strategies embedded directly within the conversion process — no third-party overlay.
Established counterparties with depositary banks, prime brokers, and global custodians.
Risk Framework
Every operational and market risk vector is contained within defined institutional processes — from regulatory exposure to execution complexity.
All structuring conducted within established Indian, UK and US securities regulation, with depositary bank oversight.
Custody, settlement, and conversion routed through tier-one global counterparties with documented controls.
Currency exposure addressed at the structural level — INR / GBP / USD movement is contained, not transferred.
One coordinated workflow eliminates the multi-counterparty handoffs that introduce timing and reconciliation risk.
The Firm
Stone Street Capital is a proprietary investment and trading firm focused on cross-border equity and depositary receipt arbitrage strategies across global markets.
The firm specialises in institutional trading workflows involving ADRs, international settlement infrastructure, and market-neutral opportunities between local and offshore listings.
We work with global banking, custody and prime brokerage counterparties to develop scalable operational frameworks across Asian, UK and US markets.
Our edge lies not in directional positioning, but in the operational architecture that converts structural friction into a tradable, repeatable framework.
Institutional Inquiries
For sovereign wealth funds, family offices, asset managers, and institutional allocators evaluating cross-border equity strategies. We respond to qualified counterparties within two business days.
All correspondence is treated in strict confidence. Materials shared are intended solely for the named recipient and may not be reproduced or redistributed.
Stone Street Capital FZ-LLC
Business Centre 1, M Floor
Nad Al Sheba, Dubai, U.A.E.
Based in London, United Kingdom