A stock is listed on Tokyo Stock Exchange. I want to buy put options on it - how can I do that?
Or is short selling an ADR my only possibility?
Some ADRs have standardized options that trade on US exchanges. If your stock/ADR is one of those, then you find the put option through most brokerages that deal with stock options and trade the option like you would on a regular stock. If your ADR does not have standardized options, then your options will depend on where the ADR trades. If it's OTC, you might not even be able to short it. If it trades on a major exchange, the shorting the ADR may be a viable choice.