American depositary receipts have posted impressive figures in the first half of this year. According to Citibank, total dollar-value trading has risen by 18%, from $272.3 billion to $320.7 billion; there has been a 31% rise in shares traded, from 6.7 billion to 8.8 billion; and total capital raised has increased from $4.2 billion to $7 billion. It sounds like an extraordinary success, especially in view of the fact that many of the companies that have set up ADR programmes come from emerging markets and are seeking to extend the pool of equity capital they can tap beyond the shallow local markets.
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