It is now over 70 years since the first American depositary receipt (ADR) was launched and the consensus of opinion among the market’s key players is that the sector has never been in such great shape.
In the last couple of years much has been made of threats to the pre-eminence of ADRs as an investment tool for US investors, notably a move to dealing directly on foreign exchanges in foreign currency, or through such instruments as global registered shares (GRSs).
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