Depositary receipts reach record levels in 2004

Trading volumes, trading value and total investment in the American and global depositary receipt (ADR) market have reached record levels in 2004, according to a recent report by the Bank of New York (BoNY). The report estimates that trading volume in 2004 will total $885 billion, representing 39.1 billion depositary receipts on the New York Stock Exchange, the American Stock Exchange (Amex) and Nasdaq. Comparable figures in 2003 show a trading value of $632 billion accounting for 33.1 billion depositary receipts ? 2004 figures show a 40% increase in trading value and 18.1% increase in trading volume.