Efficient linkages between stock markets should eventually enable global investors to trade shares easily on local markets removing any need to use such instruments as depositary receipts. But such linkages are far from complete. American investors still prefer to deal in dollar-denominated paper. Foreign companies are building up their ADR programmes as a currency for US acquisitions. With the trade in ADRs in 2000 exceeding $1 trillion by September, and expected to top $1.3 trillion by the end of the year, the depositary receipt market looks set to prosper.