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ADRs show modest growth in 2003

Issuance of ADRs by global corporates in 2003 has shown a marked improvement across a number of ranges compared to the 2002 figures. Trading share volume, value of shares traded and capital raisings have all increased in the past year, according to research from the Bank of New York.


Up to 33 billion depository receipts (DRs), worth $614 billion, will have traded by the end of 2003, compared to 32 billion DRs valued at $550 billion in 2002. This shows a share volume increase of 3% and a value increase of 12%.


Telecoms, pharmaceutical and the semiconductor industries all recorded strong active trading for their DRs in 2003, while trading volume proved highest for corporates from the UK, Taiwan, Netherlands and Finland.


Christopher Sturdy, managing director of the ADR division at the Bank of New York, comments: “Growing investor confidence, coupled with improving economic conditions, has resulted in strengthening investor and issuer interest in ADRs this year.”


An ADR is a US denominated security in a publicly-traded non-US corporate, usually sponsored by an American bank – the custodian. Issuing ADRs means a non-US corporate can tap US capital markets, but equally, must comply with all US reporting requirements which are effectively raising the barriers to entry in the US market.

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