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BoNY strong ADR showing

The Bank of New York (BoNY) was the leading bank in the depositary receipt (DR) market during the first six months of 2004, closing 41 of 64 DR programs giving the bank a 64% market share. The bank?s deals range across the globe with 42% from the Asia-Pacific region, 32% from Europe, 20% from Latin America and 6% from the Middle East and Africa.

Over the last six months, 23 non-US companies raised capital with DRs valued at over $3.3 billion, a considerable increase on the $453 million raised during the first half of 2003.


Although the general picture has been positive, however, it seems macroeconomic figures are starting to bite. Overseas shares traded in the US slipped in July as worries over higher US interest rates hit European financial firms. The BoNY index of ADRs fell 0.19% while its index of leading European ADRs fell 0.36%.


The BoNY ADR Index is a real-time index to track all depositary receipts traded on the New York Stock Exchange, the American Stock Exchange and NASDAQ.


Banks and mining stocks were among the worst performers in Europe; among the mining firms slipping back were Britain?s Anglo American, down 26 cents to $20.84.

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