The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

The ADR market allows non-US corporates to tap US investors and provides access to the US dollar. Some observers have suggested that Sarbanes-Oxley regulation in the US would deter companies from listing due to the perceived challenges around accounting compliance. The BoNY report suggests otherwise.

Christopher Sturdy, head of BoNY's depositary receipt division, says: ?The year's activity demonstrates the strength and resiliency of the depositary receipt market place, particularly taking into account the uncertain global macroeconomic climate and concern over increased regulatory issues.?

Energy shares proved the most actively traded shares with British Petroleum and Royal Dutch Petroleum taking the top spots.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?