NEW YORK and STUTTGART, Germany, Sept. 23 /PRNewswire/ -- Daimler AG has established a Sponsored Level 1 American Depositary Receipt (ADR) program in the United States. (Logo: http://photos.prnewswire.com/prnh/20080409/NYW017LOGO )
Of the more than 1,000 unsponsored American depositary receipt (ADR) programs created in the wake of last October's rule change by the US Securities and Exchange Commission, a handful are attracting significant trading interest, helping to boost the profile of the over-the-counter (OTC) market. Companies that operate foreign stock exchanges have been among the most active ADRs traded in the OTC markets in the US recently. The unsponsored ADR for the Deutsche Borse traded more than 2 million shares valued at $13 million in the OTC markets in the US in March. Most of the hundreds of unsponsored ADRs that have been created since last fall have landed in what is known as the grey market. The top-traded ADR in the grey market in March was Japan-based Toppan Printing, which had a volume of $1...
The vast majority of foreign companies choose to cross-list in the US, using the American Depositary Receipt (ADR) program. An ADR is a negotiable instrument representing an ownership interest in securities of a non-US company. Issuing Level II or Level III ADRs entail full compliance with Sarbanes-Oxley Act (SOX). Because SOX does not distinguish between US and non-US issuers, and does not exempt non-US issuers from its reach, the provisions that apply to US issuers also apply to non-US issuers unless they are specifically excluded by a related provision of the Exchange Act or the Securities Act. Over time, the SEC has had to provide non-US issuers certain accommodations to take into account foreign laws and regulations. The SEC now allows nonmanagement employees to serve as audit comm...
Thornburg Investment Management has introduced a new mutual fund, Thornburg Developing World Fund, that will feature what the Santa Fe- based firm says is a flexible approach to developing markets. The fund will be managed by Lewis Kaufman, a managing director at TIM and co-portfolio manager of Thornburg's International ADR -- American Depositary Receipt -- portfolio.
Q: What's an ADR? A: In the financial world, ADR is the abbreviation for American depositary receipt, a dollar-denominated negotiable certificate that represents the stock of a foreign company traded on a U.S. exchange or market.
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