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International Equity And Debt Products
What is an American Depositary Receipt (ADR)?
An ADR is a negotiable certificate issued by a US depositary bank representing a specified number of shares in a foreign company's stock, traded on US stock exchanges in US dollars.
What is a Sponsored ADR program?
ADR issued with cooperation of the foreign company itself.
What is the difference between a Level I and Level III ADR?
Level I ADRs trade OTC with minimal SEC disclosure; Level II ADRs list on major exchanges with full SEC reporting; Level III ADRs allow the foreign company to raise fresh capital in the US market with the highest disclosure requirements.
What is an Unsponsored ADR?
ADR created without involvement of the foreign issuing company.
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