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Number of DR Programs
1
DR Trading Volume
1,3
1,628
DR
Program
UK
JAPAN
SWITZERLAND
INDONESIA
OTHER
CHINA
HONG KONG
AUSTRALIA
GERMANY
FRANCE
ITALY
SINGAPORE
16
%
11
%
9
%
8
%
6
%
5
%
4
%
30
%
3
%
3
%
3
%
3
%
1,628
DR
Program
SWITZERLAND
FRANCE
JAPAN
DENMARK
ITALY
CHINA
UK
GERMANY
SPAIN
OTHER
SWEDEN
27
%
15
%
4
%
7
%
3
%
3
%
4
%
13
%
7
%
13
%
4
%
Total DR Program Count: 1,671
Total DR Volume: 1.4B DRs Traded
Unsponsored
DR Highlights
Trading Volume
• Down
9%
from first half
of 2016 primarily due
to decreases in trading
volume from Switzerland,
UK, and Hong Kong
• 12%
of total from
internet companies
• 10%
of total from banks
• 6%
of total from
retail companies
Unsponsored DR
Programs
Unlike traditional sponsored ADR programs, unsponsored ADR programs are established by a depositary
bank without the direct involvement of the respective non-U.S. company, provided that the company’s
securities represented by the ADRs are either registered or qualify for an exemption from Securities and
Exchange Commission (SEC) registration. An October 2008 SEC rule change simplified the manner in which
this exemption is obtained, making it automatically available to many non-U.S. companies provided they meet
certain requirements.
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