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Citi Depositary Receipts
Trading volumes increased across all industry sectors except
Energy, Communications and Utilities which saw decreases
in trading volume of 1.8 billion DRs, 1.2 billion DRs and 547
million DRs, respectively, versus prior year.
EMEA contributed 51% of global trading volume, followed
by Latin America (27%) and Asia (22%). Since December
2005, overall DR trading volumes have grown at a Compound
Annual Growth Rate (CAGR) of 11%, demonstrating an
increasing interest in international equities.
DR trading value remained roughly flat versus prior year
reaching approximately $2.5 trillion as of December 2013.
A decrease in the trading value of LSE-listed GDRs ($57
billion) was offset by an increase in trading values of DR
issuers trading on NASDAQ ($40 billion) and on the OTC
($14 billion).
Overall trading volumes for depositary receipts (DRs) totaled
141.7 billion DRs during 2013 compared to 141.6 billion DRs
in 2012, an increase of 137 million DRs or roughly flat versus
prior year. In terms of regions, an increase in trading volumes
for Asian issuers was offset slightly by decreases in trading
volumes for issuers from EMEA and Latam. In terms of trading
venues, DR trading volumes increased across all major venues
except the London Stock Exchange (LSE). The majority of the
increase in overall trading volumes can be attributed to a 2.2
billion increase in NASDAQ trading volumes and a 1.2 billion
increase in NYSE Euronext (NYSE) trading volumes.
Higher trading volumes of DR issuers from Taiwan (1.3 billion
DRs) and China (0.9 billion DRs) accounted for the majority
of the 2.2 billion increase in NASDAQ trading volumes. An
increase in trading volumes of DR issuers from China (3.3
billion DRs) and Japan (1.6 billion DRs) accounted for the
majority of the increase in NYSE trading volumes, which was
offset by a decrease in trading volumes of DR issuers from
Brazil (1.5 billion DRs) and France (1.3 billion DRs).
LSE trading volumes were down by 3.6 billion DRs mainly
due to a drop in trading volumes for issuers from Russia
(3.4 billion DRs) and Egypt (0.2 billion DRs). Over-the-Counter
(OTC) trading volumes were up by 0.3 billion DRs mainly
due to an increase in trading volumes of issuers from China
(0.6 billion DRs) and Greece (0.1 billion DRs), which was offset
slightly by a decrease in trading volumes of issuers from the
UK (145 million DRs), Italy (84 million DRs), Japan (83 million
DRs) and France (69 million DRs).
DR Liquidity
DR Trading Volumes
1, 2
(in DR billions)
Source: Bloomberg Financial Markets and Depositary Data Interchange
OTC
NASDAQ
LSE
NYSE
2012
2013
6.0
6.3
14.6
12.5
27.2
23.6
97.2
96.0
Total:
141.6
141.7
Trends in Regional Trading Volumes
1, 2
(in DR billions)
Asia
Latam
EMEA
2013
2012
2011
2010
2009
2008
2007
2006
2005
72.4
77.7
88.7
70.7
60.6
67.7
45.6
38.8
39.1
40.7
40.0
42.6
47.4
32.2
30.5
24.8
35.5
31.7
35.8
45.1
33.8
Total:
141.7
141.6
164.9
142.2
139.1
160.2
111.6
30.1
19.6
24.6
74.3
25.9
14.4
19.8
60.1
Source: Bloomberg Financial Markets and Depositary Data Interchange
1
Data as of December 15, 2013.
2
Amounts may not sum to total due to rounding.
DR Trading Value
1
Region
Trading Venue
Source: Bloomberg Financial Markets and Depositary Data Interchange
LatAm
22%
EMEA
52%
Asia
26%
OTC 4%
LSE
12%
NASDAQ
17%
NYSE
67%
Value: $2.5 Trillion