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Citi Depositary Receipt Services
2014 Mid-Year Highlights
• Depositary Receipt (DR) capital raisings totaled approximately $9.5 billion during
the first half of 2014 — up more than 178% over the same period prior year.
• U.S. investment in non-U.S. equities as of Q1 2014 was $6.7 trillion, up 18% from
same period in 2013.
• As stocks rebounded during the first half of 2014, overall equity funds witnessed
an inflow of $59.2 billion.
• DR trading volumes were up by approximately 2.9 billion shares (or 4%) in the first
half of 2014 to 76.3 billion shares, versus 73.4 billion shares in the same period
prior year.
• Citi Liquid DR Index (CLDR) World ex-U.S. increased by 5% in the first half of 2014.
• The pool of unsponsored programs has expanded to over 1,601 driven by strong
investor demand.
• Citi continues its leadership in DR markets by winning new business, retaining key
clients and emphasizing innovation.