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Citi Depositary Receipt Services
2016 Midyear Highlights
• Depositary receipt (DR) capital raising totaled $2.4 billion globally
• DR trading volume dropped less than 1% compared to the first half of 2015, going from
80.1 billion DRs to 79.4 billion DRs
• U.S. investment in non-U.S. equities as of Q1 2016 was $6.7 trillion, down 5.6% from the
same point in 2015
• Long-term equity mutual funds witnessed a net outflow of $47.8 billion in the first
quarter of 2016
• Driven by strong investor demand, the pool of unsponsored ADR programs expanded
to over 1,640 programs