Basic HTML Version
12
Citi Depositary Receipts
Unsponsored ADRs
As of December 2015, the total universe of unsponsored DR
programs available to investors grew to over 1,620 programs.
The majority of unsponsored programs are from Japan, the
United Kingdom and China (including Hong Kong), which
comprise 42% of the total unsponsored program count.
However, most of the unsponsored DR trading volume in 2015
originated from Greece and Japan, which was responsible
for 55% of the total unsponsored DR trading volume. From
a regional perspective, the liquidity in unsponsored DR
programs was skewed toward Europe as a result of the
increase in trading volume from Greek and Swiss unsponsored
DR programs.
In terms of sector, issuers from the financial sector were
the most active, constituting nearly half (48%) of the total
unsponsored trading volume.
Compared to the same period last year, trading volume of
unsponsored programs increased by 2.3 billion DRs (81%)
to 5.0 billion DRs in 2015. The primary contributor to the
increase in overall unsponsored trading activity occurred in
programs from Greece as trading volume grew 1.8 billion DRs
to 2.0 billion DRs in 2015.
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.
Unsponsored Programs
Number of Programs
1, 2
Trading Volume
3
Other
35%
Singapore
4%
Italy
4% France
4% Germany
4%
Australia
7%
Hong Kong
8%
China
8%
UK
11%
Japan
15%
Other
8%
Sweden
2% Spain
2%
Hong Kong
2%
Germany
3% UK
5%
China
6%
France
7%
Switzerland
9%
Japan
17%
Greece
39%
Source: Bloomberg and Depositary Data Interchange
Source: Bloomberg and Depositary Data Interchange
Unsponsored Program Count: 1,628
Unsponsored Trading Volume: 5.0 billion DRs
1
Program count as of December 2015.
2
Unsponsored ADR program count as of December 2015.
3
Trading volume as of December 31, 2015. DR trading volume has been unadjusted for certain corporate actions, including stock splits, stock dividends
and rights offerings.