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Citi Depositary Receipts
declined by 2.4 billion DRs, 1.7 billion DRs and 0.7 billion DRs,
respectively, versus the prior year period.
EMEA comprised 42% of global trading volume followed by
Latin America (31%) and Asia (27%). Since December 2007,
overall DR trading volume has grown at a Compound Annual
Growth Rate (CAGR) of 4%, demonstrating the increasing
investor demand for international equities.
Overall trading volume for depositary receipts totaled 163.7
billion DRs in 2015 compared to 157.5 billion DRs in 2014, an
increase of 6.2 billion DRs or roughly 4% versus prior year.
Each region saw an increase in trading volume with Latin
America increasing 9% followed by Asia (4%) and EMEA (1%).
In terms of trading venue, DR trading volume on NASDAQ,
NYSE and Over-the-Counter (“OTC”) increased by 1.3 billion,
6.6 billion and 6.8 billion, respectively, partially offset by the
London Stock Exchange (“LSE”), which declined 8.4 billion.
DR Liquidity
1
Data as of December 31, 2015.
2
Amounts may not sum to total due to rounding.
3
DR trading volume has been unadjusted for certain corporate actions, including stock splits, stock dividends and rights offerings.
Trends in Regional Trading Volume
1, 2, 3
(in DR billions)
LatAm
Asia
EMEA
2015
2014
2013
2012
2011
2010
2009
2008
2007
68.5
68.1
74.3
80.1
91.0
72.5
62.7
45.0
43.3
36.5
29.2
40.0
35.8
41.0
50.2
46.1
39.9
40.9
42.5
41.6
44.4
Total:
163.7
157.5
150.7
150.2
173.4
149.9
148.2
70.2
49.4
52.3
171.9
47.5
33.6
39.3
120.4
Source: Bloomberg and Depositary Data Interchange
DR trading value fell 6% ($196 billion) to $3.0 trillion
versus the prior year period. NYSE and LSE saw the largest
decreases in DR trading value, declining $66 billion and
$128 billion, respectively.
DR Trading Value
1
Region
Trading Venue
Source: Bloomberg and Depositary Data Interchange
LatAm
14%
EMEA
42%
Asia
44%
LSE
5%
OTC
5%
NASDAQ
21%
NYSE
69%
Value: $3.0 Trillion
Higher DR trading volume from Australian issuers (2.5 billion
DRs) offset by British (0.6 billion DRs) and Taiwanese
(0.7 billion DRs) issuers accounted for the 1.3 billion increase
in NASDAQ DR trading volume. The 6.6 billion increase in
NYSE DR trading volume was primarily attributed to a
4.1 billion increase from Brazilian issuers and a 1.1 billion
increase from Dutch issuers.
OTC DR trading volume was up by 6.8 billion largely due to
the turmoil in Greece, which led to an increase in trading
volume from Greek issuers (6.2 billion DRs). However, LSE
DR trading volume was down 8.4 billion (-33%) due to an 8.3
billion decrease from Russian issuers.
DR trading volume was mixed across sectors. The consumer
non-cyclical, financial and basic materials sectors each saw
an increase in DR trading volume of 3.6 billion DRs, 3.4
billion DRs and 2.7 billion DRs, respectively, versus the prior
year period. The energy, technology and utilities sectors
DR Trading Volume
1, 2, 3
(in DR billions)
OTC
LSE
NASDAQ
NYSE
2015
2014
15.7
8.9
25.3
16.9
19.2
17.9
105.3
111.8
Total:
163.7
157.5
Source: Bloomberg and Depositary Data Interchange