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Citi Depositary Receipts
DR trading volumes increased across all industry sectors
except Industrials, Basic Materials and Diversified, which saw
decreases in trading volumes of 2.3 billion DRs, 0.6 billion DRs,
and 2.1 million DRs respectively versus the prior year period.
EMEA comprised 42% of global trading volumes followed by
Latin America (31%) and Asia (27%). Since December 2006,
overall DR trading volumes have grown at a Compound
Annual Growth Rate (CAGR) of 9%, demonstrating the
increasing investor demand for international equities.
DR trading value grew 27% (or $654 billion) to $3.1 trillion
versus the prior year period. DR trading value on all trading
venues except for LSE increased in 2014. The uptick in DR
trading value was mainly due to a 28% (or $451 billion)
increase on NYSE and 53% (or $217 billion) increase
on NASDAQ.
Trends in Regional Trading Volumes
1, 2
(in DR billions)
Latam
ASIA
EMEA
2014
2013
2012
2011
2010
2009
2008
2007
2006
63.8
69.3
76.0
86.6
68.8
59.0
65.8
41.6
34.5
27.5
38.0
34.8
39.9
49.6
46.5
39.4
39.9
41.5
40.4
43.1
47.8
Total:
151.9
143.2
143.4
166.0
144.0
142.0
163.2
44.5
32.4
36.5
113.5
28.8
24.8
21.3
74.9
Source: Bloomberg Financial Markets and Depositary Data Interchange
Overall trading volumes for depositary receipts totaled 152.0
billion DRs during 2014 compared to 143.3 billion DRs in 2013,
an increase of 8.7 billion DRs or roughly 6% versus prior year.
In terms of region, an increase in trading volumes from Asian
and Latin American issuers was offset by a decrease in
trading volumes from EMEA issuers. In terms of trading
venue, DR trading volumes on NASDAQ and NYSE grew 4.0
billion and 5.0 billion respectively, partially offset by a 0.6
billion decrease on Over-the-Counter (OTC).
Higher DR trading volumes from Chinese (3.1 billion DRs)
issuers accounted for the bulk of the 4.0 billion increase in
NASDAQ DR trading volumes. The 5.0 billion increase in NYSE
DR trading volumes was primarily attributed to a 14.8 billion
increase from Brazilian (8.5 billion DRs) and Chinese (6.3
billion DRs) issuers, partially offset by a 9.7 billion decrease
from Finnish (5.2 billion DRs), French (2.1 billion DRs), Mexican
(1.7 billion DRs), and Japanese (0.7 billion DRs) issuers.
Over-the-Counter (OTC) DR trading volumes were down by
0.6 billion largely due to a drop in trading volumes from
China (1.5 billion DRs), which was partially offset by an
increase in trading volumes from Japan (0.3 billion DRs),
UK (0.3 billion DRs), and Greece (0.2 billion DRs). LSE DR
trading volumes were flat due to an increase in trading
volumes from Russia (0.4 billion DRs), which was offset by a
decline in trading volumes from Cyprus (0.1 billion DRs) and
Taiwan (0.1 billion DRs).
DR Trading Volumes
1, 2
(in DR billions)
Source: Bloomberg Financial Markets and Depositary Data Interchange
OTC
NASDAQ
LSE
NYSE
2013
2014
7.4
6.8
16.9
12.9
23.8
23.9
104.2
99.2
Total:
143.3
152.0
DR Liquidity
1
Data as of December 15, 2014.
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
18%
EMEA
43%
Asia
39%
OTC
4%
LSE
9%
NASDAQ
20%
NYSE
67%
Value: $3.1 Trillion