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Number of DR Programs
1,3
DR Trading Volume
1,3
1,628
DR
Program
UK
JAPAN
OTHER
CHINA
HONG KONG
AUSTRALIA
GERMANY
FRANCE
ITALY
SINGAPORE
16
%
11
%
8
%
8
%
6
%
5
%
4
%
35
%
4
%
3
%
1,628
DR
Program
UK
FRANCE
JAPAN
OTHER
CHINA
SPAIN
SWEDEN
GERMANY
SWITZERLAND
ITALY
28
%
12
%
5
%
4
%
4
%
4
%
16
%
11
%
10
%
6
%
Total DR Program Count: 1,612
Total DR Volume: 3.0B DRs Traded
Unsponsored
DR Highlights
Trading Volume
• Down
4%
from 2015 to
3.0 billion DRs
driven by
decreases in trading
volume from Switzerland
and Japan
•
11%
of total from banks
•
8%
of total from retailing
•
7%
of total from internet
companies
Unsponsored DR
Programs
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.
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