Glossary of ADR Terms

American Depositary Debenture (ADD)
A depositary receipt that represents debt rather than equity. Developed in 1993.

American Depositary Receipt (ADR)
A certificate traded in U.S. securities markets representing ownership of common shares in a non-U.S. corporation. ADRs are quoted and traded in U.S. dollars. Developed in 1927.

Broker
Makes an active market in an issuer’s ADRs, executes retail trades, disseminates research reports on the issuer and maintains and services investor accounts.

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