Fixed Income

Global Depositary Receipts

Global Depositary Receipts (GDRs) give issuers exposure to the global markets outside their home market.

Depositary receipts are negotiable certificates issued by a bank to represent the underlying shares of stock. The underlying shares are held in trust at a foreign custodian bank. GDRs refer to certificates traded outside the US.

Even though they may not be listed in US exchanges, GDRs are generally denominated in US dollars.

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