Managed Account Solutions: A Growing Source of Depositary Receipt DemandMORE »

The proliferation of global asset allocations within the managed account solutions industry presents a significant opportunity to augment demand for depositary receipts (DRs). This is due to the fact that most managed account solutions use DRs to diversify globally. As the world's leading depositary, BNY Mellon continuously monitors the DR market to identify these types of noteworthy market trends and leverage them on behalf of clients.

Elevating Market Visibility for your DRs: Looking to Canada for DR DemandMORE »

Over the past several years, we recognized a steady rise in DR investment on the part of Canadian institutions. This welcome trend resulted from the repeal of a Canadian rule that had restricted pension funds' capacity to invest globally. Our Depositary Receipt Division's Global Capital Markets Group took the opportunity to access this growing investor base and began an intensive educational effort in Canada.

OTCQX International: Attractive US Trading Platform for Non-US Blue Chip CompaniesMORE »

OTCQX International has emerged as the pre-eminent over-the-counter1 (OTC) securities marketplace for blue chip non-US companies trading in the United States. Many of the world's leading publicly traded companies are now quoted there, with over six dozen joining OTCQX International since the beginning of 2007. The reasons for this move to OTCQX International?s platform are two-fold: i) in 2007 the OTCQX began to be reorganised into separate tiers based on defined quantitative and disclosure standards, and ii) significant regulatory changes implemented by the United States Securities and Exchange Commission (the SEC) under the Securities and Exchange Act of 1934 (the Exchange Act) during 2007 and 2008 made a move by non-US companies to the OTCQX platform much easier and substantially more attractive.

OTCQX: A Venue For Cross-Listing DRs in the U.S.MORE »

We consistently look for ways to help clients' ADRs gain greater visibility and liquidity. A Pink Sheets program with many of the benefits of a U.S. exchange cross-listing offers just that and without SEC registration requirements.

Oxford Metrica Study - 2011MORE »

Oxford Metrica Study - 2011

The Unintended Consequences of a Brazilian Tax on Depositary Receipts (English)MORE »

Oxford Metrica, a global independent strategic advisor, has been studying and monitoring the Depositary Receipt market for more than a decade. The recent changes in Brazilian tax rules regarding foreign investors and DRs should be of considerable interest to investors, stock exchanges and policy-makers worldwide and warrants further study and publication. The stated and reasonable objective in imposing the Imposto sobre Operações Financeiras was to dampen demand for the Real. The results presented in this study demonstrate a significant reduction in trading volumes on the BOVESPA following the subsequent imposition of a second IOF tax on DR issuances which proved to be counter to its intended objectives. The result has been a significant if unintended cost on local investors, BOVESPA and Brazilian companies. In addition to providing a valuable facility to foreign investors, DRs bring many benefits to local investors and issuers.

The Unintended Consequences of a Brazilian Tax on Depositary Receipts (Portuguese)MORE »

Oxford Metrica, a global independent strategic advisor, has been studying and monitoring the Depositary Receipt market for more than a decade. The recent changes in Brazilian tax rules regarding foreign investors and DRs should be of considerable interest to investors, stock exchanges and policy-makers worldwide and warrants further study and publication. The stated and reasonable objective in imposing the Imposto sobre Operações Financeiras was to dampen demand for the Real. The results presented in this study demonstrate a significant reduction in trading volumes on the BOVESPA following the subsequent imposition of a second IOF tax on DR issuances which proved to be counter to its intended objectives. The result has been a significant if unintended cost on local investors, BOVESPA and Brazilian companies. In addition to providing a valuable facility to foreign investors, DRs bring many benefits to local investors and issuers.

Building Corporate Reputation: Taking Ownership of Unsponsored Depositary ReceiptsMORE »

Oxford Metrica, a global independent strategic advisor, has been studying and monitoring the Depositary Receipt market for more than a decade. In the last year or so, DR programmes for more than 800 companies have been established by depositary banks to meet investor demand for these securities. Many of the DR programmes have been created without the active participation of company management. This briefing sets out how the situation has arisen, and what you can do about it in the best interests of your shareholders. We provide evidence of the reputational benefits of management taking an active role in the process.

DIRK White Paper: 'Stress in the City'MORE »

Changes in the daily life of fund managers and financial analysts and recommendations for how executive board members and IR managers can get prepared.

Benchmarking the Depositary Receipt Industry:
BNY Mellon GDR and DR Indices
MORE »

Providing the market with American depositary receipt (ADR) indices for a decade, we now offer a full suite of global depositary receipt (GDR) indices as well. So no matter the type of depositary receipt you wish to track, we have the index you need.

BNY Mellon ADR IndexMORE »

We offer the only real-time index to track all depositary receipts listed on the NYSE, NASDAQ and NYSE Amex stock markets.

Going Public: A Guide for European Companies...MORE »

Taking a company through a public offering on the U.S. securities markets is a major undertaking. This guide will help you understand what may be required from your company in dealing with the U.S. Securities and Exchange Commission, other U.S. regulators, investors, and securities analysts.

Asia's Evolving Investment LandscapeMORE »

The McKinsey Global Institute projects that by 2020, China's financial assets could reach $65 trillion, which would account for nearly 59% of all emerging market assets (and 18% of the global total). Recognizing Asia's potential as a viable, growing source of institutional investment, BNY Mellon undertook a market study to acquire an informed 'snapshot' of today's investment practices and gauge investor outlook. We examined the potential opportunities to be realized from investor marketing, as well as those that could be garnered from an exchange listing in Asia.

Depositary Receipt Indices & International Investing: Using Exchange-Traded FundsMORE »

Depositary Receipt based Exchange-Traded Funds: A new opportunity in international investing.

Understanding the Market Making ProcessMORE »

Market makers for U.S. traded securities: Their business model and impact on the efficiency of markets.

Gateway to China: The Hong Kong Stock ExchangeMORE »

The Stock Exchange of Hong Kong believes that the next three years will see an acceleration of the opening of China's capital account and that the exchange will pivot further towards serving the needs of mainland Chinese investors seeking access to the rest of the world. The BNY Mellon Depositary Receipt/Clifford Chance listing guide Gateway to China: The Hong Kong Stock Exchange suggests the time is right for issuers to consider HDRs.

Treaty Treatment of Depositary Receipts Program PaymentsMORE »

A summary of newly announced IRS guidance on the treatment for withholding tax purposes of reimbursements and payments to DR issuers. Specifically, the guidance addresses withholding tax requirements under income tax treaties in various jurisdictions.

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