Global depositary receipts (GDRs) are rapidly overtaking American depositary receipts (ADRs) as issuers’ preferred means of accessing global capital markets.
According to a report from JPMorgan Depositary Receipts Group , 2007 will see GDRs clearly dominate their American counterparts for the first time, due in part to increased reporting and compliance regulations for global issuers stemming from the US Sarbanes-Oxley Act. After a record year for depositary receipts overall in 2006, in which trading volumes grew 22 per cent to 57 billion shares and trading value rose 58 per cent to almost $1.7 billion over 2005, JPMorgan expected the depositary receipt market to grow larger again in 2007. It predicted a “;shift in gravity in DR markets to the south and east”;, with the four burgeoning ‘BRIC’ economies dominating new issues.
Asset owners that have set emission reduction targets face the onerous task of collecting and aggregating emissions data for every asset they own, and the challenge has been particularly complex for unlisted assets. Aware Super head of responsible investment Liza McDonald says working with the provider of the infrastructure that connects asset owners to asset managers and underlying assets has been “a brilliant step”.
Simon HoyleMay 12, 2025
