American depositary receipt

(ADR).

Certificate of ownership issued by a US bank to investors in place of underlying corporate shares, which are held in custody.

The benefits of ADRs to investors include reduced administrative burdens.

The benefits to non-US issuers include lighter regulation, compared with listing the underlying shares directly on a US exchange.

Sometime also written American depository receipt.

See also

• American depositary receipt listing
• Certificate of ownership
• Custody
• Global depositary receipt
• Issuer
• Share
• Stock exchange