Depositary Receipts

Our global reach, expertise and breadth of services help corporate issuers connect to the global capital markets.

At the Forefront of the Industry

BNY Mellon acts as a depositary bank for issuer clients looking to access the global capital markets through depositary receipts (DRs).

With our global footprint and deep expertise in DRs, our clients enjoy access to highly specialized teams dedicated to providing solutions delivered from a suite of value-added services.

BNY Mellon Depositary Receipts is independent from the influence of investment banking, trading, and research, so we can introduce our clients to the full range of investors. We provide clients our expertise and tailored insights on industry trends, regulatory changes and best practices to help guide the success of their DR program.





Biotechnology and ADRs

More than 150 non-U.S. Biotechnology and Health Care companies have their equity securities traded or listed on the U.S. markets in the form of Depositary Receipts.* The unique investor base, combined with the quality and depth of research coverage in the U.S., is an important driver of this activity.
*Source: BNY Mellon and other depositary websites as of December 31, 2017.

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The Separately Managed Account Opportunity for ADR Issuers

While flows into Exchange-Traded Funds (ETFs) and mutual funds tend to get headlines, an area demonstrating growth is the Separately Managed Accounts (SMAs) industry.

Market Leadership

Depositary Receipts by the numbers
Depositary Receipts By The Numbers*

Learn why more corporate issuers choose BNY Mellon as their depositary bank than any of our competitors.

*As of March 31, 2019


Benefits of BNY Mellon Depositary Receipts

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DRs can help foreign companies access the global capital markets, increase liquidity, diversify and broaden their shareholder base, provide currency in an acquisition or a share plan for international employees.

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DRs can help investors wanting to diversify globally overcome a number of challenges faced when investing outside their home markets, such as settlement, currency conversion, unfamiliar market practices, and investment policies that may not allow them to invest otherwise.

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DRs can offer broker-dealers competitive and negotiable pricing and convenient settlement in their home currency.

Our Thinking

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The 2018 Depositary Receipt Market Review

“Market volatility in the equity markets in 2018 led to a record 156.5 billion DRs being traded, further demonstrating how the DR product remains an important instrument for investors looking to invest internationally.”

— Christopher Kearns
CEO, BNY Mellon Depositary Receipts

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Demand for Depositary Receipts

Our report describes the increased usage of Depositary Receipts to facilitate cross-border equity trading.

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