DEPOSITARY RECEIPTS. Hitting the high notes.

(From Financial Mail)

Byline: Chris Gilmour

DEPOSITARY RECEIPTS Hitting the high notes Christopher Sturdy As might have been expected in such a heady environment for global equity markets, trading in American depositary receipts (ADRs) and global depositary receipts (GDRs) has been brisk this year. And though a number of SA companies have issued ADRs in the US in recent years, activity doesn't appear to be especially high among them, with the notable exception of resource stocks. That may change in future as more local companies see the virtues of an ADR.

Commenting in the Bank of New York's midyear update, depositary receipt division head …