A Depositary Receipt (DR) is a negotiable security issued by a depositary in the international markets to investors both outside and within the U.S. A DR establishes a path to ownership of shares in a non-U.S. issuer, facilitating access to capital markets outside its home jurisdiction.

Each DR represents a set number of underlying ordinary or preferred local shares deposited with depositary’s custodian in the home market. DRs can trade in various currencies, pay dividends in a currency supported by the international clearing systems such as Euroclear, Clearstream and the DTC, in most cases the US Dollar.

The listing venues for DRs are the NYSE, NASDAQ, London, Luxembourg, Singapore, Frankfurt, Kazakhstani stock exchanges and others. The DRs can also trade in the OTC markets.