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Differentiate between ADR AND GDR.
The major differences between American Depository Receipt (ADR) and Global Depository Receipt (GDR) are as follows −
American Depository Receipt (ADR)
Main purpose is to acquire resources in USA.
Main objective is to attract investments from foreign companies.
Issued by US domestic capital market.
Foreign companies can trade in US markets.
US dollar as currency.
Listed in The New York Stock Exchange (NYSE) or NASDAQ.
Retail investor market.
Negotiation done in US only.
Legally complicated.
Onerous disclosure of terms.
Global Depository Receipt (GDR)
Main purpose is to acquire resources in different parts of the world.
Main objective is to invest in different parts of the world.
Issued by European capital market.
Foreign companies can trade anywhere other than US.
Euro as currency.
Listed in Non US exchange (London stock, etc.)
Institutional market.
Can negotiate anywhere.
Less onerous disclosure of terms.
Legally less complicated than ADR.
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