Depositary receipts: A Level 1 playing field

Increasingly companies are looking to make their shares available to US investors through so-called Level 1 depositary receipt programmes.

One might think that the turmoil in US financial markets over the past few months would act as a deterrent for non-US companies to even think about having their shares trade there, but in reality the interest to come to the US is actually on the rise û much thanks to two rule changes by the Securities and Exchange Commission SEC.

However, many of the companies pondering whether to make their shares available to US investors arenÆt actually looking...

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