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Citi Depositary Receipt Services
Trends in Regional Trading Volumes
1, 2
(in DR billions)
Asia
Latam EMEA
0
20
40
60
80
100
YTD
June 2014
YTD
June 2013
YTD
June 2012
YTD
June 2011
YTD
June 2010
YTD
June 2009
YTD
June 2008
YTD
June 2007
YTD
June 2006
Total:
76.2
73.5
79.7
81.6
78.1
75.4
75.1
48.7
40.2
19.2
14.5
14.8
19.3
17.3
18.9
24.3
20.8
12.8
10.0
21.9
20.5
21.7
19.9
22.1
24.0
14.9
14.1
29.9
35.2
38.4
43.1
42.3
38.7
32.4
20.9
16.1
Source: Bloomberg Financial Markets and Depositary Data Interchange
EMEA contributed 46% of global trading volume, followed by
Latin America (29%) and Asia (25%). Since 2006, overall DR
trading volumes have grown at a Compound Annual Growth
Rate (CAGR) of 8%, demonstrating increasing interest in
international equities.
DR trading values increased by $229 billion (or 18%) to
$1.5 trillion as of June 2014. NASDAQ-listed ADRs accounted
for the majority of the increase ($134 billion). In terms of
industry sectors, an increase in the Communications sector
accounted for $183 billion of the increase in trading values.
DR Trading Value
1
Region
Trading Venue
Total: $1.5 Trillion
Source: Bloomberg Financial Markets and Depositary Data Interchange
LatAm
18%
EMEA
48%
Asia
34%
OTC 5%
LSE
10%
NASDAQ
21%
NYSE
64%
Overall trading volumes for depositary receipts (DRs) totaled
76.3 billion during the first half of 2014 compared to 73.4 billion
during the same period prior year, an increase of 2.9 billion
DRs (or 4%). Results were mixed across the major trading
venues as NASDAQ and London Stock Exchange had a 3.2
billion and 1.1 billion increase in trading volumes respectively,
which was partially offset by a 1.1 billion decrease in trading
volumes on the New York Stock Exchange (NYSE).
DR Trading Volumes
1, 2
(in DR billions)
OTC
NASDAQ
LSE
NYSE
YTD June 2013
YTD June 2014
3.6
9.2
14.3
49.2
76.3
4.0
5.9
13.2
50.3
73.4
Total:
Source: Bloomberg Financial Markets and Depositary Data Interchange
Higher DR trading volumes of issuers from China
(2.3 billion DRs), Taiwan (0.4 billion DRs), and Australia
(0.3 billion DRs) accounted for the majority of the increase
in NASDAQ trading volumes. An increase in trading volumes
of issuers from Russia (1.1 billion DRs) accounted for the entire
increase in LSE trading volumes.
NYSE trading volumes were down mainly due to a drop in
trading volumes of issuers from Finland (3.0 billion DRs),
Ireland (1.0 billion DRs), Mexico (926 million DRs), and Japan
(873 million DRs), offset by an increase in trading volumes of
issuers from China (4.0 billion DRs). Over-the-Counter (OTC) DR
trading volumes were down 0.4 billion mainly due to a drop in
trading volumes of issuers from China (816 million DRs).
Trading volumes increased across all industry sectors except
Consumer (Cyclical), Consumer (Non-Cyclical), Industrial,
and Basic Materials sectors, which saw a decrease in trading
volumes of 18 million DRs, 378 million DRs, 956 million DRs,
and 1.1 billion DRs respectively.
DR Liquidity
1
Data as of June 29, 2014.
2
Amounts may not sum to total due to rounding.