American and global depositary receipt (DR) trading value topped $2 trillion for the first time ever, according to the Bank of New York Mellon.
As of September 30, 2007, year-to-date DR trading value reached $2.270 trillion, a 53% increase over the same period last year. The major U.S. stock exchanges the New York Stock Exchange, NASDAQ and the American Stock Exchange were the most active markets by a significant margin.
A record 53.1 billion U.S.-listed DRs, valued at $1.872 trillion, traded on U.S. exchanges during the first nine months of 2007. Compared with 38.7 billion DRs valued at $1.112 trillion during the first nine months of 2006, this years numbers represent increases of 37% in trading volume and 68% in trading value.
European-listed DR trading also showed strong growth. The London Stock Exchange reported $318 billion of DRs traded on the International Order Book, the primary trading platform for non-U.S. listed DRs. At the end of September, International Order Book trading value was 45% higher year-on-year.
Over-the-Counter, Rule 144A and other DR markets in the U.S. saw $75 billion of DR trading value during the first nine months of 2007, according to the Bank of New York Mellon’s estimates.
Continuing recent trends, DR programs from emerging market issuers were among the most active. During the first nine months of 2007, eight DR issuers saw more than $50 billion in trading, and six were from emerging markets.