The document discusses American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). It provides details on: 1. ADRs represent ownership in non-U.S. company shares and trade in U.S. markets, while GDRs are certificates issued by a depository bank purchasing foreign company shares. 2. Both ADRs and GDRs provide benefits to issuers like attractive pricing and investors like diversification and reduced investment restrictions. 3. Key differences between ADRs and GDRs are their centers (NYSE vs LSE), disclosure and accounting standard requirements, costs, and types of investors allowed.