Adr & gdr
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This document discusses depository receipts, which are negotiable financial instruments that allow foreign companies to have their shares traded on domestic stock exchanges. There are three main types: global depository receipts (GDRs), American depository receipts (ADRs), and international depository receipts (IDRs). GDRs are issued and traded internationally, while ADRs represent shares of a foreign company traded on US exchanges. ADRs can be sponsored directly by the foreign issuer or unsponsored in response to investor demand. They are classified by level depending on costs and disclosure requirements, from Level I with the least regulations to Level III allowing capital raising. Overall, depository receipts provide benefits to both investors and issu
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Depository receipts
A depository receipt (DR) represents shares of a foreign company that are held in trust by a local custodian bank and traded on a local stock exchange. There are several types of DRs including American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and Indian Depository Receipts (IDRs). DRs allow foreign companies to raise capital and list their shares indirectly on foreign exchanges to avoid stringent listing requirements.
ADR GDR IDR
Depository receipts represent ownership of shares in a foreign company that are held in trust by a domestic bank. There are three main types: American Depository Receipts (ADRs), which are issued and traded in the US; Global Depository Receipts (GDRs), which are issued and traded elsewhere; and Indian Depository Receipts (IDRs), which allow foreign companies to raise capital from the Indian market. ADRs/GDRs provide foreign companies access to international investors and capital markets. There are different levels of ADRs with increasing regulatory requirements associated with higher levels that provide greater visibility and trading opportunities in US markets. IDRs similarly allow Indian investors to invest in foreign companies.
ADR and GDR
This document provides an overview of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). It defines ADRs and GDRs, describes the process for issuing them, and outlines their key advantages. It also differentiates between types of ADRs/GDRs, levels of ADR programs, and provides examples of Indian companies that have issued ADRs and GDRs.
Global depository receipts
Depositary receipts (DRs) like American depositary receipts (ADRs) and global depositary receipts (GDRs) allow foreign companies to list shares on an exchange outside their home country. ADRs trade on US exchanges and represent ownership of shares in a foreign company, while GDRs trade internationally. DRs offer benefits to both companies raising capital abroad and international investors, including exposure to foreign markets in familiar terms. Companies issuing DRs must comply with regulations of the foreign market and designate depositary banks and custodians to facilitate the issuance and trading of the receipts.
ADR GDR
American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) allow Indian companies to raise capital abroad. ADRs/GDRs are issued by a depository bank on behalf of an Indian company, representing the company's local rupee shares held on deposit. Investors can purchase ADRs/GDRs, which trade on foreign exchanges. The Reserve Bank of India regulates their issuance and sets pricing guidelines. ADRs/GDRs provide benefits like reduced costs and access to foreign markets for Indian firms.
Adr and-gdr
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.
American depository receipt
Depository receipts like ADRs, GDRs, and IDRs represent shares of an Indian company trading on a foreign stock exchange, allowing them to raise capital overseas. ADRs are certificates issued by a US bank that represent a specific number of foreign shares deposited with the bank or another financial institution. ADRs trade on US exchanges like the NYSE and NASDAQ and pay dividends in US dollars. There are three levels of ADRs with Level 3 being the most prestigious as it involves a public offering on a US exchange, allowing companies to raise capital and visibility in the US markets.
Depository receipts- ADR and GDR covered in this ppt
The document discusses depositary receipts, which allow foreign companies to have their shares traded on domestic exchanges. A depositary receipt is issued by a bank and represents shares of a foreign company that are held in custody overseas. There are two main types: American Depository Receipts (ADRs), which trade on US exchanges, and Global Depository Receipts (GDRs), which trade internationally. The document then provides details on the meaning and features of ADRs and GDRs, where they are listed, and which banks commonly issue them.
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Depository receipts
A depository receipt (DR) represents shares of a foreign company that are held in trust by a local custodian bank and traded on a local stock exchange. There are several types of DRs including American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and Indian Depository Receipts (IDRs). DRs allow foreign companies to raise capital and list their shares indirectly on foreign exchanges to avoid stringent listing requirements.
ADR GDR IDR
Depository receipts represent ownership of shares in a foreign company that are held in trust by a domestic bank. There are three main types: American Depository Receipts (ADRs), which are issued and traded in the US; Global Depository Receipts (GDRs), which are issued and traded elsewhere; and Indian Depository Receipts (IDRs), which allow foreign companies to raise capital from the Indian market. ADRs/GDRs provide foreign companies access to international investors and capital markets. There are different levels of ADRs with increasing regulatory requirements associated with higher levels that provide greater visibility and trading opportunities in US markets. IDRs similarly allow Indian investors to invest in foreign companies.
ADR and GDR
This document provides an overview of American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). It defines ADRs and GDRs, describes the process for issuing them, and outlines their key advantages. It also differentiates between types of ADRs/GDRs, levels of ADR programs, and provides examples of Indian companies that have issued ADRs and GDRs.
Global depository receipts
Depositary receipts (DRs) like American depositary receipts (ADRs) and global depositary receipts (GDRs) allow foreign companies to list shares on an exchange outside their home country. ADRs trade on US exchanges and represent ownership of shares in a foreign company, while GDRs trade internationally. DRs offer benefits to both companies raising capital abroad and international investors, including exposure to foreign markets in familiar terms. Companies issuing DRs must comply with regulations of the foreign market and designate depositary banks and custodians to facilitate the issuance and trading of the receipts.
ADR GDR
American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) allow Indian companies to raise capital abroad. ADRs/GDRs are issued by a depository bank on behalf of an Indian company, representing the company's local rupee shares held on deposit. Investors can purchase ADRs/GDRs, which trade on foreign exchanges. The Reserve Bank of India regulates their issuance and sets pricing guidelines. ADRs/GDRs provide benefits like reduced costs and access to foreign markets for Indian firms.
Adr and-gdr
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.
American depository receipt
Depository receipts like ADRs, GDRs, and IDRs represent shares of an Indian company trading on a foreign stock exchange, allowing them to raise capital overseas. ADRs are certificates issued by a US bank that represent a specific number of foreign shares deposited with the bank or another financial institution. ADRs trade on US exchanges like the NYSE and NASDAQ and pay dividends in US dollars. There are three levels of ADRs with Level 3 being the most prestigious as it involves a public offering on a US exchange, allowing companies to raise capital and visibility in the US markets.
Depository receipts- ADR and GDR covered in this ppt
The document discusses depositary receipts, which allow foreign companies to have their shares traded on domestic exchanges. A depositary receipt is issued by a bank and represents shares of a foreign company that are held in custody overseas. There are two main types: American Depository Receipts (ADRs), which trade on US exchanges, and Global Depository Receipts (GDRs), which trade internationally. The document then provides details on the meaning and features of ADRs and GDRs, where they are listed, and which banks commonly issue them.
Global depository receipt (gdr)
Global Depository Receipts (GDRs) allow foreign companies to list shares on an exchange outside of their home country market. A GDR is a certificate issued by a depository bank that purchases shares of a foreign company and deposits them in an account. GDRs represent ownership of underlying company shares and are traded independently, with 1 GDR often equal to 10 company shares. GDRs provide companies access to overseas capital markets, while giving investors opportunities for diversification and transparency through investments in foreign firms on familiar exchanges.
American depository receipts
Depository receipts represent shares of a foreign company that are held in domestic custody on the foreign company's behalf. They allow investors to trade foreign securities on a domestic exchange. There are two main types: American Depository Receipts (ADRs), which are traded on U.S. markets, and Global Depository Receipts (GDRs), which are traded elsewhere. ADRs introduce foreign companies to American investors by allowing trading of the foreign company's shares on U.S. exchanges in dollar denominations. They exist in sponsored and unsponsored forms at three levels of increasing regulation and information disclosure.
Depository Receipts
American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and Foreign Currency Convertible Bonds (FCCBs) allow Indian companies to raise capital from foreign markets. ADRs/GDRs represent shares of an Indian company trading on a foreign stock exchange. FCCBs are bonds issued in foreign currency that are convertible into shares. Key benefits include increased visibility, flexibility to list abroad, and diversifying investor base. Key risks include currency exchange rate fluctuations and lack of familiarity with foreign markets. Regulatory approvals from SEBI, RBI, and relevant foreign authorities are required for issuing these instruments.
Indian depository receipt(IDR)
Indian Depository Receipts (IDRs) allow foreign companies to raise capital from Indian investors in their home market. IDRs are issued by a domestic depository and represent underlying shares of the foreign company held in custody by an overseas custodian. Key features include being listed and traded on Indian stock exchanges, providing exposure to foreign stocks for Indian investors within the Indian regulatory framework, and allowing investors rights equivalent to shareholders such as voting and dividends. However, currency risk and lack of attendance at shareholder meetings are limitations of IDRs. Strict eligibility criteria, approvals, and disclosure guidelines regulate the issuance of IDRs in India.
American depository receipts
American Depository Receipts (ADRs) allow foreign companies to have their stock traded on American exchanges. ADRs represent ownership of shares in a foreign company and pay dividends in US dollars. They were introduced in 1927 to make it easier for American investors to buy shares of foreign companies without dealing with foreign market complexities like different currencies and trading times. ADRs are traded on major US exchanges like the NYSE and NASDAQ.
Euro Bonds
A Eurobond is a bond issued and traded outside the country whose currency it is denominated in, and outside the regulations of a single country. Eurobonds are usually issued by non-European entities for sale in Europe. They have standardized rules regarding trading, payments, listing, and taxation. Eurobonds provide advantages like considerable market capacity, diversifying borrowing sources, and access to broad investor bases for issuers. Pakistan has issued several Eurobonds since 2004 to raise capital from international markets.
Global Depository Receipt
This document discusses Global Depository Receipts (GDRs). It defines a GDR as a depository receipt that represents ownership of shares in a non-US company and trades on an exchange outside of the US, such as in London or Luxembourg. The document outlines the process for companies to issue GDRs and lists several major Indian companies that have done so, such as Infosys, Dr. Reddy's, and HDFC Bank. It also details requirements for GDR listings, such as a minimum market capitalization of £700,000. Finally, the summary discusses advantages that GDRs provide for both investors and issuers, such as improved access to foreign markets and increased capital for companies.
Indian Derivatives Market
Derivative is a contract or a product whose value is derived from value of some other asset known as underlying.
depository receipts
This presentation discusses depository receipts, which allow investors to hold shares in foreign companies. There are three main types: American Depository Receipts (ADR), which trade on US exchanges; Global Depository Receipts (GDR), which trade on European exchanges; and Indian Depository Receipts (IDR), which trade on Indian exchanges. The presentation provides details on the process for issuing and trading depository receipts and lists several major Indian companies that have ADRs and/or GDRs. It explains that IDRs provide benefits like increased access to capital and global visibility for companies while allowing foreign companies opportunities to raise funds for Indian business needs.
Mutual funds
Mutual funds provide a way for investors to achieve diversification and professional management of their investments. They pool money from individual investors and invest it in a variety of securities like stocks, bonds and money market instruments. This allows even small investors to hold a diversified portfolio. Mutual funds offer various advantages like liquidity, convenience and transparency. However, they also charge fees and expenses and do not allow as much control over investments as direct investing. There are different types of mutual funds categorized by whether they invest in stocks, bonds or money market instruments as well as by their investment objectives like growth, income or capital preservation.
Fccb
FCCB stands for Foreign Currency Convertible Bond, which is a bond issued by a country in a foreign currency. It acts as both a debt and equity instrument as the bondholder has the option to convert the bond into the company's equity shares. Many Indian companies issued FCCBs from 2004 to 2007 but are now struggling as the equity markets are lower than expected and most bonds have not been converted. Companies need to repay an estimated Rs. 33,000 crore but may seek to restructure terms, reset conversion prices, or utilize unused portions to emerge from the current crisis over maturing FCCBs.
Adr’s, gdr’s & fdi ppt
American Depository Receipts (ADRs) allow investors to hold shares of foreign companies that trade on U.S. stock exchanges, providing benefits of diversification and access to emerging markets. ADRs are issued by depository banks and represent ownership in the shares of the foreign company that are held in trust by the depository bank in the company's home country. There are different levels of ADR programs with varying reporting requirements depending on whether the shares trade over-the-counter or on major stock exchanges.
Asset securitization
Securitization is the process of converting future cash flows from assets into marketable securities that can be sold to investors. An originator transfers a pool of financial assets like loans or receivables to a special purpose vehicle (SPV). The SPV issues securities called pass-through certificates or pay-through certificates to investors to fund the purchase. Investors receive periodic payments from the cash flows generated by the underlying assets. This allows the originator to raise funds and transfer assets off its balance sheet.
Investment Securities. alternatives & attributes
This document discusses investment alternatives and their attributes. It describes direct and indirect investing. Direct investing includes non-marketable assets like savings deposits and money market securities like T-bills. Capital market securities include fixed income bonds and equity securities like stocks. Indirect investing is through investment companies like mutual funds. The document also discusses different types of stocks and attributes investors should consider like risk, return, marketability and taxes to evaluate investments.
EXTERNAL COMMERCIAL BORROWINGS
ECB is basically a loan availed by an Indian entity from a nonresident lender
Most of these loans are provided by foreign commercial banks and other institutions
It refers to commercial loans availed from non-resident lenders with a minimum average maturity of 3 years
An external commercial borrowing (ECB) is an instrument used in India to facilitate Indian companies to raise money outside the country in foreign currency. The government of India permits Indian corporates to raise money via ECB for expansion of existing capacity as well as for fresh investments.
American Depository Receipts
ADR is a stock that trades in stock exchanges in the United States. It is a dollar denominated form of equity ownership in a non-US company.
Fccb Ppt
this presentation is about foreign currency convertible bonds about how they are issued and recnt articles
Derivatives - Basics of Derivatives contract covered in this ppt
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Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
International financial market & instruments module 3
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ADR & GDR ::complete Introduction & Information
This document provides an overview of American Depository Receipts (ADR) and Global Depository Receipts (GDR). It defines ADRs and GDRs, describes their key features and differences. ADRs represent shares of a foreign company trading on American markets, allowing US investors to purchase shares in non-US companies. GDRs represent shares of a foreign company trading globally. The document outlines the types and levels of ADRs and GDRs, and provides examples of major Indian companies that issue ADRs and GDRs to access international capital markets.
Adrgdrfinal
Depositary receipts (DRs) represent ownership of shares in a foreign company that are held in custody in the issuer's home market. DRs allow domestic investors to purchase securities of a foreign company without dealing directly in cross-border transactions. There are several types of DRs including American depositary receipts (ADRs) and global depositary receipts (GDRs). ADRs trade on US exchanges and pay dividends in US dollars, while GDRs may trade on exchanges outside the US. DRs involve multiple parties including the issuer company, depositary banks, custodian banks, underwriters, and legal and accounting advisors.
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Global depository receipt (gdr)
Global Depository Receipts (GDRs) allow foreign companies to list shares on an exchange outside of their home country market. A GDR is a certificate issued by a depository bank that purchases shares of a foreign company and deposits them in an account. GDRs represent ownership of underlying company shares and are traded independently, with 1 GDR often equal to 10 company shares. GDRs provide companies access to overseas capital markets, while giving investors opportunities for diversification and transparency through investments in foreign firms on familiar exchanges.
American depository receipts
Depository receipts represent shares of a foreign company that are held in domestic custody on the foreign company's behalf. They allow investors to trade foreign securities on a domestic exchange. There are two main types: American Depository Receipts (ADRs), which are traded on U.S. markets, and Global Depository Receipts (GDRs), which are traded elsewhere. ADRs introduce foreign companies to American investors by allowing trading of the foreign company's shares on U.S. exchanges in dollar denominations. They exist in sponsored and unsponsored forms at three levels of increasing regulation and information disclosure.
Depository Receipts
American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and Foreign Currency Convertible Bonds (FCCBs) allow Indian companies to raise capital from foreign markets. ADRs/GDRs represent shares of an Indian company trading on a foreign stock exchange. FCCBs are bonds issued in foreign currency that are convertible into shares. Key benefits include increased visibility, flexibility to list abroad, and diversifying investor base. Key risks include currency exchange rate fluctuations and lack of familiarity with foreign markets. Regulatory approvals from SEBI, RBI, and relevant foreign authorities are required for issuing these instruments.
Indian depository receipt(IDR)
Indian Depository Receipts (IDRs) allow foreign companies to raise capital from Indian investors in their home market. IDRs are issued by a domestic depository and represent underlying shares of the foreign company held in custody by an overseas custodian. Key features include being listed and traded on Indian stock exchanges, providing exposure to foreign stocks for Indian investors within the Indian regulatory framework, and allowing investors rights equivalent to shareholders such as voting and dividends. However, currency risk and lack of attendance at shareholder meetings are limitations of IDRs. Strict eligibility criteria, approvals, and disclosure guidelines regulate the issuance of IDRs in India.
American depository receipts
American Depository Receipts (ADRs) allow foreign companies to have their stock traded on American exchanges. ADRs represent ownership of shares in a foreign company and pay dividends in US dollars. They were introduced in 1927 to make it easier for American investors to buy shares of foreign companies without dealing with foreign market complexities like different currencies and trading times. ADRs are traded on major US exchanges like the NYSE and NASDAQ.
Euro Bonds
A Eurobond is a bond issued and traded outside the country whose currency it is denominated in, and outside the regulations of a single country. Eurobonds are usually issued by non-European entities for sale in Europe. They have standardized rules regarding trading, payments, listing, and taxation. Eurobonds provide advantages like considerable market capacity, diversifying borrowing sources, and access to broad investor bases for issuers. Pakistan has issued several Eurobonds since 2004 to raise capital from international markets.
Global Depository Receipt
This document discusses Global Depository Receipts (GDRs). It defines a GDR as a depository receipt that represents ownership of shares in a non-US company and trades on an exchange outside of the US, such as in London or Luxembourg. The document outlines the process for companies to issue GDRs and lists several major Indian companies that have done so, such as Infosys, Dr. Reddy's, and HDFC Bank. It also details requirements for GDR listings, such as a minimum market capitalization of £700,000. Finally, the summary discusses advantages that GDRs provide for both investors and issuers, such as improved access to foreign markets and increased capital for companies.
Indian Derivatives Market
Derivative is a contract or a product whose value is derived from value of some other asset known as underlying.
depository receipts
This presentation discusses depository receipts, which allow investors to hold shares in foreign companies. There are three main types: American Depository Receipts (ADR), which trade on US exchanges; Global Depository Receipts (GDR), which trade on European exchanges; and Indian Depository Receipts (IDR), which trade on Indian exchanges. The presentation provides details on the process for issuing and trading depository receipts and lists several major Indian companies that have ADRs and/or GDRs. It explains that IDRs provide benefits like increased access to capital and global visibility for companies while allowing foreign companies opportunities to raise funds for Indian business needs.
Mutual funds
Mutual funds provide a way for investors to achieve diversification and professional management of their investments. They pool money from individual investors and invest it in a variety of securities like stocks, bonds and money market instruments. This allows even small investors to hold a diversified portfolio. Mutual funds offer various advantages like liquidity, convenience and transparency. However, they also charge fees and expenses and do not allow as much control over investments as direct investing. There are different types of mutual funds categorized by whether they invest in stocks, bonds or money market instruments as well as by their investment objectives like growth, income or capital preservation.
Fccb
FCCB stands for Foreign Currency Convertible Bond, which is a bond issued by a country in a foreign currency. It acts as both a debt and equity instrument as the bondholder has the option to convert the bond into the company's equity shares. Many Indian companies issued FCCBs from 2004 to 2007 but are now struggling as the equity markets are lower than expected and most bonds have not been converted. Companies need to repay an estimated Rs. 33,000 crore but may seek to restructure terms, reset conversion prices, or utilize unused portions to emerge from the current crisis over maturing FCCBs.
Adr’s, gdr’s & fdi ppt
American Depository Receipts (ADRs) allow investors to hold shares of foreign companies that trade on U.S. stock exchanges, providing benefits of diversification and access to emerging markets. ADRs are issued by depository banks and represent ownership in the shares of the foreign company that are held in trust by the depository bank in the company's home country. There are different levels of ADR programs with varying reporting requirements depending on whether the shares trade over-the-counter or on major stock exchanges.
Asset securitization
Securitization is the process of converting future cash flows from assets into marketable securities that can be sold to investors. An originator transfers a pool of financial assets like loans or receivables to a special purpose vehicle (SPV). The SPV issues securities called pass-through certificates or pay-through certificates to investors to fund the purchase. Investors receive periodic payments from the cash flows generated by the underlying assets. This allows the originator to raise funds and transfer assets off its balance sheet.
Investment Securities. alternatives & attributes
This document discusses investment alternatives and their attributes. It describes direct and indirect investing. Direct investing includes non-marketable assets like savings deposits and money market securities like T-bills. Capital market securities include fixed income bonds and equity securities like stocks. Indirect investing is through investment companies like mutual funds. The document also discusses different types of stocks and attributes investors should consider like risk, return, marketability and taxes to evaluate investments.
EXTERNAL COMMERCIAL BORROWINGS
ECB is basically a loan availed by an Indian entity from a nonresident lender
Most of these loans are provided by foreign commercial banks and other institutions
It refers to commercial loans availed from non-resident lenders with a minimum average maturity of 3 years
An external commercial borrowing (ECB) is an instrument used in India to facilitate Indian companies to raise money outside the country in foreign currency. The government of India permits Indian corporates to raise money via ECB for expansion of existing capacity as well as for fresh investments.
American Depository Receipts
ADR is a stock that trades in stock exchanges in the United States. It is a dollar denominated form of equity ownership in a non-US company.
Fccb Ppt
this presentation is about foreign currency convertible bonds about how they are issued and recnt articles
Derivatives - Basics of Derivatives contract covered in this ppt
Derivatives - Basics of Derivatives including forward, futures, swap and options contracts which covers HISTORY OF DERIVATIVES, CHARACTERISTICS OF DERIVATIVES , FEATURES OF DERIVATIVES, FUNCTIONS OF DERIVATIVES MARKET, USES OF DERIVATIVES, DIFFERENCE BETWEEN SHARES AND DERIVATIVES SHARES DERIVATIVES, DEFINITION OF UNDERLYING ASSET, DERIVATIVES ADVANTAGES AND DISADVANTAGES, PARTICIPANTS/ TRADERS IN DERIVATIVES MARKET, SPECULATORS, ARBITRAGEURS, HEDGER
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
International financial market & instruments module 3
This document provides an overview of international financial markets. It discusses how financial markets facilitate the transfer of funds across borders between lenders and borrowers in different countries. The key segments of international financial markets include international bond markets, equity markets, money markets, credit markets, and foreign exchange markets. Different types of international bonds are described such as foreign bonds, eurobonds, and global bonds. The document also outlines various money market instruments like euro notes, commercial paper, and certificates of deposit.
Speculators - Meaning, Types, Speculative Transactions, Advantages and Limita...
This document discusses speculation and speculators. It defines speculation as attempting to profit from anticipated price movements rather than long-term investment. There are four types of speculators: bulls anticipate price rises; bears anticipate declines; stags cautiously invest in new issues; lame ducks struggle when unable to meet commitments. Speculative transactions include options, margin trading, arbitrage, wash sales, and cornering/rigging markets. Speculation provides liquidity and risk-bearing but can also cause bubbles and volatility.
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International financial market & instruments module 3
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ADR & GDR ::complete Introduction & Information
This document provides an overview of American Depository Receipts (ADR) and Global Depository Receipts (GDR). It defines ADRs and GDRs, describes their key features and differences. ADRs represent shares of a foreign company trading on American markets, allowing US investors to purchase shares in non-US companies. GDRs represent shares of a foreign company trading globally. The document outlines the types and levels of ADRs and GDRs, and provides examples of major Indian companies that issue ADRs and GDRs to access international capital markets.
Adrgdrfinal
Depositary receipts (DRs) represent ownership of shares in a foreign company that are held in custody in the issuer's home market. DRs allow domestic investors to purchase securities of a foreign company without dealing directly in cross-border transactions. There are several types of DRs including American depositary receipts (ADRs) and global depositary receipts (GDRs). ADRs trade on US exchanges and pay dividends in US dollars, while GDRs may trade on exchanges outside the US. DRs involve multiple parties including the issuer company, depositary banks, custodian banks, underwriters, and legal and accounting advisors.
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The document discusses various international financing options for companies, including equity capital and debt capital. It describes equity capital options such as depository receipts (DRs), which allow foreign companies to list shares on a domestic exchange. It distinguishes between sponsored DRs, which companies actively participate in, and unsponsored DRs, issued without company agreement. Debt capital options discussed include eurobonds, bonds denominated in non-domestic currency, and foreign bonds, bonds issued by foreign companies denominated in the local currency.
Ifm tp
American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) allow investors to invest in foreign companies. ADRs represent shares of a foreign company trading on a U.S. exchange, while GDRs represent shares trading on exchanges outside the U.S. Both are negotiable certificates issued by a bank that represent ownership of shares deposited in a foreign company. ADRs and GDRs make it easier for investors to purchase foreign companies, avoid costs and taxes associated with cross-border transactions, and provide liquidity as they trade independently of the underlying shares. However, ADRs and GDRs also expose investors to currency risk as their value fluctuates with exchange rates.
Money market instruments
This document discusses various money market instruments in India. It describes short term government securities, money market transactions between banks including call money and repos, treasury bills issued by the government for maturities up to 1 year, certificates of deposit which are negotiable time deposits offered by banks, commercial bills which are short term negotiable instruments used in trade financing, commercial paper which are short term debt instruments issued by large corporations, and repurchase agreements which are short term collateralized loans of securities between parties. These instruments allow for raising and parking of short term surplus funds between financial institutions and corporations.
Cb123 basic ppt ch18
This document provides an overview of securities markets, including distinguishing between primary and secondary markets, describing major types of securities like money market instruments, bonds, and common/preferred stocks. It also discusses investors' objectives, major stock exchanges, how to buy and sell securities, stock indexes, mutual funds and ETFs, and regulations governing securities trading.
Lloyd Bancaire Securitization
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This document provides an overview of financial markets and institutions. It discusses the key constituents and functions of financial markets including money markets, capital markets, primary markets, secondary markets, and various financial instruments. Some of the key points covered include the roles of financial markets in savings mobilization, investment, and economic growth. It also discusses various market segments like equity markets, debt markets, and money markets. The document provides details on various financial institutions and markets in India as well as the regulatory framework and recent developments in the Indian capital markets.
Infrastructure projects - Financing Trends
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1) Infrastructure projects require large capital costs, have long gestation periods, high leverage ratios, and financing comes from multiple sources like banks, capital markets, and development agencies.
2) There are various models for private participation like BOT, BOOT, and DBFO that involve contracting authorities, project companies, lenders, and other parties.
3) Key challenges in project financing include complex security and legal documentation, monitoring cash flows and security, and resolving inter-creditor issues. Credit enhancements like guarantees and reserve accounts can help with early financial closure.
IFS.pptx
The document discusses different types of financial markets and money market instruments. It describes capital markets as having equity and debt markets. The money market deals in short-term debt instruments like commercial paper, certificates of deposit, and Treasury bills. Commercial paper is an unsecured promissory note issued by firms to raise short-term funds. It has advantages like liquidity and lower costs than loans, but can only be issued by financially sound companies. Certificates of deposit are bank-issued promissory notes that offer higher interest than savings accounts. Treasury bills are government-issued money market instruments that help manage short-term liquidity and are issued at a discount to face value with maturities from 14 to 364 days.
417Chapter 03
This document discusses global investment options including:
1) Money market securities like T-bills that are very liquid but low return.
2) Fixed income investments like Treasury securities, municipal bonds, corporate bonds that provide regular interest payments but carry various credit risks.
3) International bonds have additional risks from exchange rate fluctuations.
4) Preferred stock provides regular dividends but dividends are not legally guaranteed like bond interest.
depository recepit
American Depositary Receipts (ADRs) were introduced in 1927 as a way for US investors to easily invest in foreign companies without having to deal with cross-border transactions. An ADR represents ownership of shares in a non-US company that are held in custody by a US bank. The bank bundles the foreign company's shares and reissues them as ADRs that trade on US stock exchanges. ADRs make foreign stocks liquid and allow investors to trade them similarly to US stocks. They provide exposure to foreign markets in a familiar way for US investors.
International Financial market
The document discusses various international financial markets. It begins by providing context that the US financial market historically dominated but its relative importance has declined with the rise of other countries from the 1970s onward. It then describes the international money market, with the eurocurrency market at its core. Eurocurrencies are deposits of money in international banks outside the currency's home country. London has traditionally been a major eurocurrency center. The document also discusses eurocurrency loans, international bond markets including eurobonds and foreign bonds, and international equity markets where companies can issue shares. It provides details on instruments like GDRs, ADRs, and lists some major Indian companies that have issued such instruments. Finally, it outlines other sources of foreign currency
ADR and GDR : corporate financing
The document discusses various types of depository receipts (DRs) such as American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). It explains that a DR allows investors to hold shares of foreign companies that trade on a local exchange. The document outlines the key parties involved in issuing DRs, including the issuer, depository, custodian bank and underwriters. It also describes the approval process for issuing DRs and the ongoing roles and responsibilities of each party.
Fixed Income Securities, Market, Issuance, Trading and Funding
1. Fixed income securities are classified based on various factors such as issuer, credit quality, maturity, currency, coupon type, and geography.
2. Bonds are traded in both primary and secondary markets. In the primary market, bonds are issued through various mechanisms such as underwritten offerings, best efforts offerings, auctions, and private placements. In the secondary market, bonds are traded over-the-counter or on exchanges.
3. There are various types of fixed income securities including sovereign bonds, non-sovereign government bonds, corporate bonds, and structured finance instruments. These bonds have different characteristics depending on the issuer and structure.
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Adr & gdr
- 2. Depository Receipts • Negotiable Financial Instrument issued by bank to represent a foreign company’s publicly traded securities. • Traded on Stock Exchanges in the US, Singapore , London and Luxemburg etc. • Types of DR i. GDR ii. ADR iii. IDR
- 3. GDR-Global Depositary Receipt • GDR is a certificate issued by a depository bank, which purchases shares of foreign company. • Shares trade as domestic shares. • Listed and traded in the stock exchange. • GDRs are liquid because they are based on demand and supply which is regulated by creating or cancelling shares.
- 5. Advantage provided by GDR Investor’s advantage • Helps investors to invest in foreign companies • Emerging market economies • Improves relationships with share holders globally • More transparency and stability
- 6. Issuer’s advantage • Attracts foreign investors • Exposure in international market • Rise in capital
- 7. ADR- American Depository Receipts • Introduced by JPMorgan in 1927 • A negotiable certificate issued by a U.S bank • Represents a specified number of shares of a foreign company • ADRs are denominated in U.S dollars.
- 8. Types of ADR Unsponsored : • Created in response of investors, brokers, dealers and depository • Traded on the Over the counter market Sponsored : • Initiated by issuer • Agreement between Issuer and Depository • Through Depository ADR holders can exercise voting rights
- 9. a) Level -I • Least expensive • Capital raising is not permitted b) Level –II • More expensive • listed on National exchange of US c) Level –III • Most expensive • Capital can be raised through Public offering
- 10. Private Placement( Rule 144A) • Capital can be raised by placing depository receipts with large institutional investors • Known as a restricted ADRS. • Sale is made to only QIBs.
- 11. ADR vs GDR ADR • Centre- NYSE • Disclosure- Requires comprehensive disclosure • GAAP- Company accounts must reconciled to US GAAP • Cost- Comparatively higher • Retail- US retail market can be accessed • Liability – Legal Liability is more. GDR • LSE • Only detailed information required • Satisfied with statement of difference between the A/ c standards • Comparatively lower • Only Qualified Institutional Buyers allowed in US • Comparatively less than ADR