American Depositary Receipts
Negotiable certificates that represent a non-U.S. company's publicly traded equity or debt. Depositary Receipts are legal, US. Securities that trade freely on a major exchange or in the over the counter (OTC) market in U.S. Dollars, pay dividends or interest in dollars, and settle, clear and transfer according to standard U.S. practices.
The Depositary Receipt evidences the home market security which trades in a foreign country and it is custodised with a local bank, called the custodian.