ORDs and Transaction Costs in C#.NET

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ORDs and Transaction Costs
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As described above, institutional brokerage firms mark up the cost for purchasing ORDs before selling them to local brokers The markup typically ranges from 25 to 50 basis points (025 to 050 percent) That is a negligible number over time, assuming you are willing to be a long-term owner of international stocks And if you are a value investor, by definition, you are an owner, not a trader It is a different (and more expensive) story, however, if you are a trader who constantly buys and sells stocks in search of quick profits Those with short time horizons find that transaction costs add up quickly overseas, and most traders are better off dealing with a broker who has offices in the company s home country
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DEPOSITARY RECEIPTS
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Many investors don t like the hassle of going through the process of purchasing foreign ORDs, especially if it s only a small part of their portfolio Ever alert to the possibility of doing more business, banks came up with the idea of making overseas share ownership as transparent and easy as owning local shares for a fee, of course They developed a security based on the duck principle If it quacks like a duck, looks like a duck, and walks like a duck, it must be a duck These securities are known as depositary receipts and are designed to allow US shareholders, for example, to own the equivalent of overseas ORDs, but without the hassle As we ll see, like ducks, they come in different varieties So what is a depositary receipt In short, it s a security designed to make investing outside of one s home country easier There are two primary types: American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) As the names suggest, ADRs (pronounced by saying each letter, A-D-Rs) are designed for US-based investors seeking to purchase shares of non-US companies
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LEARNING TO THINK GLOBALLY
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GDRs are typically designed for investors outside the United States who seek to purchase shares outside their home country Although I ll spend much of this chapter focusing on ADRs, the concepts and logistics generally apply to GDRs also Let s revisit our example of a US investor interested in NTT Corporation As cited, purchasing NTT ORDs is one possibility Buying NTT ADRs is another Like any US stock, an ADR is purchased with US dollars, pays dividends in US dollars, and is often listed on US exchanges NTT ADRs could be purchased on the New York Stock Exchange (NYSE) One additional note: There are some non-US, multinational firms that list their shares directly on the New York Stock Exchange This bypasses the need for an ADR, as a US investor is actually buying the underlying stock on the NYSE, the same way he or she could for any domestic stock These companies have to abide by SEC standards and the NYSE rules as well as their own domestic regulations, so it s an expensive and time-consuming exercise for them Typically, the few companies that go this route are large multinationals that regularly seek access to the US capital markets or global companies with a significant US business presence (for example, Unilever or DaimlerChrysler)
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History of Depositary Receipts
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The first ADRs were introduced in the United States in 1927 when JP Morgan Bank issued receipts for the British retailer Selfridge Stores Prior to the 1980s, ADRs were primarily used by non-US companies to create stock-purchase plans for their US-based employees However, since the early 1980s, an increasing number of non-US companies have issued ADRs to raise capital At year-end 2002, there were more than 2100 depositary receipt programs in existence representing companies in more than 78 countries According to Gavin Anderson & Company, 40 percent of US foreign equity investment was held in ADRs in 2002, accounting for about 10 percent of all equity trading in the United States As shown in Exhibit 9-1, share volume for depositary receipts (including ADRs and GDRs) grew every year since 1997, reaching 321 billion in 2002 While the dollar volume of those trades declined in 2001 and 2002 (as illustrated in Exhibit 9-2), paralleling the pullback in equity prices around the world, depositary receipt trading activity still represents a significant portion of global equity transactions
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