An American Depositary Receipt (ADR) is a receipt issued by the US in a foreign company. A US investor wishing to invest in a foreign company may find it easier to buy ADRs than to buy the underlying shares directly. ADRs are priced in dollars and may be traded over the counter or on an exchange.
ICAP has a specialist desk in London offering a service in both straight execution and ADR crossbook swaps in Pan-European stocks.
