BNY Mellon Retains Top Spot as World’s Largest Global Custodian

Promsvyazbank是俄罗斯最大的私人贷款人之一上个月宣布，它将在今年晚些时候通过在莫斯科和伦敦全球保存金收据上市股份来推出其首次公开发售，试图提高资本估计5亿美元。该银行是最新的最新公司，渴望挖掘蓬勃发展的保存收据的需求，这为投资者提供对外国股票的影响而不会产生不便 - 以及许多直接投资风险 - 以及直接投资的许多风险。

全球金融危机有助于刺激这个市场的增长。据纽约花旗保存人收据服务全球保存机收据服务负责人，投资者持有的投资者持有的GDR的价值总计约为7000亿美元 - 2008年的3600亿美元。像他们这样的发行人，因为他们提供了对潜在投资者的广阔宇宙的访问，也可以像他们这样的买家，因为“保存收据促进了非美国的多样化。”证券，“她说。

该过程很简单：全球存款银行由监护人（可以是独立实体或发行银行的独立实体或单独部门）的股份收入;在大多数情况下，一笔收据等于一个股票，以相关交易所的硬货币交易。纽约梅隆公司银行1号亚博赞助欧冠机构投资者ranking of the World’s Largest Global Custodians for a fifth consecutive year, is also the dominant player in the DR space. It is the depositary bank for more than 2,500 of the 3,500 DR programs that were operating in some 75 countries as of March. That figure includes sponsored programs — those initiated with the cooperation of the companies whose stocks back the receipts — and unsponsored, which are issued without company participation. (For more information about our annual survey of custodians, including firms ranked by gains in both dollar and percentage terms, please visit our website, institutionalinvestor.com.)

贸易额博士去年攀升至14％，达到1710亿美元，价值3.8万亿美元（2010年的3.4万亿美元），J.P. Morgan报告;大约56名发行人在2011年通过DRS筹集了超过150亿美元的资金。今年前六个月，根据BNY Mellon的存款收入中午市场审查，投资者达到了近800亿博士，价值为1.5万亿美元。在同一时期，11条交易通过IPO和二级产品提高了1250亿美元。

Although DR plans are garnering a lot of interest and attention these days, the concept is hardly new. J.P. Morgan created the first such offering in 1927 as a way for U.S. investors to buy into Selfridges & Co., a popular London-based retailer. British companies at that time were prohibited from registering their shares overseas unless they worked with a transfer agent located in the U.K., so the bank pioneered a way for equivalent instruments to trade on a U.S. exchange and clear, settle and pay dividends in dollars. Thus, the American depositary receipt was born. Dubbed an “access product,” it eliminated the very real burden of investors having to navigate foreign banking and legal systems, evolving financial infrastructures such as clearinghouses and stock exchanges, and complex tax codes.

即使现在，这些困难甚至可能是繁重的，在新兴和前沿市场，在那里发生了大部分目前的博士增长。

The so-called BRIC countries — Brazil, Russia, India and China — accounted for more than three quarters of the DRs offered via IPOs and some 70 percent of those furnished through follow-on deals last year, according to Christopher Kearns, New York–based deputy CEO of BNY Mellon Depositary Receipts. “That has shifted somewhat given the macroeconomic issues,” he says, but emphasizes that emerging markets still represent the biggest opportunity — and none more so than China.

The bank recently surveyed about 650 large issuers, 30 percent of which identified greater China as the primary focus of their efforts to reach new equity investors. “Many of these issues are done for broader strategic reasons, such as, ‘China is my biggest export market’ or ‘Maybe I need to better align myself with the government or regulators in China,’” he says.

香港证券交易所在2010年推出保存人收据，并迄今为止三家公司选择了纽约纽约奢侈品公司的主教练;SBI控股是总部位于日本的金融服务公司;和巴西的跨国矿业公司谷谷。J.P. Morgan是所有三个的存款银行。

在翻盖方 - 中国公司通过外国交流提供博士 - 互联网视频网站运营商Tudou Holdings是BNY Mellon的ADR指数上市的名称中最好的表演者，在今年上半年飙升2亚慱体育app05.3％。（8月份前竞争对手Youku收购了该公司;新实体名为Youku Tudou。）中国Sunergy是太阳能电池板的制造商，看到了第二高的增益;它的博士从1月至6月突破了超过118％。

前沿市场也提供承诺。去年祖阿曼bia’s Lusaka Stock Exchange became the first in Africa to list DRs, for First Quantum Minerals, a metals and mining outfit headquartered in Canada; BNY Mellon is the depository bank.

“撒哈拉以南非洲正在开放存放收据，”凯恩斯说。“它们遵循典型的DR模式：市场打开，它非常异国情调和毛茸茸。投资者很感兴趣，但不仅仅是求助的问题，就像确定如何获得公司行动一样。例如，如果他们投资肯尼亚，他们将不得不在符合他们要求的国家找到一个子类别。“因此，DRS使这些市场更可访问。

“We’re already reacting to early demand from more-adventurous institutional investors,” says Citi’s Lissemore. However, she cautions that some frontier markets are taking their time as they think through such issues as how to protect capital flows.

Dennis Bon, New York–based global head of J.P. Morgan’s depositary receipts business, says the trend is just beginning to take off. “We will see more and more issuers coming out of the frontier markets,” he predicts.

一个理由？流动性。在很多地方，“博士在市场之前就在那里，”肯纳斯说。“流动性引起流动性。”

DRS提供另一个优势：使发行人能够为祖国以外的员工提供非接种赔偿金。“这不仅仅是寻找投资者，”他补充道。“它挥手旗帜。”•