American depositary receipt
A security issued by a US bank against the shares of a foreign company and traded on the American market.
How to read the number
It lets an investor buy a foreign business in dollars under local settlement rules: the dividend rights are the same, but they arrive through an intermediary.
When the metric lies
The depositary charges its own fee and withholds tax at source; if settlement is suspended the receipt detaches from the underlying share and starts pricing on its own.
Also known as: adr