Global depositary receipt
A receipt over the shares of a foreign issuer placed outside the United States, most often on European venues.
How to read the number
Historically the main way companies from emerging markets raised foreign capital without passing a US listing review.
When the metric lies
Converting a receipt back into the underlying share depends on the depositary's willingness and on both jurisdictions permitting it — not on the holder's wish alone.
Also known as: gdr