A depositary receipt (DR) is an instrument which indicates ownership of securities such as shares. The main use of a DR is to enable an investor to hold and deal in shares of a company which is located in a different country to the investor. Generally, the investor converts his shares into a DR by depositing the share certificates with a depository. The depositary then holds the share certificates until such time as the investor surrenders the DR. Any dividends paid on the shares during this time are paid to the investor by the depositary. The most common form of DRs are American depositary receipts (ADRs).

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