"Depositary Receipts play a crucial role in connecting issuers with global investors and enhancing liquidity across markets. The recent surge in international trading, up 53% year-over-year in Q2 2025, with a total dollar volume of $156.9 billion, underscores the growing demand for cross-border investment and the diversification of portfolios outside the U.S. These trends highlight the strategic value of DR programmes in unlocking global capital."

— Richard O’Connor, Senior Advisor, Former Head of Investor Relations at HSBC