Insights

We’re proud to introduce The DR Doctor, a new Borg Capital Insights series designed to shed light on one of the most enduring and underappreciated instruments in global finance Depositary Receipts (DRs).

Since their creation in 1927, DRs have evolved from a simple settlement convenience into a powerful strategic tool that bridges markets, expands investor access, and enhances corporate visibility. In this first edition, we explore the foundations of the DR market and highlight why these instruments continue to play a pivotal role in global capital flows.

Inside the inaugural issue, readers will find:

- An overview of the main types of DRs and their global applications

- A snapshot of the current DR market, including key metrics and trends

- Insights into how issuers can use DRs to diversify their shareholder base and increase liquidity

- A look at the top institutional DR investors and leading investment centres worldwide

The DR Doctor is part of our ongoing commitment to provide clarity, data-driven insight, and practical guidance for issuers, investors, and partners navigating international capital markets.
📥 Visit our LinkedIn page to download the full first edition: https://www.linkedin.com/feed/update/urn:li:activity:7391442164049727488

BORG is proud to share the next instalment of our DR Doctor series, where we dive deeper into the mechanics behind the “DR Bridge” — the creation, cancellation, and dividend distribution processes that keep the global Depositary Receipt ecosystem running smoothly.
From program efficiency to investor confidence, understanding these flows is essential for issuers and market participants navigating today’s cross-border capital markets.
Whether you're an issuer, advisor, or investor, this edition breaks down how DRs are created and cancelled in response to market demand, and how dividends seamlessly make their way from the home market to U.S. investors in USD.
At Borg Capital Insights, our mission is to make DR markets more transparent, data-driven, and accessible.
🔍 Key themes in this edition:
• The DR lifecycle & the “DR Bridge”
• Issuance & cancellation mechanics
• Dividend distribution in a cross-border environment
• Why understanding these flows matters for strategy, liquidity & investor engagement

📥 Visit our LinkedIn page to download the full first edition: https://www.linkedin.com/posts/borg-capital-insights_the-dr-doctor-second-edition-the-dr-bridge-activity-7401207217049423872-Q9xV?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAes2AgB1_qPgP1-500uloa6yv0DvjObWSM

 The DR Doctor – Third Edition
Did you know your company’s shares may already be trading in the U.S. — without your involvement?
Many non-U.S. issuers have unsponsored Level 1 ADRs created by depositary banks under SEC Rule 12g3-2(b), often with limited control over disclosure, branding, or investor communication.
In the latest edition of The DR Doctor, we explain:
• The difference between unsponsored vs. sponsored Level 1 ADRs
• Why sponsorship is about control, governance, and credibility
• How issuers can regain ownership of their U.S. market presence
The takeaway:
If you have an unsponsored ADR, moving to a Sponsored Level 1 program can be a strategic upgrade, not just a technical change.
Visit our LinkedIn page to read the full article: https://www.linkedin.com/posts/borg-capital-insights_dr-doctor-3d-edition-level-1-adrs-activity-7414661234278506496-N20h?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAes2AgB1_qPgP1-500uloa6yv0DvjObWSM