Foreign companies wishing to be traded in the U.S. Markets, most do so through ADRs (American Depositary Receipts). These are are negotiable instruments issued by a US bank and representing the shares that it has acquired in a foreign company listed on a non-US Market. There are three levels of ADR, depending on information disclosure requirements of the American regulator (Securities and Exchange Commission), with level 3 corresponding to full Listing.

(See Chapter 26 Value and corporate finance of the Vernimmen)

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