An American depositary receipt (ADR) is a security issued in the United States that represents shares of a foreign stock, allowing that stock to be traded in the United States. Foreign companies use ADRs, which are issued in U.S. dollars, to expand the pool of potential U.S. investors. ADRs are available in two forms for a large and growing number of foreign companies: company sponsored, which are listed on an exchange, and unsponsored, which usually are held by the investment bank that makes a market in the ADR. Both forms are available to individual investors, but only company-sponsored issues are quoted daily in newspapers.

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