What are the benefits of ADRs to US investors?
U.S. investors may prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear, and settle according to U.S. market conventions. One of an ADRs’ top advantages is the facilitated diversification into foreign securities. ADRs also allow easy comparison to securities of similar companies as well as access to price and trading information.
How do I convert my ordinary shares into ADRs?
Converting ordinary shares into ADRs must be done through a broker, an investment advisor, or through Deutsche Bank Trust Company Americas.
How do I buy or sell Repsol ADRs?
You may buy or sell Repsol ADRs through your broker or through the depositary bank.
What is an ADR ratio?
This is the relation between the number of ADRs and the number of Repsol ordinary shares. One Repsol ADR represents one Repsol ordinary share, i.e. the ratio is 1:1.
Where are Repsol ADRs traded?
Repsol ADRs started trading on the OTCQX platform on March 4th, 2011. They are traded on the OTCQX International Premier market, the highest over-the-counter-market tier provided by OTC Markets Group, Inc. under the symbol “REPYY”. It can be accessed via the following link: http://www.otcqx.com.
What is the U.S. Over-the-Counter (OTC) market?
U.S. OTC trading in Level 1 ADRs is carried out by market makers using inter-dealer quotation services of OTC Markets (operated by OTC Markets). The website is: www.otcmarkets.com
Who is Repsol’s Depositary Bank for ADRs and what does it do?
Deutsche Bank Trust Company Americas (Deutsche Bank) is the depositary bank for Repsol ADRs. It plays a key role in issuance as well as cancellation of ADRs. It also maintains the ADR holder register, distributes the dividends in US dollars and facilitates the exercise by the ADR holders of their voting rights (if necessary).
What is the difference between a registered holder and a beneficial ADR holder?
A registered holder is one whose name appears on the books of the depositary bank. A beneficial holder is one whose holdings are registered in a name other than his or her own, such as the name of a broker, bank, or nominee.