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Since then, DRs have spread to other parts of the globe in the form of
global depositary receipts (GDRs) (the other most common type of DR),
European DRs and international DRs. ADRs are typically traded on a U.S.
national stock exchange, such as the New York Stock Exchange (NYSE) or
the American Stock Exchange, while GDRs are commonly listed on
European stock exchanges such as the London Stock Exchange. Both
ADRs and GDRs are usually denominated in U.S. dollars, but can also be
denominated in euros.
Prices of GDRs are often close to values of related shares, but they are
traded & settled independently of the underlying share.
Conclusion
Giving you the opportunity to add the benefits of foreign investment while
bypassing the unnecessary risks of investing outside your own borders,
you may want to consider adding these securities to your portfolio. As
with any security, however, investing in ADRs requires an understanding
of why they are used, and how they are issued and traded.