Depository Receipt Roundtable: A reliable business in unreliable times

Depository receipts have proven to be a reliable business even in these volatile times. Indeed, trading on GDRs is actually up 87% this year, even though new issuance is dramatically down on 2007.
emeafinance gathered several of the top institutions from the cosy depository receipt market together to talk about how their businesses are faring, and found them in a relatively positive mood: headcounts are steady in their departments, revenues are also relatively steady, and even if the primary DR market is not that active, the outlook is good in 2009 for new issues from Russia, Sub-Saharan Africa, and the Middle East.
Other issues raised include: changes to SEC regulation for depository receipts, which looks set to provide a major boost to the GDR and ADR market; the rise of local listings in markets like Dubai and Moscow, and how much of a challenge that poses for the LSE’s dominance; and the extent to which the EMEA region is likely to be dragged down by the recession in western markets.