Depository receipt trading activity reached record levels in 2000, according to Timothy F. Kearney, managing director and head of the Bank of New Yorks ADR division. Both share-trading and dollar-trading volume on the NYSE, American Stock Exchange and Nasdaq exceeded a total of 29 billion shares, up 71% from 1999, with a combined value of $1.2 trillion, up 80% from 1999, he said.
Companies and governments from 32 countries raised a total of more than $29 billion in 2000, a 32% increase from 1999, through 115 depository receipt offerings on the U.S. and European markets. Telecommunications and technology companies raised the majority of the new capital.
Companies from the United Kingdom, Sweden and Finland had the greatest depository receipt trading volume in 2000. The five largest capital raisings in 2000 were China Unicom (Hong Kong) at $2.1 billion; Petrobras (Brazil), $2 billion; Telefonos de Mexico (Mexico), $1.7 billion; Serono (Switzerland), $1.5 billion; and Deutsche Telekom (Germany) at $1.4 billion.