Singapore Exchange (the SGX) is enhancing its suite of American Depositary Receipts (ADRs) by adding new companies from other Asian countries, and partnering with a second depositary bank.
Initially, the new ADRs to be added are from Focus Media Holdings (China), JA Solar (China) and POSCO (Korea). They will trade on SGX GlobalQuote from this quarter, alongside 19 other ADR programmes from Chinese companies which started trading in Asia on GlobalQuote in October 2010.
The SGX also announced that Citigroup will also be introducing ADRs, joining The Bank of New York Mellon, which was the depositary for the initial batch of these securities. Since the launch of ADR trading by the SGX, GlobalQuote has achieved total turnover of S$3.4 billion.