American Depository Receipt (ADR)

Certificate issued by a US bank for the common stock (ordinary shares) of a non-US corporation, held by the bank in a custodial-account. Denominated in US dollars, it is a negotiable-instrument and gives its holder the benefits and privileges of a stockholder. ADRs can be traded on the US stock exchanges (and in over-the-counter markets) just like the securities issued by the US corporations.