The Singapore Exchange (SGX) has broadened the range of American depository receipts (ADRs) offered on its GlobalQuote platform, with Citigroup joining the service as a depository bank.
SGX will add three new ADRs – China's Focus Media Holdings and JA Solar; and Korea's POSCO – to the 19 Chinese companies that have been listed on GlobalQuote since its launch on 22 October. BNY Mellon was appointed as the depository bank for the initial list of ADRs.
SGX has reported that S$3.4 billion (US$2.65 billion) worth of ADRs have been traded on GlobalQuote since its launch.
“We are offering wider investment selection to our investors who have responded positively to the successful launch last October,” said Magnus Böcker, CEO at SGX. “By the end of the first quarter, GlobalQuote will offer a pool of the largest and most liquid securities in Asia, equivalent to more than a third of the companies in the benchmark MSCI Asia APEX Index which tracks Asia's top 50 companies.”
“SGX GlobalQuote has allowed major Asian corporations to expand their shareholder base within Asia and enjoy even more liquidity in their local time zone.” added Michael Cole-Fontayn, CEO of BNY Mellon Depositary Receipts. “The positive effect on the initial 19 companies is apparent with over 4 million additional ADRs traded to date.”