The Bank of New York Remains Top Depositary Bank for the First Half of 2004; DR Trading Volume Up 36% From First-Half 2003; Over $3.3 Billion of Capital Raised with DRs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , a global leader in securities servicing, was the leading depositary bank in the depositary receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue (DR) market during the first six months of 2004. The Bank closed 41 of 64 new DR programs, a 64 percent market share. The 64 new DR programs represented 28 countries: 42 percent from the Asia-Pacific region, 32 percent from Europe, 20 percent from Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and 6 percent from the Middle East and Africa. During the first half of the year, 23 non-U.S. companies raised capital with DRs valued at over $3.3 billion, compared to the $453 million raised during the first half of 2003. The Bank of New York acted as depositary for 65 percent of the DR programs raising this capital. Asian issuers dominated year-to-date capital raisings with 70 percent, led by Taiwan with 30 percent of the DR capital raised and China with 22 percent. Of particular note were NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on listings by China's Linktone and Shanda Interactive and Germany's GPC Biotech GPC Biotech (also referred to as GPCbiotech and GPC-Biotech) is a German biopharmaceutical company. The company's mission statement reads "... to discover, develop and commercialize new anticancer drugs. , as well as a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. listing by Brazil's Gol Airlines. Also of significance were private placements by Taiwan's Far EasTone Telecommunications, Powerchip Semiconductor Powerchip Semiconductor is a maker of DRAM memory chips and other semiconductor chips. Powerchip also sells foundry services to other firms. The company was founded in 1994 at Hsinchu Science Park in Taiwan. It has four fabrication lines, three of which handle 300mm silicon wafers. , ProMOS Technologies and China's Ping An Insurance Ping An (Chinese: 中国平安; Pinyin: Zhōng Guó Píng An), full name Ping An Insurance (Group) Company of China, Ltd. . Outside Asia, private placements by Brazil's ALL, Czech Republic's Zentiva and Chile's Cencosud were successfully completed. The Bank of New York also led the market in successor depositary appointments during the first half of the year, as seven DR issuers from six countries switched their programs to The Bank of New York from other depositaries. Companies that selected The Bank of New York as successor depositary included Germany's Hannover Re Hannover Re (FWB: HNRGn), in German Hannover Rückversicherung AG, with gross premium of around €9 billion in 2006, is one of the five largest reinsurance groups in the world. Its headquarters are in Hanover, Germany. , Thailand's Shin Corporation, Sweden's Electrolux, Mexico's Fomento Economico Mexicano (FEMSA FEMSA Fomento Económico Mexicano, SA FEMSA Fire and Emergency Manufacturers and Services Association Inc. FEMSA Female Education in Maths and Science in Africa ), and Brazil's Brazil Realty. In total, 154 companies have switched 184 DR programs to The Bank of New York from other depositary banks since 1990. Among the companies that selected The Bank of New York for Level I DR programs were Mexico's Grupo Modelo Grupo Modelo is a large brewery in Mexico. It maintains a large part of the Mexican beer export market and produces top-selling imported beer in the United Kingdom, United States and Canada. , Luxembourg's Arcelor, Egypt's Commercial International Bank, and China's China Oilfield Services China Oilfield Services (COSL) (HKSE: 2883 ) is an oilfield service. It has a sister company in China known as CNOOC. China Oilfield Services is seeking acquisition targets in Southeast Asia, the Middle East and Central Asia, to bolster its operating scale and . The DRs of each of these companies trade in the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. . The Bank of New York was also appointed in various securities servicing capacities on several high-profile mergers, acquisitions and corporate actions using DRs during the first six months of the year. The Bank acted as exchange agent for Teva Pharmaceutical's acquisition of Sicor; U.S. paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for Pinault-Printemps Redoute's minority buyout of Gucci; U.S. tender agent for BBVA's acquisition of Bancomer; and mergers among: Business Objects/Crystal Decisions, Anglogold/Ashanti, and Bookham/New Focus. In these transactions, the Bank issued more then 150 million DRs, cancelled 81 million DRs and distributed in excess of $3 billion dollars. Christopher R. Sturdy, managing director and Head of The Bank of New York's Depositary Receipt Division, said, "With depositary receipt trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. at a record high and U.S. investors making greater portfolio allocations to non-U.S. equities than ever before, it is rewarding to be at the forefront of the industry. Our attention to the needs of issuers, investors and brokers, as well as our specialization in securities management, differentiates us in the market and make us the depositary of choice. We expect to build our leadership position in the industry by helping our clients grow their programs and find solutions to their capital market needs." Trading Volume, Trading Value Jump from Same Time Last Year During the first six months of the year, DR trading volume on the New York Stock Exchange, the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and NASDAQ exceeded 20 billion DRs with a value of $457 billion. These figures represent considerable increases of 36 percent and 69 percent, respectively, from the 14.9 billion shares valued at $270 billion traded during the first half of 2003. DR trading volume for the first half of 2004 was highest for companies in the United Kingdom, Taiwan and Finland. The top three programs in terms of DR trading volume were Finland's Nokia, Ireland's Elan Pharmaceuticals and Taiwan Semiconductor Manufacturing. Mid-Year Report on The Bank of New York ADR Index ADR Index A market-capitalization-weighted index that tracks all depositary receipts traded on the New York Stock Exchange, the American Stock Exchange, and Nasdaq. The Bank of New York also released its mid-year report on The Bank of New York ADR Index(SM), the only real-time index to track all depositary receipts (DRs) traded on the New York Stock Exchange, the American Stock Exchange and NASDAQ. The Bank of New York ADR Index was up 0.68 percent for the first six months of the year, largely mirroring the general trend of the broad based U.S. and international markets. The Bank of New York ADR Index, which has approximately 460 members, is capitalization-weighted and adjusted for free-float using Dow Jones' current methodology. Free-float adjustable market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. is currently $4.69 trillion. In addition to The Bank of New York ADR Index, there are three regional, four market, three sector, seven select and 39 country indices. In general, developed international markets fared better than emerging markets. The Bank of New York Developed Markets ADR Index rose 1.12 percent while The Bank of New York Emerging Markets ADR Index slid 4.13 percent. Many of the Bank of New York ADR ADR - Astra Digital Radio country indices posted strong returns during the first six months.
6/30/04 Six-month
Name Price Level Region % Change
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BNY Sweden ADR Index 103.69 Europe 29.16%
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BNY Russia ADR Index 387.02 Europe/Emerging Markets 27.84%
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BNY Israel ADR Index 227.98 Emerging Markets 16.81%
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BNY Norway ADR Index 121.39 Europe 15.35%
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Latin America/Emerging
BNY Mexico ADR Index 139.30 Markets 13.82%
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BNY Ireland ADR Index 123.92 Europe 9.99%
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BNY Japan ADR Index 93.08 Asia 7.57%
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BNY Italy ADR Index 136.32 Europe 5.90%
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BNY France ADR Index 119.48 Europe 2.57%
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BNY United Kingdom
ADR Index 103.18 Europe -0.04%
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The top ten best performing DRs in the first six months of 2004
were:
6/30/04 Six-month
Company Name Symbol Price Country % Change
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Elan Corp PLC ELN 24.74 Ireland 259.07%
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British Energy PLC BGY 19.00 United Kingdom 226.46%
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Barbeques Galore
Limited BBQZ 8.65 Australia 92.22%
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DaiEi Inc DAIEY 6.68 Japan 85.04%
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Nissin Co Ltd NIS 8.25 Japan 82.93%
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Trend Micro Inc TMIC 44.97 Japan 70.66%
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Ericsson LM
Telephone Co ERICY 29.92 Sweden 69.04%
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Compagnie Generale
de Geophysique GGY 12.41 France 66.80%
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Ispat International
NV IST 14.70 Netherlands 65.73%
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Reuters Group PLC RTRSY 40.74 United Kingdom 60.72%
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The visibility and use of The Bank of New York ADR Index continues to grow. More than 25 vendors currently disseminate Bank of New York ADR Index data and approximately $40 billion in assets are benchmarked to The Bank of New York ADR Index. The Bank's indices are available on a real-time basis through Bloomberg, Reuters and Bridge terminals. Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance , Reuters and AFX AFX atypical fibroxanthoma. newswires, as well as the Financial Times, Valor valor a rodenticide no longer marketed because of toxicity in horses causing dehydration, abdominal pain, hindlimb weakness, inappetence, fishy smell in urine. Called also N-3-pyridyl methyl N1-p-nitrophenyl urea. Economico, Gazeta Mercantil, America Economica, Infosel (Terralycos), Barron's, Research Magazine, Global Finance, and Dun & Bradstreet Corporation, all publish DR reports or tables incorporating information from various Bank of New York ADR Indices. The Bank of New York is the sponsored depositary bank for many of the world's largest and most highly respected companies. Today, The Bank of New York acts as depositary for more than 1,180 American and global depositary receipt programs from issuers in over 60 countries, representing 64 percent of all sponsored programs worldwide. Additional information on the depositary receipt market is available at www.adrbny.com. The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com. |
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