A swathe of emerging market stock exchanges are lining up to launch depositary receipt programmes, allowing local investors to access foreign companies without leaving their home market.
The move would also ease the way for western companies to raise capital from increasingly wealthy emerging market investors, mirroring a trend that has seen emerging market companies raise almost $200bn (￡125bn, €151bn) by launching American and (European-listed) global depositary receipts since 2005.
In May, Standard Chartered, the UK-headquartered but emerging market-focused bank, blazed a trail by listing the first Indian depositary receipt – raising $500m in the process.
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