One might think an off-year for emerging markets would be an off-year for ADRs. Not so, say the 1995 numbers issued by the ADR depositary banks
According to data from Bank of New York, one of three depositaries producing comprehensive statistics, some 10 bn shares worth $278 bn changed hands in 1995, a 37 per cent increase over trading volume and a 12 per cent increase in dollar volume over 1994. Yet total new capital raised amounted to about $12 bn, compared to a record $20 bn in 1994, and the number of new programmes dropped to 203 from 265.'While 1993 and 1994 were dominated by Latin American ADR issuers, 1995 was the year of European
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