High Rollers Chase High Stakes

Ken Lopian, senior vice president at Bank of New York, says no fewer than ten Russian level I ADRs are in the depositary's pipeline for 1996, with Hungarian and Czech companies also testing the waters. Last year saw Russian utility Mosenegro raise $22.5 mn through a privately placed ADR structured by BoNY. Lukoil, an oil firm, followed with the first level I ADR out of Russia. Metals group Norilsk Nickel, which will likely be the first in line for an ADR, was planning a trip to New York at