GLOBAL DEPOSITORY RECEIPT

A 'Global Depository Receipt' or 'Global Depositary Receipt' (GDR) is a certificate issued by a Depository Bank JPMorgan Chase, Citigroup, Deutsche Bank, Bank of New York which represents ownership of an underlying number of shares. They are traded and settled independently of the underlying share, and such are commonly used to invest in companies in developing or emerging markets - especially Russia.
They trade on the International Order Book (IOB) of the LSE.

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