I was looking at quotes of securities traded on OTC Markets: OTCBB quotes

Look at the "SEC TYPE" column.

Both ADRs and New York Registry Shares (NYRS) seem to be used by foreign-listed securities to list on US markets. What is the difference between ADRs and New York Registry Shares?

2 Answers 2


According to Citi Depositary Receipt Services' glossary:

  • ADRs:

    American Depositary Receipts (ADRs)

    A negotiable instrument issued by a U.S. depositary bank evidencing ownership of shares in a non-U.S. company. Each ADR denotes American Depositary Shares (ADSs), representing a specific number of underlying shares on deposit with a custodian in the issuer’s home market. ADRs are quoted and traded in U.S. dollars in the U.S. securities market, and the associated dividends are paid to investors in U.S. dollars. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investors and to provide a corporate finance vehicle for non-U.S. issuers.

    American Depositary Shares (ADSs)

    A security issued in the U.S., representing shares on deposit with a custodian in the issuer’s home market. An American Depositary Receipt (ADR) evidences one, a fraction of one, or more than one American Depositary Share. The term "ADR" is often used to mean both the certificates and the securities themselves.

  • NYRSs

    New York Registry Shares (NYRSs)

    Shares of non-U.S. companies that trade and settle in the U.S. in USD without the need for the issuance of DRs. In order to enable the issuance of NYRSs, non-U.S. issuers appoint a U.S. bank to provide shareholder registration, certificate transfer, dividend payment and proxy services in the U.S. In order to establish a NYRS program, the issuer needs to ensure that the legal environment in the issuer’s home market enables the issuance of shares in the manner generally required in the U.S. (i.e. including registered shares, transfer of ownership and register of shareholders). The structure is typically used by Dutch issuers, as local law allows share registration to occur outside of the Netherlands.

From my understanding (I could be wrong):

  • ADRs represent shares of the company that are held in a depository bank somewhere, while NYRSs are the actual shares of the company itself.

  • NYRSs are different from the shares traded on the company's home domestic exchange in that NYRSs trade on US exchanges or quotation systems (e.g. OTCBB, OTC Markets) rather than on the company's home exchange.

  • ADRs can either be sponsored or unsponsored, but there is no such thing as an "unsponsored NYRS" (in much the same way that there is no such thing as an "unsponsored common stock").

The table is probably wrong

Note that the table's classification of ADR vs NYRS appears to be incorrect: "SUEZ CEMENT CO GDR 144A" clearly states that it is a GDR, even though the table says that it is also an NYRS. According to the Citi Depositary Services' glossary, GDRs aren't all that different from ADRs:

Global Depositary Receipts (GDRs)

A Global Depositary Receipt (GDR) is a negotiable instrument issued by a depositary bank in international markets — typically in Europe and generally made available to institutional investors both outside and within the U.S. — that evidences ownership of shares in a non-U.S. company, enabling the issuer to access investors in capital markets outside its home country.

Indeed, clicking on the SUZXY link leads to a profile page that says:


Suez Cement Co.

144A GDR - 144A Global Dep Rec; (representing 1 Ord sh) (1 ADS : 1 Ordinary)

So, it appears that SUZXY is not actually an NYRS. I tried to confirm this further by looking for the issue's Form F-6 filings, but there were none.

Further confirming that SUZXY is not an NYRS is the fact that its 5-letter ticker ends with "Y". FINRA says that 5-letter tickers ending with "Y" are for ADRs (source). In conclusion, the table is most likely wrong. All the securities in the table are in fact ADRs and not NYRSs.


As per investopedia, Dutch stocks cancelled and listed as New York shares.

An ownership stake in a Dutch company that can be traded in the United States because it represents shares that have been canceled in Dutch markets. Guilder Shares, also called New York Shares, represent a special international trading arrangement for shares of Dutch companies only, since the stocks of Dutch companies can't be traded through American depository receipts (ADR).

  • None of the stocks in the question are Dutch stocks. SUZXY is Egyptian, FNXBY is Indian, PKSKY is Polish, LHFLY is Indian. Please explain.
    – Flux
    Commented Jun 24, 2020 at 6:51

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