For example a company which listed in Europe but trades in US market or vice versa. Could you please provide few examples of such securities. I found that depository receipts are foreign company's stocks which are listed and trades in local exchange. So it is not exactly what I am looking for. I am new to stock market so please don't mind if I sound illogical.

  • 1
    Just to clarify some terminology that your question indicates you might be confused by: being "listed" on an exchange means that you can trade those shares on that exchange, so logically you can't be listed /only/ in Europe but trade on an exchange in the US. Companies' stocks can, however, be dual listed, meaning that their shares trade on multiple exchanges.
    – David
    Jun 14, 2018 at 11:05
  • 1
    Click through Wikipedia for most FTSE 100 companies, e.g. Barclays, right-hand panel, "Traded as LSE: BARC, NYSE: BCS". Thus it is traded on London Stock Exchange and New York Stock Exchange. Jun 14, 2018 at 16:20

5 Answers 5


Most certainly there are such a thing as dual-listed or interlisted stocks.

These are often exactly the same class of stock, but quoted on more than one exchange — and sometimes even in a different currency. Arbitrageurs can sometimes take advantage of differences in quotes and exchange rates.

Here's list of Canadian Interlisted Companies including "securities listed on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) that are also listed on an international exchange."

Some notables listed in Canada and which also trade in the U.S. on NYSE or NASDAQ include:

  • The major Canadian banks, many of which have operations in the U.S. and other countries. (BMO, BNS, CM, RY, TD).
  • BlackBerry Limited (BB).
  • Celestica Inc. (CLS)
  • Open Text Corporation (OTEX).
  • Shopify Inc. (SHOP).
  • Thomson Reuters Corporation (TRI).
  • 1
    Perfect Canadian who still hasn't forgotten BB yet. Not being sarcastic, I still use a BB.
    – DumbCoder
    Jun 14, 2018 at 14:46

An American depositary receipt (ADR) is a security that represents securities of a non-U.S. company that trades on U.S. financial markets.

For example, some well known ADRs from the United Kingdom include:

BP, Prudential, Royal Dutch Shell, Unilever, Barclays Bank, GlaxoSmithKline

  • 2
    Question specifically lists DRs as not what they are asking about...
    – David
    Jun 14, 2018 at 12:17
  • LOL. It appears that my multitasking isn't up to par when I read/reply here while listening to the morning news. Mea culpa :->) Jun 14, 2018 at 12:21

Sure. In different ways.

Ever heard of microsoft? Well, I assume you know how to find the US version of them ;)

They trade in Frankfurt, Germany


  • Thanks for answer, So are these stocks different from depository receipts? Jun 14, 2018 at 11:16
  • I think so. Not totally sure. They normally have a very low volume and it is 2018 and you have international brokers - I tihink their time is over, serious investors have access to all major markets anyway. THat was different when this whole thing started.
    – TomTom
    Jun 14, 2018 at 11:35
  • 1
    Yes, they are different. Dual listed stock is actual stock in the company. There are two main types of DRs, sponsored (by the company) and unsponsored. Both are issued by banks, not the company... in both cases, banks hold the stock and issue the DR in the foreign jurisdiction.
    – David
    Jun 14, 2018 at 12:23
  • Thanks, that helps. so that means if Candian bank RBC is trading on NYSE, all those stocks in NYSE will be issued by RBC Canada it self? Jun 15, 2018 at 15:14
  • @user2611539 Royal Bank of Canada does indeed trade on the NYSE as common stock, yes. This is really a separate question though, and this is not what comments are for.
    – David
    Jun 15, 2018 at 17:16

Many Chinese companies trade on American exchanges most famous example Alibaba. There are also Brazilian banks that are listed in the US like Itau.

You will find many examples in the US because the US is a massive capital market, lots of money flowing there.

  • 1
    Your example of Alibaba is an ADR. The question specifically mentions they are not asking about ADRs.
    – David
    Jun 14, 2018 at 14:37
  • @David Thanks for being concerned but to my knowledge this is the question "Is it possible that any security listed in one country but trades in another country". I did not see the acronym ADR in there. Feel free to delete my comment if you like. Jun 15, 2018 at 17:05
  • The relevant portion of OP is "I found that depository receipts are foreign company's stocks which are listed and trades in local exchange. So it is not exactly what I am looking for." The DR in ADR stands for "depository receipt" fyi. Alibaba trades in the US as a receipt issued by Citibank, not as Alibaba common stock.
    – David
    Jun 15, 2018 at 17:06
  • Alright, it seems my answer does not adequately answer that issue. Feel free to delete. Jun 15, 2018 at 17:09

This is actually a technically and legally complex problem. There are companies that list and trade on multiple exchanges. But you need to understand what 'list' and 'trade' mean, legally, in each country and on each exchange.

One example that has come up is the UK bank, Barclays. Technically, it is listed and traded on the London Stock Exchange (LSE). But, in the U.S. there is an ADR (BCS). Since BCS is a trust or similar structure that holds shares of Barclays PLC in amounts matched to the investment, it gives you the same outcome.

I don't recall if BARC is traded, for example, on EuroNext - which is the more pan-European exchange.

'Listing', 'Trading', 'Settling' and -most important legally - 'Registering' - are, indeed, complex legal issues that vary by country or trade block.

Do a web search on UTP (Unlisted Trading Privileges) to see how complex this issue is even inside a large country (the U.S.).

  • It's simply not true that an ADR will always give you "the same outcome". Take your example (BCS) and look at the last dividend. JPMorgan, for the privilege of passing on that dividend to you, has taken roughly 2.5% of that dividend (the "issuance fee"). In this case, that's not huge... in other cases it can be a larger slice, and in certain cases it's fixed (e.g. $0.02), which really hurts when the dividend is a small numerical amount per share.
    – David
    Jun 18, 2018 at 9:54
  • Even better example: had you bought Infosys 15 years ago (chose an arbitrary date, it doesn't really matter: June 18, 2003) the local stock would have given you a Total Return, annualized over 15 years, of 18.1% in USD (21.1% in INR)... the ADR would have given you a Total Return of 14.5% in USD (17.5% in INR). That's a huge difference compounding over 15 years.
    – David
    Jun 18, 2018 at 10:06
  • Fair enough. Though I think the first is due to friction (JPM's fee), and the second is due to currency differences.
    – eSurfsnake
    Jun 18, 2018 at 17:02
  • Given that I calculated the returns explicitly in both currencies, I'd be curious what further impact you believe "currency differences" could have.
    – David
    Jun 18, 2018 at 22:53
  • ADRs are not hedged, so if you measure the performance in both markets using the same currency and you get a different answer, then... I really fail to see your point. Did you perhaps miss the fact that "INR" stands for Indian Rupee? In any case, I gave both figures both in US Dollars and in Indian Rupees... that's why there were 4 return figures in my comment. The USD/INR exchange rate cannot have any further impact. I did not, however, take Lira into account, but you'd have to enlighten me on how they are relevant, given that Infosys is an Indian stock and the ADR is in the US.
    – David
    Jun 19, 2018 at 21:40

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