Ukwaziswa ngokufutshane kweeReceives Receives
Ziziphi iRepusitary Receipts?
Iirisithi ezixhomekeke kumashishini zimashishini ezirhwebayo zorhwebo kwizentengiselwano zengingqi ezimela ukugcinwa kweemali zenkampani yangaphandle.
Iimali zokufumana imali ezikhutshwayo zikhutshwa ngamabhanki otyalo-mali kwinkqubo equka ukuthenga izabelo kwinkampani yangaphandle, ukuxuba kwiipakethi (ngokuqhelekileyo izabelo ezili-10 ngepakethi nganye), nokukhupha iipakethe nganye njenge-risiti ye-deposit kwi-stock exchange exchange. Izabelo ezikhutshwe kwi-stock exchange zithengwa ngemali yendawo kwaye zihlawula igalelo kwimali yendawo, eyenza lula ukuba abatshali-mali basemakhaya bafune ukuthenga amasheya kwisitokhwe sangaphandle.
Amaxabiso eemali ezifumanekayo zisekelwe kwixabiso lezabelo ezingezantsi, kodwa zithengiswa ngokuzimela kwaye zizinze. Umzekelo, iRoche Holdings Ltd. (i-VTX: i-ROG) kwi-SIX Swiss Exchange ayiyi kuba nexabiso elifanayo njengeRoche Holdings Ltd. (OTC: RHHBY) ADR. Abahwebi banokufumana ithuba lokufumana i-arbitrage phakathi kwezabelo apho banokuthenga khona isitoreli sangaphandle kwaye bathengise i-ADR ngenzuzo engaphantsi.
Iintlobo zeeRiphabliki eziLondoloziweyo
Amasheyithi aseleyo asebenza ngokufanayo ngaphandle kwemimandla yabo ngaphandle kwe-stock exchange kunye nemali engaphantsi.
Okokuthi, kukho imigaqo eyahlukeneyo esetyenzisiwe ngabasomali-mali kwiimali ezifumanekayo kwiimimandla eyahlukeneyo, ezibalulekile ukwazi.
AmaRiphabliki aseMelika aseMelika (i-ADRs) ingaba yinto eyaziwayo kakhulu kubatyalomali bamazwe ase-US. I-ADR imele inani elithile lezabelo zesitoreli sangaphandle kunye nokuhweba kwiintengiso ze-US, ezifana neNew York Stock Exchange (i-NYSE) okanye i-NASDAQ.
AmaRiphabliki aseYurophu (ii-EDRs) ahlinzeka ngamashishini aseYurophu amashishini athengiswa kwiindawo ezingekho kwiYurophu. Nangona ii-EDR zingakhutshwa kwiyiphi na imali yaseYurophu, imali eqhelekileyo yileyure, kuba iyona nto isetyenziswa kakhulu kummandla.
AmaRiphabliki aMazwe aMazwe ngamazwe (i-GDRs) ifom epheleleyo jikelele ye-ADR okanye i-EDR. Ngamanye amazwi, abamele ama-risiti angabonakaliyo aseMelika kunye nabangewona aseYurophu. Ziyasetyenziswa ngokuqhelekileyo kwiimarike eziphuhlisiweyo ukutyalima kwimida okanye kwiimarike ezikhulayo .
Ukuthengwa kweReciport Receipt Trading
Iipropathi ezithandwa kakhulu ze-GDR ziquka i-JPMorgan, iCitigroup, i-Deutsche Bank kunye neBhanki yaseNew York Mellon, kodwa kukho iibhanki ezingenakubalwa ezikhupha ezi ntlobo zokhuseleko emhlabeni jikelele. Ezi mabhanki zenza ingeniso xa ii-ADR zithengiswa kwiimarike ngokuhlawula ityala kwi-yorhwebo-njengawo nawuphi na urhwebo. Amabhanki anokuhlawula iirhafu kwizabelo ezikhutshiwe kwaye adlulisele nayiphi na indleko ehambelana nokuguqulwa kwemali.
Ezi zi-ADR zifakwe kwi-stock exchange ezifana neFranfurt Stock Exchange, i-Luxembourg Stock Exchange kunye neLondon Stock Exchange. Kule ntshintshi, i-ADR i-Trade kwi-International Order Book-okanye i-IOB-esebenza njengencwadi ye-elektroniki yokubambisa iziqinisekiso zehlabathi.
Abarhwebi beentengiso ze-ADR, ii-EDR okanye ii-GDRs kufuneka baqaphele izinto ezinobungozi ezihlukeneyo ezinokuchaphazela inzuzo yabo:
- Umngcipheko wemali : Iimali zokufumana iRaffosity Receipts kufuneka ziguqulwe zibe yimali yasekhaya ngezinye iinkalo, oko kuthetha ukuba i-dynamics yemali ingenza umehluko omkhulu kwixabiso lentengo kunye neentengo zemali. Abatyalomali kufuneka bahlale bekhumbula engqondweni.
- Umngcipheko wezobupolitika : iRepositary Receipts ibonisa ubunini kwizabelo zamazwe ngamazwe, oko kuthetha ukuba banokuxhomekeke kwimingcipheko yomhlaba wonke, njengengozi yezopolitiko, ingakumbi kuba zijolise kwiimarike ezikhulayo.
- Ubungozi bamanzi : iRepositary Receipts ayinakuthengisa ngokuqhelekileyo njengesitokhwe sangaphandle, oko kuthetha ukuba abatyali-mali bangaba nzima ukuthenga okanye ukuthengisa ngexabiso elifanelekileyo, ingakumbi xa iimarike zihamba ngokuthe ngqo.
Ngaphantsi
Uninzi lwabatyalo-mali bamazwe ngamazwe baqhelana nama-Receptor ase-American Depositary (ADRs) okwenza kube lula ukuthenga iinkampani zangaphandle kwiintengiso ze-US. Kodwa, kukho ezinye iindidi zokufumana iirisithi ezifunyenwe ngabakhomali, kuquka iiRiphabliki zaseYurophu zokuRhoxiswa (ii-EDRs) kunye neRepositary Receipts (GDRs). Kubalulekile ukuba abatyali-mali bamanye amazwe baqonde le migaqo ukuqonda ngokupheleleyo iindlela ezifanelekileyo zokuthenga nokuthengisa amasheya, kwakunye neemeko eziyimpawu ezikhethekileyo ezingabandakanyeka kwinkqubo.