Global Markets. Smarter Decisions.
Real-time ADR analytics and AI-powered market intelligence for international investors.
Market Overview
LIVETotal ADRs Tracked
2,847
Countries Represented
78
Daily Volume
$4.2B
Active Market Makers
12
Market Overview
Comprehensive view of the global ADR landscape
ADR Screener
LIVEFilter and analyze ADRs across regions, sectors, and market caps
20 results
| Ticker⇅ | Company⇅ | Country⇅ | Sector⇅ | Price⇅ | Chg %⇅ | Volume▼ | Mkt Cap⇅ | Spread⇅ | P/E⇅ |
|---|---|---|---|---|---|---|---|---|---|
| VALE | Vale S.A. | Brazil | Materials | $11.20 | +3.2% | 28.0M | $48B | 0.01% | 5.2x |
| PBR | Petrobras | Brazil | Energy | $14.85 | -1.1% | 22.0M | $95B | 0.01% | 3.8x |
| BABA | Alibaba Group | China | Technology | $85.42 | +1.2% | 18.5M | $218B | 0.02% | 9.8x |
| SAN | Banco Santander | Spain | FinServices | $4.85 | +0.6% | 15.0M | $79B | 0.01% | 6.2x |
| TSM | Taiwan Semi | Taiwan | Technology | $178.90 | +0.8% | 12.3M | $928B | 0.01% | 28.5x |
| JD | JD.com | China | Consumer | $28.40 | -1.5% | 11.0M | $44B | 0.01% | 11.2x |
| INFY | Infosys | India | Technology | $18.75 | +1.8% | 9.8M | $78B | 0.01% | 24.6x |
| SHOP | Shopify | Canada | Technology | $78.90 | -2.1% | 8.5M | $100B | 0.01% | 68.5x |
| SE | Sea Limited | Singapore | Technology | $42.60 | +3.8% | 7.2M | $26B | 0.02% | -15.0x |
| NVO | Novo Nordisk | Denmark | Healthcare | $125.30 | -0.5% | 5.6M | $562B | 0.03% | 42.1x |
| AMX | America Movil | Mexico | Technology | $17.90 | +0.3% | 5.6M | $61B | 0.01% | 14.8x |
| SONY | Sony Group | Japan | Technology | $21.45 | +2.1% | 4.8M | $128B | 0.01% | 15.3x |
| UBS | UBS Group | Switzerland | FinServices | $32.40 | +0.9% | 4.2M | $100B | 0.02% | 7.1x |
| BIDU | Baidu Inc | China | Technology | $102.50 | +0.6% | 3.5M | $36B | 0.03% | 12.4x |
| SAP | SAP SE | Germany | Technology | $232.15 | +1.5% | 3.2M | $284B | 0.02% | 35.2x |
| HDB | HDFC Bank | India | FinServices | $62.30 | +0.4% | 3.1M | $155B | 0.02% | 19.2x |
| RIO | Rio Tinto | Australia | Materials | $65.80 | -0.7% | 2.9M | $107B | 0.02% | 8.4x |
| TM | Toyota Motor | Japan | Consumer | $176.80 | -0.3% | 2.1M | $244B | 0.03% | 8.9x |
| ASML | ASML Holding | Netherlands | Technology | $985.20 | +1.3% | 1.8M | $389B | 0.05% | 45.8x |
| MELI | MercadoLibre | Argentina | Technology | $1580.00 | +2.5% | 450K | $80B | 0.10% | 72.3x |
Spread Analysis
Bid-ask spread comparison across ADR program tiers
Average Bid-Ask Spreads by ADR Tier (basis points)
2.3 bps
tighter spreads vs. industry median
StoneX averages 2.3 basis points tighter spreads than the industry median across all ADR tiers, translating to significant cost savings for institutional investors.
Why Tight Spreads Matter
- •Lower Transaction Costs: Every basis point saved on spreads compounds across large institutional order flow.
- •Better Price Discovery: Tighter spreads reflect deeper liquidity and more accurate fair value pricing.
- •Improved Execution: Market makers providing tighter spreads enable smoother block trade execution.
- •Investor Confidence: Consistent tight spreads signal robust market structure and reliable two-sided liquidity.
ADR Tier Breakdown
Country Risk Dashboard
Geographic concentration and risk metrics for ADR markets
Global ADR Distribution
North America
156
ADRs
Europe
743
ADRs
Asia
1,196
ADRs
Latin America
512
ADRs
Middle East & Africa
199
ADRs
Oceania
110
ADRs
Top 10 Countries by ADR Count
| # | Country | ADRs | Currency Vol. | Political Risk | Liquidity Score |
|---|---|---|---|---|---|
| 1 | 🇨🇳China(CN) | 680 | Medium | 6.2 | 8.5 |
| 2 | 🇬🇧United Kingdom(GB) | 312 | Low | 2.8 | 9.2 |
| 3 | 🇯🇵Japan(JP) | 245 | Medium | 1.5 | 9.0 |
| 4 | 🇧🇷Brazil(BR) | 198 | High | 5.8 | 7.2 |
| 5 | 🇮🇳India(IN) | 176 | Medium | 4.5 | 7.8 |
| 6 | 🇩🇪Germany(DE) | 142 | Low | 2.1 | 9.1 |
| 7 | 🇰🇷South Korea(KR) | 128 | Medium | 3.2 | 8.4 |
| 8 | 🇦🇺Australia(AU) | 95 | Low | 1.8 | 8.8 |
| 9 | 🇫🇷France(FR) | 89 | Low | 3.0 | 8.9 |
| 10 | 🇲🇽Mexico(MX) | 78 | High | 5.1 | 6.8 |
OTC vs. Exchange-Listed Analysis
Comparing Level I (OTC) ADRs with Level II/III Exchange-Listed programs
85% of foreign securities trade OTC, and market making is critical for price discovery
The vast majority of cross-border equity access happens through OTC ADR programs, where dedicated market makers provide essential liquidity and continuous two-sided quotes.
OTC vs. Exchange-Listed Volume Distribution by Market Cap
Side-by-Side Comparison
| Metric | OTC | Listed |
|---|---|---|
| Avg Spread (bps) | 5.8 | 2.1 |
| Daily Volume | $2.8B | $1.4B |
| Avg Trade Size | $42K | $185K |
| Number of Issues | 2,419 | 428 |
| Countries Covered | 78 | 34 |
Exchange-Listed Investor Mix
OTC Investor Mix
How ADR Market Making Works
Understanding the role of market makers in global capital flows
Buy / Sell Order Flow
Buyers
Institutional & retail investors seeking ADR exposure
Market Maker
StoneX Financial
#1 Ranked in ADRs
Sellers
Investors looking to exit or rebalance positions
Foreign Exchange Layer
Market maker hedges FX risk between local shares and USD-denominated ADRs
Why ADR Market Making Matters
Continuous Liquidity
Market makers post two-sided quotes throughout the trading day, ensuring investors can buy or sell ADRs at any time without waiting for a counterparty.
Price Discovery
By continuously quoting bid and ask prices, market makers help establish fair value for securities that may trade in different time zones from their home market.
Cross-Border Access
ADR market makers bridge the gap between foreign exchanges and U.S. investors, handling the complexities of currency conversion, settlement, and custody.
Risk Management
Market makers absorb temporary imbalances in supply and demand, using hedging strategies to manage inventory risk while maintaining tight spreads.
- 1.Foreign company deposits shares with a custodian bank in its home country
- 2.U.S. depositary bank issues ADR receipts representing those foreign shares
- 3.ADRs trade on U.S. exchanges or OTC markets in USD
- 4.Market makers provide continuous bid/ask quotes to ensure liquidity
- 5.Investors gain exposure to foreign companies without dealing with foreign brokers, exchanges, or currencies
ADR Intelligence
Global Depositary Receipt Market Analytics
Built by Logan Zechella | Rollins College '26 | BA International Business, Minor in Data Science & Spanish
Inspired by the ADR market-making expertise of StoneX Financial, the #1 ranked market maker in ADRs and foreign securities traded OTC.