Which of the following are transferable financial instruments that are traded on a local stock exchange of a country but represent a security issue by a foreign publicly listed company?

A depositary receipt is a negotiable financial instrument issued by a bank to represent a foreign company's publicly traded securities. With a depositary receipt, a custodian bank in the foreign country holds the actual shares, often in the form of an American depositary receipt (ADR), which is listed and traded on exchanges based in the United States or a global depositary receipt GDR, which is traded in established non-US markets such as London and Singapore.