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JPMorgan Celebrates 80th Anniversary of the ADR


First Depositary Receipt created by JPMorgan in 1927 for British retailer Selfridges

New York, April 26, 2007 – JPMorgan will celebrate the 80th anniversary of the American Depositary Receipt (ADR) by ringing the closing bell at the New York Stock Exchange today.

JPMorgan created and launched the first-ever ADR on April 29, 1927 for the U.K.’s Selfridges Provincial Stores Limited (now known as Selfridges PLC), the famous British retailer. The first ADR was listed on the New York Curb Exchange, the precursor to the American Stock Exchange.

Today, more than 1,800 companies from over 75 countries sponsor over 2,200 Depositary Receipt (DR) programs in the form of ADRs that list on U.S. exchanges or GDRs (Global Depositary Receipts), which typically list in London or Luxembourg. DRs are securities that represent ownership in foreign corporations. These dollar-denominated securities typically trade on the U.S. and/or European markets and settle in accordance with those market standards.

The trading value of depositary receipts for the first quarter of 2007 is $591.9 billion, representing a 43.9% increase over the first quarter of 2006. And the trading volume is at 18.1 billion, reflecting a 20.6% increase for the same period, according to figures from JPMorgan and Bloomberg.

JPMorgan administers 9 of the world’s top 20 DR programs, the largest number handled by any single depositary bank.

“We are proud to celebrate 80 years of success for the Depositary Receipt,” said Michael K. Clark, Chief Executive Officer of JPMorgan Worldwide Securities Services. “The DR has played a crucial role for issuers to efficiently access global capital markets and for investors to gain global equity exposure.”

Since establishing the first DR program in 1927, JPMorgan has introduced the first DR programs from all major regions of the world: the first DR in Latin America in 1960, the first DR in Asia in 1962, and the first DR in Eastern Europe in 1992.

“JPMorgan not only launched the first DR 80 years ago, but has continued to show leadership in the industry,” said Claudine Cardillo-Rivot, global head of JPMorgan’s Depositary Receipts Group “Our history of innovation, commitment and experience and leadership in the DR market makes JPMorgan the top choice to assist issuers in reaching the global investor community.”

For more information on JPMorgan’s ADR business go to
or for trading information on DRs visit JPMorgan’s award-winning Web site

JPMorgan’s DR business is part of JPMorgan Worldwide Securities Services.

About JPMorgan Worldwide Securities Services

JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $14.7 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world’s largest institutional investors, alternative asset managers and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at


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