JPMorgan Appointed Successor Depositary Bank For Barclays PLC ADR Programme
ADR institutional ownership and trading strong in Europe
London, 11 August, 2008 - JPMorgan announced today that it has been appointed as the successor depositary bank for the American Depositary Receipt programme of Barclays PLC, a major global financial services provider.
The average daily trading volume of Barclays PLC’s ADRs is $55 million year-to-date, with total ADR holdings in Barclays at $1.7 billion at March 31, 2008.*
Claudine Gallagher, global head of depositary receipts at JPMorgan, said, “We are proud to have Barclays, a renowned blue-chip company, join our roster of clients. This mandate is testament to JPMorgan’s strong position in the depositary receipt industry, in both developed and emerging markets.”
Institutional ownership of, and trading in, the ADRs of UK and developed Europe companies remains strong. Institutional ownership of UK ADRs was $126 billion at the end of second quarter 2008. For the first half of this year, trading in UK ADRs totalled $199 billion, up from $128 billion in the same period last year. Developed Europe ownership of ADRs totalled $278 billion in the first quarter of 2008. Trading activity in ADRs in the first six months of 2008 totalled $518 billion.
JPMorgan created the first-ever DR in 1927 (Selfridges). Today the overall DR market comprises more than 1,800 companies from over 75 countries which sponsor over 2,200 DR programmes in the form of American Depositary Receipts (ADRs) that list on US exchanges or Global Depositary Receipts (GDRs) which typically list in London or Luxembourg.
JPMorgan provides a full complement of ADR and GDR services to issuers seeking to have their equity traded on exchanges beyond their home markets. JPMorgan’s primary services include DR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services and Tax Reclamation services for investors.
JPMorgan also offers a range of value-added Investor Relations and Advisory services to issuers, with the singular goal of facilitating the DR’s highest potential liquidity, ownership and visibility.
For market information on DRs and international equities go to JPMorgan’s award-winning web site www.adr.com. For more information on JPMorgan’s DR services go to http://www.jpmorgan.com/visit/adr
*Sources: Ownership statistics - 13F filings. Trading volume - Bloomberg
About Barclays PLC
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the United States, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 147,000 people. Barclays moves, lends, invests and protects money for over 38 million customers and clients worldwide. For further information about Barclays, please visit www.barclays.com.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.8 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset 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 www.jpmorganchase.com.
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