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Depository Receipt Arbitrage

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Curriculum Content

A depository receipt is a vehicle representing firm shares in a firm’s domestic market. It is issued by banks, which purchase a specific number of foreign shares and sell depository receipts claiming ownership of those shares to investors. Each depository receipt represents a specific number of common or preferred shares from a share issuer. Depository receipts split into two categories: American Depository Receipts, labeled ADR and Global Depository Receipts, labeled GDR.

Depository receipts can trade at a higher or lower value in relation to other receipts and to the underlying preferred or common shares. Differences in these values open depository receipt arbitrage possibilities. If depository receipts are worth more post conversion than open market shares, funds will short receipts where possible and buy shares. If receipts are worth less post conversion than open market shares, funds will purchase receipts and short shares. As the spread narrows unrealized profit is generated. It becomes realized at sale of purchased assets and closing of the short sale. If the spread widens, losses occur.

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International Economic Analysis:

  • Major Currency Economic Summaries
  • Performance of Major Imports and Exports
  • Mandates of Central Banks versus Expectations
  • Performance Indexes of Major Economies
  • Economically Correlated Currency Projections
  • Large Funds Currency Sentiment Readings
  • List of Technical Indicators to Look For
  • Occasional: Foregin Exchange Technicals Markups

American Markets Analysis:

  • Summaries of American Economic Structure
  • Performance of Major
  • Imports/Exports
  • Federal Reserve Mandate versus Expectations
  • Performance Indexes of U.S Economy
  • Economically Correlated U.S Dollar Projections
  • Large Trading Fund Index Sentiment Readings
  • Market Wide Earnings Versus Valuations
  • Fundamental Ranking of U.S Business Sectors
  • Best and Worst Future Consensus Estimates
  • Occasional: Firm Fundamental Strength Report
  • List of Technicals to Look for While Trading

WealthCE FX + Equity Analysis

Major 8 Economic Summaries
Economic Performance Index
Currency Market Sentiment
Equity Index Market Sentiment
Sector Strength Tracking
Equity EPS/PEG Estimates
Fundamental Firm Analysis
Trend Following Trading Plans

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