Globally registered share
A global registered shares (Engl. Global registered share , GRS; sometimes just as Global Share , designated GS) is a stock that directly quoted on a variety of exchanges and thus also traded on various stock exchanges is. The term is used in particular in the US context: the GRS are structured in accordance with the US stock exchange regulations and allow foreign issuers to be listed directly in the US as an alternative to issuing American Depositary Receipts .
backgrounds
For a second listing of a separate class of shares on additional stock exchanges, the form of depository receipts has become established (in particular the so-called American depositary receipts for listing in the USA). The GRS as an alternative are shares that are listed directly on the secondary exchange and are therefore also tradable. This multiple listing necessitates a corresponding approval including associated multilingual brochures; for listing in the United States, this also requires that the shares be issued in registered form. Daimler-Benz AG was one of the first companies to issue such shares in 1998.
The establishment of a globally tradable share directly requires the cooperation of the various exchanges with one another, especially in the area of securities settlement . The decisive factor here was initially the initiative of Deutsche Börse Clearing and the American Depository Trust Company (DTC) . After approval by the responsible regulatory authorities in 1998, these created the technical requirements for global tradability of one and the same share.
Individual evidence
- ↑ Archive link ( Memento of the original from August 28, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Compilation of various documents and articles on GRS ( Memento of the original from March 6, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
