An American Depository Receipt (ADR) is a negotiable instrument issued by a depositary bank that evidences ownership of shares in a non-US company and is specifically designed to facilitate the purchase, holding and sale of non-US securities by US investors. Each ADR represents a specific number of underlying ordinary shares in a non-US company on deposit with a custodian in the applicable home market. ADRs are quoted and traded in US dollars in the US securities market.