Trading in depositary receipts on U.S. exchanges rose 27% in the first half of this year to $221 billion, Bank of New York Co. said.

Depositary receipts are issued in place of shares for corporations outside the country in which they are headquartered. Most are issued in the United States and are traded in dollars. Bank of New York, J.P. Morgan & Co., Citicorp, and Bankers Trust New York Corp. are the top U.S. banks in arranging depositary receipt programs.

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