What is the difference between a GDR and a GRS?
What will be an ideal response?
A GDR, like an ADR, represents negotiable claims on home-market ordinary shares (in bearer or registered form) and is issued by a depositary bank. Settlement of cross-border trades takes place daily through ADR issuances or cancellations ("conversions") conducted by the depositary bank, and there are fees for such transactions. Finally, the depositary bank maintains ownership records and processes corporate actions. Global registered shares (GRSs) trade simultaneously in different markets around the world, in different currencies, with the shares being completely fungible across markets. They do not require the intervention of a depositary bank, but of course, shares can then also not be bundled or unbundled to facilitate trading in different markets. Finally, share ownership is more direct with a GRS than with a GDR. Holding a GRS gives investors the same voting privileges, rights to receive dividends, and so forth, as a regular shareholder has, whereas the depositary intermediary may impose certain restrictions.
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Indicate whether the statement is true or false