Global Registered Share (GRS)

A Global Registered Share (GRS) is a security that is issued and registered in multiple jurisdictions, allowing it to be traded seamlessly across different stock exchanges worldwide. GRS simplifies cross-border trading for investors and companies by providing a single share that can be traded internationally, bypassing the complexities of American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). GRS helps companies broaden their investor base by providing easier access to global markets.

Example

A European company issues Global Registered Shares, enabling its shares to be traded on both the Frankfurt Stock Exchange and the New York Stock Exchange without needing separate listings.

Key points

• A security registered in multiple jurisdictions for seamless international trading.

• Simplifies cross-border trading compared to ADRs and GDRs.

• Broadens a company’s investor base by providing access to global markets.

Quick Answers to Curious Questions

What are the advantages of Global Registered Shares for investors?

GRS allows investors to trade shares of a company across multiple exchanges, offering greater flexibility and access to global markets.

How does a GRS differ from ADRs and GDRs?

Unlike ADRs and GDRs, which represent foreign shares traded on local exchanges, GRS are directly registered and trade as ordinary shares globally.

What are the benefits of GRS for issuing companies?

GRS simplifies compliance with multiple jurisdictions, reduces administrative costs, and enhances market liquidity by offering a single share class globally.