Latin America The region experienced mixed development in 2012, with
Mexico showing signs of robust growth, while
Brazil, after a decade of economic expansion, experienced a period of lower equity capital markets activity. Issuers from the region traded about 37 billion DRs, a slight decrease from 2011, versus a 21% decline in their value to
$667 billion. Chilean retailer
Cencosud made a case for U.S. listings as a means for issuers to overcome challenging home market conditions. BNY Mellon won significant programs from Brazilian companies, including Petrobras' common and preferred programs via a successorship, as well as a complex listing in
Sao Paulo and
Amsterdam for independent investment bank
Middle East and Africa The Middle East is trying to recover and redefine itself after the Arab Spring. BNY Mellon launched its second Regional DR in Sub-Saharan Africa, this time in Namibia. Eight new programs were established for issuers in the region, with five of them originating from South Africa. Orascom Telecom completed its de-merger and spin-off of Orascom Telecom Media and Technology in January 2012. Overall, the value of DRs traded in the region fell 40% to $90 billion as volume shrank 29% to 4.4 billion.
BNY Mellon Indices BNY Mellon's DR Index team provides more than 140 indices, and there are 17 ETFs trading in the U.S., Canada and Korea using BNY Mellon indices as their primary benchmarks. Last year, in partnership with OTC Markets Group Inc., BNY Mellon created the OTCM ADR Index to provide breadth and depth for American Depositary Receipts traded on the OTCQX, OTCQB and OTC Pink marketplaces. The OTCM ADR Index is comprised of 657 large-cap international companies, including such names as Nestle, Roche, Bayer, Lukoil and Banco do Brasil.
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