Regional HighlightsWestern Europe The value of DRs traded fell to $953 billion in 2012, compared with $1.34 trillion in 2011, a fall of 29%. Even with a slightly lower DR trading volume of 49 billion, the region is still the largest DR market in the world by value and volume. High-performance materials maker Luxfer, became the first U.K. firm to list an ADR under the U.S. JOBS Act, which simplified certain aspects of securities registration and disclosure requirements in the U.S. Eastern Europe Russia continued to attract the DR industry's largest share of investors in initial and follow-on offerings despite shaky global markets. The country's biggest bank, Sberbank, listed on the London Stock Exchange, raising $3.5 billion from institutional and sovereign wealth investors via DRs as part of its ongoing privatization. BNY Mellon also helped Russian mobile phone operator MegaFon with its $1.8 billion IPO in London and Moscow. The value of DRs traded in the region slipped 5% to $480 billion even as volume rose 18% to almost 40 billion. Asia-Pacific While lower DR capital raising activity from Asia-Pacific reflected the wider decline in IPOs globally, companies still managed to complete DR offerings to raise capital in an otherwise difficult environment. From Taiwan, new GDR capital raisings by Parade Technologies, WIN Semiconductors, TPK and Chailease, as well as a follow-on GDR offering from Wintek, collectively raised over $750 million. DRs traded for companies from the region shrank 31% to 27 billion as their value fell 38% to $602 billion. BNY Mellon also won switches from other depositary banks from KB Financial Group of Korea and Himax Technologies of Taiwan.