"Created in 1927 to facilitate the trading of foreign securities in the U.S., American Depositary Receipts (ADRs) are negotiable securities issued by an American bank, certifying that the actual shares of a non-U.S. issuing company (i.e., Sony) are being held by the depositary's custodian bank abroad. ADRs carry the same voting rights (if any) as the underlying security. Additionally, all dividends and the value of any rights or warrants are paid in U.S. currency to the holder. The American bank issuing the ADRs acts strictly as an intermediary. "
