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Q7 Single choice

Which of the following statements best describes an American Depositary Receipt (ADR)?

A
ADRs trade like U.S. issues and are quoted in U.S. dollars.
B
ADRs trade like U.S. issues and are quoted in foreign currency.
C
ADRs represent shares of a U.S. security held in foreign commercial banks.
D
ADRs represent shares of a foreign security held in foreign commercial banks.

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