Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 57

Fungibility means the ability to interchange with an identical item. ADRs may be one-way fungible or two-way fungible. If an ADR is one-way fungible, then a US investor can sell the ADR back to the depository in the United States and have the equivalent number of underlying shares sold in the home country. However, if the ADRs were to be two-way fungible, then an investor could also surrender shares to the custodian bank in the home country and acquire ADRs in lieu. The problem with one-way fungibility is that it makes ADRs less attractive for American investors, because it has the potential to reduce the liquidity and the floating stock of ADRs in the United States. Besides, two-way fungibility is essential to preclude arbitrage opportunities.