Bank of Montreal (BMO) is entering the growing market of Canadian Depositary Receipts (CDRs), offering investors exposure to global stocks while hedging against currency fluctuations. BMO will launch five CDRs for European and Japanese companies, following in the footsteps of Canadian Imperial Bank of Commerce (CIBC), which pioneered the product in 2021.
Stephanie Hughes, Bloomberg NewsA Bank of Montreal building in the financial district of Toronto, Ontario, Canada , on Friday, March 1, 2024.
CDRs for Europe-listed Mercedes-Benz Group AG and Nestle SA will begin trading on Feb. 6, and of Japanese companies Toyota Motor Corp., Honda Motor Corp. and Nintendo Co. on Feb. 10, the bank said in a release. Canadian Imperial Bank of Commerce debuted the first CDRs in July 2021, listing Alphabet Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Tesla Inc. on Cboe Canada.
Hudson, who has been with BMO since October 2022, previously worked at CIBC and helped the bank introduce its CDRs.
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