A ________ is a negotiable instrument issued by a bank that represents a foreign company's publicly traded securities and that, in turn, is traded on a local securities exchange.

Question

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A depository receipt is a negotiable instrument issued by a bank that represents a foreign company's publicly traded securities and is traded on a local securities exchange. A bill of exchange is a written order that directs one party to pay a fixed sum of money to another party at a future date. A banknote is a type of currency issued by a central bank. A promissory note is a written promise by one party to pay a fixed sum of money to another party at a future date. None of these fully describe a depository receipt.

A ________ Is a Negotiable Instrument Issued by a Bank