BM&FBOVESPA has started the seventh selection process for a depositary institution allowed to issue unsponsored level I Brazilian depositary receipts (BDR), Mondovisione reports. The selected institution will be authorized to issue 10 BDR programs, backed by shares issued by companies with headquarters in the U.S. and publicly traded in that country.
Interested institutions are required to submit their proposals by September 19. At present, 30 unsponsored level 1 BDR programs are available for trading on BM&FBOVESPA. Deutsche Bank, Citibank DTVM and Itaú Unibanco are the depositary institutions for the 30 BDRs.
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