Issuance of American Depositary Receipts (ADRs) has fallen by 90% in the first half of 2003 compared with the same period last year, although trading volume remains steady, according to the Bank of New York.

ADRs are dollar-denominated securities that allow non-US companies to be traded on a US exchange. Foreign companies raised just $420m (€363m) via five offerings to the end of June, down from $3.7bn raised by 15 deals in the first half of 2002.