The value of depositary receipts traded globally reached a new high in the first six months of this year as non-US exchanges continued to gain market share.

More than $932bn (€735bn) of depositary receipts traded globally in the first half of 2006, up 85% from the same period last year, according to the Bank of New York. Depositary receipts allow overseas stocks to be traded on domestic exchanges in the same way as normal shares.