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Repsol on the stock exchange


American Depositary Receipt

American Depositary Receipt (ADR)

At Repsol we have physical certificates evidencing foreign shares held on deposit at United States banks. Repsol ADRs are traded in US dollars on the OTCQX International Premier over-the-counter market.

Buy shares on the US stock market

We offer our shareholders, and those thinking of buying shares of the Group, a financial instrument created so that foreign company shares can be traded on the US stock market. ADRs, short for American Depositary Receipts, are a negotiable US-dollar denominated certificate representing shares in a non-US company.. In the case of Repsol, ADRs represent the Company’s ordinary shares deposited with the Depositary Bank, which underlie such certificates and carry the associated shareholder rights.  Specifically, one ADR equates to one Repsol share.

This program is run by Deutsche Bank Trust Company Americas (Deutsche Bank). It acts as a depositary bank and performs different roles for the ADR holders. The full list is provided in the Deposit Agreement, registered with the SEC in the United States:
  • Records and maintains the register of ADR holders.
  • Is the transfer agent for shareholders on the ADR register.
  • Issues and cancels Repsol ADRs.
  • Distributes dividends in US dollars (if applicable).
  • Can facilitate the proxy voting process and the exercise of voting rights on behalf of ADR holders (if applicable).
  • Distributes voting documents for the Annual General Shareholders Meeting and company circulars (if applicable).
Repsol ADR details:
  • US Trading Symbol: REPYY
  • Structure: Sponsored Level 1 ADR
  • Market: OTCQX
  • Ratio (ORD:ADR): 1:1
  • ADR CUSIP: 76026T205
  • ADR ISIN: US76026T2050
  • Depositary Bank: Deutsche Bank

Get your questions about ADRs answered

Get your questions about ADRs answered
What are the benefits of ADRs to US investors?

U.S. investors may prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear, and settle according to U.S. market conventions. One of an ADRs’ top advantages is the facilitated diversification into foreign securities. ADRs also allow easy comparison to securities of similar companies as well as access to price and trading information.

How do I convert my ordinary shares into ADRs?

Converting ordinary shares into ADRs must be done through a broker, an investment advisor, or through Deutsche Bank Trust Company Americas.

How do I buy or sell Repsol ADRs?

You may buy or sell Repsol ADRs through your broker or through the depositary bank.

What is an ADR ratio?

This is the relation between the number of ADRs and the number of Repsol ordinary shares. One Repsol ADR represents one Repsol ordinary share, i.e. the ratio is 1:1.

Where are Repsol ADRs traded?

Repsol ADRs started trading on the OTCQX platform on March 4th, 2011. They are traded on the OTCQX International Premier market, the highest over-the-counter-market tier provided by OTC Markets Group, Inc. under the symbol “REPYY”. It can be accessed via the following link:

What is the U.S. Over-the-Counter (OTC) market?

U.S. OTC trading in Level 1 ADRs is carried out by market makers using inter-dealer quotation services of OTC Markets (operated by OTC Markets). The website is:

Who is Repsol’s Depositary Bank for ADRs and what does it do?

Deutsche Bank Trust Company Americas (Deutsche Bank) is the depositary bank for Repsol ADRs. It plays a key role in issuance as well as cancellation of ADRs. It also maintains the ADR holder register, distributes the dividends in US dollars and facilitates the exercise by the ADR holders of their voting rights (if necessary).

What is the difference between a registered holder and a beneficial ADR holder?

A registered holder is one whose name appears on the books of the depositary bank. A beneficial holder is one whose holdings are registered in a name other than his or her own, such as the name of a broker, bank, or nominee.