Business
CIBC launches its first European Canadian Depositary Receipts ("CDRs")
CIBC launches its first European Canadian Depositary Receipts ("CDRs") Canada NewsWire ...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\n\n CIBC launches its first European Canadian Depositary Receipts (\"CDRs\")\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Expansion into\n \n Europe\n \n marks continued evolution of successful CDR platform\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Jan. 27, 2025\n \n\n /CNW/ - Today CIBC announced the expansion of its Canadian Depositary Receipts (\"CDRs\") platform with the addition of five new \"European CDRs\", to be listed on Cboe Canada and available for trading on\n \n January 31, 2025\n \n\n ,\n \n\n subject to final approval by the Exchange.\n \n\n\n\n\n\n\n\n\n\n Introduced to investors over three years ago, CIBC will now have a total of 70 CDRs listed in\n \n Canada\n \n .\n \n\n CIBC's first European CDRs are based on well-known German companies, with more planned for the future. Five new CDRs are listed below with the Cboe Canada ticker symbols:\n \n\n\n Allianz CDR (CAD Hedged) – ALZ\n \n\n BMW CDR (CAD Hedged) – BMW\n \n\n Mercedes-Benz CDR (CAD Hedged) – BENZ\n \n\n SAP CDR (CAD Hedged) – SAPS\n \n\n Siemens CDR (CAD Hedged) – SMNS\n \n\n\n \"Since inception, our industry-leading Canadian Depositary Receipts have helped investors gain exposure to global companies while managing currency risk, \" said\n \n Christian Exshaw\n \n , Deputy Head, Capital Markets at CIBC. \"CIBC's expansion into the European market is a first step in rapid global expansion furthering accessibility for retail investors, while continuing our innovative, market-based solutions that address investor demand.\"\n \n\n CDRs make it easy to invest in many of the world's largest companies – in Canadian dollars. Offered at a fraction of the price per share of the underlying reference share, and with a built-in notional currency hedge, CDRs provide investors with affordable access to globally-listed stocks while mitigating the currency risk associated with global investing.\n \n\n To bring European CDRs to market, CIBC partnered with CIBC Mellon to leverage their global operatio...