ʻO ka Māhele Brief o nā Loaʻa Pūnaewele
He aha nā mea i loaʻa i ka loaʻa kālā?
ʻO nā loaʻa kālā i loaʻa ma ka waihona kālā he mau mea waiwai kālā e kālepa ana i kahi kū'ē o ka moku'āina e hōʻike ana i nā lālā kūʻai i hoʻolahaʻia e ka lehulehu.
Ua hāʻawiʻia nā waihona kālā i loaʻa i nā waihona kālā i loko o ke kaʻina hana e pili ana i ka kūʻaiʻana i nā mahele i kahi hui'ē, e hoʻohui iā lākou i loko o nā paʻi (he 10 mau'āpana ma kēlā me kēia pale), a me ka hoʻounaʻana i kēlā me kēia pākeiʻoiai i loaʻa kahi waihona mai kahi kūʻai kālā. Māleʻaʻia nā hea i hoʻopukaʻia ma ke kumukūʻai kūʻai kālā i loko o kahiʻeleʻele a me ka ukuʻana i nā'āpana kālā i loko o kahi kālā kaiāulu, e hoʻohālike ana i kēlā hana no nā mea hoʻolimalima hale e nānā ana e kūʻai i nā mahele'āina'ē.
ʻO nā kumukūʻai o ka loaʻaʻana o nā waihona i hoʻoiliʻia ma luna o ka waiwai o nā kuleana haʻahaʻa, akā, ua kūʻokoʻa a kūʻokoʻa lākou. Eia kekahi laʻana,ʻaʻoleʻo Roche Holdings Ltd. (VTX: ROG) ma SIX Swiss Exchange e like me ka Roche Holdings Ltd. ('OTC: RHHBY) ADR. Hiki paha i nā mea kālepa keʻimi i nā manawa kūkeke ma waena o nā'āpana kahi e hiki ai iā lākou ke kūʻai aku i kahi'āina'ē a kūʻai koke aku i kahi ADR no ka uku waiwai.
Nāʻano o ka laweʻana o ka waihona
ʻO nā uku loaʻa ka uku o ka uku'āina e like me kaʻole o ko lākou'āina me kaʻokoʻaʻole o ke kālā a me ke kālā waiwai.
ʻO kēlā'ōlelo, aia nā'ōlelo likeʻole e hoʻohanaʻia e nā mea hoʻolale kālā no nā loaʻa mai o nā depositary i nā wahi likeʻole, he mea nui eʻike.
ʻOʻAmelika Depositary Receipts (ADRs) paha ka mea maʻalahi loa i nā mea waiwai o kaʻahahui Hawaiʻi. ʻO kahi ADR e hōʻike ana i ka helu helu o nā hea o kahi'āina'ē a me nāʻoihana ma nā pāʻoihana kūʻai Hawaiʻi, e like me ke New Exchange Stock Exchange (NYSE) a me ka NASDAQ paha.
Hāʻawi nā European Depositary Receipts (EDRs) i nā mea'apikina Europa me nā pāʻoihana kūʻai'āina ma nā hui kūʻokoʻaʻole. ʻOiai e hoʻopukaʻia anaʻo EDR i nā'elemu'Eulani,ʻo ke kālā maʻamau ka Euro, no ka mea,ʻo ia ka mea i hoʻohana nuiʻia ma ka'āina.
ʻO nā Global Receipted Receipts (GDRs) heʻano likeʻole o ADR a iʻole EDR. I nā hua'ōlelo'ē aʻe, hōʻike lākou i nā waihona waihona waihona kālā no ka poʻeʻAmelika a me kaʻole Pelekane. Hoʻohana mauʻia lākou e nā māla kālepa i kālepa aku ma kaʻaina a me nāʻeke kūwaho .
ʻO ka kūʻai kūʻai kālepa
ʻO nā mea hoʻopuka kaulana loa o nā GDR e komo pū me JPMorgan, Citigroup, Deutsche Bank, a me ke Bank of New York Mellon, akā he nui nā kālepa e hoʻopuka ana i kēia mau mea palekana a puni ka honua. Hoʻoliloʻia kēia mau kālā i nā kālā i ka wā i kūʻaiʻia ai nā ADR ma ke kelepa ma o ka hoʻoukaʻana i ka hoʻonohonohoʻana ma ke kālepa-e like me nāʻoihana'ē aʻe. Hiki nō hoʻi i nā'auʻana ke hoʻokuʻu i nā uku ma nā pānaʻi i hāʻawiʻia a hoʻolilo i nā hoʻolālā e pili ana i ka hoʻololi kālā.
Hoʻonohonohoʻia kēia mau ADR ma ka hoʻoili kālāʻana e like me Frank Exchange Stock Exchange, Luxembourg Stock Exchange, a me ka Stock Exchange Stockholm. Ma kēia mau loli, kālepa ADR ma ka Book Book International -ʻo IOB-ʻo ia ka meaʻoihana leka uila no nā palekana honua.
Pono nā mea kūʻai kālā kālepa ADRs, EDRs, a me nā GDR paha e noʻonoʻo i nā kumu kūikawā likeʻole e hiki ai ke hoʻololi i ko lākou pono:
- Ka Hoʻomohala kālā : Pono e hoʻololiʻia nā hōʻailona waihona kālā i loko o ka home home ma kekahi wahi,ʻo ia hoʻi, hiki i ka ikaika o ke kālā ke hoʻololi i ka nui o ka uku a me nā hua. Pono nā mea kālā e mālama i kēia mau mea.
- Ka Hoʻolālā Pāhaki : Loaʻa ka loaʻaʻana o nā kuleana i kaʻaeʻana ma ka'āpana'āina,ʻo ia hoʻi ke kūpono i nā kumu kūloko o ka honua, e like me ka hopena o ka politika,ʻoiai, no ka mea, ke kau nei lākou i nā mākeke e kū ana.
- Palena Waiwai : Loaʻaʻole ka kūʻaiʻana o ka moku kūʻai i ka waiwai likeʻole me nā mea'ē aʻe,ʻo ia hoʻi he mea hiki i nā mea kālā ke kūʻai a kūʻai aku i ke kumukūʻai kūpono, i ka wā e neʻe iki ana ka mākele.
Ka Lā Lalo
Loaʻa kaʻike nui o nā mea hoʻolimalima waiwai honua i nā American Depositary Receipts (ADRs) e maʻalahi ai ke kūʻaiʻana i nā hui'ē mai ma nā loli kūʻai kūʻai US. Eia naʻe, aia kekahi mauʻanoʻokoʻa o nā waihona pūnaewele e hiki ai i nā mea kālā ke loaʻa, e like me nā European Depositary Receipts (EDRs) a me ka Global Depositary Receipts (GDRs). He mea nui i kaʻikeʻana o nā mea kālā o nā'āina'ē i kēia mau'ōlelo e maopopo maopopo ai i nā ala maikaʻi e kūʻai ai a kūʻai aku i nā'āpana, a me nā mea kūikawā kūikawā paha i komo i loko o ke kaʻina hana.