GDRs are a mechanism used to facilitate the trading of a particular security in more than one market. A GDR is a negotiable receipt that represents an ownership interest in a specified number of securities that have been deposited with the depositary by the holder of such securities. A GDR is the physical certificate that evidences Global Depository Shares or GDSs (in much the same way that a stock certificate evidences shares of stock). See 'ADR or ADS'.