Global stocks that trade on U.S. stock exchanges
Introduction
The U.S. stock market is by far the largest stock market in the world, so many international companies elect to have their stock trade on a U.S. stock exchange. There are several different ways that a foreign company can have their stock trade on a U.S. stock exchange.
An American Depository Receipt or ADR is a mechanism whereby a major U.S. investment bank issues a security (an ADR) that represents ownership shares in the stock of a foreign company that have been deposited with the U.S. bank. The first ADR was created in 1927, making this a well-established mechanism for foreign companies to access U.S. capital markets. For more information, read what is an ADR? You can also see our list of ADRs.
ADRs can be sponsored or unsponsored. Sponsored ADRs are created in partnership with the foreign company, which typically provides financial information and may pay some costs. Unsponsored ADRs are created by a depositary bank without the direct involvement of the foreign company. Sponsored ADRs generally offer better investor protections and more reliable information.
ADRs come in three levels. Level I ADRs trade over-the-counter and have minimal SEC reporting requirements. Level II ADRs trade on major U.S. exchanges and must comply with SEC reporting. Level III ADRs allow the company to raise capital in the U.S. through a public offering and have the strictest regulatory requirements.
Global Depositary Receipts (GDRs) are similar to ADRs but trade on non-U.S. exchanges, typically in London or Luxembourg. Some companies issue both ADRs for U.S. investors and GDRs for European investors.
Instead of using the ADR process, some foreign companies elect to directly list their common stock on a U.S. stock exchange, just like a U.S. company. Why? It is not always clear. Sometimes, they just want access to the U.S. stock market, as it is by far the largest in the world. Sometimes, these companies are complex multi-national corporations that have complex histories, being incorporated in one country but with their headquarters located in another country. Sometimes it is difficult to determine where their primary business operations exist. See our list of non-US companies traded on U.S. exchanges. For these companies, their only publicly traded stock is the stock that trades on a U.S. stock exchange (i.e. the U.S. traded stock is their primary listing).
Some foreign companies choose to cross-list their shares on the U.S. stock market. Cross-listing means that a company's stock simultaneously trades on the U.S. stock market and on the stock market of the company's home stock exchange. Cross-listing is particularly popular with Canadian companies. See our list of Canadian companies that trade in the U.S..
Risks of investing in foreign stocks
Investing in foreign stocks through ADRs or direct listings carries unique risks. Currency fluctuations between the U.S. dollar and the company's home currency can affect returns. Dividends paid by foreign companies may be subject to withholding taxes in the company's home country, though tax treaties may reduce this burden.
Regulatory risks are also significant. The Holding Foreign Companies Accountable Act (HFCAA), enacted in 2020, requires foreign companies to comply with U.S. auditing standards or face delisting. This law has particularly affected Chinese companies, many of which have moved their primary listings to Hong Kong.
Summary by country
Here is a summary of the above securities based on the country:
| Country | Stock count | Total market cap |
|---|---|---|
| China | 242 | $427B |
| Canada | 217 | $2.90T |
| Israel | 107 | $239B |
| United Kingdom | 90 | $3.25T |
| Hong Kong | 83 | $35B |
| Singapore | 58 | $133B |
| Bermuda | 41 | $219B |
| Ireland | 33 | $1.08T |
| Australia | 30 | $389B |
| Brazil | 29 | $635B |
| Cayman Islands | 27 | $52B |
| Greece | 22 | $12B |
| Netherlands | 21 | $1.02T |
| Switzerland | 21 | $740B |
| Japan | 17 | $1.20T |
| Luxembourg | 16 | $222B |
| Mexico | 15 | $37B |
| France | 15 | $379B |
| Germany | 15 | $311B |
| Argentina | 13 | $38B |
| Taiwan | 13 | $1.84T |
| South Korea | 11 | $253B |
| Malaysia | 9 | $271M |
| India | 8 | $287B |
| Sweden | 7 | $47B |
| South Africa | 7 | $269B |
| Belgium | 7 | $148B |
| Chile | 7 | $57B |
| Denmark | 7 | $204B |
| Puerto Rico | 6 | $18B |
| Spain | 6 | $362B |
| Monaco | 6 | $9.17B |
| Italy | 5 | $111B |
| Peru | 5 | $40B |
| Cyprus | 4 | $7.91B |
| Colombia | 4 | $7.12B |
| Macau | 3 | $75M |
| Uruguay | 3 | $97B |
| British Virgin Islands | 3 | $739M |
| United Arab Emirates | 3 | $1.29B |
| Jersey | 3 | $2.04B |
| Guernsey | 2 | $7.20B |
| Indonesia | 2 | $20B |
| Finland | 2 | $76B |
| Kazakhstan | 2 | $18B |
| Norway | 2 | $95B |
| Panama | 2 | $6.88B |
| Thailand | 2 | $24B |
| Turkey | 2 | $5.58B |
| Vietnam | 1 | $10B |
| Isle of Man | 1 | $397M |
| Gibraltar | 1 | $260M |
| Jordan | 1 | $1.16B |
| Bahamas | 1 | $2.36B |
| Philippines | 1 | $4.52B |
| Costa Rica | 1 | $1.97B |
Note the large number of Chinese companies that have their stock trading on a U.S. stock exchange. China's complex political and economic model has historically caused many Chinese companies to list their stocks on exchanges in Hong Kong and the U.S. However, regulatory tensions between the U.S. and China—particularly around audit access requirements under the HFCAA—have led to significant changes since 2022. Many Chinese companies have delisted from U.S. exchanges or shifted their primary listings to Hong Kong. You can read more in about China's stock market.
As explained above, the high number of Canadian companies is because so many of the companies that trade on the Toronto Stock Exchange cross-list their shares on a U.S. stock exchange.
Here is a summary of these stocks based on the country classification:
| Country | Stock count | Total market cap |
|---|---|---|
| Developed markets | 770 | $13T |
| Emerging markets | 416 | $3.78T |
| Unknown | 75 | $376B |
| Frontier markets | 1 | $10B |