Reuters reveals Russian companies, banks could reap windfall from depositary receipt delisting

Reuters revealed that Russian companies and global banks including BNY Mellon, Deutsche Bank, Citigroup and JPMorgan could profit if Moscow moves to de-list Russian companies’ depositary receipts from foreign exchanges. The potential windfall is due to the fees that bank issuers of depositary receipts can contractually charge investors when they cancel the product. The fees could potentially translate into hundreds of millions of dollars, according to Reuters calculations based on fee data provided by the sources.