Shares of Amazon.com Inc. traded on a Canadian stock exchange for the first time after Canadian Imperial Bank of Commerce launched a new product for investors who want to own U.S. stocks while hedging their currency risk.
The first Canadian depositary receipts, or CDRs, are listed on Neo Exchange, an upstart equity market that competes with the Toronto Stock Exchange. They’re modeled on American depositary receipts, which have been used for decades by U.S. investors to buy shares of foreign companies without having to trade through a foreign exchange.
