An American Depositary Receipt, or ADR, is a negotiable U.S. security representing ownership of publicly traded shares in a non-U.S. corporation. There are several levels of ADR : non sponsored ADR and level 1, 2 or 3 ADR. Non sponsored ADR and level 1 ADR (Vallourec case) are not quoted but traded in the over-the-counter (OTC) market, while level 2 and 3 ADR's are quoted and traded in U.S. dollars in the U.S. securities market. Dividends, when paid, are paid to investors in U.S. dollars. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investors.