A technique devised to permit trading in a security, even though the security does not fulfil the requirements for listing on the local stock exchange. A security is bought and registered in the name of the depositary bank or company, which will issue a receipt certifying that the receipt conveys the title to the security deposited with it or held to its order. If the receipt is in bearer form, it can then be freely bought and sold, whereas direct dealing in the stock would have needed registration of the new owner's name every time the security changed hands.