Term used to describe an instrument primarily used to raise dollar-denominated capital either in the U.S. or European private markets. The name GDR actually is a generic term describing Rule 144A or Reg S receipt structures deployed to raise capital either in dollars and/or euros. (If the currency is euros, the instrument is often called an EDR, or European Depositary Receipt.) For 144A depositary receipts, settlement is in DTC, while Reg S depositary receipts may be settled in both Euroclear and Clearstream.