The article points out the shares of oil and gas companies are the most liquid tools of the Russian stock market. These companies were the first ones to place securities on foreign stock exchanges. The author considers the most general theoretical aspects of depository receipt placement and influence of cross-listing on dynamics of shares in domestic market, and also compares the data of the depository receipts and stock auction of the Russian oil and gas companies. The author emphasizes that the securities placement on foreign stock exchanges is the manifestation of the financial market liberalization, and it testifies that the national organizer of the auction does not provide the necessary set of services to issuers. The paper underlines that the study of foreign researchers allowed defining the duality, which is peculiar to depository receipts. On the one hand, when placing depository receipts on a foreign exchange, the company receives fair estimation of cost and enhances its recognition. On the other hand, there is a negative influence on dynamics of the depository receipts of stocks of the companies from emerging markets. Cross-listing, available thanks to liberalization of capital markets, serves as the indicator of weakness of national securities markets. By means of a correlation analysis, the author comes to a conclusion on strong connection of the dynamics of prices of the American depository receipts and the stocks of the Russian oil and gas companies which constitute their basis. The paper demonstrates that the change in the exchange rate of dollar and oil price is differently reflected in dynamics of stock auction and depository receipts of the Russian oil and gas companies: shares, to greater extent than depository receipts, correlate with the oil price dynamics. The trading volume in stock market is more susceptible to dollar rate dynamics. The excess of depository receipts value over stock value makes opportunities for arbitration.
Keywords: depository receipt, oil and gas companies, arbitration, securities market, segment, cross-listing
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