Acronym for American Depositary Receipt. The ADR is a negotiable certificate that represents ownership of shares in a non-US company. In 1989 Benetton Group was listed on the New York Stock Exchange, NYSE, through a Level III Program. Each Benetton ADR represents two Benetton ordinary shares. On September 12, 2007 the Parent Company's Board of Directors decided to request the voluntary delisting and deregistration of the ADS quoted on the NYSE. The delisting/deregistering of the Benetton stock from the New York Stock Exchange came into effect on January 21, 2008, as a result of which the company's ADRs have been kept under a Level I program.