A Luxembourg Depository Receipt (LDR) is a certificate which represents the purchase, or ownership, of foreign assets which are deposited in a Luxembourg-based account. An LDR functions in much the same way as a global depository receipt (GDR). LDRs may represent ownership of either an underlying number of shares or a notional amount of bonds. Prices of LDRs are often close to the value of the related instrument but they are traded and settled independently and often in smaller lots (particularly in the case of bonds).