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Originally, a receipt for goods stored in a warehouse. The warehouse company agreed to be responsible for the safe custody and release of the goods upon presentation of the receipt for the indicated goods. Increasingly, in financial markets, the term refers to an instrument issued by a custodian in evidence of deposit of the securities. The SPDRs traded on the American Stock Exchange are, in effect, warehouse receipts which, when reaggregated, can be used to redeem shares deposited with a custodian.
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