In the capital market, dual listing occurs when a company has its shares listed on more than one stock exchange at the same time.

The transaction can take several forms, the most traditional being an IPO (opening of capital on the stock exchange) and subsequent trading of Depositary Receipts (DR). Receipts are certificates representing a company's shares, issued abroad by a depository institution and traded in countries other than the company's home country.

The United States is the most popular market for dual listings, as it has a large daily trading volume, providing liquidity for the stock. When Brazilian companies are traded in the US, they are called ADRs (American Depositary Receipts). The reverse is called BDRs (Brazilian Depositary Receipts).