SPB Exchange has also capitalised on another quirk of the 2011 reform. The goal of those changes was to bring trading onshore to the Russian exchanges. Since then, Moscow Exchange (MOEX) has focused on moving trading to its exchange and winding down the American and Global Depository Receipt programmes (ADR and GDR respectively), which are a proxy for local shares that are listed on international exchanges. These instruments usually trade at a slight premium to the underlying shares so investors could make easy money by buying the GDRs and swapping them for their underlying shares by moving their ownership from the international custodians to the local one, banking the difference in their respective values.