Re equivalent asset arbitrage, I heard an economist say this was the case for years with Royal Dutch Shell, which traded on both the London and Amsterdam stock exchanges. Even though the prices should have moved around in lockstep they didn’t, maybe influenced by other stocks in the relevant country, so could very profitably be arbitraged. Why this persisted for so long I don’t know. It’s not like it was an obscure little company. Maybe the inconvenience of FX, monitoring prices and trading shares in other countries? (I don’t know whether it disappeared with the Internet or persisted more recently.)
Re equivalent asset arbitrage, I heard an economist say this was the case for years with Royal Dutch Shell, which traded on both the London and Amsterdam stock exchanges. Even though the prices should have moved around in lockstep they didn’t, maybe influenced by other stocks in the relevant country, so could very profitably be arbitraged. Why this persisted for so long I don’t know. It’s not like it was an obscure little company. Maybe the inconvenience of FX, monitoring prices and trading shares in other countries? (I don’t know whether it disappeared with the Internet or persisted more recently.)