Arbitraging the Arbitrageur: The Case of Glencore

Glencore is dual listed on the Hong Kong (805) and London (GLEN) stock exchanges.  The shares are listed in HKD and GBP, respectively.  The stock is scheduled to be listed in the U.S. denominated in USD eventually under the ticker GLNCY, however these are currently unavailable for trading.

Due to the operating hours of each exchange, the two anchor stocks (805/GLEN) only overlap for one hour per day, from 2:00AM CT (U.S.) to 3:00AM CT.

This is the spread between LSE-listed shares converted to HKD and the actual HKD-denominated shares listed in Hong Kong.

Prices are from July 28, 2011.