Can you buy/sell cross-listed companies in different markets?

[cjs516]

What I'm asking is if I bought TD equities on TSX with CAD, can I sell these on NYSE at their market price? I sort of heard you can use this way to convert CAD to USD or something along that line. If you were to do this, would you just execute sell order for TD and indicate "US Market" and settlement option to be USD? Why would anyone do this though?

[HammerRFDer]

I believe it is possible, since they probably have the same CUSIP number (ie: they are exactly the same stock).

Same goes for RIM vs. RIMM etc.

However, I don't think the online brokers support it as they should and you'll to end up calling in to get it done, and then sometimes argue to get the online trade fee since it's not your fault.

Why would someone want to do this? Perhaps one is cheaper than the other, or they want to exchange a lot of money over with a very low commission. Generally, people don't, the companies just want to list the exact same share on multiple exchanges.

There's a big thread on this for currency conversion over at another forum which I'll pm to you.

[Germack]

Yes it is possible. I use this method to cheaply change CAD to USD

[monty613]

What I'm asking is if I bought TD equities on TSX with CAD, can I sell these on NYSE at their market price? I sort of heard you can use this way to convert CAD to USD or something along that line. If you were to do this, would you just execute sell order for TD and indicate "US Market" and settlement option to be USD? Why would anyone do this though?

Yes it's possible. Your broker may not allow it unless you journal the shares from your CAD to USD accounts, or vice versa.

In addition to doing it because of the FX spread, you could also trade a stock on the US markets when it's a TSX holiday (Boxing Day, for instance)

[cjs516]

nvm, I understand it now.

Thanks all for the replies!