The NZ Telecom Corp is listed on both the NYSE and the NZSX exchanges, and there's a huge divergence in prices. NYSE <img src="http://ichart.finance.yahoo.com/z?s=NZT&t=3m&q=b&l=on&z=m&a=v&p=s"> NZSX <img src="http://www.nzx.com/market/security_details/by_security/price_graph?code=TEL"> Isn't this an example of classical arbitrage opportunity? or am I way off?