SAP A.G. Message Board - Msg: 5375249

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Technology Stocks : SAP A.G.

SAP 241.75

+0.7%

Nov 28 9:30 AM EST

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To: Birdman who wrote (1836)	7/31/1998 12:40:00 PM
From: Bush Hogger	Read Replies (2) of 3424

Well it appears that you are right in regards to the shares not moving over from Germany, but rather the ADRs in existance just being listed on the NYSE. I appreciate you pointing me to post 1182. This however doesn't change my arguement that the listing is a non-event. In fact it strengthens it because US institutions already own the ADRS that trade on the Bulletin board, so who really cares if you can buy them or sell them on the NYSE or the Bulletin board. You are still buying or selling shares of the same company. The only thing we gain is a little added liquidity due to trading on the NYSE. However, like I said the shares will track the German shares while the both the US and German markets are open, simply due to the greater liquidity in germany. Any price disparity that arises is quickly closed from Arbritage. Institutions buying here and selling there or vice versa.

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