Please read the article I linked to you regarding exchange arbitrage. It's really not that complicated.
Right now. Our bid/ask is at .4995/.505 Why do you think that is? You think it's just some made up imaginary number?
Why did the Swiss open at .46 today? Do you think MM's over there just thought that would be a good number to open at after closing at .51 yesterday?
The easiest way to see this is in the open prices of both exchanges. If the prices weren't reconciled then hedge funds would have a field day with a 100% guaranteed profit.
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