Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Harmony Gold Mining Company is listed on the NYSE and JSE at different prices?
The quotes on JSE are for 100 share lots.  The quotes on NYSE are for single shares.  That still leaves some price difference, but much less than you calculated. (EDIT: Equivalently, the price is quoted in 1/100th of a Rand.  The Reuter's listing makes this explicit since the price is listed as ZAc rather than ZAR.  http://www.reuters.com/finance/stocks/overview?symbol=HARJ.J) As noted in the other answer currently up, NYSE is quoting American Depositary Receipts (ADRs) for this company, which is not directly its stock.  The ADR in this case, if you check the prospectus, is currently 1 share of the ADR = 1 share of the stock on its home market.  A US institution (in this case it looks like BNY Mellon) is holding shares of stock to back each ADR. Arbitrage is possible and does happen.  It's not perfect though, because there are a variety of other cost and risk factors that need to be considered.  There's a good review here: Report by JP Morgan Some summary points: