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Najdorf,

You seem to know what you are talking about. One of my clients has been purchasing stocks on the TSE. Our firm can trade foreign on the foreign exchange, but if the trade settles foreign, they usually wack the client with some sizable fees. Many if not most of the foreigns that don't have adr's have a symbol that trades on the bulletin boards. I think softbank from tokyo was SFTBF.(I don't want to give the symbol I'm talking about for confidential reasons)

Anyway, point is the client noticed that after accounting for the exchange rate, there was still a difference in the price of the stock. I haven't actually computed it, but I have to imagine there are arb opportunities like that.

I don't know if you could just open a canadian equity trading account if you're a US citizen(we don't do well with canadians at my brokerage), but if so, it shouldn't be that expensive. I'm also not familar with the logistics of settling this trade since in essense you would be long one security and short the other. Also, if you're not a hedge fund, you can't short it in the first place. I may have to call a friend of mine that has a hedgefund and pose the question to him.

Anyone reading this for ideas, understand this was just an observation I made over the last few weeks. The actual application may be impossible due to trading rules, availability or liquidity of the security trading here on the bulletin board or cost of converting shares(delivery, etc)