Yes – the dual‑listing creates a classic cross‑market arbitrage set‑up, but the size and speed of any exploitable price gap will be dictated by liquidity, settlement timing and the relative depth of the two venues.
Eve Air Mobility’s shares will trade on the NY NYSE (EVEX/EVEXW) and on B3 in Brazil under the same capital‑raise structure. The NY exchange is far deeper, with a larger pool of institutional and retail participants, tighter spreads and continuous electronic market‑making. B3, while growing, still has a more limited order‑book and a T+2 settlement clock that can differ from the NY T+2/T+0 clearing for the ADR‑type securities. In practice, a price differential will appear whenever the NY price moves faster than the Brazilian price (or vice‑versa) – for example, after a U.S.‑centric news flow on eVTOL policy, FAA approvals, or a U.S.‑based capital‑raise tranche.
Trading implication: If you spot a divergence that exceeds the combined transaction‑costs (exchange fees, FX spread, borrowing/short‑selling costs, and any cross‑border tax), a relative‑value trade can be placed – long the cheaper side (e.g., buy on B3) and short the expensive side (sell EVEX on NY). Because the two markets clear in different currencies (USD vs. BRL), the arbitrage also carries a currency‑carry component; a hedged FX position (e.g., using forward contracts) is essential to isolate the equity spread. Expect the window to be short‑lived – price convergence typically occurs within a few hours as market‑makers rebalance inventories and algorithmic traders scan for the spread.
Actionable tip: Monitor the real‑time NYSE price and the B3 quoted price (or its ADR equivalent) for any > 0.5 % differential after accounting for the prevailing USD/BRL rate and total execution costs. When the gap widens, initiate a market‑neutral pair trade with a tight stop (e.g., 0.2 % of the spread) and a modest position size (≤ 5 % of daily volume on the thinner B3 side) to avoid slippage. In the absence of a sustained gap, the arbitrage will be quickly erased by liquidity‑providing participants.