TA for fun, again, page-27

Nobody in a right state of mind and with the right tools would buy the ADR or on the Frankfurt exchange. Liquidity there is created by a market maker who has to mirror the trade the next morning on the ASX to cover their rolling stock again. In order to do that they have to slap on a huge spread in the range of 15%, even more during volatile low volume ASX days. Would you want to pay a 15% spread or rather push your order through the ASX and do an FX, potentially reducing your spread less than 1.5? That's why barely any volume goes through US OTC or Frankfurt.