Business Objects trades on the Paris Bourse as ordinary shares and on the NASDAQ as American Depositary

Question:

Business Objects trades on the Paris Bourse as ordinary shares and on the NASDAQ as American Depositary Receipts (ADRs). One ADR of Business Objects corresponds to one share on the Paris Bourse. Suppose the last transaction of Business Objects on the Paris Bourse was at €25. An investor then entered on the French electronic trading system a limit order to purchase Business Objects shares at €24. The ADR price quoted by a NASDAQ is $23.90-24.45. The is $0.96/€. Suppose that some unfavorable information suddenly arrives that suggests that a lower price of Business Objects shares at €21 would be fair. Assuming that the has not changed, discuss which parties stand to lose on the Paris Bourse and on NASDAQ?
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the... Exchange Rate
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