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Please take it as gospel that the guys on the floor would buy as many A shares as they could for any discount to 1500 Bs if they could lock in the spread without legging the trade. You are much more than likely seeing either a late trade in the A's (to get liquidity on a Friday at 15:59:59) or no trade at all in the A's while the B's moved into the close. Because the A's can all be converted to B's 1500 to 1 for only a minimal transaction cost for any pro, any actionable cheapness will get arbed away. Not everyone wants to leg that trade, so the final print that you see may suggest A's trading cheap to B's, but I dare you to capture the spread on Monday AM.

There is no incentive for the NYSE guys to step up B share liquidity just because some investment manager decided to wait until 3:59pm on a Friday to liquidate 5 A shares into a softening bid in the exchanges.

The worst discrepancies usually happen on Fridays and days before holidays, and a quarter end, for understandable reasons.

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