sentences:  While 'technically' fungible, these separate primary listings (they would all be considered 'primary' listings) are subject to re-registration which creates significant settlement risk if an investor wants to buy on one exchange and sell in another (especially where the currencies differ).Shares traded in a true cross listing / multi listed scenario are processed, matched and settled via the market mechanisms specific to the local exchange.In this regard, even though shares of IBM bought on NYSE and shares of IBM purchased on LSE are technically the same instrument, those purchased on NYSE will settle via the mechanisms associated with NYSE and the DTCC in the United States.