Let's say I'm a European living in Germany and a company is listed only on the NYSE in USD.
On my trading platform I can buy shares of this company either on the NYSE in USD or on Xetra in EUR.
When buying it on the NYSE my money is exchanged from EUR to USD by my trading platform. But when and where does the exchange happen in the second way?
Are both ways subjected to the same EUR/USD rate and fluctuations? Or is there a way I can insulate myself from these?