Paste Special different when pasting to second opened Excel application

I have two instances of excel running on my desktop.  When I paste special into the same opened excel application that I copied from, I get all th options such as past only formulas, text, etc.  When I try to paste special into the other opened Excel application, I only have the option to paste  a worksheet object.  Is there a way to have the same options available in the second excel application?
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It's my understanding that the paste special data that is available within Excel does not transfer to the clipboard - which is used when going between applications.  When you do a copy -> paste special -> format for example, it is done within Excel & does not use the clipboard.

Therefore: I believe that only OLE objects & links can be transferred between applications.  Even different instances of the same application.

The only workaround I can think of is to copy the sheet to a new workbook in Excel(1).  Save & Close.  Open the new workbook in Excel(2).  Now it is available for paste special.

When I try to paste special, I can use these two options and retain the formatting: "Microsoft Excel 8.0 Format" and "XML Spreadsheet".

When I try the object, it failed also.

Not sure if the above two options were available when you do a paste special...
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