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翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Triangular arbitrage ： ウィキペディア英語版 Triangular arbitrage Triangular arbitrage (also referred to as cross currency arbitrage or three-point arbitrage) is the act of exploiting an arbitrage opportunity resulting from a pricing discrepancy among three different currencies in the foreign exchange market. A triangular arbitrage strategy involves three trades, exchanging the initial currency for a second, the second currency for a third, and the third currency for the initial. During the second trade, the arbitrageur locks in a zero-risk profit from the discrepancy that exists when the market cross exchange rate is not aligned with the implicit cross exchange rate. A profitable trade is only possible if there exist market imperfections. Profitable triangular arbitrage is very rarely possible because when such opportunities arise, traders execute trades that take advantage of the imperfections and prices adjust up or down until the opportunity disappears. ==Cross exchange rate discrepancies== Triangular arbitrage opportunities may only exist when a bank's quoted exchange rate is not equal to the market's implicit cross exchange rate. The following equation represents the calculation of an implicit cross exchange rate, the exchange rate one would expect in the market as implied from the ratio of two currencies other than the base currency. :$S\_\; =\; S\_\; S\_$ where :$S\_$ is the implicit cross exchange rate for dollars in terms of currency ''a'' :$S\_$ is the quoted market cross exchange rate for b in terms of currency ''a'' :$S\_$ is the quoted market cross exchange rate for dollars in terms of currency ''b'' If the market cross exchange rate quoted by a bank is equal to the implicit cross exchange rate as implied from the exchange rates of other currencies, then a no-arbitrage condition is sustained.〔 However, if an inequality exists between the market cross exchange rate, $S\_$, and the implicit cross exchange rate, $S\_\; S\_$, then there exists an opportunity for arbitrage profits on the difference between the two exchange rates.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Triangular arbitrage」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.