Assume the cross-rate trader at Deutsche Bank notices that Credit Monaco is buying dollars at S(/$)= 0.7638, the same as Deutsche Banks bid price. Similarly, he observes that Barclays is buying the British pound at S ($/) =1.5400, also the same as Deutsche Bank. He next finds that Credit Agricole is making a direct market between the euro and the pound, with a current ask price of S(/)=1.1705. Outline the arbitrage opportunities.