Suppose you are a currency trader at UBS with $50,000,000 funds to trade in currencies, and you observe the following rate quotations:

Bank	Currency Pair	Bid	Ask
Bank of America	$/	1.2124	1.2252
Barclays	$/	1.3248	1.3258
Citi	/	1.1101	1.1123

Prove whether there exists an arbitrage opportunity or not? What currency is undervalued?

Fully explain what trades you will undertake to realize a profit. (Please explain each transaction, mentioning the bank you will be dealing with, the rates you will get and the outcome of that transaction, making sure you indicate in which currency the outcome is in)