Suppose you are a customer in the FX market and observe the following quotes for FX spot trades of EUR vs. the CHF, CHF vs. the HUF and CHF vs. the HUF with three dealers A, B and C: Dealer Currency Pair Bid Ask S(HUF/EUR) 365.05 365.45 B S(CHF/EUR) 1.111 1.1125 C S(HUF/CHF) 328.85 329.00 At these rates: There is a triangular arbitrage opportunity and it involves selling EUR and buying HUF with dealer A. There is a triangular arbitrage opportunity and it involves buying EUR and selling CHF with dealer B. There is a triangular arbitrage opportunity and it involves selling EUR and buying CHF with dealer B. O None of the other answers. There are no triangular arbitrage opportunities