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 A B C Currency Pair Bid S(HUF/EUR) 365.05 S(CHF/EUR) 1.111 S(HUF/CHF) 328.85 At these rates: None of the other answers. Ask 365.45 1.1125 329.00 0 There is a triangular arbitrage opportunity and it involves selling EUR and buying CHF with dealer B. There are no triangular arbitrage opportunities. 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.