A corporate treasury working out of Vienna with operations in New York simultaneously calls Citibank in New York City and Barclays in London. The two banks give the following quotes at the same time on the euro:
Citibank NYC Barclays London
$0.7551-61/€ $0.7545-75/€
Required:
A) Using $1 million or its euro equivalent, show how the corporate treasury could make geographic arbitrage profit with the two different exchange rate quotes.

stage/case 1 : -$2116.12

stage/case 2 : -$3168.32

Explanation:

Citibank NYC : $0.7551-61 = €1 bank A

Barclays London : $0.7545-75 = €1 bank b

Given : $1000000

There are two ways Corporate treasury can make arbitrage profit i.e either buying Euro from Bank A and selling to Bank B or Buying Euro from Bank B and selling to Bank A

stage 1:

buying euro from bank A

$0.7561 = €1

$1000000 = € ( 100000 / 0.7561 ) = €1322576.38

selling to bank B

$0.7545 = €1

€1322576.38 = $ ( 1322576 / 0.7545 ) = $997883 .88

Profit made = $997883.38 - $1000000 =  -$2116.12

stage 2:

buying euro from bank B

$0.7575 = €1

$1000000 = € ( 1000000 / 0.7575 ) = € 1320131.01

selling to bank A

$0.7551 = €1

€1320131.01 = $ ( 1320131.01 * 0.7551 ) = $996831.68

profit made = $996831.68 - $1000000 = - $3168.32

in both cases/stages the treasury company didn't make any geographic arbitrage profit.

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