The fact that we can derive the British pound/Israeli shekel exchange rate, say, from the dollar/pound rate and the dollar/shekel rate follows from ruling out a potentially profitable arbitrage strategy known as triangular arbitrage. As an example, suppose that the British pound price of a zloty was below the British pound price of a dollar times the dollar price of a zloty, as depicted by the hypothetical data in the following table.
Exchange rate Value
British pound price of a zloty 4.0
British pound Vice of a dollar 1.60
U. S. dollar price of a zloty 5.00
Using $100 to purchase the Polish currency directly would obtain zlotys.
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The fact that we can derive the British pound/Israeli shekel exchange rate, say, from the dollar/...
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