If it is changed to the same pricing method, it can be unified as indirect pricing here.

New york foreign exchange market: USD/DM 1.4985/93.

London foreign exchange market: GBP/USD 1.6096/05

Frankfurt foreign exchange market: Deutsche mark/pound (1/2.4100)/(1/2.4074)

Exchange rate multiplier (multiplied by the middle price)

[( 1.4985+ 1.4993)/2]*[( 1.6096+ 1.6 105)/2]*[( 1/2.4 100+ 1/2.4074)/2]= 1.00 19

Does not mean that 1 is profitable and can be arbitrage.

American arbitrageurs can convert US dollars into marks in new york market (1.4985), then into pounds in Frankfurt market (1/2.4 100), and then into US dollars in London foreign exchange market (1.6096).

Income: 1 USD Exchange income:1.4985 *1/2.4100 *1.6096-1= 0.000824 USD.