Indirect exchange arbitrage

…This is also the result of arbitrage. When arbitration takes place between two currencies or two countries, it is called direct arbitration, and when it takes place between three currencies or three or more countries, it is called indirect arbitration. As a result of arbitrage, the exchange rates between each currency are almost the same in any market in the world. …

*Some of the terminology used to refer to "indirect foreign exchange arbitration" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…これも裁定行為の結果である。裁定行為が2通貨または2国間で行われる場合を直接為替裁定，3通貨または3国間以上の間で行われる場合を間接為替裁定という。為替裁定の結果，各通貨間の為替レートは世界のどの市場をとってみてもほぼ同一に定まる。…

※「間接為替裁定」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報