cross rates

cross rates
The exchange rate between two currencies expressed as the ratio of two foreign exchange rates that are both expressed in terms of a third currency. Foreign exchange rate between two currencies other than the US dollar, the currency in which most exchanges are usually quoted. Bloomberg Financial Dictionary
A cross rate is the effective exchange rate achieved for two currencies across the US dollar. For example, a cross rate for sterling and French francs, where the customer wishes to sell sterling and buy French francs would be calculated by firstly converting the sterling into dollars and then converting the dollars into French francs. The use of cross rates is to identify potential arbitrage opportunities and to obtain quotes for currencies which are not commonly quoted against each other. Dresdner Kleinwort Wasserstein financial glossary
Rates between two currencies, neither of which is the US dollar. Exchange Handbook Glossary

Financial and business terms. 2012.

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