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To perform their function, brokers must stay in close touch with a large number of dealers and know the rates at which market participants are prepared to buy and sell. With 93 active dealers in New York and a much larger number in London, that can be a formidable task, particularly at times of intense activity and volatile rate movements. Information is the essential ingredient of the foreign exchange market and the player with the latest, most complete, and most reliable information holds the best cards.

For the cross rate bid: multiply the bid of the cross rate terms currency by the bid of the base currency; —for the cross rate offer: multiply the offer of the terms currency by the offer of the base currency. 26 yen per pound. These derived, or conceptual, prices are the “boundary” prices (beyond these prices, risk-free arbitrage is possible). But they are not necessarily the prices, or the spreads, that will prevail in the market, and traders may have to shave their spreads to compete with cross rates being quoted and perhaps directly traded.

49. This differential is the dealer’s spread. ◗ Cross Rate Trading ◗ Quotes Are in Basis Points Cross rates, as noted in Chapter 3, are exchange rates in which the dollar is neither the base nor the terms currency, such as “mark-yen,” in which the DEM is the base currency; and “sterling-mark,” in which the pound sterling is the base currency. As usual, the base currency is mentioned first. ” However, for a few currency units that are relatively small in absolute value, such as the Japanese yen and the Italian lira, quotes may be carried to two decimal places and a “pip” is 1/100 of the terms currency unit.

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