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The table below presents quotes and cross-quotes on GBP and CHF. USD/GBP: Price for GBP in New York (in USD): USD/CHF: Price for CHF in Chicago (in USD) CHF/GBP: Price for GBP in Zurich (in CHF) USD 1.725 for 1 GBP USD 0.645 for 1 CHF GBP 0.3845 for 1 CHF The three steps which will create triangular arbitrage profit are as follows: first step, convert second step, convert and third step, convert O USD to CHF; GBP to CHF: GBP to USD USD to GBP: GBP to CHF; CHF to USD O USD to GBP: CHF to GBP: CHF to USD O USD to CHF: CHF to GBP; GBP to USD