---
name: triangulated-fx-rates
description: Reference for multi-hop / triangulated currency conversion on batch rate tapes. When a rate row carries an explicit "via" currency, the row's rate is only one leg of the conversion, and the via currency may ITSELF be quoted through another via — so the effective rate is the product of every leg, resolved by walking the chain until a direct quote is reached. Useful when an FX feed lists some pairs directly to the reporting currency and others as triangulated (or doubly-triangulated) quotes through vehicle currencies.
triangulated-fx-rates
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