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TeachMeFinance.com historic definition... Arbitration of exchange -- A calculation based on rates of exchange to determine the difference in money values at three or more places ; or, a calculation based on the money values at three or more places to determine the ratio of exchange between the different places. Where three places are concerned the calculation is called simple arbitration ; where more than three places are concerned the calculation is called compound arbitration. As an operation (as distinguished from a calculation) arbitration of exchange consists in dealing for profit in exchange between three or more places. The profit is derived from the difference in the rates of exchange on the several places. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.