Triangular arbitrage in the spot and forward foreign exchange markets
研究了远期市场中的三角套利，发现其效果等同于即期市场三角套利与抵补利率套利的组合，并指出远期汇率不一致时意味着即期汇率不一致或抵补利率平价被违反。
Imad Moosa shows that the effect of triangular arbitrage in the forward market is similar to the combined effect of triangular arbitrage in the spot market and covered interest arbitrage. He also shows that when the forward rates are inconsistent then this implies inconsistency of the spot rates and/or the violation of covered interest parity. When the bid-offer spreads are allowed for, the equilibrium conditions hold only approximately.