The Rise of FX Tri-Spreads and Quad-Spreads: Unlocking New Arbitrage Opportunities for MTOs and NBFIs

Executive Summary Foreign exchange (FX) markets are evolving, and a new secondary market is emerging for FX tri-spreads and quad-spreads. This strategy enables money transfer operators (MTOs) and non-banking financial institutions (NBFIs) to maximize arbitrage opportunities across multiple currency pairs.…