Case 1:

A/B = a/b
B/C = c/d
=> A/C = ac/bd
A => B => C
CUSTOMER
-Sell A to get B => 1A = aB
-Sell B to get C => 1B = cC
=> 1A = a.c C                (1)
C => B => A
-Buy B by C => 1B = d
-Buy A by B => 1A = bB
=> 1A = b.d C                  (2)
(1)(2)=> A/C = ac/bd

Case 2
A/B = a/b
C/B = c/d
-B/C = 1/d / 1/c
=> A/C = a/d / b/c

Case 3
B/A = a/b
B/C = c/d
-A/B =1/b / 1/a
=> A/C = c/b / d/a

EX1:
bid < ask
USD/VND = 22850/150
AUD/VND = 16360/10
USD/EUR = 0.8120/80
EUR/NZD = 1.4275/25
1. AUD/USD=?
= AUD/VND * VND/USD
bid =16360 * 1/23150 = 0.7067
ask = 16410 * 1/22850 = 0.7182
2. EUR/VND= ?
= EUR/USD *USD/VND
bid = 1/08180 * 22850 = 27934
ask = 1/0.8120 * 23150 =    28510
3. NZD/VND= ?
=NZD/EUR *EUR/USD * USD/VND
bid = 1/14325 * 27934 = 14500
ask = 1/1.4275 * 28510 = 19971
Step 1: Relatíonhip
Step 2: rate
EX2
GBP/USD = 1.7240/90
EUR/USD = 1.3310/50
EUR/SGD = 1.6185/25
A customer sells 1,500,000 GBP to recieve SGD
How much SGD does he recieve?
GBP/SGD = GBP/USD *USD/EUR *EUR/SGD
bid = 1.7240 * 1/13350 * 1.6185 = 2.0901
=> Total SGD = 1,500,000 * 2.0901 = 3,135,150 (SGD)