What is Arbitration Of Exchange?

Legal Definition
The business of buying and selling exchange (bills of exchange) between two or more countries or markets, and particularly where the profits of such business are to be derived from a calculation of the relative value of exchange in the two countries or markets, and by taking advantage of the fact that the rate or exchange may be higher in the one place than in the other at the same time.
-- Black's Law Dictionary
Legal Definition
This takes place where a merchant pays his debts in one country by a bill of exchange upon another.
-- Black's Law Dictionary
Legal Definition
Payment in one country by a bill of exchange drawn upon another.
-- Ballentine's Law Dictionary