At the beginning of this module you learned that most of the interbank trade is done with the dollar. But suppose that a client of the Bank wants to change directly from pounds sterling to Swiss francs. In the jargon of the corridor, this trade not dollar is called currency against the currency. The Bank usually (or actually) handles this transaction for its client selling British pounds for U.S. dollars.UU. and then you will sell U.S. dollars.UU. by the Swiss francs.
Do not think this ridiculous? Why not selling the British pound directly by the Swiss francs? Here is why do it this way. Look at the table below changes crossed main $US