Counterintuitively, it may add distortion to price the same instrument at the same
price in all businesses in all time zones. This is most disturbing for most accountants
who learn early in their training that internal balances must always net out on
consolidation.
We consider the extreme example that there is a position between the offices in
Tokyo and New York which is exactly matched by positions with the outside world at
each end. If Tokyo positions are valued at the end of the trading day in Tokyo, and
New York positions at the end of the trading day in New York, we would see:
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