Use the following quotes to answer the next three questions:
Direct Market for ¥/MXN Bids asks
Deutsche Bank’s quote: ¥12.04/MXN ¥12.10/MXN
Barclays’ quote: ¥12.02/MXN ¥12.08/MXN
CSFB’s quote: ¥12.01/MXN ¥12.08/MXN
Citigroup’s quote: ¥12.03/MXN ¥12.07/MXN
Which bank has the most competitive ask price?
Which bank has the most competitive bid price?
Is there a locational arbitrage opportunity?
Please explain it step by step.