Aims (1) and (2) are correct. If there are more 'exotics' to go around and they become more easily accessbile (i.e. low transaction fees), wouldn't there be mor

Aims (1) and (2) are correct. If there are more 'exotics' to go around and they become more easily accessbile (i.e. low transaction fees), wouldn't there be more competition on the currency market? Online retailers could quote prices in the currency of their choice and you'd get an instant quote in the currency of your choice out of that. As for the non-guaranteed quotes and the latency, I'm not sure whether someone has seriously tried to get their head wrapped around that, so there's room for innovative routing mechanisms. As for me it'd be fine to just do this as a thought experiment and then apply the results to poor man's P2P networks which are more accessible in the first place and see what comes out of that.