Looking for profit. The foreign exchange practice in Rouen and Western Europe markets (1580-1640)

What role played the foreign exchange in the Rouennais merchants' strategies? Was it a mere instrument for payment or credit, or was it a means of increasing profits? To answer these questions, the inquiry relies on two types of in-depth case studies on both the models provided by the accounting handbooks, and the business transactions of some great Rouennais merchants operating between Seville and Hamburg on the Atlantic side, even in Lyon and Frankfurt within the land. The results dearly show how skilful the Rouennais businessmen had become in mastering the foreign exchange practice. As well as their Southern competitors, they could understand the intricacies of the "cambio per arte" and play successfully on the exchange margins, what allows challenging the cliche of the lagging French trader before the eighteenth century. Thus, while giving priority to the commodities trade, the Rouennais businessmen perfectly knew how far a proper use of foreign exchange could maximise their profits or reduce their losses. Comparing these individual strategies, it becomes clear that they were using the same channels. This underlines the systemic nature of the functional relationships that tied Rouen, Seville and Antwerp particularly, in the context of the European commercial flows.