I read this background article the other day: Often, foreign exchange controls can result in the creation of black markets to exchange the weaker currency for stronger currencies. This leads to a situation where the exchange rate for the foreign currency is much higher than the rate set by the government, and therefore creates a shadow currency exchange market. As such, it is unclear whether governments have the ability to enact effective exchange controls.[1]  I am facing a new situation today: In the beginning of this century there was scandal in the financial market regarding black market trading. A trader named Trader A was working for Bank A. He noticed country M has pegged its currency to a fixed price while country N did not do that. He opted to trade country M currency. Across the aisle his colleague trader B was working for bank B. He traded country N's currency.  Using the knowledge I acquired from the background article, how should I answer correctly the following question regarding my new situation: Would country M's currenccy be traded or not traded in the balck market?
The answer to this question is:
traded