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Mondex and currency exchange (Was: An article for Wired magazine)

Pardon me for being behind; I'm catching up with 1500 cypherpunks
articles...  I was skimming and came upon the following:

>>>>> "JM" == Jon Matonis <[email protected]> writes:

JM> Mondex in the UK currently has official government units of account
JM> digitally represented for their Mondex card trial in Swindon.  They
JM> have also announced that in the future this card will hold up to five
JM> "official" currencies.

I'm not sure how Mondex works, but if currency conversion is made easy
doesn't this have an interesting effect on the currency markets?  If I can
have my machine follow micro changes in the markets and convert my money
around instantaneously without going through a middle-man then things could
get interesting.  Then again, I'm really nieve when it comes to currency

Please show me the flaw here.
  Jason L. Tibbitts III - [email protected] - 713/743-8687 - 221SR1
System Manager:  Texas Center for Advanced Molecular Computation 
            1994 PC800 "Kuroneko"      DoD# 1723