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One stallion that has been on the move, both physically and in terms of his stud fee, is Exchange Rate (TrueNicks, SRO). The son of Danzig - Sterling Pound (by Seeking the Gold) retired to Padua Stables in Ocala, Fla., where he stood for as little as $7,500. However, after a flying start, the gray has earned a move to Three Chimneys Farm in Midway, Ky., where he was advertised as standing for $25,000 in the most recent season.

For a relatively inexpensive sire, Exchange Rate made a sensational start with his first crop, which was headed by grade I winners Ermine and Swap Fliparoo. He was represented by five more stakes winners in his second crop, including the multiple graded stakes-winning colt, Xchanger. From his third crop, he sired Rated Fiesty, who defeated colts in the Kentucky Breeders' Cup Stakes (gr. III), took the Debutante Stakes (gr. III), and was shaping as one of the best juveniles fillies of the crop until sidelined by injury, and the multiple stakes-winning and graded stakes-placed Zee Zee.

This year, Exchange Rate already has a very smart 2-year-old in Southern Exchange, who took his record to two-for-two with a 4 3/4-lengths win in the Victoria Stakes at Woodbine. Southern Exchange is rated A+ by TrueNicks on the basis of the Exchange Rate/Mr. Prospector cross, which has already produced four stakes winners. His pedigree, however, is particularly interesting: Exchange Rate is out of a mare by Seeking the Gold, who in turn was by Mr. Prospector out of a mare by Buckpasser. Southern Exchange's dam, Miss Madeleine, is out of a mare by Woodman, who is also by Mr. Prospector out of a Buckpasser mare, so Southern Exchange has three-quarters relatives 3 x 2. We should also note that Exchange Rate has also sired graded-placed Bereba out of a mare by Miswaki, another Mr. Prospector/Buckpasser cross.

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