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arbitrage
In economics and finance, arbitrage (, , ) is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices. When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For instance, an arbitrage is present when there is the opportunity to instantaneously buy low and sell high.
In principle and in academic use, an arbitrage is risk-free; in common use, as in statistical arbitrage, it may refer to ''expected'' profit, though losses may occur, and in practice, there are always risks in arbitrage, some minor (such as fluctuation of prices decreasing profit margins), some major (such as devaluation of a currency or derivative). In academic use, an arbitrage involves taking advantage of differences in price of a ''single'' asset or ''identical'' cash-flows; in common use, it is also used to refer to differences between ''similar'' assets (relative value or convergence trades), as in merger arbitrage.
People who engage in arbitrage are called arbitrageurs —such as a bank or brokerage firm. The term is mainly applied to trading in financial instruments, such as bonds, stocks, derivatives, commodities and currencies.
== Arbitrage-free ==
If the market prices do not allow for profitable arbitrage, the prices are said to constitute an arbitrage equilibrium, or arbitrage-free market. An arbitrage equilibrium is a precondition for a general economic equilibrium. The "no arbitrage" assumption is used in quantitative finance to calculate a unique risk neutral price for derivatives.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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