Sympathy for the arbitrageur

Life has become more difficult for arbitrageurs - and other market participants should care


There are many phrases that, when uttered, can be pretty much guaranteed a sympathetic reaction. "Things are really tough for arbitrageurs right now," is not one of them, but perhaps it should be.

Arbitrage strategies involve spotting and then capitalising on a mispricing, and are classically assumed to be risk-free. As such, making serious money out of them typically requires a big position and a lot of leverage. It's not a recipe designed to curry favour with other market participants, policy-

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