How to perform arbitrage - Test
  • 1. What is the core principle behind arbitrage?
A) Exploiting price differences for the same asset in different markets.
B) Influencing market prices through large trades.
C) Holding assets for long-term appreciation.
D) Predicting future market trends.
  • 2. Which of the following is essential for identifying arbitrage opportunities?
A) Reliance on historical price charts.
B) Gut feeling and intuition.
C) Real-time market data and price comparison.
D) Following advice from market analysts.
  • 3. What type of risk is inherent in arbitrage?
A) Credit risk.
B) Market risk.
C) Execution risk.
D) Inflation risk.
  • 4. What does 'risk arbitrage' typically involve?
A) Short selling overvalued stocks.
B) Investing in mergers and acquisitions.
C) Buying and selling currencies at random times.
D) Trading options with high volatility.
  • 5. What is 'triangular arbitrage'?
A) Trading stocks in three different sectors.
B) Using three different trading strategies.
C) Investing in three different countries.
D) Exploiting price discrepancies between three currencies.
  • 6. What role does transaction cost play in arbitrage?
A) It only affects institutional investors.
B) It has no impact on profitability.
C) It reduces potential profits.
D) It increases potential profits.
  • 7. What is a primary challenge to successful arbitrage?
A) Opportunities disappearing quickly.
B) Easy access to capital.
C) Lack of regulatory oversight.
D) Too much available information.
  • 8. Which market is commonly associated with triangular arbitrage?
A) Commodities market.
B) Bond market.
C) Forex market.
D) Real estate market.
  • 9. What is 'covered interest arbitrage'?
A) Investing in high-yield bonds without considering risk.
B) Ignoring currency exchange rates when investing internationally.
C) Borrowing money to invest in speculative assets.
D) Exploiting interest rate differentials and using forward contracts.
  • 10. How does high-frequency trading (HFT) relate to arbitrage?
A) HFT eliminates all arbitrage opportunities.
B) HFT has no impact on arbitrage.
C) HFT algorithms can quickly identify and execute arbitrage opportunities.
D) HFT focuses solely on long-term investments.
  • 11. What is the role of a broker in arbitrage?
A) To manage the investor's portfolio.
B) To guarantee profits from arbitrage.
C) To provide financial advice.
D) To facilitate the execution of trades.
  • 12. Which of the following is a key requirement for effective arbitrage?
A) Inside information.
B) Blind luck.
C) Personal relationships with market makers.
D) Sufficient capital.
  • 13. What is spatial arbitrage?
A) Arbitraging different time horizons.
B) Exploiting price differences in different geographical locations.
C) Trading different types of assets.
D) Using different trading strategies.
  • 14. Why are arbitrage opportunities generally short-lived?
A) Market forces tend to eliminate price discrepancies.
B) Traders lose interest quickly.
C) Arbitrage is illegal.
D) Governments regulate them out of existence.
  • 15. What is an important consideration regarding regulatory risk in arbitrage?
A) Regulations always favor arbitrageurs.
B) Regulatory risk is only relevant for large institutions.
C) Arbitrage is unregulated.
D) Changes in regulations can impact profitability.
  • 16. What is the impact of leverage on arbitrage?
A) It magnifies both profits and losses.
B) It has no impact on profitability.
C) It always increases profits.
D) It eliminates the risk of losses.
  • 17. What is an example of an asset used in arbitrage?
A) Stocks.
B) A house.
C) A car.
D) A piece of land.
  • 18. What is the term for an arbitrage strategy gone wrong?
A) Arb-neutral.
B) Arb-failure.
C) Arb-win.
D) Arb-loss.
  • 19. Which of these is not a type of arbitrage?
A) Value arbitrage.
B) Statistical arbitrage.
C) Retail arbitrage.
D) Convertible arbitrage.
  • 20. What is the purpose of quant models in statistical arbitrage?
A) To identify mispricings through algorithms.
B) To manipulate market prices.
C) To eliminate all risks.
D) To predict the news.
  • 21. What makes arbitrage a key factor in market efficiency?
A) It increases price volatility.
B) It leads to market crashes.
C) It benefits only institutional investors.
D) It reduces price discrepancies.
  • 22. What is the meaning of 'perfect arbitrage'?
A) Illegal activity.
B) Guaranteed high profit.
C) Extremely complex strategy.
D) Risk-free profit.
  • 23. What is the biggest disadvantage of small-scale retail arbitrage?
A) Guaranteed profits.
B) High transaction costs relative to profit.
C) Low competition.
D) High availability of capital.
  • 24. What is the role of information in arbitrage?
A) Information is only useful for long-term investing.
B) All information leads to successful arbitrage.
C) Early access to information is crucial.
D) Information is irrelevant.
  • 25. What type of markets offer more arbitrage opportunities?
A) Stagnant markets.
B) Highly regulated markets.
C) Perfectly efficient markets.
D) Inefficient markets.
  • 26. Which of the following is a common hurdle in arbitrage?
A) No competition.
B) Slippage.
C) Guaranteed profits.
D) Unlimited liquidity.
  • 27. What is the typical time horizon for an arbitrage trade?
A) Very long-term.
B) Medium-term.
C) Long-term.
D) Short-term.
  • 28. What is the most important skill for an arbitrageur?
A) Speed and efficiency.
B) Loyalty.
C) Creativity.
D) Patience.
  • 29. Which form of arbitrage is most easily accessible for retail investors?
A) Covered interest arbitrage
B) High frequency arbitrage
C) Statistical arbitrage.
D) Retail arbitrage
  • 30. What is the outcome when all arbitrage opportunities are eliminated?
A) Nothing changes.
B) Markets crash
C) Markets become less liquid.
D) Markets become more efficient.
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