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