This was supposed to be a high-volume, low-margin business, making money on a bid-offer spread on client trades, with a little arbitrage on the side.
And there is little arbitrage: you can bet for and against Mr Putin's exit; the probabilities add up to 100.
A nice little arbitrage for overburdened parents.
There were lots of little arbitrages.
Instead, they have shot up a full percentage point and futures markets, which arbitrage between short and long-term rates, reflected a much earlier start to rate hikes.
The ultimate arbitrage between large and small: Sell mighty Vornado Realty Trust, with its Manhattan skyscrapers, and buy Associated Estates Realty, owner of a modest collection of Ohio apartments.
Its success rests on the most basic form of international trade: arbitrage between national markets.
That should help restore confidence by preventing regulatory arbitrage between jurisdictions and diluting the voices of powerful national lobbies.
In the words of one venture capitalist, this is pure arbitrage between poorly paid workers and people with too much money to tie their own shoelaces.
This has sometimes meant fun and games for traders, who have been able to arbitrage between assets carrying different risks but the same rating.
