Forex is the most liquid of the financial markets. Therefore it is
deemed totally deprived from simple arbitrage opportunities.

However, it turns out that one can find - although rarely - perfect
arbitrage opportunities even on the most liquid currency crosses.

For example, I've analyzed intraday data (with 10 mins. frequency) for
EUJPY, USDJPY and EURUSD for the period of  March 2nd, 2009 - August
20th, 2010. (...)

In that period I've found 25 instances (out of 54,703 quotations, or
0,0457%) when arbitrage opportunity appeared. Some of them were
substantial - the largest giving 1,31% risk free return!

Read more:

http://mjaniec.blogspot.com/2010/08/simple-perfect-arbitrage-opportunities.html

Regards,

Maciej Janiec

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