Eyes are opened the illusion of arbitrage between efficiency and solidarity fades.

As is frequently pointed out, unless banking regulations are identical across frontiers, there will be plenty of scope for regulatory arbitrage.

But substantial gaps remain and must be addressed through international cooperation in order to avoid regulatory arbitrage.

These late movers were also likely to have been sophisticated electronic or institutional traders some were probably using arbitrage based strategies that relied on the futures market for a calculation of the fair price.

To prevent such regulatory arbitrage, domestic regulators may be forced to take measures against financial transactions originating from jurisdictions with more lax regulations.

Today, too, there are some great opportunities for this kind of policy arbitrage, if more countries would only take the time to learn from other countries successes.

This provides an incentive for retailers to conceal sales and engage in tax arbitrage by sharing some of the illicit tax savings with the final consumer.

Moreover, large corporations are able to take full advantage of globalization (for example, by arbitraging tax regimes to minimize their payments).

Fat Chance

Give me a chance!

Give me a chance!

We have a chance.

Already, even without a major speculative attack, the exchange rate and interest rate arbitrage facilitated by renminbi internationalization have imposed significant losses on China.

Last Chance for Japan?

The Oil Price Opportunity

They gave him a chance to escape.

Take advantage of every opportunity.

Give her another chance.

Give her another chance.

A Squandered Golden Opportunity

Iran s Last Chance?

Britain s Gas Chance

Seizing Sarajevo

A Golden Rice Opportunity

Indeed, the plethora of separate banking regulators had created opportunities for banks to arbitrage the system in search of a more indulgent approach to capital.

Another downside risk is that the dollar funded carry trade may unravel, crashing the global asset bubble that it, together with the wave of monetary liquidity, has caused.

Give Nuclear Security a Chance

A Big Chance for Small Farmers

There's no chance of winning.

You still have a chance.

It was an unexpected opportunity.

A Second Chance for European Reform

Cyprus s Last Best Chance

Europe s Opportunity in Hollande

A New Chance for European Politics

How to Waste a Crisis

This is the real business opportunity.

Discipline is an opportunity to teach. 5.

Every conversation is an opportunity.

China s Slow Growth Opportunity

A New Chance for Greece

Africa s Opportunity in Addis

Europe s Second Chance in the Balkans

And here, too, an opportunity was lost.

The West s Second Chance in Syria