| Institutional shareholders including arbitrageurs traditionally do not respond to offers up until close to the deadline. |
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| Professionals who engage in arbitrage are known as arbitrageurs. |
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| In effect they act as regulatory arbitrageurs, reaping the rewards of fast-moving financial markets without the burden of the regulatory controls that banks face. |
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| They are arbitrageurs, that require split-second communications. |
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| As the risk capital behind the arbitrageurs increased, the spreads declined and they had to reach into ever-smaller markets to generate the expected returns. |
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| The differentials make it profitable for arbitrageurs to move in. |
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