Yet, for a great deal of the time, markets are relatively efficient and inefficiencies are constantly arbitraged away.
但在很多时候，市场是相对高效率的，效率低下的情况不断被套利行为消除。
The first was the bank's focus on traders' net exposure, the difference between the portfolios that are being arbitraged.
首先兴业的注意力集中在交易员的净暴露上，即被套利的交易组合之间的差值。
That means it is very difficult to see a situation of high oil prices and low coal prices, it is all arbitraged out.
这意味着，我们很难看到高油价、低煤价的局面——都通过套利活动消除了。
Nevertheless, it is still a puzzle why such a glaring anomaly has not been arbitraged away.
不过，人们仍然疑惑为什么人人可辨的市场超常没有被套利呢。
Newly created equity tends to be arbitraged across global businesses .
新创造的股本往往被用来在全球企业之间套利。
In efficient markets, such an anomaly should be arbitraged away.
在有效市场中，这种异常现象应予以套利抵消。
That may be one reason why the momentum effect has not been arbitraged away: it can go horribly wrong.
这也许是动量效应未被套利交易消磨掉的原因之一：踏空失误可以很严重。
Logic suggests that the effect should be arbitraged away.
逻辑表明这种套利效应会渐行渐远。
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