ABSTRACT
A matrix of price asymmetries and opportunity is proposed to analyse the possibility of implementing arbitrage. Utilising a different level of price asymmetries and opportunity, the matrix reveals four possible options for arbitrage as well as a different sub strategy for managers. Trading of Gazprom shares by Hermitage on the internal and external markets, where there is strong price asymmetry between markets and robust opportunity for arbitrage. The complementary generic strategy of anti-arbitrage is aimed at destroying price differentiation or opportunities for arbitrage of competitors. The case reveals an anti-arbitrage defence strategy against the arbitrage approach of competitors in the Russian car market. This chapter shows the arbitrage is possible when there are two conditions: the same asset does not trade at the same price on all markets and there is a technical opportunity of realisation arbitrage; as a result it is possible to create a matrix of opportunity and price differentiation.
