At present, some risks exist in the market of China's convertible bonds. Generally speaking, there is no obvious underestimate or overestimate, or obvious arbitrage space in the market price.

现阶段我国的可转债市场存在一定风险，市场价格总体来说不存在明显的低估或高估的现象，不存在明显的套利空间。

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The stock Index Futures is a kind of financial derivative instrument used to offset the systemic risks of stock investment and achieve the arbitrage.

股指期货是一项用以对冲股票投资系统风险，对现货资产进行套期保值的金融衍生工具。

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The approaches of the stock index futures to evade the systematic risks include hedge and arbitrage.

利用股指期货规避系统性风险的实质是风险转移。

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Bond arbitrage involves spotting apparently unjustified differences in the prices of bonds with similar risks and placing huge bets that the prices will revert to their normal relationship.

ECONOMIST: Salomon Brothers

One reason is that many hedge funds have drawn much of their profit from arbitrage spotting apparently unjustified differences in prices of assets with similar risks and betting that the prices will revert to their normal relationship.

ECONOMIST: Hedge funds