Page "Arbitrage" Paragraph 71

" Arbitrage " is a French word and denotes a decision by an arbitrator or arbitration tribunal.

( In modern French, "" usually means referee or umpire.

) In the sense used here it is first defined in 1704 by Mathieu de la Porte in his treatise "" as a consideration of different exchange rates to recognize the most profitable places of issuance and settlement for a bill of exchange ("".