The technique of exploiting pricing anomalies between related financial instruments within and between markets with the aim of producing positive returns independent of the direction of broad market prices. By establishing long positions in under_valued assets and short positions in over_valued assets, arbitrageurs aim to capture profit opportunities that arise from the changing price relationship between the assets concerned. Specific investment styles that apply arbitrage techniques include convertible bond arbitrage, fixed income arbitrage, statistical arbitrage, and merger or risk arbitrage.