The arbitration system in Allegheny County provides for simple and concise pleadings and a trial of the issues enabling the parties to resolve claims. Loose Definition of Arbitrage: A trading strategy that earns something from nothing, no matter how the market evolves in the future.Arbitrage pricing theory (APT) is an alternative to the capital asset pricing model (CAPM) for explaining returns of assets or portfolios. No-arbitrage pricing. A transparent, rules based, portfolio construction algorithm is proposed for convertible bond arbitrage. No arbitrage means "create profit without any risk". Defendants were control persons of Annuity FYI, Performance Arbitrage, Financial.