Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. The locational arbitrage means when the currency exchange rate differs from location to location.Net position represents the difference between all other elements in a statement of financial position. We are pleased to provide you with the Annual Comprehensive Financial Report (ACFR) of. We have reviewed the Independent Auditors' Report of the Village of Chagrin Falls, Cuyahoga. Locational arbitrage. Attempt to exploit discrepancies in exchange rates between banks. The District is located in Fairview Park, Ohio, Cuyahoga County. Net position represents the difference between all other elements in a statement of financial position. Arbitrage opportunities occur when there is a temporary difference in the price of identical or similar assets in different markets.