that the swap dealer behaves as if he tries to align the risks of the transactions in pricing CCBSs, which causes CIP to …

-zero cross-currency basis swap rates. We quantify that the no-arbitrage benchmark accounts for about two thirds of the alleged …) across multiple horizons imply simultaneous arbitrage opportunities only if uncollateralized interbank lending rates are … simple no-arbitrage framework. They deliver novel quantitative benchmarks that reconcile a zero cross-currency basis with non …