Kathy works for an investment bank in the corporate finance division. Along with the typical functions in her job role, such as finding a potential target company for a client which would add synergistic value to the client, finding a potential acquirer for a client, developing defensive tactics, establishing a fair value and financing operations, Kathy also works with her team in conducting arbitrage operations.

Based on your understanding of arbitrage operations complete the following sentence:

In a recent trade, Kathy was assigned to buy 10% of a clients shares from the open market at $45.50 per share and sell the shares at a price of $46.20 to a private investor, pocketing a return for her firm. Kathy was involved in .

Options: Pure Arbitrage or Risk Arbitrage