Preview File Edit View Go Tools Window Help a 2 ! Screen Shot 2021-12-20 at 11:48 PM a Siri Moon, portfolio manager, at BC Investment Management, Ltd. is conducting a training session with Alexa Sun, a junior analyst in the food income depa to explain to Alexa the arbitrage free valuation framework used by the firm: Siri presents Exhibit 1, showing a fictitious band being traded on three exchange to identify the arbitrage opportunity of the bond Alexa agrees to ignore transaction costs in her analysis