Arbitrage can be defined as an operation which involves simultaneous purchase and sale
of equal quantity of asset or currency with the intention of deriving risk-free profit out of
imperfect quotations in one or more markets.
An arbitrageur is an entity who identifies an opportunity for arbitrage and derives profit
from it. Arbitrageurs are not market makers and therefore do not provide any quotations.
They only utilize quotations made by others and profit from them.