Matching the semantic again. Sandbox trading pit have an arbitrage when the pit boss is late and needs to rbalance 'two ranks' deep, meaning the loop depth, how far back in the chain, the pit boss would need if it traversed the generator and made rebalancing adjustments.
Black swans are going to be requants, in our terminology, a requant of depth greater than two, it seems. Sandbox gives you the answer when transactions costs get trivial, but they do not get trivial. So we can find the structural best guess, then anyone else takes the model as they please andadd transaction gates as needed. In the ideal model, transaction costs get priced out to the two parties.
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