Make this outline in a research paper. Topic: Arbitrage in financial markets.

I. Introduction

a$.$ Definition of arbitrage

b$.$ Importance of arbitrage

c$.$ Purpose of the paper

II$.$ Framework

a$.$ Basic Principles of arbitrage

$1.$ Law of one price

$2.$ Risk free profit

b$.$ Types of arbitrage

$1.$ Pure arbitrage

$2.$ Risk arbitrage

$3.$ Statistical arbitrage

III. Mechanisms of arbitrage

a$.$ Identifying arbitrage opportunities

$1.$ Price discrepancies

$2.$ Market inefficiencies

b$.$ Execution of arbitrage strategies

$1.$ Buying and selling assets

$2.$ Use of derivatives

IV$.$ Examples of arbitrage in practice

a$.$ Currency arbitrage

$1.$ Triangular arbitrage

$2.$ Covered interest arbitrage

b$.$ Commodity arbitrage

c$.$ Stock market arbitrage

$1.$ Index arbitrage

$2.$ Merger arbitrage

V$.$ Risks and limitations of arbitrage

a$.$ Transaction costs

b$.$ Market liquidity

c$.$ Timing and execution risks

d$.$ Regulatory and legal constraints

VI$.$ The role of technology in arbitrage

a$.$ High efficiency trading

b$.$ Algorithmic trading

c$.$ Impact of tech on arbitrage efficiency

VII. Conclusion

a$.$ Summary of key points

b$.$ The future of arbitrage in financial markets

c$.$ Implications for investors and regulators