(20 17) The arbitrage types of stock index futures are (). Spot arbitrage in the first phase, intra-market spread arbitrage in the second phase, inter-market spread arbitrage in the third phase and cross-variety spread arbitrage in the fourth phase. Answer: b

There are two kinds of arbitrage in stock index futures: one is the arbitrage between futures and spot, which is called "spot arbitrage"; Second, spread arbitrage between different futures contracts can be subdivided into intra-market spread arbitrage, inter-market spread arbitrage and cross-variety spread arbitrage.