Stock traders may be an agent, hedger, arbitrageur, speculator, stockbroker. In spatial arbitrage, an arbitrageur looks for price differences between geographically separate markets. This leaves the arbitrageur in an unhedged risk position. An investor that employs this strategy is known as an arbitrageur. The institution was purchased by a competing arbitrageur, Jorge Brito, in 1985. The arbitrageur can generate returns either actively or passively. To initiate a position, the arbitrageur will buy the target's stock. The arbitrageur can face significant losses when a deal does not go through. The arbitrageur delivers the converted stock into his short position to close his position. In this case, the arbitrageur can purchase shares of Company A's stock for $70.