1.   Futures prices rise too, pulling the spot Market behind them.

2.   However, the correlations between current changes in the spot price and lagged changes in the futures price were low.

3.   Mispricings were defined as the natural logarithm of the actual futures price minus the natural logarithm of the no-arbitrage futures price.

4.   Provided the futures price lies somewhere within this band, no arbitrage opportunities exist.

5.   During any trading day, the futures price can lie within a band centred on the settlement price at the close of business on the previous trading day.

6.   If the futures price rises above the upper limit of the band, the market will close limit-up.