Other factors such as transaction costs, brokerage fees, network access fees, and sophisticated electronic trading platforms further challenge the feasibility of significant arbitrage profits over prolonged periods.
One likely side effect of "yield curve control" is that it will increase profitability for banks, which depend on a wider spread in rates in order to arbitrage profits.
After accounting for these risk premia, the researchers demonstrated that small residual arbitrage profits accrue only to those arbitrageurs capable of negotiating low transaction costs.