With a full suite of co-hosts, we tackle a question that has bothered us all: why do people confuse arbitration with arbitrage [TIME 34:12]? But before that, we engage in another Arbitration Book Club discussion, this time based on our reading of Mikaël Schinazi’s book The Three Ages of International Commercial Arbitration [TIME 03:31].

For those who, like us, remain confused please see the following dictionary definitions:

Arbitration: “[t]he formal process of having an outside person, chosen by both sides to a disagreement, end the disagreement“

Arbitrage: “[t]he method on the stock exchange of buying something in one place and selling it in another place at the same time, in order to make a profit from the difference in price in the two places“