G'day Arthur. You don't have to be a big player to do it.
If you have say, 500k heads, keep an eye on the oppies and buy 500k of them whenever you see a decent gap.
Then sell your heads straight away to lock in the arbitrage.
Send in your conversion form and you've pocketed a ridiculously easy 2 or 3k.
That's why the SP will be less likely to move if the gap exists , because the heads keep getting sold down.
JMHO
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