Development of the modern portfolio theory: an implicit arbitrage in the context of identifying the prerequisites of pricing deformations

The article considers in details the concept of pre-deformation (implicit) arbitrage transactions by comparing them with post-deformation ones, in the context of accordance of this category with systemic and synergetic effects in the financial market system. The scientific relevance of the authors'' approach to the interpretation and identification of preconditions of pricing distortions is the introduction of the new class of pre-deformation (implicit) arbitrage transactions, which differ from the currently existing (post-deformation) arbitrage transactions by the fact that unlike them they are aimed not to overcome the existing pricing deformations, but to resist the preconditions which generate deformations.