What Is Meant by Arbitrage

What is meant by arbitrage?

A) To provide insurance or hedge against the risks that arise from volatile changes in exchange rates
B) A transaction between two parties that involves exchanging currency and executing a deal at some specific date in the future
C) Simultaneous purchase and sale of a given amount of foreign exchange for two different value dates
D) The purchase of securities in one market for immediate resale in another to profit from a price discrepancy
E) To borrow in one currency where interest rates are low and use the proceeds to invest in another currency where interest rates are high