The study looked at stock index arbitrage in the Turkish market, focusing on the BIST 30 index. They measured the costs involved in arbitrage trading, like fees and loan costs, and found that there were no profitable trades due to the prices of futures contracts being below their fair value. This suggests a need for regulatory changes to improve stock loan capabilities in Turkey. The research compared the current situation with data from a decade ago, adding to the understanding of how futures pricing efficiency has evolved in global markets.