A fund may see that there is a substantial difference between U.S. dollar debt and the local currency debt of a foreign country, and enter into a series of matching trades (including currency swaps) to take advantage of the difference, while simultaneously entering into credit default swaps to protect against country risk and other types of specific risk. The fund is acting like a(n) ______ in the process.

A. dealer
B. arbitrageur
C. securitizer