change of gauge just means a rescaling. of course currency is the perfect example of a change of gauge for an expository piece like that arxiv paper (it's relat

change of gauge just means a rescaling. of course currency is the perfect example of a change of gauge for an expository piece like that arxiv paper (it's relatable). it doesn't mean there's some fundamental relationship to gauge theory to markets. arb free here gets encoded as the curl of the connection being 0 but that's just saying you can't loop through the currencies and come out with more money. it's tautological given your identifications - you get no further insight using the gauge theory. and besides the connection is continuous and currency swaps aren't. you make the typical mistake of someone that knows a lot of math: you go up the ladder of abstraction from an example and think that the abstraction says something about the example. it doesn't - you've just hidden the simplicity of the example under the mathematical baggage.