HBD would effectively be pegged to 95 cents worth of HIve...
Completely untrue.
This applies only to conversions, it has nothing to do with the peg. The peg is freely floating and set by the market.
Arbitrage, as stated repeatedly, still occurs throughout the different LPs and exchanges that have HBD (or wrapped versions).
RE: We Need To Implement The 5% HBD Conversion Fee On HBD-HIVE