In general multi-asset models of financial markets, the classic no-arbitrage concepts NFLVR and NUPBR have the serious … and allows us to generalise both NFLVR (by dynamic share efficiency) and NUPBR (by dynamic share viability). These new …

not a priori semimartingales). Traders are allowed to use simple (piecewise constant) strategies. We prove that under a … strategy with positive wealth must follow semimartingales. We also establish a corresponding version of the fundamental theorem …