Альтернативный подход к определению условий отсутствия арбитража

New approach to determining no arbitrage conditions is presented in this paper. Determined by supply and demand prices are used instead of assumptions about price processes. Special attention was made to alternative numeraire change technique that was obtained using presented approach. Results allow making an assumption that there are significant difference between wide-spread models and real markets, and arbitrage is possible far more often then is considered to be earlier. These opportunities are hidden by market underdevelopment. However they may lead to serious changes on markets in the future.