同値なマートンゲール測度と 完備市場

最近マーチンゲールの大切さを考えています。マーチンゲールの存在が無裁定の仮定を保証する事がよく書かれています。
It seems strange that the existence of a Martingale would be equivalent to a no-arbitrage space. It seems to be caused by the fact that, if there were a security v with expected price at t=1 E(v1)>v0, then an arbitrageur could buy the security at v0 and simultaneously short the futures contract (assuming no basis and storage costs). This assumes that the trader can borrow at no interest, though. Thus, perhaps the fact that a numeraire, which serves to discount the futures prices can be included as part of the Equivalent Martingale Measure is a necessary assumption. 割引ファクターを使えば裁定とマーチンゲールの関係が現れる。正式な証明を見るつもりです。