... that an investor engages into a strategy θ (up to time D)39relative to X,usingY to fund his position in X, having chosen the collapsing process Bas numeraire. It is very tempting to write down ... (20), to account for the collapsing nu-meraire, one final touch needs to be made to formally express the fact that theinvestor will no longer trade after time D. One possible way, is to replace ... assumed to be tradable. It is clear that thedelayed risky zero is equivalent to the single claim with maturity T and payoffBTWT. An investor entering into a strategy θ relative to W (up to time...