... of a single claim is a good example of a random variable. If X is a stochastic process, and t a particular point in time, the various realizations that X can have at time t isalso a random variable, ... investor, following a strategy θ in a futures-tradable process X, havingchosen a cash-tradable process B as numeraire. The fact that the tradableprocess X is futures-tradable and not cash-tradable, ... non-arbitrage pricing of a singlecontingent claim, possibly a credit claim, with maturity T and payoff hT.Toaninvestor starting with initial wealth π0and engaging into a strategy θ relative...