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We prove a version of First Fundamental Theorem of Asset Pricing undertransaction costs for discrete-time markets with dividend-paying securities.Specifically, we show that the no-arbitrage condition under the efficientfriction assumption is equivalent to the existence of a risk-neutral measure.We derive dual representations for the superhedging ask and subhedging bidprice processes of a derivative contract. Our results are illustrated with avanilla credit default swap contract.

No-Arbitrage Pricing for Dividend-Paying Securities in Discrete-Time Markets with Transaction Costs