  We derive tractable necessary and sufficient conditions for the absence of
buy-and-hold arbitrage opportunities in a perfectly liquid, one period market.
We formulate the positivity of Arrow-Debreu prices as a generalized moment
problem to show that this no arbitrage condition is equivalent to the positive
semidefiniteness of matrices formed by the market price of tradeable securities
and their products. We apply this result to a market with multiple assets and
basket call options.
