  Strict local martingales may admit arbitrage opportunities with respect to
the class of simple trading strategies. (Since there is no possibility of using
doubling strategies in this framework, the losses are not assumed to be bounded
from below.) We show that for a class of non-negative strict local martingales,
the strong Markov property implies the no arbitrage property with respect to
the class of simple trading strategies. This result can be seen as a
generalization of a similar result on three dimensional Bessel process in [3].
We also pro- vide no arbitrage conditions for stochastic processes within the
class of simple trading strategies with shortsale restriction.
