  Markets composed of stocks with capitalization processes represented by
positive continuous semimartingales are studied under the condition that the
market excess growth rate is bounded away from zero. The following examples of
these markets are given: i) a market with a singular covariance matrix and
instantaneous relative arbitrage; ii) a market with a singular covariance
matrix and no arbitrage; iii) a market with a nonsingular covariance matrix and
no arbitrage; iv) a market with a nonsingular covariance matrix and relative
arbitrage over an arbitrary time horizon.
