  \begin{abstract} The aim of this paper is to study the spanning power of
options in a static financial market that allows non-integrable assets. Our
findings extend and unify the results in [8,9,18] for $L_p$-models. We also
apply the spanning power properties to the pricing problem. In particular, we
show that prices on call and put options of a limited liability asset can be
uniquely extended by arbitrage to all marketed contingent claims written on the
asset.
