  The extremely useful method of Malliavin calculus has not yet gained adequate
popularity because of the complicated analytic apparatus of this method. The
author attempts here to propose a simplified algebraic formalism similar to
Malliavin calculus, but based on the notion of creation-annihilation operators
instead of Malliavin derivative to replace analytic theorems with algebraic
computations. Three test problems: the valuation of portfolio with stochastic
payoff function, the expression of the terminal payoff through stochastic
integral and the approximate equation for the high-frequency market measure are
discussed in Appendices.
