  The objective of this paper is to provide a comprehensive study no-arbitrage
pricing of financial derivatives in the presence of funding costs, the
counterparty credit risk and market frictions affecting the trading mechanism,
such as collateralization and capital requirements. To achieve our goals, we
extend in several respects the nonlinear pricing approach developed in El
Karoui and Quenez (1997) and El Karoui et al. (1997), which was subsequently
continued in Bielecki and Rutkowski (2015).
