Consider a financial market with nonnegative semimartingales which does not need to have a numéraire. We are interested in the absence of arbitrage in the sense that no self-financing portfolio gives rise to arbitrage opportunities, where we are allowed to add a savings account to the market. We will prove that in this sense the market is free of arbitrage if and only if there exists an equivalent local martingale deflator which is a multiplicative special semimartingale. In this case, the additional savings account relates to the finite-variation part of the multiplicative decomposition of the deflator.

We study homogenization for a class of non-symmetric pure jump Feller processes. The jump intensity involves periodic and aperiodic constituents, as well as oscillating and non-oscillating constituents. This means that the noise can come both from the underlying periodic medium and from external environments, and is allowed to have different scales. It turns out that the Feller process converges in distribution, as the scaling parameter goes to zero, to a Lévy process. As special cases of our result, some homogenization problems studied in previous works can be recovered. We also generalize the approach to the homogenization of symmetric stable-like processes with variable order. Moreover, we present some numerical experiments to demonstrate the usage of our homogenization results in the numerical approximation of first exit times.