Before revision:  In the spirit of the Fundamental Theorem of Asset Pricing (FTAP) , it is shown that there is  absence of arbitrages of the first kind in the market if and only if an equivalent local martingale deflator (ELMD) exists.
After revision:  In the spirit of the Fundamental Theorem of Asset Pricing , it is shown that there is absence of arbitrages of the first kind in the market if and only if an equivalent local martingale deflator (ELMD) exists.