Before revision: This paper studies stock options pricing in the presence of the stochastic deviations in bond prices. The martingale measure is not unique for this market, and there are non-replicable claims.
After revision: This paper studies stock options pricing in the presence of the stochastic deviations in the evolution of the num\'eraire process causes significant changes in the market properties. In particular, an equivalent martingale measure is not unique for this market, and there are non-replicable claims.