Before revision:  On the other hand, we provide a general analysis of multiple curve markets under minimal assumptions in an extended HJM framework . In this setting, we characterize absence of arbitrage by means of NAFLVR and provide a fundamental theorem of asset pricing for multiple curve markets .
After revision:  On the other hand, we provide a general analysis of multiple curve markets under minimal assumptions in an extended HJM framework and provide a fundamental theorem of asset pricing for multiple curve markets .