2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/220495We apply Gauge Theory of Arbitrage (GTA) {hep-th/9710148} to derivative pricing. We show how the standard results of Black-Scholes analysis appear from GTA and derive correction to the Black-Scholes equation due to a virtual arbitrage and speculators reaction on it. The model accounts for both violation of the no-arbitrage constraint and non-Brownian price walks which resemble real financial data. The correction is nonlocal and transform the differential Black-Scholes equation to an integro-differential one.Latex, 19 pagesHigh Energy Physics - TheoryStatistical MechanicsHigh Energy Physics - LatticePhysics and SocietyPricing of Securitiestext