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Iosif Pinelis
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Concerning this fact, the paper by Carmona et al. refers (on p. 28) to "Example 2 of Section 4.9.13 of Liptser and Shyriaev [19]".

A proof of this fact can also be found e.g. in Section 9.3 of this project, p. 66. The proof consists in showing that the index of $p$-variation of a fractional Brownian motion with Hurst parameter $H$ is $1/H$, whereas the index of a semimartingale must be in the set $[0, 1]\cup\{2\}$.

Iosif Pinelis
  • 127.7k
  • 8
  • 107
  • 229