This aligns without the align environment, within the constraints given in the comments below, using the method developed in align separate equations. The alignment point will carry across the document, unless/until \leftalgn and/or \rightalgn are reset. The use of the \snug macro is described in the cited page, and is used to eliminate vertical space before an equation, where the prior text line is short, and the equation's left horizontal extent does not commence until the prior text is complete.
\documentclass{article}
\def\leftalgn{0.45}\def\rightalgn{0.45}
\def\algnrow{\rule{\leftalgn\textwidth}{0ex}&\rule{\rightalgn\textwidth}{0ex}}
% CONSTRAINTS:
% equation label must fit in {1 -\leftalgn -\rightalgn}\textwidth
% \leftalgn must be larger than any text to left of align character
% \rightalgn must be larger than any text to right of align character
\newenvironment{algneqn}{%
\arraycolsep=0ex\renewcommand\arraystretch{0}%
\begin{equation}%
\begin{array}{rl}%
\algnrow\\}%
{\\\algnrow%
\end{array}%
\end{equation}\ignorespacesafterend%
}
\def\snug#1{\vspace*{-#1\baselineskip}}
\begin{document}
\begin{algneqn}
l_t&{}=\sigma_t * \epsilon_t\\
\end{algneqn}
\begin{algneqn}
\hat{VaR}_{0.99,T+1|T}&{}=\hat{\sigma}_{T+1|T} * z_{0.99}\\
\end{algneqn}
\begin{algneqn}
\hat{\sigma}_{T+1|T}^{ewma}&{}=\sqrt{(1-\lambda)\sum_{i=0}^{(262-1)}
\lambda^i l_{T-i}^2}
\end{algneqn}
\end{document}

I EDITED the result to get the proper spacing around the = sign, as pointed out by barbara beeton. Because this approach is done using the array environment, I either had to use \arraycolsep (which I did not) or else inset a null placeholder {} before the = (which I did), in order to get the space added before the = sign.
align? – Torbjørn T. Aug 21 '13 at 11:31$$....$$since it is prohibited... – karlkoeller Aug 21 '13 at 11:39alignis a well-established environment. Something else in your particular coding must be causing the problem. – Andrew Swann Aug 21 '13 at 11:45equationanyway. If you want a pagebreak within an align, the easiest way is to add\allowdisplaybreaksin the preamble (for more info read theamsmathmanual). If you want to understand why an error occurs, please post the code that produces the error, and the exact error message. – Torbjørn T. Aug 21 '13 at 11:53