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Sachs\u30fbJPMorgan\u306a\u3069\u4e16\u754c\u7684\u306a\u30e1\u30ac\u30d0\u30f3\u30af\u3068\u3044\u3046\u30a4\u30f3\u30d5\u30e9\u304c\u6574\u5099\u3055\u308c\u305f\u3002<\/p>\n<blockquote><p>\ud83e\uddf8\u300c\u65e5\u672c\u306e\u898f\u5236\u306fEU\u306e\u7981\u6b62\u3088\u308a\u7518\u3044\u3063\u3066\u3053\u3068\uff1f\u300d<\/p>\n<p>\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u305d\u308c\u306f\u5c11\u3057\u9055\u3046\u306e\u3058\u3083\ud83d\udc3b\u200d\u2744\ufe0f\u3063\uff8b\uff9f\uff7c\uff6f\u3000EU\u30fb\u8c6a\u5dde\u306e\u7981\u6b62\u306f\u30ae\u30e3\u30f3\u30d6\u30eb\u5546\u54c1\u3092\u5e02\u5834\u304b\u3089\u6392\u9664\u3059\u308b\u3068\u3044\u3046\u5224\u65ad\u3002\u65e5\u672c\u306e\u898f\u5236\u306f\u3001\u5546\u54c1\u306e\u672c\u8cea\u7684\u306a\u554f\u984c\u70b9\u3092\u53d6\u5f15\u306e\u4ed5\u7d44\u307f\u305d\u306e\u3082\u306e\u3092\u5909\u3048\u308b\u3053\u3068\u3067\u89e3\u6c7a\u3057\u3088\u3046\u3068\u3057\u305f\u306e\u3058\u3083\u3002\u53d6\u5f15\u6642\u9593\u3092\u5ef6\u3070\u3057\u3066\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u3067\u4fa1\u683c\u7b97\u5b9a\u3059\u308c\u3070\u3001\u305d\u308c\u306f\u3082\u3046\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u306f\u306a\u304f\u6b63\u898f\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30c7\u30b8\u30bf\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u306a\u308b\u2014\u2014\u3068\u3044\u3046\u8003\u3048\u65b9\u3058\u3083\u306a\u3002\u3069\u3061\u3089\u304c\u6b63\u3057\u3044\u304b\u306f\u4e00\u6982\u306b\u306f\u8a00\u3048\u306c\u304c\u3001\u65e5\u672c\u306f\u5546\u54c1\u3092\u751f\u304b\u3057\u3064\u3064\u30ae\u30e3\u30f3\u30d6\u30eb\u6027\u3092\u6392\u9664\u3059\u308b\u3068\u3044\u3046\u96e3\u3057\u3044\u30d0\u30e9\u30f3\u30b9\u3092\u53d6\u3063\u305f\u306e\u3058\u3083\u3002\u300d<\/p><\/blockquote>\n<hr \/>\n<h2>\ud83c\udfc1 \u304a\u308f\u308a\u306b\u2014\u2014\u30ea\u30b9\u30af\u306e\u62bd\u8c61\u5316\u3068\u898f\u5236\u306e\u6c38\u9060\u306e\u30b5\u30a4\u30af\u30eb<\/h2>\n<p><a href=\"https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-17986\" src=\"https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22.jpg\" alt=\"\" width=\"1492\" height=\"1054\" srcset=\"https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22.jpg 1492w, https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22-300x212.jpg 300w, https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22-1024x723.jpg 1024w, https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22-150x106.jpg 150w, https:\/\/jyakusyadansei.com\/wp-content\/uploads\/2026\/05\/image-22-768x543.jpg 768w\" sizes=\"(max-width: 1492px) 100vw, 1492px\" \/><\/a><\/p>\n<p>\u30cf\u30e0\u30e9\u30d3\u6cd5\u5178\u304b\u3089\u30bf\u30ec\u30b9\u3001\u5802\u5cf6\u7c73\u4f1a\u6240\u30011973\u5e74\u306eCBOE\u3068\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u3001\u305d\u3057\u306621\u4e16\u7d00\u306e\u30d0\u30a4\u30ca\u30ea\u30fc\u30aa\u30d7\u30b7\u30e7\u30f3\u8a50\u6b3a\u4e8b\u4ef6\u3068\u5404\u56fd\u898f\u5236\u306e\u30c9\u30df\u30ce\u307e\u3067\u2014\u2014\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u6b74\u53f2\u306f\u7d044000\u5e74\u306b\u308f\u305f\u308b\u306e\u3058\u3083\u3002<\/p>\n<p>\u305d\u306e\u9577\u3044\u9053\u7a0b\u306b\u4e00\u672c\u306e\u7cf8\u304c\u901a\u3063\u3066\u304a\u308b\u3002\u4eba\u9593\u306f\u3064\u306d\u306b\u300c\u5c06\u6765\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u6a29\u5229\u3068\u3057\u3066\u5207\u308a\u96e2\u3057\u3001\u53d6\u5f15\u53ef\u80fd\u306a\u5f62\u306b\u5909\u3048\u308b\u300d\u3053\u3068\u3092\u6c42\u3081\u3066\u304d\u305f\u3002\u305d\u308c\u306f\u8fb2\u6c11\u306e\u501f\u91d1\u514d\u9664\u3067\u3042\u308a\u3001\u30bf\u30ec\u30b9\u306e\u5727\u643e\u6a5f\u4f7f\u7528\u6a29\u3067\u3042\u308a\u3001\u5802\u5cf6\u306e\u5e33\u5408\u7c73\u53d6\u5f15\u3067\u3042\u308a\u3001CBOE\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u3058\u3083\u3063\u305f\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u305d\u306e\u62bd\u8c61\u5316\u304c\u884c\u304d\u904e\u304e\u308b\u3068\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u30c4\u30fc\u30eb\u304c\u6295\u6a5f\u3068\u30ae\u30e3\u30f3\u30d6\u30eb\u306e\u6e29\u5e8a\u306b\u5909\u8cea\u3059\u308b\u3002\u30d0\u30a4\u30ca\u30ea\u30fc\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u305d\u306e\u6700\u3082\u9bae\u660e\u306a\u5b9f\u4f8b\u3058\u3083\u3002\u30a4\u30b9\u30e9\u30a8\u30eb\u767a\u306e\u8a50\u6b3a\u7523\u696d\u304c\u5d29\u58ca\u3057\u3066\u3082\u306a\u304a\u3001\u696d\u8005\u305f\u3061\u306f\u6697\u53f7\u8cc7\u7523\u3084ICO\u3078\u3068\u5546\u6750\u3092\u66ff\u3048\u3066\u6d3b\u52d5\u3092\u7d9a\u3051\u305f\u3068\u3055\u308c\u308b\u3002<\/p>\n<p>\u4eca\u5f8c\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3084\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u3067\u65b0\u305f\u306a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u304c\u751f\u307e\u308c\u7d9a\u3051\u308b\u3068\u304d\u3001\u30d0\u30a4\u30ca\u30ea\u30fc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8208\u4ea1\u306f\u300c\u91d1\u878d\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3068\u6295\u8cc7\u5bb6\u4fdd\u8b77\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u3069\u3046\u53d6\u308b\u304b\u300d\u3068\u3044\u3046\u554f\u3044\u3078\u306e\u30014000\u5e74\u5206\u306e\u6b74\u53f2\u7684\u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3\u3068\u3057\u3066\u554f\u3044\u7d9a\u3051\u3089\u308c\u308b\u306e\u3058\u3083\u3002\ud83c\udf08<\/p>\n<p>\uff8c\uff6b\uff8c\uff6b\u3001\u9577\u3044\u65c5\u3058\u3083\u3063\u305f\u306e\u3046\u3002\u3067\u3082\u6b74\u53f2\u306f\u7e70\u308a\u8fd4\u3059\u2014\u2014\u3060\u304b\u3089\u3053\u305d\u3001\u5b66\u3076\u4fa1\u5024\u304c\u3042\u308b\u3068\u3044\u3046\u3082\u306e\u3058\u3083\u3002\ud83d\udc3b\u200d\u2744\ufe0f\u2728<\/p>\n<hr \/>\n<h2>\ud83d\udcda \u7528\u8a9e\u89e3\u8aac\u2014\u2014\u65e5\u672c\u8a9e\u3068\u82f1\u8a9e\u3067\u899a\u3048\u3088\u3046<\/h2>\n<div class=\"table-outer\"><table>\n<thead>\n<tr>\n<th>\u65e5\u672c\u8a9e<\/th>\n<th>English<\/th>\n<th>\u3072\u3068\u3053\u3068\u30e1\u30e2<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff09<\/td>\n<td>Derivative<\/td>\n<td>\u539f\u8cc7\u7523\u304b\u3089\u300c\u6d3e\u751f\u300d\u3057\u305f\u91d1\u878d\u5546\u54c1\u306e\u7dcf\u79f0<\/td>\n<\/tr>\n<tr>\n<td>\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>Call Option<\/td>\n<td>\u8cb7\u3046\u6a29\u5229\u3002\u300c\u30b3\u30fc\u30eb\uff08\u547c\u3073\u304b\u3051\u308b\uff09\u300d\u2192 \u8cc7\u7523\u3092\u624b\u5143\u306b\u547c\u3073\u5bc4\u305b\u308b\u30a4\u30e1\u30fc\u30b8<\/td>\n<\/tr>\n<tr>\n<td>\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>Put Option<\/td>\n<td>\u58f2\u308b\u6a29\u5229\u3002\u300c\u30d7\u30c3\u30c8\uff08\u7f6e\u304f\uff09\u300d\u2192 \u8cc7\u7523\u3092\u5e02\u5834\u306b\u7f6e\u3044\u3066\u624b\u653e\u3059\u30a4\u30e1\u30fc\u30b8<\/td>\n<\/tr>\n<tr>\n<td>\u6a29\u5229\u884c\u4f7f\u4fa1\u683c<\/td>\n<td>Strike Price \/ Exercise Price<\/td>\n<td>\u3042\u3089\u304b\u3058\u3081\u6c7a\u3081\u305f\u58f2\u8cb7\u4fa1\u683c<\/td>\n<\/tr>\n<tr>\n<td>\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u6599\uff09<\/td>\n<td>Premium<\/td>\n<td>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u304c\u6255\u3046\u5bfe\u4fa1\u3002\u4fdd\u967a\u6599\u306b\u8fd1\u3044\u6982\u5ff5<\/td>\n<\/tr>\n<tr>\n<td>\u6e80\u671f\u65e5<\/td>\n<td>Expiration Date \/ Maturity Date<\/td>\n<td>\u6a29\u5229\u3092\u884c\u4f7f\u3067\u304d\u308b\u671f\u65e5<\/td>\n<\/tr>\n<tr>\n<td>\u30da\u30a4\u30a2\u30a6\u30c8<\/td>\n<td>Payoff \/ Payout<\/td>\n<td>\u6e80\u671f\u6642\u306b\u53d7\u3051\u53d6\u308c\u308b\u652f\u6255\u3044\u984d<\/td>\n<\/tr>\n<tr>\n<td>\u30a8\u30ad\u30be\u30c1\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>Exotic Option<\/td>\n<td>\u6a19\u6e96\u7684\u3067\u306a\u3044\u8907\u96d1\u306a\u6761\u4ef6\u304c\u4ed8\u3044\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u30021990\u5e74\u306b\u30eb\u30d3\u30f3\u30b9\u30bf\u30a4\u30f3\u304c\u547d\u540d<\/td>\n<\/tr>\n<tr>\n<td>\u30d0\u30a4\u30ca\u30ea\u30fc\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>Binary Option<\/td>\n<td>\u4e8c\u5024\uff08\u4e8c\u9032\u6cd5\uff09\u306e\u7d50\u679c\u3057\u304b\u306a\u3044\u30aa\u30d7\u30b7\u30e7\u30f3\u3002Digital Option\u3068\u3082<\/td>\n<\/tr>\n<tr>\n<td>\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30aa\u30a2\u30fb\u30ca\u30c3\u30b7\u30f3\u30b0<\/td>\n<td>Cash-or-Nothing<\/td>\n<td>\u6761\u4ef6\u3092\u6e80\u305f\u3059\u304b\u6e80\u305f\u3055\u306a\u3044\u304b\u3067\u56fa\u5b9a\u984d\u304b\u30bc\u30ed\u304b\u304c\u6c7a\u307e\u308b\u69cb\u9020<\/td>\n<\/tr>\n<tr>\n<td>\u30aa\u30fc\u30eb\u30fb\u30aa\u30a2\u30fb\u30ca\u30c3\u30b7\u30f3\u30b0<\/td>\n<td>All-or-Nothing<\/td>\n<td>\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30aa\u30a2\u30fb\u30ca\u30c3\u30b7\u30f3\u30b0\u3068\u540c\u7fa9\u3067\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u4fd7\u79f0<\/td>\n<\/tr>\n<tr>\n<td>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30e2\u30c7\u30eb<\/td>\n<td>Black-Scholes Model<\/td>\n<td>5\u5909\u6570\u304b\u3089\u30aa\u30d7\u30b7\u30e7\u30f3\u7406\u8ad6\u4fa1\u683c\u3092\u5c0e\u304f\u504f\u5fae\u5206\u65b9\u7a0b\u5f0f\u30021973\u5e74\u767a\u8868<\/td>\n<\/tr>\n<tr>\n<td>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/td>\n<td>Implied Volatility (IV)<\/td>\n<td>\u5e02\u5834\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u305f\u300c\u5e02\u5834\u304c\u4e88\u60f3\u3059\u308b\u5c06\u6765\u306e\u5909\u52d5\u7387\u300d<\/td>\n<\/tr>\n<tr>\n<td>\u5148\u7269\u53d6\u5f15<\/td>\n<td>Futures \/ Forward<\/td>\n<td>\u5c06\u6765\u306e\u58f2\u8cb7\u3092\u73fe\u5728\u306e\u4fa1\u683c\u3067\u7d04\u675f\u3059\u308b\u53d6\u5f15<\/td>\n<\/tr>\n<tr>\n<td>\u5dee\u91d1\u6c7a\u6e08<\/td>\n<td>Cash Settlement<\/td>\n<td>\u73fe\u7269\u306e\u53d7\u3051\u6e21\u3057\u306a\u3057\u306b\u3001\u5dee\u984d\u306e\u307f\u3092\u73fe\u91d1\u7cbe\u7b97\u3059\u308b\u65b9\u6cd5<\/td>\n<\/tr>\n<tr>\n<td>\u8a3c\u62e0\u91d1<\/td>\n<td>Margin<\/td>\n<td>\u53d6\u5f15\u53c2\u52a0\u306e\u305f\u3081\u306b\u5dee\u3057\u5165\u308c\u308b\u4fdd\u8a3c\u91d1<\/td>\n<\/tr>\n<tr>\n<td>\u5e97\u982d\u53d6\u5f15\uff08OTC\uff09<\/td>\n<td>Over-the-Counter (OTC)<\/td>\n<td>\u53d6\u5f15\u6240\u3092\u4ecb\u3055\u305a\u5f53\u4e8b\u8005\u9593\u3067\u76f4\u63a5\u884c\u3046\u53d6\u5f15<\/td>\n<\/tr>\n<tr>\n<td>\u6e05\u7b97\u6a5f\u95a2<\/td>\n<td>Clearing House<\/td>\n<td>\u53d6\u5f15\u306e\u6c7a\u6e08\u3092\u4fdd\u8a3c\u3059\u308b\u4e2d\u592e\u6a5f\u95a2\u3002\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af\u3092\u9664\u53bb<\/td>\n<\/tr>\n<tr>\n<td>\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30fb\u30ea\u30b9\u30af<\/td>\n<td>Counterparty Risk<\/td>\n<td>\u53d6\u5f15\u76f8\u624b\u304c\u50b5\u52d9\u4e0d\u5c65\u884c\u306b\u306a\u308b\u30ea\u30b9\u30af<\/td>\n<\/tr>\n<tr>\n<td>\u88c1\u5b9a\u53d6\u5f15<\/td>\n<td>Arbitrage<\/td>\n<td>\u5e02\u5834\u9593\u306e\u4fa1\u683c\u5dee\u3092\u5229\u7528\u3057\u3066\u7121\u30ea\u30b9\u30af\u3067\u5229\u76ca\u3092\u5f97\u308b\u53d6\u5f15<\/td>\n<\/tr>\n<tr>\n<td>\u30d8\u30c3\u30b8<\/td>\n<td>Hedge<\/td>\n<td>\u30ea\u30b9\u30af\u3092\u76f8\u6bba\u30fb\u8efd\u6e1b\u3059\u308b\u305f\u3081\u306e\u53d6\u5f15\u3084\u624b\u6bb5<\/td>\n<\/tr>\n<tr>\n<td>\u5e33\u5408\u7c73\u53d6\u5f15<\/td>\n<td>\u2014<\/td>\n<td>\u6c5f\u6238\u6642\u4ee3\u306e\u5dee\u91d1\u6c7a\u6e08\u5148\u7269\u53d6\u5f15\u3002\u82f1\u8a9e\u5bfe\u5fdc\u8a9e\u306a\u3057\uff08\u4e16\u754c\u521d\u306e\u6982\u5ff5\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>European Option<\/td>\n<td>\u6e80\u671f\u65e5\u306b\u306e\u307f\u6a29\u5229\u884c\u4f7f\u3067\u304d\u308b\u30bf\u30a4\u30d7\uff08\u5bfe\u7fa9\u8a9e\uff1aAmerican Option\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>American Option<\/td>\n<td>\u6e80\u671f\u65e5\u4ee5\u524d\u306e\u3044\u3064\u3067\u3082\u6a29\u5229\u884c\u4f7f\u3067\u304d\u308b\u30bf\u30a4\u30d7<\/td>\n<\/tr>\n<tr>\n<td>\u7d4c\u8def\u4f9d\u5b58\u6027<\/td>\n<td>Path Dependency<\/td>\n<td>\u6e80\u671f\u307e\u3067\u306e\u4fa1\u683c\u63a8\u79fb\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306b\u5f71\u97ff\u3059\u308b\u7279\u6027<\/td>\n<\/tr>\n<tr>\n<td>\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc<\/td>\n<td>In-the-Money (ITM)<\/td>\n<td>\u6a29\u5229\u884c\u4f7f\u3059\u308c\u3070\u5229\u76ca\u304c\u51fa\u308b\u72b6\u614b<\/td>\n<\/tr>\n<tr>\n<td>\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc<\/td>\n<td>Out-of-the-Money (OTM)<\/td>\n<td>\u6a29\u5229\u884c\u4f7f\u3057\u3066\u3082\u640d\u306b\u306a\u308b\u72b6\u614b<\/td>\n<\/tr>\n<tr>\n<td>\u30d5\u30a7\u30a2\u30fc\u30d5\u30a1\u30f3\u30c9<\/td>\n<td>Fair Fund<\/td>\n<td>SEC\u30fbCFTC\u304c\u8a50\u6b3a\u5236\u88c1\u91d1\u3092\u88ab\u5bb3\u8005\u306b\u8fd4\u9084\u3059\u308b\u305f\u3081\u306e\u5206\u914d\u57fa\u91d1<\/td>\n<\/tr>\n<tr>\n<td>\u5546\u54c1\u4ecb\u5165\u6a29\u9650<\/td>\n<td>Product Intervention Measures<\/td>\n<td>\u898f\u5236\u5f53\u5c40\u304c\u6709\u5bb3\u306a\u91d1\u878d\u5546\u54c1\u306e\u8ca9\u58f2\u3092\u76f4\u63a5\u5236\u9650\u30fb\u7981\u6b62\u3067\u304d\u308b\u6a29\u9650<\/td>\n<\/tr>\n<tr>\n<td>\u81ea\u5df1\u898f\u5236<\/td>\n<td>Self-Regulation<\/td>\n<td>\u696d\u754c\u56e3\u4f53\u304c\u653f\u5e9c\u306b\u4ee3\u308f\u3063\u3066\u30eb\u30fc\u30eb\u3092\u5b9a\u3081\u81ea\u3089\u9075\u5b88\u3059\u308b\u4ed5\u7d44\u307f<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<hr \/>\n<p>\ud83d\udc3b\u200d\u2744\ufe0f \uff8c\uff6b\uff8c\uff6b\u3001\u7528\u8a9e\u3092\u3057\u3063\u304b\u308a\u6291\u3048\u3066\u304a\u304f\u3068\u3001\u82f1\u8a9e\u306e\u91d1\u878d\u30cb\u30e5\u30fc\u30b9\u3082\u3050\u3063\u3068\u8aad\u307f\u3084\u3059\u304f\u306a\u308b\u306e\u3058\u3083\u3002\u3068\u304f\u306b\u300cImplied Volatility\u300d\u300cCounterparty Risk\u300d\u300cCash-or-Nothing\u300d\u3042\u305f\u308a\u306f\u983b\u51fa\u3058\u3083\u304b\u3089\u3001\u305c\u3072\u899a\u3048\u3066\u304a\u304f\u308c\u2728 \u304a\u4e3b\u306e\u77e5\u8b58\u304c\u307e\u305f\u4e00\u6bb5\u3068\u8c4a\u304b\u306b\u306a\u3063\u305f\u3088\u3046\u3067\u3001\u308f\u3057\u3082\u5b09\u3057\u3044\u306e\u3046\ud83c\udf08<\/p>\n<p>&nbsp;<\/p>\n<h2>\u2696\ufe0f \u88dc\u8ad6\u2014\u2014\u63a8\u9032\u6d3e\u306f\u3053\u3046\u4e3b\u5f35\u3059\u308b\uff1a\u300c\u91d1\u878d\u306e\u6c11\u4e3b\u5316\u300d\u3068\u3044\u3046\u8996\u70b9<\/h2>\n<p>\u898f\u5236\u5f53\u5c40\u304c\u6b21\u3005\u3068\u7981\u6b62\u3078\u3068\u52d5\u304f\u4e00\u65b9\u3067\u3001\u30d0\u30a4\u30ca\u30ea\u30fc\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u64c1\u8b77\u3059\u308b\u58f0\u3082\u307e\u305f\u6839\u5f37\u304f\u5b58\u5728\u3057\u3066\u304a\u308b\u3002\u305d\u308c\u306f\u5358\u306a\u308b\u696d\u8005\u5074\u306e\u5229\u76ca\u64c1\u8b77\u3067\u306f\u306a\u304f\u3001\u300c\u91d1\u878d\u3078\u306e\u30a2\u30af\u30bb\u30b9\u306e\u5e73\u7b49\u6027\u300d\u3068\u3044\u3046\u3001\u73fe\u4ee3\u793e\u4f1a\u304c\u5411\u304d\u5408\u3046\u3079\u304d\u672c\u8cea\u7684\u306a\u554f\u3044\u3092\u542b\u3093\u3067\u3044\u308b\u306e\u3058\u3083\u3002<\/p>\n<blockquote><p>\ud83e\uddf8\u300c\u7981\u6b62\u3057\u305f\u56fd\u304c\u591a\u3044\u306e\u306b\u3001\u63a8\u9032\u6d3e\u3063\u3066\u4f55\u3092\u6839\u62e0\u306b\u8a00\u3063\u3066\u308b\u306e\uff1f\u300d<\/p>\n<p>\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u305d\u308c\u304c\u306e\u3046\u3001\u3042\u306a\u304c\u3061\u7684\u5916\u308c\u3067\u3082\u306a\u3044\u90e8\u5206\u304c\u3042\u308b\u306e\u3058\u3083\u3002\u9806\u3092\u8ffd\u3063\u3066\u805e\u3044\u3066\u304f\u308c\u308b\u304b\u306e\u3002\u300d<\/p><\/blockquote>\n<hr \/>\n<h3>\ud83c\udf0d \u300c\u91d1\u878d\u306e\u6c11\u4e3b\u5316\u300d\u2014\u2014\u6577\u5c45\u3092\u4e0b\u3052\u308b\u3053\u3068\u306e\u610f\u5473<\/h3>\n<p>\u4f1d\u7d71\u7684\u306a\u91d1\u878d\u5e02\u5834\u306f\u3001\u9577\u3089\u304f\u300c\u6301\u3066\u308b\u8005\u300d\u306e\u3082\u306e\u3058\u3083\u3063\u305f\u3002\u682a\u5f0f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3092\u59cb\u3081\u308b\u306b\u306f\u8a3c\u5238\u53e3\u5ea7\u306e\u5be9\u67fb\u3092\u901a\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u305a\u3001\u6700\u4f4e\u53d6\u5f15\u5358\u4f4d\u3082\u5927\u304d\u304f\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30e2\u30c7\u30eb\u3092\u7406\u89e3\u3057\u3066\u304a\u3089\u305a\u3068\u3082\u611f\u899a\u7684\u306b\u52d5\u304b\u305b\u308b\u307b\u3069\u5358\u7d14\u3067\u306f\u306a\u3044\u3002\u5bcc\u88d5\u5c64\u3084\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u4eab\u53d7\u3057\u3066\u304d\u305f\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\u3084\u6295\u6a5f\u306e\u6a5f\u4f1a\u304c\u3001\u4e00\u822c\u306e\u500b\u4eba\u306b\u306f\u4e8b\u5b9f\u4e0a\u9589\u3056\u3055\u308c\u3066\u3044\u305f\u306e\u3058\u3083\u3002<\/p>\n<p>\u63a8\u9032\u6d3e\u304c\u8a00\u3046\u300c\u624b\u8efd\u3055\u300d\u306f\u3001\u3053\u306e\u975e\u5bfe\u79f0\u306a\u73fe\u5b9f\u3078\u306e\u5bfe\u6297\u6982\u5ff5\u3068\u3057\u3066\u767b\u5834\u3057\u305f\u3002\u6570\u5343\u5186\u304b\u3089\u53c2\u52a0\u3067\u304d\u3001\u4e0a\u304c\u308b\u304b\u4e0b\u304c\u308b\u304b\u3068\u3044\u3046\u76f4\u611f\u7684\u306a\u554f\u3044\u306b\u7b54\u3048\u308b\u3060\u3051\u3067\u91d1\u878d\u5e02\u5834\u306b\u53c2\u52a0\u3067\u304d\u308b\u2014\u2014\u3053\u306e\u5358\u7d14\u3055\u306f\u3001\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u9ad8\u4f4e\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u3042\u3089\u3086\u308b\u4eba\u306b\u300c\u5e02\u5834\u3068\u306e\u63a5\u70b9\u300d\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u3092\u6301\u3063\u3066\u304a\u308b\u3002<\/p>\n<blockquote><p>\ud83e\uddf8\u300c\u3067\u3082\u305d\u308c\u3063\u3066\u3001\u7d20\u4eba\u3092\u9a19\u3057\u3084\u3059\u304f\u3059\u308b\u3063\u3066\u3053\u3068\u306b\u3082\u306a\u308b\u3088\u306d\uff1f\u300d<\/p>\n<p>\ud83d\udc3b\u200d\u2744\ufe0f\u300c\u3059\u308b\u3069\u3044\u306e\u3058\u3083\ud83d\udc3b\u200d\u2744\ufe0f\u3063\uff8b\uff9f\uff7c\uff6f\u3000\u307e\u3055\u306b\u305d\u3053\u304c\u8ad6\u4e89\u306e\u6838\u5fc3\u3058\u3083\u3002\u300e\u6577\u5c45\u3092\u4e0b\u3052\u308b\u300f\u3053\u3068\u306f\u4e21\u5203\u306e\u5263\u2014\u2014\u30a2\u30af\u30bb\u30b9\u3092\u5e83\u3052\u308b\u3068\u540c\u6642\u306b\u3001\u77e5\u8b58\u306a\u304d\u53c2\u52a0\u8005\u304c\u643e\u53d6\u3055\u308c\u3084\u3059\u304f\u306a\u308b\u3002\u63a8\u9032\u6d3e\u306f\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u300e\u305d\u308c\u306f\u8a50\u6b3a\u696d\u8005\u306e\u554f\u984c\u3067\u3042\u3063\u3066\u3001\u5546\u54c1\u305d\u306e\u3082\u306e\u306e\u554f\u984c\u3067\u306f\u306a\u3044\u300f\u3068\u53cd\u8ad6\u3059\u308b\u306e\u3058\u3083\u3002\u300d<\/p><\/blockquote>\n<hr \/>\n<h3>\u26a1 \u640d\u5931\u4e0a\u9650\u306e\u660e\u78ba\u3055\u2014\u2014\u300c\u9752\u5929\u4e95\u30ea\u30b9\u30af\u300d\u304b\u3089\u306e\u89e3\u653e<\/h3>\n<p>\u63a8\u9032\u6d3e\u304c\u6319\u3052\u308b\u3082\u3046\u4e00\u3064\u306e\u8ad6\u70b9\u306f\u3001\u30ea\u30b9\u30af\u306e\u900f\u660e\u6027\u3058\u3083\u3002<\/p>\n<p>\u901a\u5e38\u306e\u682a\u5f0f\u53d6\u5f15\u3084FX\u3067\u306f\u3001\u76f8\u5834\u304c\u6025\u5909\u3057\u305f\u969b\u306b\u60f3\u5b9a\u5916\u306e\u8ffd\u52a0\u640d\u5931\uff08\u8ffd\u8a3c\uff09\u304c\u767a\u751f\u3059\u308b\u3053\u3068\u304c\u3042\u308b\u30022015\u5e74\u306e\u30b9\u30a4\u30b9\u30d5\u30e9\u30f3\u30b7\u30e7\u30c3\u30af\u3084\u30012020\u5e74\u306e\u539f\u6cb9\u5148\u7269\u30de\u30a4\u30ca\u30b9\u4fa1\u683c\u306e\u4e8b\u4f8b\u3067\u306f\u3001\u6295\u3058\u305f\u5143\u672c\u3092\u306f\u308b\u304b\u306b\u8d85\u3048\u308b\u640d\u5931\u3092\u88ab\u3063\u305f\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u7d9a\u51fa\u3057\u305f\u3002\u5bfe\u3057\u3066\u30d0\u30a4\u30ca\u30ea\u30fc\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u3001\u652f\u6255\u3063\u305f\u30d7\u30ec\u30df\u30a2\u30e0\u4ee5\u4e0a\u306e\u640d\u5931\u306f\u7d76\u5bfe\u306b\u751f\u3058\u306a\u3044\u3002\u300c\u6700\u5927\u3044\u304f\u3089\u5931\u3046\u304b\u300d\u304c\u53d6\u5f15\u524d\u304b\u3089\u5b8c\u5168\u306b\u78ba\u5b9a\u3057\u3066\u304a\u308b\u3002<\/p>\n<p>\u3053\u308c\u3092\u63a8\u9032\u6d3e\u306f\u300c\u9ad8\u9081\u306a\u7cbe\u795e\u3084\u91d1\u92ad\u7684\u91cd\u5727\u304b\u3089\u306e\u89e3\u653e\u300d\u3068\u8868\u73fe\u3059\u308b\u3002\u4eba\u751f\u3092\u72c2\u308f\u305b\u308b\u307b\u3069\u306e\u640d\u5931\u30ea\u30b9\u30af\u3092\u80cc\u8ca0\u308f\u305a\u306b\u5e02\u5834\u306b\u53c2\u52a0\u3067\u304d\u308b\u2014\u2014\u3053\u306e\u8ad6\u70b9\u306f\u3001\u8ffd\u8a3c\u3067\u7834\u7523\u3057\u305f\u6295\u8cc7\u5bb6\u306e\u4e8b\u4f8b\u304c\u7d76\u3048\u306a\u3044\u73fe\u5b9f\u3068\u5bfe\u6bd4\u3059\u308b\u3068\u3001\u4e00\u5b9a\u306e\u8aac\u5f97\u529b\u3092\u6301\u3064\u306e\u3058\u3083\u3002<\/p>\n<hr \/>\n<h3>\ud83d\udd50 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