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+8$ͷಓ GPS·΄Β·
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࡞ऀɿCJHUSFF मऀɿ͋ͬͪΌΜ ॴଐΫϥϯɿ·΄Β· ࡞࣌ɿ όʔδϣϯɿW
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લఏ ΞφϯεࡁΈͰ͕͢ɺ ·΄Β· ຊ෦ ɺҎԼํͱΛΓ·ͨ͠ɻ • ΨνΛࢦ͢ ஈ֊తʹ • 5)ΦϯϦʔԽ ʙ ˞ຊ෦͚ͩͰ͢ɻຎఱ࿖ᗔ4",63"ҧ͍·͢ɻ
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ΨνԽͷશମํ ྫ͑શյϥογϡ͞ΜͷΑ͏ͳ ʰΫϥΫϥΛָ͠Μͩઌʹ͋Δڧ͞ʱ Λࢦ͍͖͍ͯͨ͠Ͱ͢ɻ Ͱ͖Δ͚ͩྑ͍งғؾͷ··τοϓΛࢦ͢ͷ͕ ࠷େͷඪʹͳΓ·͢ɻ
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ΨνΛࢦ͔͢Βʹ ໌֬ͳඪ͕͋Δͱྑ͍Ͱ͢ɻ ۩ମత +8$ͱ͍͏ΨνϦʔά͕͋Γ·͢ɻ ͦ͜Λࢦ͍͖ͯ͠·͢ɻ
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+8$ͱ ຊͷ5)5)5)5)ΛΓ্͛Δ͘+BQBO8BS $MBO3BOLJOH +8$ ੜ·Ε·ͨ͠ɻݫ֨ͳ'"*31-":ϧʔϧ ͷͱΫϥϯؒͰͷϥϯΩϯά࡞ɾਵ࣌ߋ৽ɻʑͷΫϥΫ ϥϥΠϑΛΑΓָ͠ΉͨΊʹɺΫϥϯͷେͳؒୡͱͷΑΓ ڧݻͳ݁ଋΛɺΫϥϯͷ֞ࠜΛ͑ͨͭͳ͕ΓΛɻͦΜͳ͜ͱ Λࢦ͍ͯ͠·͢ɻ IUUQTKXDSBOLJOHKJNEPGSFFDPNIPNFBCPVUKXD ΑΓൈਮ
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+8$Ͱ׆༂͞Ε͍ͯΔΫϥϯ͞Μͨͪ • ;&30'".*-: • ΫϥΫϥνϟϯωϧ • CMB[F+1 • શյϥογϡຎఱ࿖ • ˒ ˒ ˒ ̜ɾ̨ ˒ ˒ ˒ • .*,050 • ײँɻ • ܈അఇࠃԕ܉ ͏Μɺɺɺڧ͍ͱ͜Ζ͔ͬͰ͢Ͷɾɾɾ • (BJIB[J#PNCFS + • 5)$0.1-&5&3 • SFTVSSFDUJPO • /PWFMCSJHIU • 5)&MJUF +1/ ˞ܟশུɺॱෆಉ
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+8$ϧʔϧ IUUQTUDP["B#.9+ BNQ ʲཁʳ • ϝϯόʔબग़ීஈ͔Βॴଐ͍ͯ͠Δϝϯόʔ ʢ+8$ઓͷΈࢀՃͷॿͬਓ/(ʣ • ̍ਓ̍ɺڞ༗/( • ಉϦʔάͷ+8$ࢀՃΫϥϯʹॏෳॴଐ/( ʢγʔζϯதΕΔʣ • ਓҎ্ͷରઓ͕Ͱ͖ΔΫϥϯ
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+8$Ϧʔάߏ ͬ͘͟Γ +̍ +̎ +̏ ࢀՃΫϥϯͰͷ෦੍ͷϦʔάઓʲ̟̍ɺ̟̎ɺ̟̏ʳ ˞γʔζϯຖͷ݁ՌʹԠͯ͡Ϧʔάঢ֨߱֨͋Γ ˞Ϧʔά్தൈ͚ෆՄ
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+8$ͷ5)෦͚ͩΛࢦ͢ • ΫϥΫϥք͕ख़͓͗ͯ͢͠Γɺ Ψνͷํʑ͕5)ҎԼͷΧϯετΞΧΛॴ͍࣋ͯ͠Δ έʔε͕ଟ͍ɻউͪൈ͘қ͕ߴ͍ɻ • ͦͦ5)ҎԼͷʰࢀՃқʱ͕ߴ͗͢Δɻ ֤5)ଳͰαϒΛࢭΊͤ͞Δͷ͕͍͠ɻ • ্هཧ༝͔Β5)෦ʹྗ͢Δɻ
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+8$Λࢦ͢͜ͱͷϝϦοτ • ΨνϝϯόʔͷϞνϕʔγϣϯΞοϓˍϨϕϧΞοϓ • ݁ՌΛग़ͤ Ϋϥϯϒϥϯυͷ্ • +8$Ͱઓ͍͍ͨΨνͷਓ͕ΫϥϯʹՃೖͯ͘͠ΕΔ ͔͠Εͳ͍
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ͪΖΜɺσϝϦοτ͋Γ·͢ • ઓͯ͠೦ͳ݁ՌΛग़͢ͱΫϥϯҹ͕ஶ͘͠ѱ͘ͳΔ ·΄Β·ͷະདྷʹؔΘΓ·͢ɻઈରʹආ͚ͳ͚ΕͳΒͳ͍Ͱ͢ɻ ݁ՌతʹΫϥϯΛ௵͢͜ͱʹͳΔ͔͠Ε·ͤΜɻ৻ॏͳߦಈ͕ඞཁͰ͢ɻ • Ψν͍͗ͯͭͯ͢͜Εͳ͍ϝϯόʔ͕ग़ͯ͘Δ͔͠Εͳ͍ ·΄Β·Ϋϥϯମ੍ͷ͓͔͛ͰͳΜͱ͔ͳΓ·͢ɻ తผͷࢧ෦͕͋ΔͷͰ่յʹܨ͕Βͳ͍ɻ ˠ࣍ͷϖʔδͰগ͠ޠΓ·͢ɻ
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େࣄͳ͜ͱɻΨνҒ͍ʁ • ΨνͰָ͠Ή͜ͱૉΒ͍͜͠ͱͰ͢ɻ • Ͱ͕͢ɺҒ͍Θ͚Ͱ͋Γ·ͤΜɻ ͋͘·ͰΫϥΫϥͷָ͠Έํͷ̍ͭͰ͔͋͠Γ·ͤΜɻ • ϑΝʔϛϯάɺνϟοτͰͷίϛϡχέʔγϣϯɺΫϥϯӡ ӦɺΨνϓϨΠɺશͯʹΫϥΫϥͷָ͕͋͠͞Γ·͢ɻ • ·΄Β·ɺશͯΛେࣄʹ͍͖ͯ͠·͢ɻ օ͞Μࣗࣗͷָ͠ΈํΛେࣄʹ͍ͯͩ͘͠͞ɻ ΨνʼΏΔ;Θ
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ΨνͱΏΔ;ΘͷॅΈ͚ • ·΄Β·Ͱ༷ʑͳָ͠ΈํʹԠ͑ΕΔΑ͏ʹɺ ෳͷࢧ෦Λ༻ҙ͍ͯ͠·͢ɻ IUUQNBISBNBMJWFEPPSCMPHBSDIJWFTIUNM • ·΄Β· • ·΄Β·ʙຎఱ࿖ʙ • ·΄Β·ʙᗔʙ • ·΄Β·ʙᴈ໌ʙ • .")03"."@4",63" • ΨνͱΏΔ;ΘΛಉ͡Ϋϥϯʹ͓ͯ͘͠ͱɺ ඞ͕ͣ᫁Ͱ͖ͯ·͢ɻ આ໌͢Δ·Ͱͳ͍Ͱ͢Ͷ ࣗࣗʹ߹ͬͨࢧ෦ʹॴଐ͠·͠ΐ͏ɻ
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Ҏ߱ɺ͜ͷࢿྉ +8$Λࢦ͢͜ͱʹ͍ͭͯ هड़ͨ͠ͷʹͳΓ·͢ ͬͱຊʹೖΕ·͢
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ඪ • +8$+༏উ ͱɺݴ͍͍ͨͱ͜ΖͰ͕͢Ұาͮͭߦ͖·͠ΐ͏ɻ Θ͔Γ͍͢ྫ͑Λ͢Δͱɺɺɺ +Ͱ༏উ͢Δʹɺ δϣʔΧʔ͞Μ͕̎̌ਓ͍ΔΫϥϯͱରܾͯ͠ উͭ͘Β͍ͷྗ͕ඞཁͰ͢ɻ ͍ಓͷΓʹͳΓ·͢ɻ
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ඪ ਅ • +8$+༏উ +ʹ্͕Δ ˞ਖ਼ɺ͜ΕͰेʹߴ͍ඪͰ͢ʂ
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+8$+Ͱ উͭͨΊʹඞཁͳ͜ͱ
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ϝϯόʔूΊɿ5)ΧϯετਓҎ্ • ਓ͍ΕࢀՃͰ͖·͕͢ɾɾɾ • ϝϯόʔෛՙΛߟ͑Δͱਓఔ͍ͨํ͕ྑ͍Ͱ͢ ௐࢠͱ͔ϦΞϧΛߟྀͯ͠ೖΕସ͑ΕΔମ੍͕ඞཁ • ࠷ѱΧϯετͰͳͯ͘ྑ͍Ͱ͕͢ɺ ͔ͳΓͷϋϯσΟΩϟοϓΛഎෛ͏͜ͱʹͳΓ·͢
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ϝϯόʔूΊɿ֤5)Ϧιʔεͷੳ ʙ5)ʙ ͋ͬͪΌΜɺ͖Ή͖ΉɺΒ͍Β͍ɺ ίεϞφτɺ੨ࢎΧϦɺ ౦ํ෦ୂ ຐԦ༷ɺ͍͘ॿɺCMBDLDIFSSZ ʙ5)ʙ ΰυϧϑΟϯɺ0#ϋϯλʔɺ#VPOPɺ ଙޛ൧ɺਓ ʙ5)ʙ )"."ΜͨɺΨΠɺςϯϖετɺαϯνΣολɺCJHUSFFɺ 1JFOUBɺ༐ऀϚϤώίɺҋͷఱɺ͑ΔɺഴɺͱΒɺ θϩɺͳͪΌΜɺ50/:ɺനދɺQFBDIUFBɺ TQJEFSɺྵઓ ࣌ͷຊ෦ঢ়گ͔Βੳ ใؒҧͬͯͨΒ͝ΊΜͳ͍͞ ֤ࢧ෦͋ͬͪΌΜ໊ࢦ͠ ʙ5)ʙ Γΐʔɺ0LJOBɺ5)ɺνϡϯɺʹ͜ɺ ηϘϯɺ͠ͳΜɺφεςΟΞɺगɺ:06$0ɺ ए௬ɺ͔͖ͣͬ͘ɺTJOͪΐ͏ͳΧϝ ʙήετʙ δϣʔΧʔɺ·͓ɺ͓͖ͬ͌ طଘϝϯόʔͰܭࢉ͢ΔͳΒ 5)ͷਓ͕ͨͪ5)ʹͳΔͷ Λͬͯಈ͖࢝ΊΔܗͰ͠ΐ͏͔ɻ ΰʔϧυύεલఏͰɾɾɾ 5)ʹͳΔˠ݄ 5)Χϯετˠ݄ ͯͳײ͡Ͱ͠ΐ͏͔ʁ ˞5)্͕ΓͨͯͷͳͪΌΜ͞Μͱ͔ ͖͍ͭεέδϡʔϧ͔ɾɾɾ ͪΖΜ5)ͷํʑ 5)ʹͳͬͨΒ߹ྲྀͰ͢ʂ ܟশུɺॱෆಉ
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ϝϯόʔूΊɿ౦ํ͞Μϝϯόʔ • 5)αϥνετ̏ਓ ຐԦ༷ɺ͍͘ॿ͞Μɺࠇࡩ͞Μ • ·΄Β·ϝϯόʔͱͯ͠+8$ʹࢀՃ͍͚ͨͩΔΑ͏ ͲΜͳखΛͬͯͰઆಘ͢Δ ͋ͬͪΌΜ͕ • μϝͩͬͨΒɺɺɺͦͷ࣌ɺߟ͑·͢ • ͓ئ͍Ͱ͢ʂख͍ͬͯͩ͘͞ʂʂ
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ϝϯόʔूΊɿ৽نืू • ࠓ·ͰͲ͓ΓͰ͢Ͷ
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ϝϯόʔूΊɿήετͷํʑ • δϣʔΧʔ͞Μɺ·͓͞Μ • ͝ຊਓͷҙࢥଚॏ͢Δ͜ͱલఏͰ • ϦʔάҧͬͨΒग़ΕͨΓ͠ͳ͍ͷ͔ͳʁ • ྫ͑δϣʔΧʔ͞Μͷࢀઓ δϣʔΧʔ͞Μ+Ͱ͢ • ϧʔϧతʹ0,͔֬ೝ͢Δඞཁ͋Γ ˠ֬ೝ͠·ͨ͠ɻϧʔϧ্/(Ͱ͢ɻ +8$ͷॏෳڐ͞Ε·ͤΜɻ೦ɻ
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ϝϯόʔूΊɿ͋ͬͪΌΜຊਓʹ͍ͭͯ • ϑΝʔϛϯάΫϥϯʹఆॅ͢ΔՄೳੑ͕ߴ͍ • ͋ͬͪΌΜͷಘҙ͕Ψν߈ΊͰͳ͘ʰӡӦʱʹ͋ͨΔ ͨΊɺৗʹϝϯόʔͷิॆBOEҭΛ͠ଓ͚Δͷ͕νʔϜʹ ͱͬͯҰ൪ͷརʹͳΓ·͢ • Ͳ͏ͯ͠Γͳ͍ং൫ࢀઓ͠·͕͢ɺ ૣΊʹखΛΕΒΕΔΑ͏ʹ͠ͳ͍ͱ͍͚ͳ͍ͱ ࢥ͍ͬͯ·͢
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શյଧׂ̐ • Ψνஔ͔Βͷ֬Ͱશյ͕ͱΕΔ͜ͱ • IUUQTXXXDPDXBSJOGPMFBHVFMFBHVF-JTU +Ͱ༏উͨ͠ΫϥϯͷશյΛࢀߟʹ͠·ͨ͠ • ٯʹݴ͏ͱΫϥϯશମͱͯ͜͠ͷʹ͍ۙΛ ग़ͤͳ͍ݶΓࢀՃ͠ͳ͍ํ͕ྑ͍Ͱ͢ • ·ͨɺͦͷࠒʹڥ͕ख़ͯͬ͠ͱߴ͍Λ ͩ͞ͳ͍ͱ͍͚ͳ͍͔͠Ε·ͤΜ
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ࢦش • ෛ୲͕େ͖͍Ͱ͢ɻ ຊରઓࢀՃ͠ͳ͍͘Β͍ͷମ੍͕ྑ͍ͷͰ͕͢ɺ ແཧͰ͠ΐ͏Ͷɾɾɾ • ෛ୲͕େ͖͍ͷͰઓུ໘ˍઓज़໘Λ͚·͢ ໊ࢦ͢͠Μ·ͤΜ͕ɺҎԼΛߟ͍͑ͯ·͢ɻ • ઓུ໘ˠΰυϧϑΟϯ͞Μɺ͍͘ॿ͞ΜɺຐԦ༷ɺ0#ϋϯλʔ͞Μ • ઓज़໘ˠΰυϧϑΟϯ͞ΜϝΠϯ ˞ͲͪΒʹͯ͠ΰυϧϑΟϯ͞Μͷෛ୲มΘΒͳ͍
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ϓϥϯχϯάจԽɺͳͧΓจԽ • Ϋϥϯͱͯ͠શյͱΕྑ͍ͷͰ • ඞਢͱͳΔͱࢥ͍·͕͢ɺɺ ڧ੍͢Δ·Ͱపఈ͢Δͱͳ͊ΈͲ͜ΖͰ͢Ͷ • ผݸͰߟ͑·͢
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Ψν࣮ઓܦݧ • ѹతʹෆ͍ͯ͠·͢ • Ψνઓۭؾ͕มΘ͖ͬͯ·͢ɻ গ͠Ͱ׳Ε͓͔ͯͶຊ൪ͰྗΛग़ͤ·ͤΜɻ • ӡʹ͋ͬͪΌΜإ͕͍Ͱ͢ɻ 5)ΦϯϦʔΫϥϯʹͳͬͨޙ ੵۃతʹ࿅शࢼ߹ΛΜͰ͍͖·͢ɻ
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+8$ܦݧऀ • Γ+8$ܦݧऀڧ͍Ͱ͢ɻ ͦͷΛܦݧ͍ͯ͠Δ͚ͬͯͩͰوॏͳଘࡏͰ͢ɻ ̎ɺ̏ਓ͍Δͱ৺ڧ͍ͷͰ͢ɻ • ͩΕ͔ೖ͖ͬͯͯ͘ΕΔͱ͍͍ͷͰ͕͢ɾɾɾ • ΰυϧϑΟϯ͞Μ͔0#ϋϯλʔ͞ΜΛ̍ظؒ͘Β͍ +8$ࢀઓΫϥϯʹमߦҠ੶͢Δͷྑ͍ͱࢥ͍·͢ɻ 5)ʹૣΊʹ্͕Δਓˍઈରʹ·΄Β·ʹͬͯ ͘Δਓˍத֩ʹͳΔਓ ༷ࢠݟ͠·͢ɻ
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֤ઓज़ͷεϖγϟϦετ • ݴ͏·Ͱ͋Γ·ͤΜͶɻಛఆઓज़Ұ৭ͩͱةͳ͍Ͱ͢ɻ όϥϯεΑ͘ଗͬͯ͘ΕΕྑ͍ͷͰ͕͢ɻ • ߹॓Έ͍ͨͳͷΔͭΓͰ͢ɻ
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Ӵେਉ • αΠτ͔Βஔ࣋ͬͯ͘Δ͚ͩ͡ΌμϝͳΜͰ͠ΐ͏Ͷɻ • CBOEʹஔ࡞ΓͷਤॻϧʔϜΛ࡞ͬͯڞ༗͠·͢ ձ͞Μɺΰυ͞ΜɺΦϫλ͞Μ͕͍͚ΔͣͰ͢
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εέδϡʔϧ
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͋͘·Ͱ҆Ͱ͢ नΘΕ͗͢Δͷྑ͘ͳ͍ • ݄ɿ·΄Β·ຊ෦ɺΨνએݴ ࡁΈ • ݄ɿ+8$ࢦ͢એݴ Ϋϥϯ ࡁΈ εέδϡʔϧײΛڞ༗ͯ͠ࢀՃෆࢀՃͷҙࢥදࣔΛͯ͠Β͏ +8$ઓ͍͍ͨ৽ن͕ೖ͖ͬͯͯ͘ΕΔͱ͍͍ͳ͊ • ݄ɿ5)ΦϯϦʔԽ ݱࡏ5)ͷਓ͕ͨͪ5)ʹͳ͍ͬͯΔ༧ఆ ͜ͷ͋ͨΓ͔ΒଞΫϥϯͱͷ࿅शࢼ߹Λ։࢝ • ݄ɿݱࡏ5)ͷਓ͕ͨͪ5)Χϯετʹͳ͍ͬͯΔ༧ఆ • ݄Ҏ߱ɿ+8$ਖ਼ࣜਃ͠ࠐΈ
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࠷ޙʹ օ͞Μɺઈରʹແཧ͠ͳ͍Ͱ͍ͩ͘͞ɻ +8$Λࢦ͢ͱ͍͏͜ͱɺͦΕͳΓʹෛ୲ʹͳΓ·͢ɻ ർΕͯ͠·ͬͨ߹͙͢ʹಀ͛·͠ΐ͏ɻ IUUQNBISBNBMJWFEPPSCMPHBSDIJWFTIUNM