{"id":10785,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm1\/"},"modified":"2026-09-22T07:44:09","modified_gmt":"2026-09-21T22:44:09","slug":"cfa-l1-der-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Derivatives LM1\u3011Derivative Instrument and Derivative Market Features \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5b9a\u7fa9\u30fb\u539f\u8cc7\u7523\u30fbOTC\u5e02\u5834\u3068\u53d6\u5f15\u6240\u5e02\u5834\u30fbCCP"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 1\u300cDerivative Instrument and Derivative Market Features\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5546\u54c1\u3068\u5e02\u5834\u306e\u7279\u5fb4\uff09\u300d\u306f\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5b9a\u7fa9\u3068\u57fa\u672c\u7684\u306a\u7279\u5fb4\u3001\u4e3b\u306a\u539f\u8cc7\u7523\u306e\u7a2e\u985e\u3001\u305d\u3057\u3066\u5e97\u982d\uff08OTC\uff09\u5e02\u5834\u3068\u53d6\u5f15\u6240\u5e02\u5834\u306e\u9055\u3044\u3068\u4e2d\u592e\u6e05\u7b97\u6a5f\u95a2\uff08CCP\uff09\u306e\u5f79\u5272\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM1\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM1\u306b\u306f2\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u5b9a\u7fa9\u3057\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5546\u54c1\u306e\u57fa\u672c\u7684\u306a\u7279\u5fb4\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">define a derivative and describe basic features of a derivative instrument<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306e\u57fa\u672c\u7684\u306a\u7279\u5fb4\u3092\u8aac\u660e\u3057\u3001\u5e97\u982d\uff08OTC\uff09\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u3068\u53d6\u5f15\u6240\u53d6\u5f15\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">describe the basic features of derivative markets, and contrast over-the-counter and exchange-traded derivative markets<\/span><\/li>\n<\/ol>\n<h2>LM1\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306f\u3001\u539f\u8cc7\u7523\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304b\u3089\u4fa1\u5024\u304c\u6d3e\u751f\u3059\u308b\u91d1\u878d\u5951\u7d04\u3067\u3001\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\uff08firm commitment\uff09\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\uff08contingent claim\uff09\u306b\u5927\u5225<\/li>\n<li>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306f\u3001\u73fe\u7269\u5e02\u5834\u3060\u3051\u3067\u306f\u5f97\u3089\u308c\u306a\u3044\u5f62\u3067\u539f\u8cc7\u7523\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4f5c\u3063\u305f\u308a\u8abf\u6574\u3057\u305f\u308a\u3059\u308b\u6a5f\u4f1a\u3092\u5e83\u3052\u308b\u5b58\u5728<\/li>\n<li>\u4ee3\u8868\u7684\u306a\u539f\u8cc7\u7523\u306f\u682a\u5f0f\u3001\u50b5\u5238\u30fb\u91d1\u5229\u3001\u901a\u8ca8\u3001\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3001\u30af\u30ec\u30b8\u30c3\u30c8<\/li>\n<li>OTC\u5e02\u5834\u306f\u3001\u30a8\u30f3\u30c9\u30e6\u30fc\u30b6\u30fc\u3068\u91d1\u878d\u4ef2\u4ecb\u696d\u8005\u306e\u9593\u3067\u3001\u500b\u5225\u306b\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3055\u308c\u305f\u67d4\u8edf\u306a\u5951\u7d04\u3092\u7d50\u3076\u5e02\u5834<\/li>\n<li>\u53d6\u5f15\u6240\u53d6\u5f15\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08ETD\uff09\u306f\u6a19\u6e96\u5316\u3055\u308c\u305f\u5951\u7d04\u3067\u3001\u7d44\u7e54\u5316\u3055\u308c\u305f\u53d6\u5f15\u6240\u3067\u58f2\u8cb7\u3055\u308c\u3001\u76f8\u624b\u65b9\u306e\u4e0d\u5c65\u884c\u306b\u5099\u3048\u3066\u62c5\u4fdd\uff08\u8a3c\u62e0\u91d1\uff09\u306e\u5dee\u3057\u5165\u308c\u304c\u6c42\u3081\u3089\u308c\u308b<\/li>\n<li>\u4e2d\u592e\u6e05\u7b97\u3055\u308c\u308b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3067\u306f\u3001\u4e2d\u592e\u6e05\u7b97\u6a5f\u95a2\uff08CCP\uff09\u304c\u5f53\u4e8b\u8005\u9593\u306e\u53d6\u5f15\u76f8\u624b\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u5f15\u304d\u53d7\u3051\u3001\u6e05\u7b97\u30fb\u6c7a\u6e08\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u5b9a\u7fa9\u3068\u57fa\u672c\u7684\u306a\u7279\u5fb4<\/h3>\n<p><strong>\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6<\/strong>\u3068\u306f\u3001\u539f\u8cc7\u7523\uff08underlying\uff09\u306e\u4fa1\u683c\u3084\u6c34\u6e96\u306b\u5fdc\u3058\u3066\u4fa1\u5024\u304c\u6c7a\u307e\u308b\u91d1\u878d\u5951\u7d04\u3067\u3059\u3002\u5951\u7d04\u306b\u306f\u6e80\u671f\u30fb\u4fa1\u683c\u30fb\u6570\u91cf\u306a\u3069\u306e\u6761\u4ef6\u304c\u5b9a\u3081\u3089\u308c\u3001\u5c11\u306a\u3044\u5f53\u521d\u8cc7\u91d1\u3067\u539f\u8cc7\u7523\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u6301\u3066\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4fa1\u5024\u306e\u6e90\u6cc9\u306f\u539f\u8cc7\u7523\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/li>\n<li>\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\uff08firm commitment\uff09\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\uff08contingent claim\uff09\u306e2\u985e\u578b<\/li>\n<li>\u4e3b\u306a\u539f\u8cc7\u7523\uff1a\u682a\u5f0f\u3001\u50b5\u5238\u30fb\u91d1\u5229\u3001\u901a\u8ca8\u3001\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3001\u30af\u30ec\u30b8\u30c3\u30c8<\/li>\n<li>\u5951\u7d04\u6761\u4ef6\uff1a\u539f\u8cc7\u7523\u3001\u6e80\u671f\u3001\u5951\u7d04\u4fa1\u683c\u3001\u6570\u91cf\uff08\u60f3\u5b9a\u5143\u672c\uff09<\/li>\n<li>\u73fe\u7269\u3092\u76f4\u63a5\u58f2\u8cb7\u305b\u305a\u306b\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u4f5c\u6210\u30fb\u5909\u66f4\u3067\u304d\u308b<\/li>\n<\/ul>\n<h3>LOS 2\uff1aOTC\u5e02\u5834\u3068\u53d6\u5f15\u6240\u5e02\u5834\u306e\u6bd4\u8f03<\/h3>\n<p><strong>\u5e97\u982d\uff08OTC\uff09\u5e02\u5834<\/strong>\u306f\u5f53\u4e8b\u8005\u9593\u3067\u500b\u5225\u306b\u6761\u4ef6\u3092\u6c7a\u3081\u308b\u67d4\u8edf\u306a\u5e02\u5834\u3067\u3001<strong>\u53d6\u5f15\u6240\u5e02\u5834<\/strong>\u306f\u6a19\u6e96\u5316\u3055\u308c\u305f\u5951\u7d04\u3092\u53d6\u5f15\u6240\u3067\u58f2\u8cb7\u3059\u308b\u5e02\u5834\u3067\u3059\u3002\u53d6\u5f15\u6240\u3067\u306f\u8a3c\u62e0\u91d1\u3068\u6e05\u7b97\u6a5f\u95a2\u306b\u3088\u308a\u53d6\u5f15\u76f8\u624b\u30ea\u30b9\u30af\u304c\u6291\u3048\u3089\u308c\u3001\u900f\u660e\u6027\u3068\u6d41\u52d5\u6027\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>OTC\uff1a\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u53ef\u80fd\u3001\u67d4\u8edf\u3001\u53d6\u5f15\u76f8\u624b\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u6b8b\u308a\u3084\u3059\u3044\u3001\u900f\u660e\u6027\u306f\u76f8\u5bfe\u7684\u306b\u4f4e\u3044<\/li>\n<li>ETD\uff1a\u6a19\u6e96\u5316\u3001\u6d41\u52d5\u6027\u30fb\u900f\u660e\u6027\u304c\u9ad8\u3044\u3001\u8a3c\u62e0\u91d1\uff08\u62c5\u4fdd\uff09\u306e\u5dee\u3057\u5165\u308c\u304c\u5fc5\u8981<\/li>\n<li>CCP\uff08\u4e2d\u592e\u6e05\u7b97\u6a5f\u95a2\uff09\uff1a\u53d6\u5f15\u76f8\u624b\u4fe1\u7528\u30ea\u30b9\u30af\u3092\u5f15\u304d\u53d7\u3051\u3001\u6e05\u7b97\u30fb\u6c7a\u6e08\u3092\u62c5\u3046<\/li>\n<li>\u91d1\u878d\u5371\u6a5f\u5f8c\u3001\u591a\u304f\u306eOTC\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306b\u3082\u4e2d\u592e\u6e05\u7b97\u3084\u8a3c\u62e0\u91d1\u306e\u898f\u5236\u304c\u5c0e\u5165<\/li>\n<li>\u30c7\u30a3\u30fc\u30e9\u30fc\uff08\u91d1\u878d\u4ef2\u4ecb\u696d\u8005\uff09\u306fOTC\u5e02\u5834\u3067\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\u3068\u3057\u3066\u6a5f\u80fd<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-der-lm2\/\">LM2 Forward Commitment and Contingent Claim Features and Instruments\uff08\u78ba\u5b9a\u7684\u306a\u7d04\u5b9a\u3068\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u5546\u54c1\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-der\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Derivatives\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Derivatives LM1\u300cDerivative Instrument and Derivative Market Features\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5546\u54c1\u3068\u5e02\u5834\u306e\u7279\u5fb4\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10785"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10785\/revisions"}],"predecessor-version":[{"id":11302,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10785\/revisions\/11302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11131"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}