{"id":10848,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-der-lm1\/"},"modified":"2026-09-22T07:06:55","modified_gmt":"2026-09-21T22:06:55","slug":"cfa-l2-der-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-der-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Derivatives LM1\u3011Pricing and Valuation of Forward Commitments \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30ad\u30e3\u30ea\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30e2\u30c7\u30eb\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u306e\u4fa1\u683c\u30fbFRA\u30fb\u30b9\u30ef\u30c3\u30d7\u306e\u8a55\u4fa1"},"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\u300cPricing and Valuation of Forward Commitments\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u4fa1\u683c\u3068\u4fa1\u5024\uff09\u300d\u306f\u3001\u30ad\u30e3\u30ea\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u682a\u5f0f\u30fb\u91d1\u5229\u30fb\u50b5\u5238\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u5148\u7269\u306e\u4fa1\u683c\u3068\u4fa1\u5024\u3001\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u30fb\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u30fb\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u3068\u4fa1\u5024\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\u306f7\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u682a\u5f0f\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u682a\u5f0f\u5148\u7269\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u65b9\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u305d\u308c\u3089\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe how equity forwards and futures are priced, and calculate and interpret their no-arbitrage value<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u539f\u8cc7\u7523\u304b\u3089\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u306a\u3044\u5834\u5408\u3068\u3042\u308b\u5834\u5408\u306e\u30ad\u30e3\u30ea\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30e2\u30c7\u30eb\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the carry arbitrage model without underlying cash flows and with underlying cash flows<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u91d1\u5229\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u91d1\u5229\u5148\u7269\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u65b9\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u305d\u308c\u3089\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe how interest rate forwards and futures are priced, and calculate and interpret their no-arbitrage value<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u50b5\u5238\u30d5\u30a9\u30ef\u30fc\u30c9\u3068\u50b5\u5238\u5148\u7269\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u65b9\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u305d\u308c\u3089\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe how fixed-income forwards and futures are priced, and calculate and interpret their no-arbitrage value<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u65b9\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u305d\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe how interest rate swaps are priced, and calculate and interpret their no-arbitrage value<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u65b9\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u305d\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe how currency swaps are priced, and calculate and interpret their no-arbitrage value<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u4ed8\u3051\u306e\u65b9\u6cd5\u3092\u8a18\u8ff0\u3057\u3001\u305d\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe how equity swaps are priced, and calculate and interpret their no-arbitrage value<\/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>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u4fa1\u683c\u306f\u3001\u88c1\u5b9a\u6a5f\u4f1a\u304c\u751f\u3058\u306a\u3044\u3088\u3046\u306b\u3001\u539f\u8cc7\u7523\u3092\u8cb7\u3063\u3066\u4fdd\u6709\u3059\u308b\u30b3\u30b9\u30c8\u3068\u4fbf\u76ca\uff08\u30ad\u30e3\u30ea\u30fc\uff09\u304b\u3089\u6c7a\u307e\u308b<\/li>\n<li>\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u306f\u5951\u7d04\u6642\u306b\u4fa1\u5024\u304c\u30bc\u30ed\u3068\u306a\u308b\u3088\u3046\u306b\u8a2d\u5b9a\u3055\u308c\u3001\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u65b0\u3057\u3044\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u3068\u5f53\u521d\u4fa1\u683c\u306e\u5dee\u306e\u73fe\u5728\u4fa1\u5024\u3067\u8868\u3055\u308c\u308b<\/li>\n<li>\u539f\u8cc7\u7523\u306b\u914d\u5f53\u3084\u5229\u606f\u306a\u3069\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3042\u308b\u5834\u5408\u306f\u3001\u305d\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u3066\uff08\u307e\u305f\u306f\u5c06\u6765\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u3066\uff09\u4fa1\u683c\u3092\u6c42\u3081\u308b<\/li>\n<li>FRA\u306e\u56fa\u5b9a\u91d1\u5229\u306f\u7121\u88c1\u5b9a\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8\u3067\u3001\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u91d1\u5229\u306e\u5909\u5316\u3092\u53cd\u6620\u3057\u305f\u5dee\u984d\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u50b5\u5238\u5148\u7269\u3067\u306f\u7d4c\u904e\u5229\u606f\u3068\u30af\u30fc\u30dd\u30f3\u3001\u53d7\u6e21\u3057\u306b\u4f7f\u3046\u50b5\u5238\u306e\u8ee2\u63db\u4fc2\u6570\u3092\u8003\u616e\u3059\u308b<\/li>\n<li>\u30b9\u30ef\u30c3\u30d7\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u306e\u7d44\u307f\u5408\u308f\u305b\u3068\u307f\u306a\u305b\u3001\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u306f\u5951\u7d04\u6642\u306e\u4fa1\u5024\u3092\u30bc\u30ed\u306b\u3059\u308b\u56fa\u5b9a\u91d1\u5229<\/li>\n<li>\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u30fb\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u3082\u3001\u5404\u30ec\u30c3\u30b0\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5dee\u3068\u3057\u3066\u8a55\u4fa1\u3059\u308b<\/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\u682a\u5f0f\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/h3>\n<p>\u682a\u5f0f\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u4fa1\u683c\u306f\u3001\u73fe\u5728\u306e\u682a\u4fa1\u306b\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u52a0\u3048\u3001\u914d\u5f53\u306e\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u3001\u73fe\u5728\u306e\u682a\u4fa1\u304b\u3089\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u3068\u5f53\u521d\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5951\u7d04\u6642\u306e\u4fa1\u5024\u306f\u30bc\u30ed<\/li>\n<li>F\u2080 \uff1d\uff08S\u2080 \u2212 PVD\uff09\u00d7\uff081 \uff0b r\uff09\u1d40<\/li>\n<li>\u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a\uff1aF\u2080 \uff1d S\u2080 \u00d7 e^((r \u2212 \u03b4)T)<\/li>\n<li>\u30ed\u30f3\u30b0\u306e\u4fa1\u5024\uff1aV\u209c \uff1d S\u209c \u2212 PVD\u209c \u2212 F\u2080 \u00f7\uff081 \uff0b r\uff09^(T\u2212t)<\/li>\n<li>\u5148\u7269\u306f\u65e5\u3005\u5024\u6d17\u3044\u3055\u308c\u3001\u4fa1\u5024\u306f\u30bc\u30ed\u306b\u30ea\u30bb\u30c3\u30c8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u209c\uff08\u30ed\u30f3\u30b0\uff09\uff1d PV\uff3bF\u209c \u2212 F\u2080\uff3d\uff1d\uff08F\u209c \u2212 F\u2080\uff09\u00f7\uff081 \uff0b r\uff09^(T\u2212t)<\/div>\n<h3>LOS 2\uff1a\u30ad\u30e3\u30ea\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u30ad\u30e3\u30ea\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30e2\u30c7\u30eb<\/strong>\u3067\u306f\u3001\u539f\u8cc7\u7523\u3092\u501f\u5165\u3067\u8cfc\u5165\u3057\u3066\u4fdd\u6709\u3057\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u3092\u58f2\u308b\u3053\u3068\u3067\u7121\u30ea\u30b9\u30af\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u4f5c\u308a\u307e\u3059\u3002\u539f\u8cc7\u7523\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u306a\u3044\u5834\u5408\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u306f\u73fe\u7269\u4fa1\u683c\u306e\u5c06\u6765\u4fa1\u5024\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u3042\u308b\u5834\u5408\u306f\u3001\u305d\u306e\u5206\u3092\u5dee\u3057\u5f15\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306a\u3057\uff1aF\u2080 \uff1d S\u2080 \u00d7\uff081 \uff0b r\uff09\u1d40<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3042\u308a\uff1aF\u2080 \uff1d\uff08S\u2080 \u2212 PV(CF)\uff09\u00d7\uff081 \uff0b r\uff09\u1d40<\/li>\n<li>\u4fdd\u7ba1\u8cbb\u7528\u306a\u3069\u306e\u30b3\u30b9\u30c8\u306f\u52a0\u7b97<\/li>\n<li>F\u2080\u304c\u9ad8\u3059\u304e\u308b\uff1a\u73fe\u7269\u8cb7\u3044\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u58f2\u308a\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30a2\u30f3\u30c9\u30fb\u30ad\u30e3\u30ea\u30fc\uff09<\/li>\n<li>F\u2080\u304c\u4f4e\u3059\u304e\u308b\uff1a\u73fe\u7269\u58f2\u308a\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u8cb7\u3044\uff08\u30ea\u30d0\u30fc\u30b9\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">F\u2080 \uff1d S\u2080 \u00d7\uff081 \uff0b r\uff09\u1d40<\/div>\n<h3>LOS 3\uff1a\u91d1\u5229\u30d5\u30a9\u30ef\u30fc\u30c9\uff08FRA\uff09\u30fb\u91d1\u5229\u5148\u7269\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/h3>\n<p><strong>FRA<\/strong>\u306e\u56fa\u5b9a\u91d1\u5229\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u5c0e\u304b\u308c\u308b\u7121\u88c1\u5b9a\u306e<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u3001\u65b0\u3057\u3044FRA\u30ec\u30fc\u30c8\u3068\u5f53\u521d\u306e\u56fa\u5b9a\u91d1\u5229\u306e\u5dee\u306b\u60f3\u5b9a\u5143\u672c\u3068\u671f\u9593\u3092\u639b\u3051\u3001\u6c7a\u6e08\u65e5\u307e\u3067\u306e\u91d1\u5229\u3067\u5272\u308a\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<ul>\n<li>FRA\u306e\u30ed\u30f3\u30b0\uff1a\u5909\u52d5\u91d1\u5229\u3092\u53d7\u3051\u53d6\u308a\u56fa\u5b9a\u91d1\u5229\u3092\u652f\u6255\u3046\uff08\u91d1\u5229\u4e0a\u6607\u3067\u5229\u76ca\uff09<\/li>\n<li>FRA\u30ec\u30fc\u30c8\uff1d\u671f\u9593\u306b\u5bfe\u5fdc\u3059\u308b\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u6c7a\u6e08\u306f\u671f\u521d\u306b\u5272\u5f15\u3057\u305f\u984d\u3067\u884c\u3046\u306e\u304c\u4e00\u822c\u7684<\/li>\n<li>\u91d1\u5229\u5148\u7269\u306e\u4fa1\u683c \uff1d 100 \u2212 \u5148\u7269\u306e\u91d1\u5229<\/li>\n<li>\u91d1\u5229\u5148\u7269\u3068FRA\u306e\u9055\u3044\uff1a\u5024\u6d17\u3044\u3001\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u30fb\u30d0\u30a4\u30a2\u30b9<\/li>\n<\/ul>\n<div class=\"cfalm-f\">FRA\u306e\u4fa1\u5024\uff08\u30ed\u30f3\u30b0\uff09\uff1d\uff3b\uff08FRA\u209c \u2212 FRA\u2080\uff09\u00d7 \u671f\u9593 \u00d7 \u60f3\u5b9a\u5143\u672c\uff3d\u00f7\uff081 \uff0b \u5272\u5f15\u7387 \u00d7 \u671f\u9593\uff09<\/div>\n<h3>LOS 4\uff1a\u50b5\u5238\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/h3>\n<p>\u50b5\u5238\u5148\u7269\u306e\u4fa1\u683c\u306f\u3001\u50b5\u5238\u306e\u73fe\u5728\u4fa1\u683c\uff08\u7d4c\u904e\u5229\u606f\u3092\u542b\u3080\uff09\u306e\u5c06\u6765\u4fa1\u5024\u304b\u3089\u3001\u4fdd\u6709\u671f\u9593\u4e2d\u306e\u30af\u30fc\u30dd\u30f3\u306e\u5c06\u6765\u4fa1\u5024\u3068\u6e80\u671f\u6642\u306e\u7d4c\u904e\u5229\u606f\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002\u53d7\u6e21\u3057\u53ef\u80fd\u306a\u50b5\u5238\u304c\u8907\u6570\u3042\u308b\u5834\u5408\u306f<strong>\u8ee2\u63db\u4fc2\u6570\uff08CF\uff09<\/strong>\u3067\u8abf\u6574\u3057\u305f<strong>\u6700\u5272\u5b89\u53d7\u6e21\u9298\u67c4<\/strong>\u304c\u57fa\u6e96\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30af\u30ea\u30fc\u30f3\u4fa1\u683c\u3068\u30c0\u30fc\u30c6\u30a3\u4fa1\u683c\uff08\u7d4c\u904e\u5229\u606f\u3092\u542b\u3080\uff09<\/li>\n<li>\u4fdd\u6709\u671f\u9593\u4e2d\u306e\u30af\u30fc\u30dd\u30f3\u306e\u5c06\u6765\u4fa1\u5024\u3092\u63a7\u9664<\/li>\n<li>\u8ee2\u63db\u4fc2\u6570\u3067\u53d7\u6e21\u9298\u67c4\u3092\u8abf\u6574<\/li>\n<li>\u6700\u5272\u5b89\u53d7\u6e21\u9298\u67c4\uff08CTD\uff09<\/li>\n<li>\u5024\u6d17\u3044\u306b\u3088\u308a\u5148\u7269\u306e\u4fa1\u5024\u306f\u65e5\u6b21\u3067\u30bc\u30ed\u306b\u30ea\u30bb\u30c3\u30c8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">Q\u2080\uff08\u5148\u7269\u4fa1\u683c\uff09\uff1d\uff3b1 \u00f7 CF\uff3d\u00d7\uff3bFV\uff08S\u2080 \uff0b AI\u2080\uff09\u2212 AI_T \u2212 FVCI\uff3d<\/div>\n<h3>LOS 5\uff1a\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/h3>\n<p>\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u306f\u4e00\u9023\u306eFRA\u306e\u7d44\u307f\u5408\u308f\u305b\u3068\u307f\u306a\u305b\u307e\u3059\u3002<strong>\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8<\/strong>\u306f\u3001\u56fa\u5b9a\u30ec\u30c3\u30b0\u3068\u5909\u52d5\u30ec\u30c3\u30b0\u306e\u73fe\u5728\u4fa1\u5024\u304c\u7b49\u3057\u304f\u306a\u308b\u56fa\u5b9a\u91d1\u5229\u3067\u3001\u5272\u5f15\u4fc2\u6570\u3092\u4f7f\u3063\u3066\u6c42\u3081\u307e\u3059\u3002\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u3001\u65b0\u65e7\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u306e\u5dee\u306e\u5e74\u91d1\u73fe\u5728\u4fa1\u5024\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8 \uff1d\uff081 \u2212 \u6700\u7d42\u5272\u5f15\u4fc2\u6570\uff09\u00f7 \u5272\u5f15\u4fc2\u6570\u306e\u5408\u8a08<\/li>\n<li>\u56fa\u5b9a\u6255\u3044\uff1a\u91d1\u5229\u4e0a\u6607\u3067\u4fa1\u5024\u4e0a\u6607<\/li>\n<li>\u56fa\u5b9a\u53d7\u3051\uff1a\u91d1\u5229\u4f4e\u4e0b\u3067\u4fa1\u5024\u4e0a\u6607<\/li>\n<li>\u5951\u7d04\u6642\u306e\u4fa1\u5024\u306f\u30bc\u30ed<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u56fa\u5b9a\u53d7\u3051\u306e\u4fa1\u5024 \uff1d \u60f3\u5b9a\u5143\u672c \u00d7\uff08FS\u2080 \u2212 FS\u209c\uff09\u00d7 \u03a3 PV\u209c,\u1d62<\/div>\n<h3>LOS 6\uff1a\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/h3>\n<p>\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7\u306e\u56fa\u5b9a\u91d1\u5229\u306f\u3001\u5404\u901a\u8ca8\u306e\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u304b\u3089\u3001\u305d\u308c\u305e\u308c\u306e\u901a\u8ca8\u306e\u50b5\u5238\u304c\u30d1\u30fc\u3068\u306a\u308b\u56fa\u5b9a\u91d1\u5229\u3068\u3057\u3066\u6c42\u3081\u307e\u3059\u3002\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u3001\u5404\u901a\u8ca8\u306e\u30ec\u30c3\u30b0\u306e\u73fe\u5728\u4fa1\u5024\u3092<strong>\u73fe\u5728\u306e\u70ba\u66ff\u30ec\u30fc\u30c8<\/strong>\u3067\u4e00\u65b9\u306e\u901a\u8ca8\u306b\u63db\u7b97\u3057\u3066\u5dee\u3092\u3068\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5404\u901a\u8ca8\u306e\u56fa\u5b9a\u91d1\u5229\uff1d\u305d\u306e\u901a\u8ca8\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u60f3\u5b9a\u5143\u672c\u306f\u5951\u7d04\u6642\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u3067\u4ea4\u63db<\/li>\n<li>\u5143\u672c\u306e\u4ea4\u63db\uff08\u671f\u521d\u30fb\u6e80\u671f\uff09<\/li>\n<li>\u4fa1\u5024 \uff1d \u53d7\u53d6\u30ec\u30c3\u30b0\u306ePV \u2212 \u652f\u6255\u30ec\u30c3\u30b0\u306ePV\uff08\u540c\u4e00\u901a\u8ca8\u63db\u7b97\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5404\u901a\u8ca8\u306e\u56fa\u5b9a\u91d1\u5229 \uff1d\uff081 \u2212 \u6700\u7d42\u5272\u5f15\u4fc2\u6570\uff09\u00f7 \u5272\u5f15\u4fc2\u6570\u306e\u5408\u8a08<\/div>\n<h3>LOS 7\uff1a\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/h3>\n<p>\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7\u3067\u306f\u3001\u4e00\u65b9\u304c\u682a\u5f0f\uff08\u6307\u6570\uff09\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u652f\u6255\u3044\u3001\u4ed6\u65b9\u304c\u56fa\u5b9a\u307e\u305f\u306f\u5909\u52d5\u91d1\u5229\u3092\u652f\u6255\u3044\u307e\u3059\u3002\u56fa\u5b9a\u91d1\u5229\u306f\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u3068\u540c\u3058\u65b9\u6cd5\u3067\u6c42\u3081\u3001\u5951\u7d04\u5f8c\u306e\u4fa1\u5024\u306f\u682a\u5f0f\u30ec\u30c3\u30b0\u3068\u91d1\u5229\u30ec\u30c3\u30b0\u306e\u4fa1\u5024\u306e\u5dee\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u3092\u53d7\u3051\u53d6\u308a\u56fa\u5b9a\u91d1\u5229\u3092\u652f\u6255\u3046\u5f62\u304c\u5178\u578b<\/li>\n<li>\u56fa\u5b9a\u91d1\u5229\u306f\u91d1\u5229\u30b9\u30ef\u30c3\u30d7\u306e\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3068\u540c\u3058<\/li>\n<li>\u682a\u5f0f\u30ec\u30c3\u30b0\u306e\u4fa1\u5024 \uff1d\uff08S\u209c \u00f7 S\u209c\u208b\u2081\uff09\u00d7 \u60f3\u5b9a\u5143\u672c<\/li>\n<li>\u56fa\u5b9a\u30ec\u30c3\u30b0\u306e\u4fa1\u5024\uff1a\u56fa\u5b9a\u5229\u4ed8\u50b5\u3068\u3057\u3066\u8a55\u4fa1<\/li>\n<li>\u682a\u4fa1\u4e0b\u843d\u6642\u306f\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u53d7\u3051\u624b\u304c\u652f\u6255\u3046<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u682a\u5f0f\u53d7\u3051\u30fb\u56fa\u5b9a\u6255\u3044\u306e\u4fa1\u5024 \uff1d\uff08S\u209c \u00f7 S\u209c\u208b\u2081\uff09\u00d7 \u60f3\u5b9a\u5143\u672c \u2212 \u56fa\u5b9a\u30ec\u30c3\u30b0\u306e\u73fe\u5728\u4fa1\u5024<\/div>\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\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \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-l2-der-lm2\/\">LM2 Valuation of Contingent Claims\uff08\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-der\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Derivatives\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Derivatives LM1\u300cPricing and Valuation of Forward Commitments\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u4fa1\u683c\u3068\u4fa1\u5024\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":11194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10848","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=10848"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10848\/revisions"}],"predecessor-version":[{"id":11021,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10848\/revisions\/11021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11194"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}