{"id":10849,"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-lm2\/"},"modified":"2026-09-22T07:06:58","modified_gmt":"2026-09-21T22:06:58","slug":"cfa-l2-der-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-der-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Derivatives LM2\u3011Valuation of Contingent Claims \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u4e8c\u9805\u30e2\u30c7\u30eb\u30fb\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30de\u30fc\u30c8\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b0\u30ea\u30fc\u30af\u30b9\u30fb\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3"},"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 2\u300cValuation of Contingent Claims\uff08\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1\uff09\u300d\u306f\u3001\u4e8c\u9805\u30aa\u30d7\u30b7\u30e7\u30f3\u8a55\u4fa1\u30e2\u30c7\u30eb\u3001\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3057\u3066\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u88c1\u5b9a\u30012\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u3001BSM\u30e2\u30c7\u30eb\u3068\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u3001\u30b0\u30ea\u30fc\u30af\u30b9\u3001\u30c7\u30eb\u30bf\u30fb\u30d8\u30c3\u30b8\u3068\u30ac\u30f3\u30de\u30fb\u30ea\u30b9\u30af\u3001\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\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>LM2\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\u3002LM2\u306b\u306f14\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u4e8c\u9805\u30aa\u30d7\u30b7\u30e7\u30f3\u8a55\u4fa1\u30e2\u30c7\u30eb\u3068\u305d\u306e\u69cb\u6210\u8981\u7d20\u3092\u8a18\u8ff0\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">describe and interpret the binomial option valuation model and its component terms<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u3001\u6e80\u671f\u6642\u306e\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3057\u3066\u5206\u6790\u3059\u308b\u65b9\u6cd5\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how the value of a European option can be analyzed as the present value of the option\u2019s expected payoff at expiration<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u95a2\u308f\u308b\u88c1\u5b9a\u6a5f\u4f1a\u3092\u8b58\u5225\u3057\u3001\u95a2\u9023\u3059\u308b\u88c1\u5b9a\u53d6\u5f15\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">identify an arbitrage opportunity involving options and describe the related arbitrage<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a2\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u3092\u7528\u3044\u3066\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the no-arbitrage values of European and American options using a two-period binomial model<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a2\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u3092\u7528\u3044\u3066\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the value of an interest rate option using a two-period binomial model<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30de\u30fc\u30c8\u30f3\uff08BSM\uff09\u30aa\u30d7\u30b7\u30e7\u30f3\u8a55\u4fa1\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3092\u8b58\u5225\u3059\u308b<\/span><span class=\"en\">identify assumptions of the Black\u2013Scholes\u2013Merton option valuation model<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u9069\u7528\u3057\u305fBSM\u30e2\u30c7\u30eb\u306e\u69cb\u6210\u8981\u7d20\u3092\u3001\u539f\u8cc7\u7523\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u3057\u3066\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">interpret the components of the Black\u2013Scholes\u2013Merton model as applied to call options in terms of a leveraged position in the underlying<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1aBSM\u30e2\u30c7\u30eb\u3092\u682a\u5f0f\u3068\u901a\u8ca8\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u306b\u3069\u306e\u3088\u3046\u306b\u4f7f\u3046\u304b\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how the Black\u2013Scholes\u2013Merton model is used to value European options on equities and currencies<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u3092\u5148\u7269\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u306b\u3069\u306e\u3088\u3046\u306b\u4f7f\u3046\u304b\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how the Black model is used to value European options on futures<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u3092\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u306b\u3069\u306e\u3088\u3046\u306b\u4f7f\u3046\u304b\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how the Black model is used to value European interest rate options and European swaptions<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u5404\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30b0\u30ea\u30fc\u30af\u30b9\u3092\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">interpret each of the option Greeks<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u30c7\u30eb\u30bf\u30fb\u30d8\u30c3\u30b8\u306e\u5b9f\u884c\u65b9\u6cd5\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how a delta hedge is executed<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306b\u304a\u3051\u308b\u30ac\u30f3\u30de\u30fb\u30ea\u30b9\u30af\u306e\u5f79\u5272\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the role of gamma risk in options trading<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u5b9a\u7fa9\u3057\u3001\u305d\u308c\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3067\u3069\u306e\u3088\u3046\u306b\u4f7f\u308f\u308c\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">define implied volatility and explain how it is used in options trading<\/span><\/li>\n<\/ol>\n<h2>LM2\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>\u4e8c\u9805\u30e2\u30c7\u30eb\u3067\u306f\u3001\u539f\u8cc7\u7523\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u7121\u30ea\u30b9\u30af\u306e\u30d8\u30c3\u30b8\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308a\u3001\u7121\u88c1\u5b9a\u306e\u6761\u4ef6\u304b\u3089\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u3092\u6c42\u3081\u308b<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306f\u3001\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u3067\u8a55\u4fa1\u3057\u305f\u6e80\u671f\u6642\u306e\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u3092\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u5404\u30ce\u30fc\u30c9\u3067\u65e9\u671f\u884c\u4f7f\u306e\u4fa1\u5024\u3068\u6bd4\u8f03\u3057\u3066\u8a55\u4fa1\u3059\u308b<\/li>\n<li>BSM\u30e2\u30c7\u30eb\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5\u306b\u5f93\u3044\u3001\u91d1\u5229\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e00\u5b9a\u306a\u3069\u306e\u524d\u63d0\u306b\u7acb\u3064<\/li>\n<li>BSM\u306e\u30b3\u30fc\u30eb\u306f\u539f\u8cc7\u7523\u306e\u30ed\u30f3\u30b0\u3068\u501f\u5165\u306e\u7d44\u307f\u5408\u308f\u305b\u3068\u3057\u3066\u89e3\u91c8\u3067\u304d\u308b<\/li>\n<li>\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u306f\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u30ad\u30e3\u30c3\u30d7\u30fb\u30d5\u30ed\u30a2\uff09\u3001\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u306b\u7528\u3044\u3089\u308c\u308b<\/li>\n<li>\u30b0\u30ea\u30fc\u30af\u30b9\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u5404\u8981\u56e0\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\u3067\u3001\u30c7\u30eb\u30bf\u30fb\u30d8\u30c3\u30b8\u306f\u30c7\u30eb\u30bf\u3092\u4e2d\u7acb\u306b\u3057\u3001\u30ac\u30f3\u30de\u306f\u539f\u8cc7\u7523\u306e\u5927\u304d\u306a\u5909\u52d5\u306b\u5bfe\u3059\u308b\u30d8\u30c3\u30b8\u8aa4\u5dee\u306e\u6e90\u6cc9\u3068\u306a\u308b<\/li>\n<li>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u5e02\u5834\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u306e\u5224\u65ad\u3084\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u53d6\u5f15\u306b\u4f7f\u308f\u308c\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\u4e8c\u9805\u30aa\u30d7\u30b7\u30e7\u30f3\u8a55\u4fa1\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u4e8c\u9805\u30e2\u30c7\u30eb<\/strong>\u3067\u306f\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304c1\u671f\u9593\u306b\u4e0a\u6607\uff08u\u500d\uff09\u307e\u305f\u306f\u4e0b\u843d\uff08d\u500d\uff09\u3059\u308b\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u539f\u8cc7\u7523\u3068<strong>\u30d8\u30c3\u30b8\u6bd4\u7387<\/strong>\u5206\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u7121\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308b\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u7121\u88c1\u5b9a\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d8\u30c3\u30b8\u6bd4\u7387 h \uff1d\uff08c\u207a \u2212 c\u207b\uff09\u00f7\uff08S\u207a \u2212 S\u207b\uff09<\/li>\n<li>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387 \u03c0 \uff1d\uff081 \uff0b r \u2212 d\uff09\u00f7\uff08u \u2212 d\uff09<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306f\u5b9f\u969b\u306e\u78ba\u7387\u306b\u4f9d\u5b58\u3057\u306a\u3044<\/li>\n<li>\u7121\u30ea\u30b9\u30af\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3067\u6210\u9577<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c \uff1d\uff3b\u03c0 \u00d7 c\u207a \uff0b\uff081 \u2212 \u03c0\uff09\u00d7 c\u207b\uff3d\u00f7\uff081 \uff0b r\uff09<\/div>\n<h3>LOS 2\uff1a\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3057\u3066\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/h3>\n<p>\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u3001<strong>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387<\/strong>\u3067\u8a08\u7b97\u3057\u305f\u6e80\u671f\u6642\u306e\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u3092\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u3044\u305f\u73fe\u5728\u4fa1\u5024\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u4e2d\u7acb\u8a55\u4fa1<\/li>\n<li>\u671f\u5f85\u30da\u30a4\u30aa\u30d5\uff1d\u5404\u30ce\u30fc\u30c9\u306e\u30da\u30a4\u30aa\u30d5\u00d7\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u306e\u548c<\/li>\n<li>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u5f15<\/li>\n<li>\u591a\u671f\u9593\u3067\u3082\u540c\u69d8\uff08\u4e8c\u9805\u5206\u5e03\u306e\u78ba\u7387\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c \uff1d \u03a3\uff3b\u78ba\u7387 \u00d7 max\uff080, S_T \u2212 X\uff09\uff3d\u00f7\uff081 \uff0b r\uff09\u1d40<\/div>\n<h3>LOS 3\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u95a2\u308f\u308b\u88c1\u5b9a<\/h3>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5e02\u5834\u4fa1\u683c\u304c\u4e8c\u9805\u30e2\u30c7\u30eb\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u3068\u7570\u306a\u308b\u5834\u5408\u3001\u5272\u9ad8\u306a\u3082\u306e\u3092\u58f2\u308a\u3001\u5272\u5b89\u306a\u3082\u306e\u3067\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308b\u3053\u3068\u3067<strong>\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca<\/strong>\u3092\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e02\u5834\u4fa1\u683c\uff1e\u30e2\u30c7\u30eb\u4fa1\u5024\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\uff0bh\u5358\u4f4d\u306e\u539f\u8cc7\u7523\u8cb7\u3044\uff08\u501f\u5165\u3067\u8abf\u9054\uff09<\/li>\n<li>\u5e02\u5834\u4fa1\u683c\uff1c\u30e2\u30c7\u30eb\u4fa1\u5024\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u8cb7\u3044\uff0b\u539f\u8cc7\u7523\u306e\u7a7a\u58f2\u308a<\/li>\n<li>\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u306e\u9055\u53cd\u3082\u88c1\u5b9a\u6a5f\u4f1a<\/li>\n<li>\u88c1\u5b9a\u53d6\u5f15\u3067\u4fa1\u683c\u306f\u7121\u88c1\u5b9a\u4fa1\u5024\u3078\u53ce\u675f<\/li>\n<\/ul>\n<h3>LOS 4\uff1a2\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1<\/h3>\n<p>2\u671f\u9593\u30e2\u30c7\u30eb\u3067\u306f\u3001\u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5\u304b\u3089\u5f8c\u308d\u5411\u304d\u306b\u5404\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<strong>\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u3067\u306f\u3001\u5404\u30ce\u30fc\u30c9\u3067<strong>\u65e9\u671f\u884c\u4f7f\u306e\u4fa1\u5024<\/strong>\u3068\u7d99\u7d9a\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024\u3092\u6bd4\u3079\u3066\u5927\u304d\u3044\u65b9\u3092\u63a1\u7528\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5\uff1amax\uff080, S \u2212 X\uff09\u306a\u3069<\/li>\n<li>\u5f8c\u308d\u5411\u304d\u306b\u671f\u5f85\u5024\u3092\u5272\u5f15<\/li>\n<li>\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30d7\u30c3\u30c8\uff1a\u65e9\u671f\u884c\u4f7f\u304c\u6709\u5229\u306a\u5834\u5408\u304c\u3042\u308b<\/li>\n<li>\u914d\u5f53\u306e\u306a\u3044\u682a\u5f0f\u306e\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30b3\u30fc\u30eb\u306f\u65e9\u671f\u884c\u4f7f\u3057\u306a\u3044<\/li>\n<li>\u5404\u30ce\u30fc\u30c9\u3067\u30d8\u30c3\u30b8\u6bd4\u7387\u304c\u5909\u5316\uff08\u52d5\u7684\u30d8\u30c3\u30b8\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c \uff1d\uff3b\u03c0\u00b2 \u00d7 c\u207a\u207a \uff0b 2\u03c0\uff081 \u2212 \u03c0\uff09\u00d7 c\u207a\u207b \uff0b\uff081 \u2212 \u03c0\uff09\u00b2 \u00d7 c\u207b\u207b\uff3d\u00f7\uff081 \uff0b r\uff09\u00b2<\/div>\n<h3>LOS 5\uff1a2\u671f\u9593\u4e8c\u9805\u30e2\u30c7\u30eb\u306b\u3088\u308b\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1<\/h3>\n<p>\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u3001\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u306e\u5404\u30ce\u30fc\u30c9\u306e\u91d1\u5229\u306b\u57fa\u3065\u3044\u3066\u30da\u30a4\u30aa\u30d5\u3092\u8a08\u7b97\u3057\u3001\u5f8c\u308d\u5411\u304d\u306b\u5404\u30ce\u30fc\u30c9\u306e\u91d1\u5229\u3067\u5272\u308a\u5f15\u3044\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u30da\u30a4\u30aa\u30d5\u306f\u901a\u5e38\u3001\u671f\u672b\u306b\u5f8c\u6255\u3044\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30eb\uff08\u30ad\u30e3\u30c3\u30d7\u30ec\u30c3\u30c8\uff09\uff1amax\uff080, \u91d1\u5229 \u2212 \u884c\u4f7f\u91d1\u5229\uff09\u00d7 \u60f3\u5b9a\u5143\u672c \u00d7 \u671f\u9593<\/li>\n<li>\u30d7\u30c3\u30c8\uff08\u30d5\u30ed\u30a2\u30ec\u30c3\u30c8\uff09\uff1amax\uff080, \u884c\u4f7f\u91d1\u5229 \u2212 \u91d1\u5229\uff09\u00d7 \u60f3\u5b9a\u5143\u672c \u00d7 \u671f\u9593<\/li>\n<li>\u5404\u30ce\u30fc\u30c9\u3067\u7570\u306a\u308b\u91d1\u5229\u3067\u5272\u5f15<\/li>\n<li>\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387\u306f\u54040.5<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30ad\u30e3\u30c3\u30d7\u30ec\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5 \uff1d max\uff080, MRR \u2212 \u884c\u4f7f\u91d1\u5229\uff09\u00d7 \u671f\u9593 \u00d7 \u60f3\u5b9a\u5143\u672c<\/div>\n<h3>LOS 6\uff1aBSM\u30e2\u30c7\u30eb\u306e\u524d\u63d0<\/h3>\n<p><strong>BSM\u30e2\u30c7\u30eb<\/strong>\u306f\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304c<strong>\u5e7e\u4f55\u30d6\u30e9\u30a6\u30f3\u904b\u52d5<\/strong>\uff08\u9023\u7d9a\u8907\u5229\u30ea\u30bf\u30fc\u30f3\u304c\u6b63\u898f\u5206\u5e03\u3001\u4fa1\u683c\u306f\u5bfe\u6570\u6b63\u898f\u5206\u5e03\uff09\u306b\u5f93\u3044\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e00\u5b9a\u3067\u3001\u53d6\u5f15\u304c\u9023\u7d9a\u7684\u3067\u6469\u64e6\u304c\u306a\u304f\u3001\u88c1\u5b9a\u6a5f\u4f1a\u304c\u306a\u3044\u3053\u3068\u3092\u524d\u63d0\u3068\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u539f\u8cc7\u7523\u4fa1\u683c\u306f\u5bfe\u6570\u6b63\u898f\u5206\u5e03<\/li>\n<li>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306f\u4e00\u5b9a\u30fb\u65e2\u77e5<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u4e00\u5b9a\u30fb\u65e2\u77e5<\/li>\n<li>\u7a0e\u30fb\u53d6\u5f15\u30b3\u30b9\u30c8\u306a\u3057\u3001\u7a7a\u58f2\u308a\u53ef\u80fd<\/li>\n<li>\u9023\u7d9a\u7684\u306a\u53d6\u5f15\u304c\u53ef\u80fd<\/li>\n<li>\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<\/ul>\n<h3>LOS 7\uff1aBSM\u306e\u30b3\u30fc\u30eb\u3068\u539f\u8cc7\u7523\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3<\/h3>\n<p>BSM\u306e\u30b3\u30fc\u30eb\u306e\u4fa1\u5024\u306f\u3001<strong>N(d\u2081)\u5358\u4f4d\u306e\u539f\u8cc7\u7523\u306e\u30ed\u30f3\u30b0<\/strong>\u3068\u3001<strong>X \u00d7 e^(\u2212rT) \u00d7 N(d\u2082) \u306e\u501f\u5165<\/strong>\u306e\u7d44\u307f\u5408\u308f\u305b\u3068\u89e3\u91c8\u3067\u304d\u307e\u3059\u3002\u30d7\u30c3\u30c8\u306f\u539f\u8cc7\u7523\u306e\u30b7\u30e7\u30fc\u30c8\u3068\u8cb8\u4ed8\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u3059\u3002<\/p>\n<ul>\n<li>N(d\u2081)\uff1a\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\u3001\u30d8\u30c3\u30b8\u6bd4\u7387<\/li>\n<li>N(d\u2082)\uff1a\u6e80\u671f\u306b\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u3068\u306a\u308b\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387<\/li>\n<li>\u30b3\u30fc\u30eb\uff1d\u539f\u8cc7\u7523\u306e\u8cb7\u3044\uff0b\u501f\u5165\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\uff09<\/li>\n<li>\u30d7\u30c3\u30c8\uff1d\u539f\u8cc7\u7523\u306e\u7a7a\u58f2\u308a\uff0b\u8cb8\u4ed8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c \uff1d S\u2080 \u00d7 N(d\u2081) \u2212 X \u00d7 e^(\u2212rT) \u00d7 N(d\u2082)\u3001d\u2081 \uff1d\uff3bln(S\u2080\/X) \uff0b\uff08r \uff0b \u03c3\u00b2\/2\uff09T\uff3d\u00f7\uff08\u03c3\u221aT\uff09\u3001d\u2082 \uff1d d\u2081 \u2212 \u03c3\u221aT<\/div>\n<h3>LOS 8\uff1a\u682a\u5f0f\u3068\u901a\u8ca8\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3078\u306eBSM\u306e\u9069\u7528<\/h3>\n<p>\u914d\u5f53\u306e\u3042\u308b\u682a\u5f0f\u3067\u306f\u3001\u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a<strong>\u03b4<\/strong>\u3067\u682a\u4fa1\u3092\u5272\u308a\u5f15\u3044\u3066BSM\u3092\u9069\u7528\u3057\u307e\u3059\u3002\u901a\u8ca8\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u3001\u03b4\u306e\u4ee3\u308f\u308a\u306b<strong>\u5916\u56fd\u901a\u8ca8\u306e\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9023\u7d9a\u914d\u5f53\u5229\u56de\u308a\uff1aS\u2080 \u00d7 e^(\u2212\u03b4T) \u306b\u7f6e\u304d\u63db\u3048<\/li>\n<li>\u901a\u8ca8\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u03b4 \uff1d \u5916\u56fd\u91d1\u5229 r_f<\/li>\n<li>d\u2081\u306e\u5f0f\u3082 r \u2212 \u03b4 \u306b\u5909\u66f4<\/li>\n<li>\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u3068\u306e\u6574\u5408<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c \uff1d S\u2080 \u00d7 e^(\u2212\u03b4T) \u00d7 N(d\u2081) \u2212 X \u00d7 e^(\u2212rT) \u00d7 N(d\u2082)<\/div>\n<h3>LOS 9\uff1a\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u5148\u7269\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1<\/h3>\n<p><strong>\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb<\/strong>\u306f\u3001\u5148\u7269\u306e\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306bBSM\u3092\u4fee\u6b63\u3057\u305f\u3082\u306e\u3067\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u4ee3\u308f\u308a\u306b<strong>\u5148\u7269\u4fa1\u683c<\/strong>\u3092\u4f7f\u3044\u3001\u5148\u7269\u4fa1\u683c\u3068\u884c\u4f7f\u4fa1\u683c\u306e\u4e21\u65b9\u3092\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>S\u2080\u306e\u4ee3\u308f\u308a\u306b F\u2080 \u00d7 e^(\u2212rT)<\/li>\n<li>d\u2081 \uff1d\uff3bln(F\u2080\/X) \uff0b\uff08\u03c3\u00b2\/2\uff09T\uff3d\u00f7\uff08\u03c3\u221aT\uff09<\/li>\n<li>\u5148\u7269\u306f\u53d6\u5f97\u30b3\u30b9\u30c8\u304c\u30bc\u30ed<\/li>\n<li>\u30d7\u30c3\u30c8\uff1ap \uff1d e^(\u2212rT)\uff3bX \u00d7 N(\u2212d\u2082) \u2212 F\u2080 \u00d7 N(\u2212d\u2081)\uff3d<\/li>\n<\/ul>\n<div class=\"cfalm-f\">c \uff1d e^(\u2212rT)\uff3bF\u2080 \u00d7 N(d\u2081) \u2212 X \u00d7 N(d\u2082)\uff3d<\/div>\n<h3>LOS 10\uff1a\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1<\/h3>\n<p>\u91d1\u5229\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u30ad\u30e3\u30c3\u30d7\u30ec\u30c3\u30c8\u30fb\u30d5\u30ed\u30a2\u30ec\u30c3\u30c8\uff09\u306f\u3001<strong>FRA\u30ec\u30fc\u30c8<\/strong>\u3092\u539f\u8cc7\u7523\u3068\u3057\u3066\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb\u3067\u8a55\u4fa1\u3057\u3001\u652f\u6255\u304c\u5f8c\u6255\u3044\u3067\u3042\u308b\u3053\u3068\u3092\u5272\u5f15\u306b\u53cd\u6620\u3057\u307e\u3059\u3002<strong>\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3<\/strong>\u306f\u5148\u6e21\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8\u3092\u539f\u8cc7\u7523\u3068\u3057\u3001\u30b9\u30ef\u30c3\u30d7\u306e\u652f\u6255\u56de\u6570\u306b\u5bfe\u5fdc\u3059\u308b<strong>\u5e74\u91d1\u73fe\u5728\u4fa1\u5024<\/strong>\u3092\u639b\u3051\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u91d1\u5229\u30b3\u30fc\u30eb\uff08\u30ad\u30e3\u30c3\u30d7\u30ec\u30c3\u30c8\uff09\uff1a\u91d1\u5229\u4e0a\u6607\u3067\u5229\u76ca<\/li>\n<li>\u30ad\u30e3\u30c3\u30d7\uff1d\u30ad\u30e3\u30c3\u30d7\u30ec\u30c3\u30c8\u306e\u96c6\u5408\u3001\u30d5\u30ed\u30a2\uff1d\u30d5\u30ed\u30a2\u30ec\u30c3\u30c8\u306e\u96c6\u5408<\/li>\n<li>\u30da\u30a4\u30e4\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\uff1a\u56fa\u5b9a\u91d1\u5229\u3092\u652f\u6255\u3046\u6a29\u5229\uff08\u30b3\u30fc\u30eb\u578b\uff09<\/li>\n<li>\u30ec\u30b7\u30fc\u30d0\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\uff1a\u56fa\u5b9a\u91d1\u5229\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\uff08\u30d7\u30c3\u30c8\u578b\uff09<\/li>\n<li>\u30da\u30a4\u30e4\u30fc \u2212 \u30ec\u30b7\u30fc\u30d0\u30fc \uff1d \u5148\u6e21\u3057\u306e\u56fa\u5b9a\u6255\u3044\u30b9\u30ef\u30c3\u30d7<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30da\u30a4\u30e4\u30fc\u30fb\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3 \uff1d\uff08AP\uff09\u00d7 PVA \u00d7 \u60f3\u5b9a\u5143\u672c \u00d7\uff3bF_S \u00d7 N(d\u2081) \u2212 X \u00d7 N(d\u2082)\uff3d<\/div>\n<h3>LOS 11\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30b0\u30ea\u30fc\u30af\u30b9\u306e\u89e3\u91c8<\/h3>\n<p><strong>\u30c7\u30eb\u30bf<\/strong>\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u3001<strong>\u30ac\u30f3\u30de<\/strong>\u306f\u30c7\u30eb\u30bf\u306e\u5909\u5316\u3001<strong>\u30d9\u30ac<\/strong>\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001<strong>\u30ed\u30fc<\/strong>\u306f\u91d1\u5229\u3001<strong>\u30bb\u30fc\u30bf<\/strong>\u306f\u6642\u9593\u306e\u7d4c\u904e\u306b\u5bfe\u3059\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u611f\u5fdc\u5ea6\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30c7\u30eb\u30bf\uff1a\u30b3\u30fc\u30eb\u306f0\u301c1\u3001\u30d7\u30c3\u30c8\u306f\u22121\u301c0<\/li>\n<li>\u30ac\u30f3\u30de\uff1aATM\u3067\u6700\u5927\u3001\u30b3\u30fc\u30eb\u3082\u30d7\u30c3\u30c8\u3082\u6b63<\/li>\n<li>\u30d9\u30ac\uff1a\u30b3\u30fc\u30eb\u3082\u30d7\u30c3\u30c8\u3082\u6b63\u3001ATM\u3067\u5927\u304d\u3044<\/li>\n<li>\u30ed\u30fc\uff1a\u30b3\u30fc\u30eb\u306f\u6b63\u3001\u30d7\u30c3\u30c8\u306f\u8ca0<\/li>\n<li>\u30bb\u30fc\u30bf\uff1a\u901a\u5e38\u306f\u8ca0\uff08\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u5c11\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u0394c \u2248 \u30c7\u30eb\u30bf \u00d7 \u0394S \uff0b \u00bd \u00d7 \u30ac\u30f3\u30de \u00d7\uff08\u0394S\uff09\u00b2<\/div>\n<h3>LOS 12\uff1a\u30c7\u30eb\u30bf\u30fb\u30d8\u30c3\u30b8\u306e\u5b9f\u884c<\/h3>\n<p><strong>\u30c7\u30eb\u30bf\u30fb\u30d8\u30c3\u30b8<\/strong>\u306f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c7\u30eb\u30bf\u304c\u30bc\u30ed\u306b\u306a\u308b\u3088\u3046\u539f\u8cc7\u7523\u307e\u305f\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6570\u91cf\u3092\u8abf\u6574\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u30c7\u30eb\u30bf\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u3084\u6642\u9593\u3068\u3068\u3082\u306b\u5909\u308f\u308b\u305f\u3081\u3001\u5b9a\u671f\u7684\u306a<strong>\u30ea\u30d0\u30e9\u30f3\u30b9<\/strong>\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5fc5\u8981\u306a\u30aa\u30d7\u30b7\u30e7\u30f3\u6570 \uff1d \u2212\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c7\u30eb\u30bf \u00f7 \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30c7\u30eb\u30bf<\/li>\n<li>\u58f2\u3063\u305f\u30b3\u30fc\u30eb\u306e\u30d8\u30c3\u30b8\uff1a\u30c7\u30eb\u30bf\u00d7\u679a\u6570\u306e\u539f\u8cc7\u7523\u3092\u8cb7\u3046<\/li>\n<li>\u30c7\u30eb\u30bf\u4e2d\u7acb\uff1d\u5c0f\u3055\u306a\u4fa1\u683c\u5909\u5316\u306b\u5bfe\u3057\u3066\u4fa1\u5024\u304c\u4e0d\u5909<\/li>\n<li>\u30ea\u30d0\u30e9\u30f3\u30b9\u3067\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u767a\u751f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30d8\u30c3\u30b8\u306b\u5fc5\u8981\u306a\u30aa\u30d7\u30b7\u30e7\u30f3\u6570 \uff1d \u2212\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30c7\u30eb\u30bf \u00f7 \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30c7\u30eb\u30bf<\/div>\n<h3>LOS 13\uff1a\u30ac\u30f3\u30de\u30fb\u30ea\u30b9\u30af\u306e\u5f79\u5272<\/h3>\n<p>\u30c7\u30eb\u30bf\u30fb\u30d8\u30c3\u30b8\u306f\u5c0f\u3055\u306a\u4fa1\u683c\u5909\u5316\u306b\u3057\u304b\u6709\u52b9\u3067\u306f\u306a\u304f\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u5927\u304d\u304f\u52d5\u3044\u305f\u308a\u30b8\u30e3\u30f3\u30d7\u3057\u305f\u308a\u3059\u308b\u3068\u30c7\u30eb\u30bf\u304c\u5909\u308f\u308a\u3001\u30d8\u30c3\u30b8\u8aa4\u5dee\u304c\u751f\u3058\u307e\u3059\u3002\u3053\u306e<strong>\u30ac\u30f3\u30de\u30fb\u30ea\u30b9\u30af<\/strong>\u306f\u539f\u8cc7\u7523\u3067\u306f\u30d8\u30c3\u30b8\u3067\u304d\u305a\u3001\u30ac\u30f3\u30de\u3092\u6301\u3064\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u4e2d\u7acb\u5316\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ac\u30f3\u30de\u304c\u5927\u304d\u3044\u307b\u3069\u30c7\u30eb\u30bf\u304c\u6025\u5909<\/li>\n<li>\u539f\u8cc7\u7523\u306e\u30ac\u30f3\u30de\u306f\u30bc\u30ed<\/li>\n<li>\u30ac\u30f3\u30de\u4e2d\u7acb\u306b\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u4f7f\u7528<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u624b\u306f\u30b7\u30e7\u30fc\u30c8\u30fb\u30ac\u30f3\u30de<\/li>\n<li>\u682a\u4fa1\u306e\u30b8\u30e3\u30f3\u30d7\u3067\u30d8\u30c3\u30b8\u304c\u5d29\u308c\u308b<\/li>\n<\/ul>\n<h3>LOS 14\uff1a\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/h3>\n<p><strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/strong>\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5e02\u5834\u4fa1\u683c\u3068\u30e2\u30c7\u30eb\u4fa1\u683c\u3092\u4e00\u81f4\u3055\u305b\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u306e\u6bd4\u8f03\u3001\u5e02\u5834\u306e\u4e0d\u5b89\u306e\u5c3a\u5ea6\u3001<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u53d6\u5f15<\/strong>\u306b\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30e2\u30c7\u30eb\u306b\u5e02\u5834\u4fa1\u683c\u3092\u5165\u308c\u3066\u9006\u7b97<\/li>\n<li>\u884c\u4f7f\u4fa1\u683c\u30fb\u6e80\u671f\u3054\u3068\u306b\u7570\u306a\u308b\uff08\u30b9\u30de\u30a4\u30eb\u3001\u30b9\u30ad\u30e5\u30fc\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\uff09<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u4ee3\u308f\u308a\u306b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u6c17\u914d\u3092\u63d0\u793a<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u53d6\u5f15\uff1a\u30d9\u30ac\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u3068\u308b<\/li>\n<li>VIX\u306a\u3069\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570<\/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\/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\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-der-lm1\/\">LM1 Pricing 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<\/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 LM2\u300cValuation of Contingent Claims\uff08\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1\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":11195,"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-10849","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\/10849","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=10849"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10849\/revisions"}],"predecessor-version":[{"id":11022,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10849\/revisions\/11022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11195"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}