{"id":10879,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm6\/"},"modified":"2026-09-22T07:44:47","modified_gmt":"2026-09-21T22:44:47","slug":"cfa-l3-pc-lm6","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm6\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Portfolio Construction LM6\u3011Trading Costs and Electronic Markets \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u660e\u793a\u7684\u30fb\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u30fb\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u30fbVWAP\u30fb\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u30fb\u96fb\u5b50\u53d6\u5f15"},"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 6\u300cTrading Costs and Electronic Markets\uff08\u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u96fb\u5b50\u5e02\u5834\uff09\u300d\u306f\u3001\u57f7\u884c\u30b3\u30b9\u30c8\u306e\u69cb\u6210\u8981\u7d20\u3001\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u3068VWAP\u306b\u3088\u308b\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u3001\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u3001\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u767a\u5c55\u3068\u5e02\u5834\u306e\u5206\u65ad\u5316\u3001\u96fb\u5b50\u53d6\u5f15\u8005\u306e\u7a2e\u985e\u3001\u4f4e\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u53d6\u5f15\u3001\u96fb\u5b50\u53d6\u5f15\u306e\u30ea\u30b9\u30af\u3068\u898f\u5236\u3001\u5e02\u5834\u76e3\u8996\u3067\u691c\u51fa\u3055\u308c\u308b\u4e0d\u6b63\u53d6\u5f15\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>LM6\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\u3002LM6\u306b\u306f10\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u660e\u793a\u7684\u30b3\u30b9\u30c8\u3068\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u3092\u542b\u3080\u57f7\u884c\u30b3\u30b9\u30c8\u306e\u69cb\u6210\u8981\u7d20\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the components of execution costs, including explicit and implicit costs<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u3068VWAP\u306b\u3088\u308b\u53d6\u5f15\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret effective spreads and VWAP transaction cost estimates<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u53d6\u5f15\u30b3\u30b9\u30c8\u6e2c\u5b9a\u306e\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the implementation shortfall approach to transaction cost measurement<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u767a\u5c55\u3092\u4fc3\u3057\u305f\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe factors driving the development of electronic trading systems<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u5e02\u5834\u306e\u5206\u65ad\u5316\uff08\u30d5\u30e9\u30b0\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\uff09\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe market fragmentation<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u96fb\u5b50\u53d6\u5f15\u8005\u306e\u7a2e\u985e\u3092\u7279\u5b9a\u3057\u3001\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">identify and contrast the types of electronic traders<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u7279\u5fb4\u3068\u7528\u9014\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe characteristics and uses of electronic trading systems<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u4f4e\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u53d6\u5f15\u8005\u306e\u6bd4\u8f03\u512a\u4f4d\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe comparative advantages of low-latency traders<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u96fb\u5b50\u53d6\u5f15\u306b\u4f34\u3046\u30ea\u30b9\u30af\u3068\u3001\u898f\u5236\u5f53\u5c40\u306b\u3088\u308b\u30ea\u30b9\u30af\u8efd\u6e1b\u7b56\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the risks associated with electronic trading and how regulators mitigate them<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u5e02\u5834\u306e\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u76e3\u8996\u3067\u691c\u51fa\u3057\u5f97\u308b\u4e0d\u6b63\u306a\u53d6\u5f15\u884c\u70ba\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe abusive trading practices that real-time surveillance of markets may detect<\/span><\/li>\n<\/ol>\n<h2>LM6\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\u30a3\u30fc\u30e9\u30fc\u306f\u3001\u307b\u304b\u306b\u53d6\u5f15\u76f8\u624b\u304c\u3044\u306a\u3044\u3068\u304d\u306b\u53cd\u5bfe\u5074\u306b\u7acb\u3063\u3066\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3059\u308b<\/li>\n<li>\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u3001\u53d6\u5f15\u4fa1\u683c\u3068\u53d6\u5f15\u76f4\u524d\u306e\u4ef2\u5024\u3068\u306e\u5dee\u306e2\u500d\u3002\u5927\u53e3\u6ce8\u6587\u3092\u5206\u5272\u57f7\u884c\u3057\u305f\u5834\u5408\u3084\u5c0f\u53e3\u6ce8\u6587\u304c\u4fa1\u683c\u6539\u5584\u3092\u53d7\u3051\u305f\u5834\u5408\u306f\u3001\u5b9f\u969b\u306e\u30b3\u30b9\u30c8\u3092\u3046\u307e\u304f\u8868\u3055\u306a\u3044<\/li>\n<li>\u53d6\u5f15\u30b3\u30b9\u30c8\u306f\u3001\u624b\u6570\u6599\u30fb\u53d6\u5f15\u7a0e\u30fb\u5370\u7d19\u7a0e\u30fb\u53d6\u5f15\u6240\u624b\u6570\u6599\u306a\u3069\u306e\u660e\u793a\u7684\u30b3\u30b9\u30c8\u3068\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u3001\u9045\u5ef6\u3001\u672a\u7d04\u5b9a\u306a\u3069\u306e\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u304b\u3089\u306a\u308b<\/li>\n<li>\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\u306f\u3001\u6295\u8cc7\u5224\u65ad\u306e\u5b9f\u884c\u306b\u304b\u304b\u308b\u660e\u793a\u7684\u30fb\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u3092\u3059\u3079\u3066\u6349\u3048\u308b\u3002VWAP\u6cd5\u306f\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u3092\u6349\u3048\u306b\u304f\u304f\u3001\u30b3\u30b9\u30c8\u3092\u4f4e\u3081\u306b\u63a8\u5b9a\u3057\u304c\u3061<\/li>\n<li>\u540c\u3058\u9298\u67c4\u3092\u6271\u3046\u53d6\u5f15\u306e\u5834\u304c\u5897\u3048\u3001\u5e02\u5834\u306f\u5206\u65ad\u5316\u3057\u3066\u3044\u308b<\/li>\n<li>\u96fb\u5b50\u53d6\u5f15\u306e\u5229\u70b9\u306f\u3001\u30b3\u30b9\u30c8\u3068\u696d\u52d9\u306e\u52b9\u7387\u6027\u3001\u4eba\u9593\u306e\u30d0\u30a4\u30a2\u30b9\u304c\u306a\u3044\u3053\u3068\u3001\u6975\u3081\u3066\u901f\u3044\u51e6\u7406\u901f\u5ea6\u3001\u76e3\u8996\u7bc4\u56f2\u306e\u5e83\u3055<\/li>\n<li>\u96fb\u5b50\u53d6\u5f15\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u305f\u4e00\u65b9\u3001\u66b4\u8d70\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3084\u8aa4\u767a\u6ce8\u306a\u3069\u306e\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3092\u9ad8\u3081\u305f<\/li>\n<li>\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u76e3\u8996\u306f\u3001\u30d5\u30ed\u30f3\u30c8\u30fb\u30e9\u30f3\u30cb\u30f3\u30b0\u3084\u3001\u898b\u305b\u7389\uff08\u30b9\u30d7\u30fc\u30d5\u30a3\u30f3\u30b0\uff09\u3001\u4eee\u88c5\u58f2\u8cb7\u3001\u98a8\u8aac\u306e\u6d41\u5e03\u306a\u3069\u306e\u76f8\u5834\u64cd\u7e26\u3092\u691c\u51fa\u3057\u5f97\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\u57f7\u884c\u30b3\u30b9\u30c8\u306e\u69cb\u6210\u8981\u7d20<\/h3>\n<p>\u53d6\u5f15\u30b3\u30b9\u30c8\u306f\u3001\u76ee\u306b\u898b\u3048\u308b<strong>\u660e\u793a\u7684\u30b3\u30b9\u30c8<\/strong>\u3068\u3001\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u3068\u3057\u3066\u73fe\u308c\u308b<strong>\u6697\u9ed9\u7684\u30b3\u30b9\u30c8<\/strong>\u306b\u5206\u304b\u308c\u307e\u3059\u3002\u5927\u53e3\u53d6\u5f15\u307b\u3069\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u304c\u5927\u304d\u304f\u306a\u308a\u3084\u3059\u3044\u70b9\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u660e\u793a\u7684\u30b3\u30b9\u30c8\uff1a\u58f2\u8cb7\u624b\u6570\u6599\u3001\u53d6\u5f15\u7a0e\u3001\u5370\u7d19\u7a0e\u3001\u53d6\u5f15\u6240\u624b\u6570\u6599<\/li>\n<li>\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\uff1a\u30d3\u30c3\u30c9\u30fb\u30a2\u30b9\u30af\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u3001\u9045\u5ef6\u30b3\u30b9\u30c8\u3001\u672a\u7d04\u5b9a\u306e\u6a5f\u4f1a\u8cbb\u7528<\/li>\n<li>\u30c7\u30a3\u30fc\u30e9\u30fc\u306f\u53d6\u5f15\u76f8\u624b\u304c\u3044\u306a\u3044\u3068\u304d\u306b\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3057\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u5bfe\u4fa1\u3092\u5f97\u308b<\/li>\n<li>\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u306f\u76f4\u63a5\u89b3\u6e2c\u3067\u304d\u305a\u63a8\u5b9a\u304c\u5fc5\u8981<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u3068VWAP\u306b\u3088\u308b\u30b3\u30b9\u30c8\u63a8\u5b9a<\/h3>\n<p><strong>\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u306f\u53d6\u5f15\u4fa1\u683c\u3068\u53d6\u5f15\u76f4\u524d\u306e\u4ef2\u5024\u306e\u5dee\u30922\u500d\u3057\u305f\u3082\u306e\u3067\u30011\u56de\u306e\u53d6\u5f15\u306e\u30b3\u30b9\u30c8\u3092\u8868\u3057\u307e\u3059\u3002<strong>VWAP\u6cd5<\/strong>\u306f\u7d04\u5b9a\u5e73\u5747\u4fa1\u683c\u3092\u3001\u53d6\u5f15\u671f\u9593\u306e\u5e02\u5834\u306e\u51fa\u6765\u9ad8\u52a0\u91cd\u5e73\u5747\u4fa1\u683c\u3068\u6bd4\u3079\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u8cb7\u3044\uff09\uff1d2\u00d7\uff08\u53d6\u5f15\u4fa1\u683c\u2212\u53d6\u5f15\u524d\u4ef2\u5024\uff09\u3001\u58f2\u308a\u306f\u7b26\u53f7\u304c\u9006<\/li>\n<li>\u6c17\u914d\u30b9\u30d7\u30ec\u30c3\u30c9\u3088\u308a\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u5c0f\u3055\u3051\u308c\u3070\u4fa1\u683c\u6539\u5584<\/li>\n<li>\u5206\u5272\u57f7\u884c\u3057\u305f\u5927\u53e3\u6ce8\u6587\u3067\u306f\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u30b3\u30b9\u30c8\u3092\u6b63\u3057\u304f\u8868\u3055\u306a\u3044<\/li>\n<li>VWAP\u30b3\u30b9\u30c8\uff1a\u8cb7\u3044\u306f\u7d04\u5b9aVWAP\u304c\u5e02\u5834VWAP\u3088\u308a\u9ad8\u3044\u307b\u3069\u30b3\u30b9\u30c8<\/li>\n<li>VWAP\u306f\u81ea\u3089\u306e\u6ce8\u6587\u306e\u5f71\u97ff\u3092\u542b\u3080\u305f\u3081\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u3084\u3059\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5b9f\u52b9\u30b9\u30d7\u30ec\u30c3\u30c9 = 2 \u00d7 |\u53d6\u5f15\u4fa1\u683c \u2212 (\u8cb7\u6c17\u914d + \u58f2\u6c17\u914d) \/ 2|<\/div>\n<h3>LOS 3\uff1a\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb<\/h3>\n<p><strong>\u30a4\u30f3\u30d7\u30ea\u30e1\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b7\u30e7\u30fc\u30c8\u30d5\u30a9\u30fc\u30eb\uff08IS\uff09<\/strong>\u306f\u3001\u6295\u8cc7\u5224\u65ad\u6642\u70b9\u306e\u4fa1\u683c\u3067\u5168\u91cf\u3092\u58f2\u8cb7\u3067\u304d\u305f\u3068\u4eee\u5b9a\u3057\u305f\u30da\u30fc\u30d1\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3001\u5b9f\u969b\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6210\u679c\u306e\u5dee\u3067\u3059\u3002\u3059\u3079\u3066\u306e\u660e\u793a\u7684\u30fb\u6697\u9ed9\u7684\u30b3\u30b9\u30c8\u3092\u6349\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u57fa\u6e96\u4fa1\u683c\uff1a\u6295\u8cc7\u5224\u65ad\u6642\u70b9\u306e\u4fa1\u683c\uff08\u5224\u65ad\u4fa1\u683c\uff09<\/li>\n<li>\u69cb\u6210\u8981\u7d20\uff1a\u660e\u793a\u7684\u30b3\u30b9\u30c8\u3001\u57f7\u884c\u30b3\u30b9\u30c8\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a4\u30f3\u30d1\u30af\u30c8\uff09\u3001\u9045\u5ef6\u30b3\u30b9\u30c8\u3001\u672a\u7d04\u5b9a\u306e\u6a5f\u4f1a\u8cbb\u7528<\/li>\n<li>\u672a\u7d04\u5b9a\u5206\u306e\u30b3\u30b9\u30c8\u3082\u542b\u3081\u3066\u6e2c\u308c\u308b<\/li>\n<li>VWAP\u6cd5\u3088\u308a\u4e00\u822c\u306b\u30b3\u30b9\u30c8\u63a8\u5b9a\u5024\u304c\u5927\u304d\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">IS = \u30da\u30fc\u30d1\u30fc\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3 \u2212 \u5b9f\u969b\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3<\/div>\n<h3>LOS 4\uff1a\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u767a\u5c55\u8981\u56e0<\/h3>\n<p>\u96fb\u5b50\u53d6\u5f15\u306f\u3001<strong>\u30b3\u30b9\u30c8\u306e\u4f4e\u3055\u3001\u6b63\u78ba\u6027\u3001\u516c\u5e73\u6027\u3001\u51e6\u7406\u901f\u5ea6<\/strong>\u306a\u3069\u306e\u5229\u70b9\u304b\u3089\u6025\u901f\u306b\u666e\u53ca\u3057\u307e\u3057\u305f\u3002\u898f\u5236\u306e\u5909\u5316\u3084\u53d6\u5f15\u6240\u9593\u306e\u7af6\u4e89\u3082\u767a\u5c55\u3092\u5f8c\u62bc\u3057\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u904b\u7528\u30fb\u53d6\u5f15\u306e\u52b9\u7387\u5316\u3068\u30b3\u30b9\u30c8\u524a\u6e1b<\/li>\n<li>\u6ce8\u6587\u51e6\u7406\u306e\u6b63\u78ba\u6027\u3068\u8a18\u9332\uff08\u76e3\u67fb\u8a3c\u8de1\uff09<\/li>\n<li>\u4eba\u9593\u306e\u30d0\u30a4\u30a2\u30b9\u304c\u306a\u304f\u3001\u591a\u6570\u306e\u5e02\u5834\u3092\u540c\u6642\u306b\u76e3\u8996\u3067\u304d\u308b<\/li>\n<li>\u6975\u3081\u3066\u901f\u3044\u51e6\u7406\u901f\u5ea6<\/li>\n<li>\u53d6\u5f15\u6240\u9593\u306e\u7af6\u4e89\u3084\u898f\u5236\u306e\u5909\u5316<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u5e02\u5834\u306e\u5206\u65ad\u5316<\/h3>\n<p><strong>\u5e02\u5834\u306e\u5206\u65ad\u5316\uff08fragmentation\uff09<\/strong>\u3068\u306f\u3001\u540c\u3058\u9298\u67c4\u304c\u8907\u6570\u306e\u53d6\u5f15\u6240\u3084\u4ee3\u66ff\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u3067\u53d6\u5f15\u3055\u308c\u308b\u72b6\u614b\u3067\u3059\u3002\u6d41\u52d5\u6027\u304c\u5206\u6563\u3059\u308b\u305f\u3081\u3001\u8907\u6570\u306e\u5e02\u5834\u3092\u6a2a\u65ad\u3057\u3066\u6ce8\u6587\u3092\u57f7\u884c\u3059\u308b\u6280\u8853\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u53d6\u5f15\u6240\u3001\u4ee3\u66ff\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\uff08ATS\uff09\u3001\u30c0\u30fc\u30af\u30d7\u30fc\u30eb\u306a\u3069\u306b\u6d41\u52d5\u6027\u304c\u5206\u6563<\/li>\n<li>\u30b9\u30de\u30fc\u30c8\u30fb\u30aa\u30fc\u30c0\u30fc\u30fb\u30eb\u30fc\u30c6\u30a3\u30f3\u30b0\u3067\u6700\u826f\u306e\u5834\u306b\u6ce8\u6587\u3092\u56de\u3059<\/li>\n<li>\u88c1\u5b9a\u53d6\u5f15\u304c\u5e02\u5834\u9593\u306e\u4fa1\u683c\u3092\u9023\u52d5\u3055\u305b\u308b<\/li>\n<li>\u53d6\u5f15\u306e\u5834\u306e\u9593\u306e\u7af6\u4e89\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u5f97\u308b<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u96fb\u5b50\u53d6\u5f15\u8005\u306e\u7a2e\u985e<\/h3>\n<p>\u96fb\u5b50\u53d6\u5f15\u8005\u306b\u306f\u3001<strong>\u30cb\u30e5\u30fc\u30b9\u30fb\u30c8\u30ec\u30fc\u30c0\u30fc\u3001\u96fb\u5b50\u30c7\u30a3\u30fc\u30e9\u30fc\u3001\u88c1\u5b9a\u53d6\u5f15\u8005\u3001\u30d0\u30a4\u30b5\u30a4\u30c9\u306e\u30c8\u30ec\u30fc\u30c0\u30fc\u3001\u30d5\u30ed\u30f3\u30c8\u30fb\u30e9\u30f3\u30ca\u30fc<\/strong>\u306a\u3069\u304c\u3044\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u901f\u5ea6\u3092\u5fc5\u8981\u3068\u3059\u308b\u7406\u7531\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30cb\u30e5\u30fc\u30b9\u30fb\u30c8\u30ec\u30fc\u30c0\u30fc\uff1a\u30cb\u30e5\u30fc\u30b9\u3084\u7d4c\u6e08\u6307\u6a19\u306b\u6700\u901f\u3067\u53cd\u5fdc<\/li>\n<li>\u96fb\u5b50\u30c7\u30a3\u30fc\u30e9\u30fc\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e1\u30fc\u30ab\u30fc\uff09\uff1a\u6c17\u914d\u3092\u63d0\u793a\u3057\u3066\u6d41\u52d5\u6027\u3092\u63d0\u4f9b<\/li>\n<li>\u88c1\u5b9a\u53d6\u5f15\u8005\uff1a\u95a2\u9023\u3059\u308b\u9298\u67c4\u30fb\u5e02\u5834\u9593\u306e\u4fa1\u683c\u5dee\u3092\u5229\u7528<\/li>\n<li>\u30d0\u30a4\u30b5\u30a4\u30c9\uff1a\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3067\u5927\u53e3\u6ce8\u6587\u3092\u52b9\u7387\u7684\u306b\u57f7\u884c<\/li>\n<li>\u30d5\u30ed\u30f3\u30c8\u30fb\u30e9\u30f3\u30ca\u30fc\uff1a\u4ed6\u8005\u306e\u6ce8\u6587\u3092\u5bdf\u77e5\u3057\u3066\u5148\u56de\u308a\u3059\u308b<\/li>\n<\/ul>\n<h3>LOS 7\uff1a\u96fb\u5b50\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u306e\u7279\u5fb4\u3068\u7528\u9014<\/h3>\n<p>\u96fb\u5b50\u5e02\u5834\u3067\u306f\u3001<strong>\u96a0\u308c\u305f\u6ce8\u6587\uff08hidden orders\uff09\u3001\u30af\u30aa\u30fc\u30c8\u306e\u98db\u3073\u8d8a\u3057\uff08leapfrogging\uff09\u3001\u70b9\u6ec5\u3059\u308b\u6c17\u914d\uff08flickering quotes\uff09<\/strong>\u306a\u3069\u304c\u898b\u3089\u308c\u307e\u3059\u3002\u9ad8\u5ea6\u306a\u6ce8\u6587\u30bf\u30a4\u30d7\u3084\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u304c\u5e83\u304f\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9ad8\u5ea6\u306a\u6ce8\u6587\u30bf\u30a4\u30d7\uff08\u96a0\u308c\u305f\u6ce8\u6587\u3001\u6761\u4ef6\u4ed8\u304d\u6ce8\u6587\u306a\u3069\uff09<\/li>\n<li>\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u53d6\u5f15\uff1a\u5927\u53e3\u6ce8\u6587\u306e\u5206\u5272\u57f7\u884c<\/li>\n<li>\u6a5f\u68b0\u5b66\u7fd2\u3092\u6d3b\u7528\u3057\u305f\u53d6\u5f15\u6226\u7565<\/li>\n<li>\u9ad8\u901f\u306a\u901a\u4fe1\u7db2\u3068\u30b3\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u4f4e\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u53d6\u5f15\u8005\u306e\u6bd4\u8f03\u512a\u4f4d<\/h3>\n<p><strong>\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc<\/strong>\u306f\u3001\u3042\u308b\u4e8b\u8c61\u304c\u8d77\u304d\u3066\u304b\u3089\u305d\u308c\u306b\u5fdc\u3058\u3066\u884c\u52d5\u3059\u308b\u307e\u3067\u306e\u7d4c\u904e\u6642\u9593\u3067\u3059\u3002\u4f4e\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u306e\u53d6\u5f15\u8005\u306f\u3001\u4ed6\u8005\u3088\u308a\u65e9\u304f\u60c5\u5831\u306b\u53cd\u5fdc\u3057\u3001\u6a5f\u4f1a\u3092\u7372\u5f97\u3057\u305f\u308a\u30ea\u30b9\u30af\u3092\u907f\u3051\u305f\u308a\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30cb\u30e5\u30fc\u30b9\u30fb\u30c8\u30ec\u30fc\u30c0\u30fc\uff1a\u60c5\u5831\u304c\u4fa1\u683c\u306b\u53cd\u6620\u3055\u308c\u308b\u524d\u306b\u53d6\u5f15<\/li>\n<li>\u30c7\u30a3\u30fc\u30e9\u30fc\uff1a\u53e4\u3044\u6c17\u914d\u3067\u4e0d\u5229\u306a\u7d04\u5b9a\u3092\u3055\u305b\u3089\u308c\u308b\uff08picked off\uff09\u306e\u3092\u56de\u907f<\/li>\n<li>\u88c1\u5b9a\u53d6\u5f15\u8005\uff1a\u4e00\u77ac\u306e\u4fa1\u683c\u5dee\u3092\u4ed6\u8005\u3088\u308a\u5148\u306b\u7372\u5f97<\/li>\n<li>\u30d0\u30a4\u30b5\u30a4\u30c9\uff1a\u5e02\u5834\u306e\u5909\u5316\u306b\u7d20\u65e9\u304f\u5bfe\u5fdc\u3057\u3001\u57f7\u884c\u30b3\u30b9\u30c8\u3092\u6291\u5236<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u96fb\u5b50\u53d6\u5f15\u306e\u30ea\u30b9\u30af\u3068\u898f\u5236\u306b\u3088\u308b\u5bfe\u5fdc<\/h3>\n<p>\u96fb\u5b50\u53d6\u5f15\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u305f\u4e00\u65b9\u3001<strong>\u66b4\u8d70\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3001\u8aa4\u767a\u6ce8\uff08\u30d5\u30a1\u30c3\u30c8\u30fb\u30d5\u30a3\u30f3\u30ac\u30fc\uff09\u3001\u904e\u5927\u306a\u6ce8\u6587\u3001\u60aa\u610f\u3042\u308b\u6ce8\u6587<\/strong>\u306b\u3088\u308b\u30b7\u30b9\u30c6\u30df\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3092\u9ad8\u3081\u307e\u3057\u305f\u3002\u898f\u5236\u5f53\u5c40\u306f\u53d6\u5f15\u505c\u6b62\u3084\u4e8b\u524d\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u3067\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u66b4\u8d70\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\uff1a\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u8aa4\u308a\u306b\u3088\u308b\u610f\u56f3\u3057\u306a\u3044\u6ce8\u6587<\/li>\n<li>\u30d5\u30a1\u30c3\u30c8\u30fb\u30d5\u30a3\u30f3\u30ac\u30fc\uff1a\u610f\u56f3\u3088\u308a\u5927\u304d\u3044\u624b\u5165\u529b\u306e\u6ce8\u6587<\/li>\n<li>\u904e\u5927\u306a\u6ce8\u6587\uff1a\u5e02\u5834\u306e\u6d41\u52d5\u6027\u3092\u8d85\u3048\u308b\u6ce8\u6587<\/li>\n<li>\u60aa\u610f\u3042\u308b\u6ce8\u6587\uff1a\u5e02\u5834\u306e\u6df7\u4e71\u3092\u72d9\u3063\u305f\u3082\u306e<\/li>\n<li>\u5bfe\u7b56\uff1a\u30b5\u30fc\u30ad\u30c3\u30c8\u30fb\u30d6\u30ec\u30fc\u30ab\u30fc\uff08\u53d6\u5f15\u505c\u6b62\uff09\u3001\u5024\u5e45\u5236\u9650\u3001\u4e8b\u524d\u30ea\u30b9\u30af\u30fb\u30c1\u30a7\u30c3\u30af\u3001\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e\u691c\u8a3c\u8981\u4ef6<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u5e02\u5834\u76e3\u8996\u3067\u691c\u51fa\u3057\u5f97\u308b\u4e0d\u6b63\u53d6\u5f15<\/h3>\n<p>\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306e\u5e02\u5834\u76e3\u8996\u306f\u3001<strong>\u30d5\u30ed\u30f3\u30c8\u30fb\u30e9\u30f3\u30cb\u30f3\u30b0<\/strong>\u3084\u3055\u307e\u3056\u307e\u306a<strong>\u76f8\u5834\u64cd\u7e26<\/strong>\u3092\u691c\u51fa\u3057\u5f97\u307e\u3059\u3002\u624b\u53e3\u3068\u6226\u7565\u306e\u7a2e\u985e\u3092\u533a\u5225\u3057\u3066\u62bc\u3055\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d5\u30ed\u30f3\u30c8\u30fb\u30e9\u30f3\u30cb\u30f3\u30b0\uff1a\u9867\u5ba2\u306a\u3069\u4ed6\u8005\u306e\u6ce8\u6587\u306b\u5148\u56de\u308a\u3057\u305f\u53d6\u5f15<\/li>\n<li>\u624b\u53e3\uff1a\u4fa1\u683c\u3092\u52d5\u304b\u3059\u76ee\u7684\u306e\u58f2\u8cb7\u3001\u98a8\u8aac\u306e\u6d41\u5e03\u3001\u4eee\u88c5\u58f2\u8cb7\uff08wash trading\uff09\u3001\u898b\u305b\u7389\uff08spoofing\uff09<\/li>\n<li>\u6226\u7565\uff1a\u30d6\u30e9\u30d5\uff08bluffing\uff09\u3001\u30b9\u30af\u30a4\u30fc\u30ba\uff08squeezing\uff09\u3001\u8cb7\u3044\u5360\u3081\uff08cornering\uff09\u3001\u30b9\u30c8\u30c3\u30d7\u6ce8\u6587\u72d9\u3044\uff08gunning\uff09<\/li>\n<li>\u6ce8\u6587\u3068\u7d04\u5b9a\u306e\u30c7\u30fc\u30bf\u304b\u3089\u7570\u5e38\u306a\u30d1\u30bf\u30fc\u30f3\u3092\u691c\u51fa<\/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\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \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-l3-pc-lm5\/\">LM5 Portfolio Management for Institutional Investors\uff08\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u904b\u7528\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pc-lm7\/\">LM7 Case Study in Portfolio Management: Institutional (SWF)\uff08\u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\uff08SWF\uff09\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pc\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Portfolio Construction\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Portfolio Construction LM6\u300cTrading Costs and Electronic Markets\uff08\u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u96fb\u5b50\u5e02\u5834\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":11225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10879","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=10879"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10879\/revisions"}],"predecessor-version":[{"id":11380,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10879\/revisions\/11380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11225"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}