{"id":11437,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11437"},"modified":"2026-09-24T18:43:40","modified_gmt":"2026-09-24T09:43:40","slug":"cfa-l2-der-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l2-der-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Derivatives \u7528\u8a9e\u96c6\u3011Derivatives \u306e\u91cd\u8981\u7528\u8a9e20\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 2\u300cDerivatives\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u51682\u5358\u5143\u30fb20\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/side_by_side\/\">Level 2 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l2-der-g-lm1\">LM1 \u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/a><a href=\"#l2-der-g-lm2\">LM2 \u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1<\/a><\/div>\n<h2>Derivatives \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l2-der-g-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<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-der-lm1\/\">LM1 \u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u4fa1\u683c\u3068\u4fa1\u5024<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Forward Commitment<\/div>\n<div class=\"ja\">\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u7279\u5b9a\u6642\u70b9\u306b\u3001\u3042\u3089\u304b\u3058\u3081\u5408\u610f\u3057\u305f\u6761\u4ef6\u3067\u539f\u8cc7\u7523\u3092\u58f2\u8cb7\u307e\u305f\u306f\u4ea4\u63db\u3059\u308b\u7fa9\u52d9\u3092\u8ca0\u3046\u5951\u7d04\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u3001\u5148\u7269\u3001\u30b9\u30ef\u30c3\u30d7\u304c\u8a72\u5f53\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Carry Arbitrage Model<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30ea\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u3092\u8cb7\u3063\u3066\u4fdd\u6709\u3059\u308b\u30b3\u30b9\u30c8\u3068\u4fbf\u76ca\u3092\u3082\u3068\u306b\u3001\u88c1\u5b9a\u6a5f\u4f1a\u304c\u751f\u3058\u306a\u3044\u3088\u3046\u306b\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u8003\u3048\u65b9\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cost of Carry<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30ea\u30fc\u30fb\u30b3\u30b9\u30c8<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u306b\u4f34\u3046\u30b3\u30b9\u30c8\uff08\u4fdd\u7ba1\u8cbb\u7528\u3084\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\uff09\u3068\u4fbf\u76ca\uff08\u914d\u5f53\u3084\u5229\u606f\u306a\u3069\uff09\u306e\u7dcf\u79f0\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u306e\u6c34\u6e96\u3092\u5de6\u53f3\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cash-and-Carry Arbitrage<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30a2\u30f3\u30c9\u30fb\u30ad\u30e3\u30ea\u30fc\u88c1\u5b9a<\/div>\n<div class=\"df\">\u30d5\u30a9\u30ef\u30fc\u30c9\u4fa1\u683c\u304c\u7406\u8ad6\u5024\u3088\u308a\u9ad8\u3044\u3068\u304d\u3001\u501f\u5165\u3067\u73fe\u7269\u3092\u8cb7\u3044\u3001\u540c\u6642\u306b\u30d5\u30a9\u30ef\u30fc\u30c9\u3092\u58f2\u3063\u3066\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca\u3092\u5f97\u308b\u53d6\u5f15\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mark-to-Market<\/div>\n<div class=\"ja\">\u5024\u6d17\u3044<\/div>\n<div class=\"df\">\u5148\u7269\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u65e5\u3005\u306e\u6e05\u7b97\u4fa1\u683c\u3067\u8a55\u4fa1\u3057\u76f4\u3057\u3001\u640d\u76ca\u3092\u8a3c\u62e0\u91d1\u3067\u53d7\u3051\u6255\u3044\u3059\u308b\u4ed5\u7d44\u307f\u3002\u3053\u308c\u306b\u3088\u308a\u5148\u7269\u306e\u4fa1\u5024\u306f\u65e5\u3005\u30bc\u30ed\u306b\u30ea\u30bb\u30c3\u30c8\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Forward Rate Agreement (FRA)<\/div>\n<div class=\"ja\">\u91d1\u5229\u5148\u6e21\u5951\u7d04\uff08FRA\uff09<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u4e00\u5b9a\u671f\u9593\u306e\u91d1\u5229\u3092\u3042\u3089\u304b\u3058\u3081\u56fa\u5b9a\u3059\u308b\u5951\u7d04\u3002\u30ed\u30f3\u30b0\u306f\u5909\u52d5\u91d1\u5229\u3092\u53d7\u3051\u53d6\u308a\u56fa\u5b9a\u91d1\u5229\u3092\u652f\u6255\u3046\u7acb\u5834\u3067\u3001\u91d1\u5229\u4e0a\u6607\u3067\u5229\u76ca\u3092\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Conversion Factor<\/div>\n<div class=\"ja\">\u8ee2\u63db\u4fc2\u6570<\/div>\n<div class=\"df\">\u50b5\u5238\u5148\u7269\u3067\u3001\u30af\u30fc\u30dd\u30f3\u3084\u6e80\u671f\u306e\u7570\u306a\u308b\u53d7\u6e21\u53ef\u80fd\u9298\u67c4\u306e\u4fa1\u683c\u3092\u6a19\u6e96\u7269\u306b\u5408\u308f\u305b\u3066\u8abf\u6574\u3059\u308b\u305f\u3081\u306e\u4fc2\u6570\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Swap Rate<\/div>\n<div class=\"ja\">\u30b9\u30ef\u30c3\u30d7\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30b9\u30ef\u30c3\u30d7\u306e\u5951\u7d04\u6642\u306e\u4fa1\u5024\u3092\u30bc\u30ed\u306b\u3059\u308b\u56fa\u5b9a\u91d1\u5229\u3002\u5404\u671f\u306e\u5272\u5f15\u4fc2\u6570\u3092\u7528\u3044\u3066\u3001\u56fa\u5b9a\u30ec\u30c3\u30b0\u3068\u5909\u52d5\u30ec\u30c3\u30b0\u306e\u73fe\u5728\u4fa1\u5024\u304c\u7b49\u3057\u304f\u306a\u308b\u6c34\u6e96\u3068\u3057\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Currency Swap<\/div>\n<div class=\"ja\">\u901a\u8ca8\u30b9\u30ef\u30c3\u30d7<\/div>\n<div class=\"df\">\u7570\u306a\u308b\u901a\u8ca8\u5efa\u3066\u306e\u91d1\u5229\u652f\u6255\u3044\u3092\u4ea4\u63db\u3059\u308b\u30b9\u30ef\u30c3\u30d7\u3002\u901a\u5e38\u306f\u671f\u521d\u3068\u6e80\u671f\u306b\u60f3\u5b9a\u5143\u672c\u306e\u4ea4\u63db\u3092\u4f34\u3044\u3001\u4fa1\u5024\u306f\u5404\u30ec\u30c3\u30b0\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5dee\u3067\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Equity Swap<\/div>\n<div class=\"ja\">\u682a\u5f0f\u30b9\u30ef\u30c3\u30d7<\/div>\n<div class=\"df\">\u682a\u5f0f\u3084\u682a\u4fa1\u6307\u6570\u306e\u30ea\u30bf\u30fc\u30f3\u3068\u3001\u56fa\u5b9a\u91d1\u5229\u306a\u3069\u306e\u652f\u6255\u3044\u3092\u4ea4\u63db\u3059\u308b\u30b9\u30ef\u30c3\u30d7\u3002\u682a\u4fa1\u304c\u4e0b\u843d\u3059\u308b\u3068\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u53d7\u3051\u624b\u304c\u652f\u6255\u3046\u5074\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-der-g-lm2\">LM2 Valuation of Contingent Claims\uff08\u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-der-lm2\/\">LM2 \u6761\u4ef6\u4ed8\u8acb\u6c42\u6a29\u306e\u8a55\u4fa1<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Binomial Option Valuation Model<\/div>\n<div class=\"ja\">\u4e8c\u9805\u30aa\u30d7\u30b7\u30e7\u30f3\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u5404\u671f\u306b\u4e0a\u6607\u30fb\u4e0b\u843d\u306e2\u901a\u308a\u306b\u52d5\u304f\u3068\u4eee\u5b9a\u3057\u3001\u7121\u88c1\u5b9a\u306e\u6761\u4ef6\u304b\u3089\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hedge Ratio<\/div>\n<div class=\"ja\">\u30d8\u30c3\u30b8\u6bd4\u7387<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u7121\u30ea\u30b9\u30af\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308b\u306e\u306b\u5fc5\u8981\u306a\u539f\u8cc7\u7523\u306e\u6570\u91cf\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u5909\u5316\u5e45 \u00f7 \u539f\u8cc7\u7523\u4fa1\u683c\u306e\u5909\u5316\u5e45\u3067\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Risk-Neutral Probability<\/div>\n<div class=\"ja\">\u30ea\u30b9\u30af\u4e2d\u7acb\u78ba\u7387<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u4e2d\u7acb\u3067\u3042\u308b\u3068\u4eee\u5b9a\u3057\u305f\u3068\u304d\u306e\u4fa1\u683c\u4e0a\u6607\u306e\u78ba\u7387\u3002\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u3092\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u304f\u8a55\u4fa1\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Black-Scholes-Merton Model (BSM)<\/div>\n<div class=\"ja\">\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30de\u30fc\u30c8\u30f3\u30fb\u30e2\u30c7\u30eb\uff08BSM\uff09<\/div>\n<div class=\"df\">\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\u306e\u3082\u3068\u3067\u3001\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Black Model<\/div>\n<div class=\"ja\">\u30d6\u30e9\u30c3\u30af\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u5148\u7269\u3084\u30d5\u30a9\u30ef\u30fc\u30c9\u3092\u539f\u8cc7\u7523\u3068\u3059\u308b\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u30e2\u30c7\u30eb\u3002\u91d1\u5229\u30ad\u30e3\u30c3\u30d7\u30fb\u30d5\u30ed\u30a2\u3084\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3\u306e\u8a55\u4fa1\u306b\u3082\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Swaption<\/div>\n<div class=\"ja\">\u30b9\u30ef\u30c3\u30d7\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u6642\u70b9\u3067\u3001\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u56fa\u5b9a\u91d1\u5229\u3067\u30b9\u30ef\u30c3\u30d7\u3092\u958b\u59cb\u3059\u308b\u6a29\u5229\u3002\u56fa\u5b9a\u91d1\u5229\u3092\u652f\u6255\u3046\u6a29\u5229\u3092\u30da\u30a4\u30e4\u30fc\u3001\u53d7\u3051\u53d6\u308b\u6a29\u5229\u3092\u30ec\u30b7\u30fc\u30d0\u30fc\u3068\u3044\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Delta<\/div>\n<div class=\"ja\">\u30c7\u30eb\u30bf<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u5fae\u5c0f\u306a\u5909\u5316\u306b\u5bfe\u3059\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u5909\u5316\u306e\u6bd4\u7387\u3002\u30b3\u30fc\u30eb\u306f0\u301c1\u3001\u30d7\u30c3\u30c8\u306f\u22121\u301c0\u306e\u5024\u3092\u3068\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Gamma<\/div>\n<div class=\"ja\">\u30ac\u30f3\u30de<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u30c7\u30eb\u30bf\u306e\u5909\u5316\u306e\u6bd4\u7387\u3002\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u4ed8\u8fd1\u3067\u6700\u5927\u3068\u306a\u308a\u3001\u539f\u8cc7\u7523\u81ea\u4f53\u306e\u30ac\u30f3\u30de\u306f\u30bc\u30ed\u3067\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Vega<\/div>\n<div class=\"ja\">\u30d9\u30ac<\/div>\n<div class=\"df\">\u539f\u8cc7\u7523\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u5316\u306b\u5bfe\u3059\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u306e\u611f\u5fdc\u5ea6\u3002\u30b3\u30fc\u30eb\u3082\u30d7\u30c3\u30c8\u3082\u6b63\u306e\u5024\u3092\u3068\u308a\u3001\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u4ed8\u8fd1\u3067\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Implied Volatility<\/div>\n<div class=\"ja\">\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/div>\n<div class=\"df\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5e02\u5834\u4fa1\u683c\u3092\u8a55\u4fa1\u30e2\u30c7\u30eb\u306b\u5f53\u3066\u306f\u3081\u3066\u9006\u7b97\u3057\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3002\u5e02\u5834\u53c2\u52a0\u8005\u304c\u898b\u8fbc\u3080\u5c06\u6765\u306e\u5909\u52d5\u6027\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l2-der-formulas\/\">CFA\u00ae\ufe0e Level 2 Derivatives \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level2-glossary\/\">CFA\u00ae\ufe0e Level 2 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><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><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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<li><a href=\"https:\/\/triumphmind.com\/cfa\/side_by_side\/\" target=\"_blank\" rel=\"noopener\">Level 2 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Derivatives\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff09\u306e\u91cd\u8981\u7528\u8a9e20\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11437","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=11437"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11437\/revisions"}],"predecessor-version":[{"id":11558,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11437\/revisions\/11558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11609"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}