counterparty, CFDCFD CFD CFD U Epps CFD 2010 CFD U 2 A B 50 U C U U U CFD CFD2 SNS CFD
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1 CFD * CFDContract for Difference 24 CFD 2005 CFD CFD CFD CFDCFD CFDCCPcentral clearing TEL(D1) Fax HPCM CFD CFD CFD FX CFD
2 counterparty, CFDCFD CFD CFD U Epps CFD 2010 CFD U 2 A B 50 U C U U U CFD CFD2 SNS CFD
3 CFD ETF CFDNDF 2-2 Epps Epps 2 Epps Epps 2010 EppsEpps
4 Epps 2 2 B 5 5 A B B Epps 1997 Epps Epps Epps Epps Epps 10 Epps Epps circuit breaker NYSE NYSE 80B NYSE 30 NYSE %20% 30% 2010
5 CFD 2010 Epps Epps Epps CFD CFD 3-1 CFD CFD 3 3 P f CFD 2 CFD 3 Ps 3 CFD Psf + (P s-psf) + rp s = (1 r)p s 3 r/4 CFD 3 P f
6 CFD 3 Ps 3 CFD -Psf + (-Ps+Psf)-rPs = -(1+r)Ps CFD CFD CFD CFD3 rps 3-2 CFD CFD CFD CFDCFD CFD CFD CFD CFD CFD
7 3-3 CFD 3-4 CFD CFD CFD CFDCFD CFD CFD 4-1 CFD CFD CFD CFD CFD CFD CFD CFD PXB PbS
8 PaPX (Pb-PX)(PX-Pa) B(Pb-PX) + S(PX-Pa) CFD Pb Pa 4-2 CFD convenience yield CFD 2 rw w Model of CFD providerprediction market Haigh-Williams (2008) Haigh-Williams (2008) B(Pb - Pa) Haigh-Williams (2008) PX
9 CFD Pf = (1 + r + w) Ps CDF (Psf - Pf) 0 CFD CFD CFD CFD Pf - (1 + r + w)ps = 0
10 CFD CFD CFD 4-3 CFD CFD NDF NDF CFD NDF NDF Non Deliverable ForwardNDF) NDF NDF NDF NDF NDF1990 Lipscomb NDF Psf + (r + w)ps = 0 Pf - (1 + r + w )Ps = 0Psf + (r + w) Ps = 0(Psf - Ps) + Pf =0 NDF
11 CFD NDF 2009 NDF (IOF)IOF IOFNDF IOF Real
12 NDF NDF NDF NDFcurrency riskcountry risks CDS NDF 3 NDF 9 NDF NDF NDF (legal risk) CFD NDF
13 CFD NDF CFD CFD CFD202 CFD CFD NDF NDFFX NDF FX CFDCFD 4-4 CDS CFD NDF CDS Credit Default Swap 20089
14 CDS CDS CDS CDS 2008 CDS CDS CDS CDSCDS CDS CDS CDS
15 CFD CDS 2010 CFD NDFCDS CFD NDF 100 CFD CFD CFDstock picking market timing CFD CFD market timing CDS 2010
16 CFD CFD CFD CFD 1CFD CFD CFD CO CO2CFDCFD NYMEX 5 CFD CFD CFD CFDCFD downwardcfd1 CFD CFD CFD CFD CFD CFD
17 CFD CFD 6-1 CFD CFD CFD CFD CFD CFD DMM CFD CFD 6-2 CFD CFD CFD CFD CFD CFD CFD CFD CFD CFD CFD UBS Warburg London Stock Exchange CFD CFD
18 CFD CCP 2008CDS CCP 10 CCP CCP CCP
19 CFD CFD CFD CFD CFD CFD Epps 2010 FRB FRB
20 CFD FXCFD CFD 2010 CFD 1 CFD 2010 CFD 1 1 CFD Model of CFD provider 1CFD CFD 1
21 CFD Haigh, J. and Williams, L. V., Index Betting for Sports and Stock Indices, in Hausch-Ziemba (2008), pp Hausch, D. B. and Ziemba, W. T. (eds.), Handbook of Sport and Lottery Markets, North-Holland, Lipscomb, L., An Overview of Non-Deliverable Foreign Exchange Forward Markets, Federal Reserve Bank of New York, September 29, CFD CFD Norman, D. J.,CFD M&A Epps Vol. J93-A, No.6, June 2010, pp CDS CFD2010Vol.46pp www.gakushuin.ac.jp/univ/eco/gakkai/pdf_files/keizai_ronsyuu/index.html Temple. P., The Investor s Toolbox, Harriman House, 2 nd Edition, 2007.
9 2008 September VOL.160
Vol.160 9 2008 September VOL.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160 Vol.160
わが国のレポ市場について―理論的整理と実証分析―
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28 Financial Highlights 7,92,326 9,287 7,38 3,994 93,438 2,27 3,28,84,97,8 26,336 8,8 8,27,243 77,99 23,72 49,676 4,7,992 9,429 7,48 3,939 9,67 3,82 37,228,96 2,92 3,39,92 6,77 7,636 73,64 38,893,2 27,47
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