- AST SpaceMobileã¯CFOã¢ã³ããªã¥ãŒã»ãžã§ã³ãœã³ããåçãèšç»éãã«å¢å ããŠãããéèŠãæ¥å¢ããŠããäžã§2025幎ã«7500äžãã«ã®ç®æšãèšå®ããšçºè¡š
- ãããã®ã¢ããªã¹ãã¯Q1ã®çµæãåããŠRapid7ã®äºæž¬ãä¿®æ£ããŸã
- ã¢ããã«ã¯äžåœã®é¢çšäŒæŠã®äžã§ãæ°åãäžãããããããªãã: ãã©ã³ãã¯ãã£ã ã»ã¯ãã¯ãšã®é話åŸã5000åãã«ã®ç±³åœæè³ã«ã€ããŠè©±ã
- ãã®ãã£ã¿ãã©ãŒã®ã¢ããªã¹ãããã«ãã·ã¥ã«è»¢ãããç«ææ¥ã®ããã5ã®ã¢ããã°ã¬ãŒãã¯ãã¡ãã§ãã
- äžåœãç±³åœãšã®90æ¥éã®é¢çšåæ¢ã«ãããããŒã€ã³ã°ã®çŽååçµãè§£é€ãããã- å ±å
- ç±³åœãžã®äžåœè£œååºè·ã90æ¥éã®é¢çšå»¶æåŸã«æ¥å¢ãã倧ããªããã¯ãã°ãè¿«ã£ãŠããããšã®å£°
- ãªã5æ12æ¥åå10æ10åã«Spotifyæ ªã3.9%äžæããã®ã
- ãã¹ããã¯ã¯ç±³äžé¢çšäŒæŠã«ãã4%ä»¥äžæ¥äžæïŒæè³å®¶ã®ã»ã³ãã¡ã³ããæ¹åããææææ°ã¯ã貪欲ããŸãŒã³ã«ãšã©ãŸã
Author: Sera Okamoto
å€åœçºæ¿åžå ŽååŒãšæ ªåŒåžå ŽååŒã®å€§ããªéããšã¯ïŒ å€åœçºæ¿åžå Žãšæ ªåŒåžå Žã®éã«ã¯ãèŠå¶ãšç£ç£ã®éãã1ã€ãããŸããé«å質ã®ãã«ãŒãããæ ªåŒã®ååŒã¯äžå€®éæš©åååŒæã§è¡ããããã®èŠå¶ç£ç£ã¯é貚ååŒã«æ¯ã¹ãŠã¯ããã«å³æ Œã§ããé貚ååŒã¯äž»ã«èŠå¶ãããŠããªãOTCå€åœçºæ¿åžå Žã§è¡ããããããèŠå¶ãå°ãªãåŸåããããŸãã 管èœåºåã«ãã£ãŠã¯ãæ ªåŒååŒãããå€åœçºæ¿ååŒã®æ¹ãå§ãããããåçæ§ãé«ãå ŽåããããŸãããã¬ãŒãã£ã³ã°ã¹ã¿ã€ã«ã«é©ããåžå Žãéžæããã®ã«åœ¹ç«ã€ããã«ãBenzingaã¯ä»¥äžã«å€åœçºæ¿åžå Žãšæ ªåŒåžå Žã®äž»ãªéãããªã¹ãã¢ããããŠããŸãã ååŒæéã®æéã«ã€ã㊠䞡åžå Žã®éã®äž»èŠãªæŽå²çãªéãã®1ã€ã¯ãååŒå¯èœãªæé垯ã§ããçŸä»£ã®äž»èŠãªæ ªåŒåžå Žã«æ¥ç¶ãããé»åååŒãã©ãããã©ãŒã ã§ã¯ãéåžžã®åžå Žå¶æ¥æéå€ã§ãé«åè³ªã®æ ªåŒãååŒã§ããŸãããæ ªåŒåžå Žã¯äžè¬çã«å ¬åŒã®éå Žæéãããã³ãã¬ããŒã±ããããã³ã¢ãã¿ãŒããŒã±ããã»ãã·ã§ã³ã«å¶éããããŸãã ããšãã°ããã¥ãŒãšãŒã¯èšŒåžååŒæïŒNYSEïŒããã³ãã¹ããã¯æ ªåŒåžå Žã®ååŒæéã¯ããã¬ããŒã±ããã»ãã·ã§ã³ãåå4æïŒESTïŒã«å§ãŸããéåžžã®ååŒã»ãã·ã§ã³ãåå9æ30åïŒESTïŒããååŸ4æïŒESTïŒãŸã§ç¶ããŸãããã®åŸãã¢ãã¿ãŒããŒã±ããã»ãã·ã§ã³ãååŸ4æããååŸ8æïŒESTïŒãŸã§ç¶ããŸãã åå°åã®æ ªåŒåžå Žã®éãããéåžžã®ååŒæéå ã§ã®æ ªåŒååŒãžã®ã¢ã¯ã»ã¹ã«å ããŠãæ ªåŒããšãŒããããã¢ãžã¢ã®æ ªåŒååŒæã«äºéäžå ŽããŠããå ŽåããInstinetãNYSE ArcaãSelectNetãªã©ã®é»åéä¿¡ãããã¯ãŒã¯ïŒECNïŒãä»ããŠååŒãããŠããå Žåãããåºç¯ãªæ ªåŒååŒæéã«ã¢ã¯ã»ã¹ã§ããå ŽåããããŸãã æ ªåŒåžå Žãšã¯ç°ãªããå€åœçºæ¿åžå Žã¯é±ã®å šæéãéããŠ24æéé£ç¶ã§ååŒãããŸããååŒæéã¯ãæ¥ææ¥ã®ååŸ4æïŒESTïŒã«ã·ãããŒãéå Žããéææ¥ã®ååŸ5æïŒESTïŒã«ãã¥ãŒãšãŒã¯ãéå ŽãããŸã§ã§ãã æå·®ã®ãããã·ãããŒãæ±äº¬ããã³ãã³ããã¥ãŒãšãŒã¯ã®4ã€ã®äž»èŠãªå€åœçºæ¿ååŒã»ãã·ã§ã³ã¯ç°ãªãæéã«éå§ããå Žåã«ãã£ãŠã¯éãªãåããŸããå€åœçºæ¿ã®ãã€ãã¬ãŒãæŠç¥ã§ã¯ãéåžžã®åžå Žå¶æ¥æéå€ã§ãååŒãè¡ãããã«ããã¬ãŒããŒãæé©ãªååŒæéæ ãéžæããå¿ èŠããããŸãã å€ãã®ãã¬ãŒããŒã«ãããšãå€åœçºæ¿ååŒã®æé©ãªæéã¯ããšãŒãããã»ãã·ã§ã³ãšã¢ã¡ãªã«ã»ãã·ã§ã³ã®éãªãåãæé垯ã§ããããã¯ãæµåæ§ãå¢å ããååŒéãå€ããªãããã§ããå€åœçºæ¿ååŒãé¿ããã¹ãæé垯ã¯ããŠã§ãªã³ãã³ãšã·ãããŒã®ã¢ãžã¢ã»ãã·ã§ã³ããŸã æ¬æ Œçã«å§ãŸã£ãŠããªããã¥ãŒãšãŒã¯éå ŽçŽåŸã§ãããæµåæ§ãäœäžããååŒã¹ãã¬ãããåºããããšãããããããã§ãã æµåæ§ãšååŒé æµåæ§ãšã¯ãéèååãååŒãããéã«ãã®äŸ¡æ Œãçºæ¿ã¬ãŒãã«å€§ããªåœ±é¿ãäžããããšãªããååŒãããçšåºŠãæããŸããå€åœçºæ¿ååŒåžå Žã®å·šå€§ãªèŠæš¡ãåžžæè¡ãããŠããååŒãè²·ãç©ãšå£²ãç©ã®å®¹æãã«ãããé貚ãã¬ãŒããŒã¯äžŠå€ããæµåæ§ãæŽ»çšããããšãã§ããŸãããã®ç¹åŸŽã¯ãäžéšã®å¶éãããååŒãè€éã«ãªãããšãããæ ªåŒåžå Žãšã¯å€§ããç°ãªããŸãã äžå®å®ãªæéã¯ãäž¡åžå Žã§æµåæ§ãšååŒéãæžå°ããå¯èœæ§ããããŸããããããå€åœçºæ¿åžå Žã®å·šå€§ãªèŠæš¡ã¯ãé«ãå€åæ§ã®æã§ããã¯ããã«å°ããªæ ªåŒåžå Žãããé«ãæµåæ§ã¬ãã«ãç¶æããããšãäžè¬çã§ãããã®æ·±ãæµåæ§ã¯ãå€åœçºæ¿åžå Žããã€ãã¬ãŒãã«é©ãããã®ãšããŸãã å€åœçºæ¿åžå Žã®åè¶ããæµåæ§ã«è²¢ç®ããèŠå ã«ã¯ã以äžã®ãã®ããããŸãïŒ èŠæš¡ïŒ2022幎4ææç¹ã§ãåœé決æžéè¡ïŒBISïŒã«ãããšãå€åœçºæ¿åžå Žã®å¹³åæ¥åãåŒãé«ã¯1æ¥ããã7å ãã«ãè¶ ããŠãããå€ãã®åå è ãäžæ¥äžå€åœçºæ¿ååŒãè¡ãããšãã§ããŸãã æŽ»åïŒæ¥ææ¥ã®ååŸããéææ¥ã®å€æ¹ãŸã§ã®é£ç¶ããéå¶ã«ããã24æé365æ¥ååŒãè¡ãããŠããŸãã è²·ãç©ãšå£²ãç©ã®å®¹æãïŒååŒã¯é»è©±ãé»åãããã¯ãŒã¯ãä»ããŠçŽæ¥åœäºè éã§è¡ããããããååŒæŽ»åãå€§å¹ ã«ä¿é²ãããŸãã ã¬ãã¬ããž ã¬ãã¬ããžã¯ãç¹å®ã®ååŒè³æ¬æè³ã«å¯ŸããŠåžå Žé²åºãæ¡å€§ããããšãã§ãã匷åãªããŒã«ã§ããã¬ãã¬ããžã¯æ ªåŒåžå Žãšå€åœçºæ¿åžå Žã®äž¡æ¹ã§å©çšå¯èœã§ãããèš±å¯ãããæå€§ã¬ãã¬ããžæ¯çã«ã¯å€§ããªå·®ç°ãååšããŸãã ç±³åœå€ã«äœãå°å£²å€åœçºæ¿ãã¬ãŒããŒã¯ãç¹å®ã®ç®¡èœåºåã«æ ç¹ã眮ããªã³ã©ã€ã³ãããŒã«ãŒã§æå€§1,000åã®éåžžã«é«ãã¬ãã¬ããžæ¯çãå©çšã§ããå ŽåããããŸããäžæ¹ãã€ã³ã¿ãŒãã³ã¯å€åœçºæ¿ãã¬ãŒããŒã¯ãããŒãžã³é èšéã§ã¯ãªãä¿¡çšæ ãå©çšããŠååŒãè¡ããŸãã ããããç±³åœã§ã¯ã2010幎ã«é£éŠæºåå¶åºŠçäºäŒã«ãã£ãŠå¯æ±ºãããèŠå¶æ³ã«ãããäž»èŠãªé貚ãã¢ã§ã¯æå€§50åãä»ã®é貚ãã¢ã§ã¯æå€§20åãŸã§ã®ã¬ãã¬ããžååŒããèªããããŠããŸããã å¯Ÿç §çã«ãç±³åœæ ªã®ååŒã§ã¯ãé£éŠæºåå¶åºŠã®èŠå¶TïŒ12 CFR §220ïŒã«ããã2å以äžã®äœãã¬ãã¬ããžæ¯çããèš±å¯ãããŠããŸããããã ããå± äœå°ã«ãã£ãŠã¯ãæ ªåŒã®å·®é決æžå¥çŽïŒCFDïŒãããé«ãã¬ãã¬ããžæ¯çã§ååŒã§ããå ŽåããããŸãã ã¬ãã¬ããžã®äž»ãªå©ç¹ã¯ãååŒå©çãå¢å¹ ãããããšãã§ããããšã§ãããäžå©ãªåžå Žå€åãçºçããå Žåã«ã¯ããªã¹ã¯ãé«ãŸããšããç¹ã§çžæ®ºãããŸããç¹ã«ãªã¹ã¯ç®¡çã广çã«è¡ãæ¹æ³ããŸã çè§£ããŠããªãåå¿è ãã¬ãŒããŒã¯ãé«ãã¬ãã¬ããžæ¯çã䜿çšããéã«ã¯æ³šæãæãå¿ èŠããããŸãã äŸ¡æ Œå€å ãã©ãã£ãªãã£ãšã¯ãè³ç£äŸ¡æ ŒïŒãŸãã¯é貚ãã¢ã®å Žåã¯çºæ¿ã¬ãŒãïŒã®æéçµéã«äŒŽãå€åãå®çŸ©ããŸããåžå Žã®å€åãåºç¯å²ã«åã¶ãšãååŒå©çã®æ©äŒãå¢ããäžæ¹ã§ãåæã«ååŒè³æ¬ã«å¯Ÿãããªã¹ã¯ãé«ãŸããŸãã æ ªåŒåžå Žã¯å šäœçã«é貚åžå Žããããã©ãã£ãªãã£ãé«ãåŸåããããŸããããããã®åžå Žã¯ãè€æ°ã®å€éšèŠå ã圱é¿ã«ãã£ãŠç°ãªãçšåºŠã®ãã©ãã£ãªãã£ã瀺ãããšããããŸãããããã®èŠå ã圱é¿ã«ã€ããŠã®è©³çްã¯ã以äžã®ã»ã¯ã·ã§ã³ã§èª¬æããŸãã æåããæ ªåŒããã³å€åœçºæ¿ãã¬ãŒããŒã¯ãåžå Žã®ãã©ãã£ãªãã£ãé«ãç¶æ³ã«é©ããé©åãªæŠç¥ãç«æ¡ããããšã§ã宿çã«ã¬ãã«ãå€åããæŽ»çºãªåžå Žç°å¢ã掻çšããããšãã§ããŸãã åžå Žã®åœ±é¿èŠå åžå Žã®ãã€ããã¯ã¹ã¯ããã¬ãŒããŒãæè³å®¶ã®æææ±ºå®ããã»ã¹ã«åœ±é¿ãäžããããŸããŸãªèŠçŽ ã«ãã£ãŠèŠå®ãããŠããŸãããããã®èŠçŽ ã«ã¯ãå°æ¿åŠçãªç·åŒµãçµæžããŒã¿ã®çºè¡šãéèæ¿çã®å€åãããã³åžå Žã®äž¡æ¹ã«åœ±é¿ãäžããèªç¶çœå®³ãå«ãŸããŸãã å€åœçºæ¿åžå Žã®äž»èŠãªèŠå ã«ã¯ãäŸçµŠãšéèŠã®äžåè¡¡ããã¯ãçµæžææšãææ°ã®ãã¥ãŒã¹ãäžå€®éè¡ã®ä»å ¥ãéèæ¿çã®å€åãããã³å°æ¿åŠçãªå€åãå«ãŸããŸãã æ ªäŸ¡ã®äž»èŠãªèŠå ã«ã¯ãåã ã®äŒæ¥ã®æ¥çžŸææšãæ¥çã®ãã¬ã³ããèŠå¶åœå±ã®çºè¡šãããã³æ°èŠå ¬éæ ªåŒïŒIPOïŒãçŽæ¥çã«æ ªåŒã®è©äŸ¡ã«åœ±é¿ãäžããããšããããŸããæ ªäŸ¡ã¯ãŸããçºè¡äŒæ¥ãåžå Žã»ã¯ã¿ãŒã«åœ±é¿ãäžããããŸããŸãªçµæžçããã³åºæ¬çãªèŠå ã«åŒ·ãåå¿ããããšããããŸãã ããã«ãæ ªåŒã®ããã©ãŒãã³ã¹ãšåçã¯ã蚌åžäŒç€Ÿã®ã¢ããªã¹ãã«ãã£ãŠå®æçã«ã¬ãã¥ãŒããããã®æšå¥šäºé ã¯ç¹å®ã®æ ªåŒã«å¯Ÿããå°å£²æè³å®¶ã®ææ ã«åŒ·ã圱é¿ããå¯èœæ§ããããŸãã ãã³ã°ãšã·ã§ãŒã å€åœçºæ¿åžå Žã§ã¯ãå€åœçºæ¿ååŒã®äžç°ãšããŠåžžã«1ã€ã®é貚ãšä»ã®é貚ãšã®éã§ååŒãè¡ããããé貚ãã¢ã«é¢äžããé貚ã®1ã€ãåžžã«ç©ºå£²ãã®ããžã·ã§ã³ã§ä¿æããŸããç¹å®ã®é貚ã«å¯ŸããŠç¹ã«ãã¢ãªãã·ã¥ãªå Žåãç±³ãã«ã«å¯ŸããŠããã売åŽããããšãã§ããŸãããã¯ãã¹é貚ãã¢ãååŒããããšã§ä»ã®é貚ã«å¯ŸããŠã売åŽããããšãã§ããŸãã æ ªåŒåžå Žã§äŒæ¥ã®æ ªåŒããã³ã°ããžã·ã§ã³ã§ä¿æããå Žåãäžè¬çã«ã¯æ ªåŒãããŒã«ãŒã¢ã«ãŠã³ãã«é ããããçŸéã§ãããè³Œå ¥ããããšã«ãªããŸããå¯Ÿç §çã«ããªã³ã©ã€ã³ãããŒã«ãŒãéããŠç¹å®ã®é貚ãã¢ããã³ã°ããžã·ã§ã³ã§ååŒããå Žåãéåžžã¯ãã¬ãŒãã£ã³ã°ã¢ã«ãŠã³ãã«é ããããè³éãæ ä¿ãšããŠãããŒã¹é貚ã®äžå®é¡ãè³Œå ¥ãã察å¿ããã«ãŠã³ã¿ãŒé貚ã®çžåœé¡ãåžå Žçºæ¿ã¬ãŒãã§å£²åŽããããšã«ãªããŸãã å€åœçºæ¿åžå Žã§é貚ãã¢ãã·ã§ãŒãããããšã¯ãæ ªåŒãã·ã§ãŒã売ãããããšãããäžè¬çã«ã¯ã¯ããã«ç°¡åã§ããé貚ãã¢ãã·ã§ãŒãããããšã¯ãããŒã¹é貚ã売åŽããå°æ¥çã«ãããããäœãäŸ¡æ Œã§è²·ãæ»ãããšãç®æããŠã«ãŠã³ã¿ãŒé貚ãè³Œå ¥ããããšãæå³ããŸãã å¯Ÿç §çã«ãæ ªåŒåžå Žã§ã®ç©ºå£²ãã¯ããŸãæ ªåŒã婿¯ãæ¯æã£ãŠåãå ¥ããäžè¬çã«ã¯ãããŒã«ãŒã®è²žä»éå©ã§ããéå©ã§åãå ¥ããåŸã«å£²åŽããããšãæå³ããŸããååŒã®å©çïŒãŸãã¯æå€±ïŒã¯ãå ã®å£²åŽäŸ¡æ Œãšãã¬ãŒããŒãã·ã§ãŒãããžã·ã§ã³ãã«ããŒããããã«æ¯æã£ãäŸ¡æ Œã®å·®ã§ããããŸãããã¢ãªãã·ã¥ããžã·ã§ã³ãä¿æããéã«åããæ ªåŒã®ææè ã«æ¯æããã婿¯ã®åèšã§ãã æ ªåŒåžå Žã§ã®ç©ºå£²ãã¯ãã·ã§ãŒããããæ ªåŒãé«ãéèŠã«ãªããåããã®ãé£ãããªã£ãå Žåãç¹ã«ææŠçãªãã®ãšãªããŸããæ ªåŒè²žãæã¯äžè¬çã«éèŠã®é«ãæ ªåŒã®éå©ãåŒãäžãããããã·ã§ãŒãã»ã©ãŒã®ç·ååŒã³ã¹ããå¢å ããå¯èœæ§ããããŸãã å€åœçºæ¿åžå ŽååŒãšæ ªåŒæè³ãã©ã¡ãã奜ãŸãããïŒ ååŒã«ãããåçæ§ã¯ãåã ã®ç®æšãæ©äŒã®æç¡ãååŒèœåãããã³ä»ã®åžå Žã«çŽæ¥åœ±é¿ãäžããèŠçŽ ã«å€§ããäŸåããŸãããããã£ãŠãæ ªåŒåžå Žãšå€åœçºæ¿åžå Žã®ã©ã¡ããããåçæ§ãé«ãããšããåãã«ã¯æç¢ºãªçãã¯ãããŸããã代ããã«ãç°ãªãç¶æ³äžã§äž¡åžå Žã®ååŒã®å©ç¹ã𿬠ç¹ãçè§£ããããšã§æŽå¯ãåŸãããšãã§ããŸãã å€ãã®äººã ãæ ªåŒæè³ãé·æçãªè³æ¬å©çã®ããã«è¡ããŸãããé貚åžå Žã®éå¶è ã®ã»ãšãã©ã¯èªåèªèº«ãå€åœçºæ¿ã®æè³å®¶ãšã¯èããŠããŸãããã»ãšãã©ã®å€åœçºæ¿ãã¬ãŒããŒã¯ãååŒæŽ»åã«é¢ããŠã¯æ¯èŒççæçãªèŠç¹ãæã£ãŠããŸãã å©çãçã¿åºãèœåã«é¢ããŠã¯ãå€åœçºæ¿åžå Žã¯24æéäœå¶ã§ã®åžå Žéå¶ãé«ãã¬ãã¬ããžæ¯çãå°æ¬ãã¹ããã©ãã£ãªãã£ã¬ãã«ãçãã¹ãã¬ãããããã³æ¯èŒçäœãåå ¥éå£ã«ãããåªããã¢ã¯ã»ã·ããªãã£ãæäŸããããšãã§ããŸãããããã®ç¹æ§ã¯ãé »ç¹ãªææ©ååŒã«ããåçã远æ±ããæ©æãªåžå Žéå¶è ã«ãšã£ãŠé©ããŠããŸãã äžæ¹ãæ ªåŒåžå Žã¯ãåºæ¬çãªèŠå ã«è£ä»ããããçå®ãªè²¡ç£ã®èç©ãå¥œãæ ¹æ°åŒ·ãæŠç¥çãªæè³å®¶ãäž»ã«å¯Ÿè±¡ãšããŠããŸããé·æçãªèŠç¹ã§ã¯ããã«ãŒãããæ ªã¯åšæçãªäžéå±é¢ãäŒæ¥ã®èª€ç®¡çã«ããäžæçãªé転ã«ãããããããäžè²«ããè©äŸ¡çãæäŸããŠããŸãã èŠããã«ãã©ã¡ãã®åžå ŽãäžæŠã«ä»ãåé§ããããã§ã¯ãããŸããã代ããã«ãèªåã®æŠç¥ãååŒã¹ã¿ã€ã«ãé©åã«è©äŸ¡ããç¬èªã®ç¶æ³ãèªèããäžã§ãã©ã¡ãã®åžå ŽãååŒå©çãåŸãããã«æé©ãã倿ããããšãéèŠã§ãã å€åœçºæ¿åžå Žãšæ ªåŒåžå Žã®çžé¢é¢ä¿ãšã¯ïŒ æ ªåŒåžå Žãšå€åœçºæ¿åžå Žã®éã®çžé¢ã«ã€ããŠèãããšãããåœã®çµæžãšæ ªåŒåžå Žãä»ã®åœããã奜調ãªå Žåããã®åœã®é貚ãäžè¬çã«äººæ°ãé«ãŸãã®ã¯çã«ããªã£ãŠããŸãããªããªãã人ã ã¯ãã®é貚ãè²·ããããšèããããã§ãã äžæ¹ããã®åœããã®æ ªåŒåžå Žãå°é£ãªç¶æ³ã«ããå Žåãéã®ããšãèµ·ãããé貚ã人æ°ã倱ããä»ã®åœã®éè²šã«æ¯ã¹ãŠäŸ¡å€ãäžããããšããããŸãããã ãããããã®é¢é£ã¯ããããã®éèåžå Žã®çžé¢é¢ä¿ãæ³šææ·±ãèŠãªããšæããã«ãªããªãå ŽåããããŸãã éè²šãšæ ªåŒã®åžå Žã®éã®çžé¢é¢ä¿ããçããåžå Žç¶æ³ã¯ãå€åœç±äŒæ¥ãåœå¢ãè¶ããæè³å®¶ãå ±æããçžäºã®é²åºããçããããšããããŸããé貚ã®çžé¢é¢ä¿ãèªèããããšã§ãçç·Žãããã¬ãŒããŒã¯æœåšçãªåžå Žååã瀺ãåºæ¬çãªãã¿ãŒã³ãèŠåããããšãã§ããŸãã ããšãã°ãæ£ã®çžé¢é¢ä¿ã¯ããã¢ã®ååŒã€ã³ã¹ãã¥ã«ã¡ã³ãå ã§åæã«æé·ãŸãã¯æžå°ã瀺ãããåŸåããããŸããäžæ¹ãè² ã®é¢é£ã¯éã®é¢ä¿ã瀺ããä»ã®å Žæã§çºçããæå€±ãžã®ãããžãšãªãå¯èœæ§ããããŸãã äžã€ã®ææ©çããŒããã©ãªãªå ã§æ ªåŒååŒãšå€åœçºæ¿ååŒã®æè¡ãçµã¿åãããããšã¯ãå šäœçãªåžå Žã®å€æ§æ§ãåäžãããããã¿ãŒã²ãããçµã£ãååŒæŽ»åã«äŒŽããªã¹ã¯ãæå°éã«æããå¯èœæ§ããããŸãããã ããæåããããã«ã¯ããããã®éèåžå Žãçµã¶åå ãšçµæã®è©³çްãçè§£ãããã®çžé¢é¢ä¿ã«ã€ãªããããšãéèŠã§ãã å€åœçºæ¿ååŒãšæ ªåŒæè³ã©ã¡ããæè³å®¶ã«é©ããŠãããïŒ ãã®èšäºã§èª¬æãããŠããããã«ãå€åœçºæ¿åžå Žãšæ ªåŒåžå Žã¯æµåæ§ããã©ãã£ãªãã£ãä»çµã¿ãè€éããªã©ã®é¢ã§å€§ããç°ãªããŸãã巚倧ã§äž»ã«èŠå¶ãããŠããªãå€åœçºæ¿åžå Žã¯ãååŒéãå€ããããé«ãæµåæ§ãèªããååŒé±ã®ãã€ã§ãè¿ éãªååŒå·è¡ãå¯èœã§ãã
å€åœçºæ¿ååŒãšã¯ïŒ ã¹ãããå€åœçºæ¿åžå Žã¯ãé貚ã®éäžå€®éæš©çãªç©ççãŸãã¯çŸéåžå Žã§ããããã¯ãäžççã«å€§éšåãèŠå¶ãããŠããªãéèæ©é¢ãšãªã³ã©ã€ã³ãããŒã«ãŒã®ãããã¯ãŒã¯ãä»ããŠéå¶ãããŠããŸããå€åœçºæ¿åžå Žã®éäžå€®éæš©çãªæ§è³ªãããååŒã¯äžè¬çã«æ ªåŒååŒã®ããã«åäžã®éæãªååŒæã§è¡ãããããã§ã¯ãããŸããã å€åœçºæ¿ååŒãšã¯ãé貚ãå¥ã®é貚ãšäº€æããååŒã®ããšã§ãããã®ãããªååŒã¯ãäžçæå€§ãã€æãæµåæ§ã®é«ãéèåžå Žã§ããå€åœçºæ¿åžå Žã§è¡ãããŸãããã®èŠæš¡ãææ¡ããããã«ãåœé決æžéè¡ïŒBISïŒã«ãããšã2019幎4æã®å€åœçºæ¿åžå Žã®1æ¥ã®ååŒé¡ã¯66å ãã«ã§ããã é貚ã¯ãå€åœçºæ¿åžå Žã§ãã¢ã§ååŒãããŸããå€åœçºæ¿åžå Žã§ã¯äŸ¡æ Œã§ã¯ãªããé貚éã®çºæ¿ã¬ãŒããŸãã¯ã亀æã¬ãŒãããåŒçšãããŸãããªããªããå€åœçºæ¿ååŒãè¡ããããã³ã«ã1ã€ã®é貚ãå¥ã®é貚ãšäº€æãããããã§ãã å€åœçºæ¿åŒçšã®æåã®é貚ã¯ãåºè»žé貚ãŸãã¯å£²è²·ãããé貚ã§ãã2çªç®ã®é貚ã¯ãåŒçšé貚ãŸãã¯ã«ãŠã³ã¿ãŒé貚ãšããŠç¥ãããåºè»žé貚ãè³Œå ¥ãŸãã¯å£²åŽããããã«äœ¿çšãããŸããå€åœçºæ¿ããžã·ã§ã³ãåãéã«ã¯ãåžžã«1ã€ã®é貚ãæã¡ããžã·ã§ã³ãæã¡ããã1ã€ã®é貚ã空売ãããŸãã æãæµåæ§ã®é«ãé貚ãã¢ã¯ãã¡ãžã£ãŒããšããŠç¥ãããäžè¬çã«ç±³ãã«ãå«ã¿ãŸããã¡ãžã£ãŒã¯å€åœçºæ¿åžå Žã®ååŒéã®75ïŒ ä»¥äžãå ããŠããŸããäž»èŠãªå€åœçºæ¿é貚ãã¢ã¯ä»¥äžã®éãã§ãã EUR/USD: 欧å·é£åã®ãŠãŒã察米ãã« GBP/USD: è±åœãã³ã察米ãã« USD/JPY: ç±³ãã«å¯Ÿæ¥æ¬å USD/CHF: ç±³ãã«å¯Ÿã¹ã€ã¹ãã©ã³ AUD/USD: ãªãŒã¹ãã©ãªã¢ãã«å¯Ÿç±³ãã« USD/CAD: ç±³ãã«å¯Ÿã«ãããã« NZD/USD: ãã¥ãŒãžãŒã©ã³ããã«å¯Ÿç±³ãã« ç±³ãã«ãå«ãŸãªãé貚ãã¢ã¯ããã¯ãã¹é貚ããšããŠãŸãšããŠç¥ãããŠããŸããæµåæ§ãäœãä»ã®é貚ãã¢ã«ã¯ããã€ããŒããã³ãšããŸããã¯ãã¢ãå«ãŸããŸãã ã¹ãããå€åœçºæ¿åžå Žã§ååŒããéã«ã¯ãéè²šã¯æ±ºæžæ¥ãŸãã¯ååŒäŸ¡å€æ¥ã«ç©ççã«äº€æãããŸããã¹ãããå€åœçºæ¿ååŒã¯éåžžãéè¡æ¯èŸŒãè¡ãããããã«2å¶æ¥æ¥ä»¥å ã«æ±ºæžãããŸãã å€åœçºæ¿åžå Žã§ååŒãå§ããã«ã¯ãé貚ååŒã®æ¹æ³ãåŠã³ããå Žåã¯ã»ãšãã©ãéãå¿ èŠãããŸãããåºæ¬çã«ã¯ãã»ãšãã©ã®ãªã³ã©ã€ã³å°å£²å€åœçºæ¿ãããŒã«ãŒã§ã矩åãè³éããªããŠããã¢å£åº§ãéèšããå€åœçºæ¿ååŒã®ç·Žç¿ãããããšãã§ããŸãã å€åœçºæ¿åžå ŽååŒã®æ¹æ³ FXãŸãã¯CFDãååŒããããã®å£åº§ãéèšããŸãã ååŒãããé貚ãã¢ãéžæããŸãã FXãã¢ãå®è¡ããæ¹æ³ãéžæããŸãïŒã¹ãããããã©ã¯ãŒãããŸãã¯ãªãã·ã§ã³ïŒã ååŒãè¡ããŸãã FXååŒã®å©ç¹ãšæ¬ ç¹ FXååŒã«ã¯ä»ã®éèåžå Žã«æ¯ã¹ãŠããã€ãã®æ³šç®ãã¹ãå©ç¹ããããŸãããåæã«ããã€ãã®æ¬ ç¹ããããŸãã å©ç¹æ·±ãæµåæ§ïŒèŠå¶ãããååŒæãååŒå Žã¯ã巚倧ãªèŠæš¡ãšæµåæ§ã«æ¯ã¹ããšãäžççãªå€åœçºæ¿åžå Žãšã¯æ¯èŒã«ãªããŸãããããã«ãããåžå Žãå€§å¹ ã«åããããšãªãéåžžã«å€§ããªååŒãåžåããããšãã§ããŸããé«ãã¬ãã¬ããžïŒç±³åœã§ã¯ãäž»èŠãªé貚ãã¢ã§ã¯æå€§50ïŒ1ããã€ããŒé貚ãã¢ã§ã¯æå€§20ïŒ1ãŸã§ã¬ãã¬ããžããããããšãã§ããŸããããã¯ä»ã®ã©ã®åžå Žãããããªãé«ãã§ããäžéšã®èŠå¶ãããŠããªãå°åã§ã¯ãFXååŒã®ã¬ãã¬ããžæ¯çãæå€§ã§3,000ïŒ1ã«éããããšããããŸããéåžžã«ã¢ã¯ã»ã¹ããããåžå ŽïŒããããªèšŒæ éãšã€ã³ã¿ãŒãããæ¥ç¶ãããã¹ããŒãããã€ã¹ãããã°ã誰ã§ããªã³ã©ã€ã³ã§FXé貚ãã¢ãååŒã§ããŸããææ°æç¡æã®ååŒïŒãªã³ã©ã€ã³FXãããŒã«ãŒã¯éåžžãå°å£²ãã¬ãŒããŒåãã«ææ°æç¡æã®ååŒå£åº§ãæäŸããŠããŸãããããŒã«ãŒã¯ãé«ãç«¶äºåãæã€ã€ã³ã¿ãŒãã³ã¯FXåžå Žã§ã®åŒçšã«æ¯ã¹ãŠãååŒã¹ãã¬ãããåºããããšã§åçãåŸãŸããã€ã¹ã©ã æã®å£åº§ãå©çšå¯èœïŒå€ãã®ãªã³ã©ã€ã³FXãããŒã«ãŒã¯ãå©åãæ¯æã£ããåãåã£ããããªãç¹å¥ãªã€ã¹ã©ã æã®ååŒå£åº§ãæäŸããããšã§ãã ã¹ãªã ã®é¡§å®¢ã«å¯Ÿå¿ããŠããŸãã æ¬ ç¹äž»ã«èŠå¶ãããŠããªãéèåžå ŽïŒèŠå¶ãããŠããªãéäžå€®éæš©çãªFXåžå Žã§ã®éå¶ã¯ãè©æ¬ºã«ãããããå¯èœæ§ããããããä¿¡é Œã§ããèŠå¶ããããªã³ã©ã€ã³FXãããŒã«ãŒãéžæããããã«ããŠãã ãããåŒçšã®äžè²«æ§ã®æ¬ åŠïŒäžå€®éæš©çãªé貚ååŒæãååšããªããããé貚ãã¢ã®åŒçšã¬ãŒãã¯ãªã³ã©ã€ã³ãããŒã«ãŒããã®ä»ã®åžå Žã¡ãŒã«ãŒã®éã§ç°ãªãå ŽåããããŸããæ¥æ¿ãªçºæ¿ã¬ãŒãã®å€åïŒé貚åžå Žã¯ææçžåœãªãã©ãã£ãªãã£ã瀺ãããšããããŸãã®ã§ãäºæãã¬æå€±ãé¿ããããã«FXããžã·ã§ã³ãåãåã«æ³šæããŠãã ãããäŸãã°ãç¹å®ã®å°æ¿åŠçã€ãã³ããçµæžããŒã¿ã®çºè¡šã«ãããæ°ããæ å ±ãåžå Žã¡ãŒã«ãŒã«å±ããšæ¥æ¿ãªçºæ¿ã¬ãŒãã®å€åãçºçããããšããããŸãã å ç©ååŒãšã¯ãªãã§ããïŒ å ç©ååŒã¯ç©ççè³ç£ã®äº€æããããžãããã³ææ©ã«äœ¿çšãããæŽŸçå¥çŽã§ããå ç©å¥çŽã¯å°æ¥ã®æ¥ä»ã«è³ç£ã売買ããå¥çŽã§ãããé貚å ç©ã®å Žåã¯é貚ãã¢ã§ããé貚å ç©å¥çŽã¯ãå¥çŽã®ã«ãŠã³ã¿ãŒããŒãã£ãŒéã§åºç€ãšãªãé貚ãã¢ã亀æãããçºæ¿ã¬ãŒããå¥çŽã®æºæã®æ¥æãããã³æ£ç¢ºãªæå»ãå¥çŽã®äžã§äº€æãããããŒã¹éè²šã®æ°éãæç€ºãããŠããŸãã ãªãã·ã§ã³ã§ã¯ããã¬ãŒããŒãè³ç£ãè¡äœ¿ããŠåãåãããšãã§ããŸãããå ç©å¥çŽã®å Žåã¯å¥çŽã®å£²ãæãçŽåãã責任ããããŸããããããå ç©å¥çŽã®ã»ãšãã©ãçŽåãããã代ããã«å£²ãæã売åŽããå ç©å¥çŽãçŸéã®å©çãŸãã¯æå€±ã®ããã«è²·ãæ»ãçç±ã§ãã CMEã®é貚å ç©ååŒã¯ãå€åœé貚åäœã§è¡šãããç¹å®ã®å¥çŽããããµã€ãºïŒã¹ã¿ã³ããŒããE-ãããE-ãã€ã¯ãïŒã®åæ°ã§ååŒãããç±³ãã«ãããã®å€è²šåäœã§éåžžåŒçšãããŸããããã¯ãç±³ãã«ãããŒã¹é貚ãšããé貚ãã¢ã®å Žåã§ããUSD/JPYãUSD/CADãUSD/CHFãªã©ã®é貚ãã¢ã®å ŽåãOTCå€åœçºæ¿åžå Žã®åŒçšèŠåã®æ°åŠçé転ã§ãã å€ãã®äŒæ¥ã¯ãæµ·å€ã§ã®ããžãã¹ã«äŒŽãçºæ¿ãªã¹ã¯ãçžæ®ºããããã«ãå€åœçºæ¿ãå ç©ããžã·ã§ã³ã確ç«ããŸããåœéæè³å®¶ãé貚ãªã¹ã¯ããããžããããã«å ç©ã䜿çšããå ŽåããããŸãã äŸãã°ãç±³åœã®æè³å®¶ãè±åœã®æ ªåŒä¿æãæã£ãŠããå Žåããããã®ä¿æã¯GBP/USDçºæ¿ã¬ãŒãã®ã¬ãã«ã«ææã§ããæ ªåŒã®GBPå æ¬é¡ãšé åœåå ¥ã®å€åœçºæ¿ãªã¹ã¯ã¯ãäºæ³ãããæè³æéã®ããã«ãã®é¡ã®GBP/USDå ç©å¥çŽã売åŽããããšã«ãã£ãŠçžæ®ºãããå¯èœæ§ããããŸãã æè³å®¶ã®æ ªåŒã®åçãšé åœãGBPã®äŸ¡å€ãUSDã«å¯ŸããŠäžèœããããšã«ãã£ãŠæžå°ããå Žåããã®æå€±ã¯ãããžãšããŠäœ¿çšãããGBPå ç©å¥çŽã®å©çããååã§ããŸãã é貚å ç©å¥çŽã¯äž»ã«ã·ã«ãŽããŒã«ã³ã¿ã€ã«ååŒæïŒCMEïŒã§ååŒãããåé貚ã«å¯ŸããŠæšæºåãããéé¡ãèšå®ãããŠããŸããååŒã¯ç±³ãã«ã§æ±ºæžãããåãã£ãã¯ã®ãã«äŸ¡å€ã¯é貚ã«ãã£ãŠç°ãªãã6.25ãã«ãã10ãã«ã®éã§ããCMEå€åœçºæ¿å ç©å¥çŽã®ç°ãªãå¥çŽãµã€ãºãã·ã³ãã«ãæºæããã£ãã¯å€ãããã³æå°ãã£ãã¯ãµã€ãºã以äžã®è¡šã§ç¢ºèªã§ããŸãã CMEå€åœçºæ¿å ç©å¥çŽã®ååŒæéã¯ãéææ¥ååŸ5æããç±³åœäžéšæéïŒCTïŒã®ååŸ4æãŸã§ã§ãããå¹³æ¥ã®æ¯æ¥ååŸ4æãã1æéã®äŒæ©ããããŸãã å ç©å¥çŽãååŒããã«ã¯ãCMEã¯ãªã¢ãªã³ã°ãèšå®ããåæèšŒæ éãšåŒã°ããæäœéé¡ãå ¥éããå¿ èŠããããŸããããã¯ã䜿çšãããããŒã«ãŒãšååŒæãå¯èœãªæå€±ã«å¯Ÿããä¿è·ã確ä¿ããããã®ãã®ã§ãããŸããä¿æããžã·ã§ã³ãããéããå£åº§ã«ç¶æããªããã°ãªããªãç¶æèšŒæ éé¡ãææ¡ããŠããå¿ èŠããããŸãã äŸãã°ãCMEã¯ãªã¢ãªã³ã°ããé貚å ç©ããžã·ã§ã³ã®åæèšŒæ éãèšå®ãããšãããšããã®éé¡ã¯10,000ãã«ã§ãããç¶æèšŒæ éã¯7,000ãã«ã§ããåŸã§å£åº§ã®äŸ¡å€ã5,000ãã«ã«äœäžããå ŽåïŒç¶æèšŒæ éèŠä»¶ãã2,000ãã«äœãïŒãéåžžã¯èšŒæ éã®è¿œå èŠæ±ãçºçããŸãã 蚌æ éã®è¿œå èŠæ±ãè¡ã人ç©ã¯ãç¶æèšŒæ éã®éé¡ã§ãã7,000ãã«ã«æ»ãããã«ãããå šããžã·ã§ã³ãä¿æãç¶ãããå Žåã¯ååãªè³éãå£åº§ã«å ¥éããããæå€±ããžã·ã§ã³ãããªããå ¥éã§ãã蚌æ éã«é©ããéé¡ãŸã§æžããããã«èŠæ±ããŸãããããã®ãããããè¡ããªãå Žåãå šããžã·ã§ã³ãæå€±ã§èªåçã«æž ç®ãããŸãã å ç©ååŒã®æ¹æ³ å ç©ååŒå£åº§ãŸãã¯CFDååŒå£åº§ãéèšããŸãã ååŒãããå ç©åžå ŽãéžæããŸãã ãã³ã°ãŸãã¯ã·ã§ãŒãã®ãããããæ±ºå®ããŸãã ã¹ããããšãªããããèšå®ããŸãã ååŒãè¡ããŸãã ããžã·ã§ã³ãç£èŠããŸãã å ç©ååŒã®å©ç¹ã𿬠ç¹å ç©ååŒã«ã¯ãã¹ãããå€åœçºæ¿ååŒãšæ¯èŒããŠããã€ãã®å©ç¹ã𿬠ç¹ããããŸããæé©ãªéžæè¢ã¯ãããªãã®å€åœçºæ¿ååŒã®ããŒãºãšå¥œã¿ã«æãé©ããååŒæãäœãã«ãã£ãŠç°ãªããŸãã å©ç¹ å®å šã«èŠå¶ãããŠããŸãïŒç±³åœã§å€åœçºæ¿å ç©ãååŒãããCMEããã³International Commodities
å€åœçºæ¿ååŒã®ä»çµã¿ã¯ãåºæ¬çã«ã¯ç¹å®ã®çºæ¿ã¬ãŒãã亀æã¬ãŒãã§ä»ã®é貚ãè³Œå ¥ããããšãå«ã¿ãŸããããã¯ãå€åœçºæ¿ååŒã«ãããäŸ¡æ ŒãšããŠæ©èœããŸããå®éã«ã¯ãå€åœçºæ¿ååŒã¯é貚ãã¢ïŒäŸïŒEUR/USDïŒãè³Œå ¥ãŸãã¯å£²åŽããããšãå«ã¿ãŸããããã§ãé貚ãã¢ã®æåã®é貚ã¯ããŒã¹é貚ãšåŒã°ãã2çªç®ã®é貚ã¯ã«ãŠã³ã¿ãŒé貚ãŸãã¯ã¯ã©ãŒãé貚ãšããŠç¥ãããŠããŸãã é貚ã¯ã24æéå¶æ¥ã®å€§éšåãèŠå¶ãããŠããªãå€åœçºæ¿åžå Žã§ããäºãã«å¯ŸããŠãã¢ã§ååŒãããŸãããã®åžå Žã¯ãæ¥ææ¥ã®ååŸ5æïŒETïŒã«ã·ãããŒãéå§ããéææ¥ã®ååŸ5æïŒETïŒã«ãã¥ãŒãšãŒã¯ãçµäºãããŸã§ãæšæºã®å¶æ¥æéå ã§24æéå¶æ¥ããŠããŸãã ããŸããŸãªçµæžçããã³å°æ¿åŠçèŠå ã«ãããé貚ã®äŸ¡å€ã¯åžžã«ãäºãã«å¯ŸããŠå€åããŸããããã«ããããã¬ãŒããŒã¯ãããããå©çãåŸãæ©äŒãçãŸããŸããå€åœçºæ¿ãã¬ãŒããŒã¯ãé貚ãã¢ã«ããžã·ã§ã³ãåããããŒã¹é貚ãã«ãŠã³ã¿ãŒé貚ã«å¯ŸããŠäŸ¡å€ãäžæãããäžèœããããæ£ããäºæž¬ããããšã§å©çãäžããããšãç®æããŠãéèåžå Žã§ç©æ¥µçã«ååŒãè¡ããŸãã å€åœçºæ¿åžå Žã«åå ããããã«ã¯ ãªã³ã©ã€ã³å°å£²å€åœçºæ¿åžå Žãžã®åå ãéå§ããããã«ã¯ã以äžã®éèŠãªæé ã«åŸãããšãã§ããŸãã ãããŒã«ãŒã®èª¿æ»ãšéžæãªã³ã©ã€ã³å€åœçºæ¿ååŒã«é£ã³èŸŒãåã«ããŸãã¯èªåã®ããŒãºã«åã£ãä¿¡é Œã§ãããããŒã«ãŒãéžæããå¿ èŠããããŸãããããŒã«ãŒãéžã¶éã«èæ ®ãã¹ãäž»ãªç¹ã¯æ¬¡ã®éãã§ãã ããŒãžã³ãšã¬ãã¬ããžïŒååŒãè¡ãããã«å¿ èŠãªæ ä¿ã®é¡ãçè§£ãããããŒã«ãŒãæäŸããæå€§ã¬ãã¬ããžæ¯çã調ã¹ãŸããé«ãã¬ãã¬ããžæ¯çãå©çšããããšã¯é åçã«æãããããããŸããããããã¯æœåšçãªæå€±ãå¢å ãããããšã«ãªãããšãèŠããŠãããŠãã ããã èŠå¶åœå±ïŒãããŒã«ãŒããã®å°åã®èŠå¶æ©é¢ãšã®èŠå¶ã«æºæ ããŠããããšã確èªããŠãã ãããããã«ããããããŒã«ãŒã®ä¿¡é Œæ§ãšã»ãã¥ãªãã£ãåäžããŸãã ææ°æãšæéïŒååŒæŽ»åãå ¥åºéã«é¢é£ããææ°æãååŒã¹ãã¬ãããææ°æãªã©ããããŒã«ãŒã®ååŒã³ã¹ãã«ã€ããŠèª¿æ»ããŠãã ããã ã«ã¹ã¿ããŒãµããŒãïŒãããŒã«ãŒã®é¡§å®¢ãµããŒãã®å©äŸ¿æ§ãšå¹çæ§ã確èªããã¡ãŒã«ãé»è©±ãã©ã€ããã£ããããŸãã¯ãœãŒã·ã£ã«ã¡ãã£ã¢ã¡ãã»ãŒãžã³ã°ãªã©ãé©åãªé£çµ¡ææ®µãå©çšã§ããããšã確èªããŠãã ããã å€åœçºæ¿åžå ŽååŒãè¡ãããã®ã¢ã«ãŠã³ãã®èšå®æ¹æ³ãšã¯ïŒ å€åœçºæ¿ååŒå£åº§ãèšå®ããä¿¡é Œã§ãããªã³ã©ã€ã³å€åœçºæ¿ãããŒã«ãŒãéžãã ããå人æ å ±ãæäŸãã身å ã確èªããããšã§ååŒå£åº§ã«ç»é²ããå¿ èŠããããŸããèŠå¶åœå±ã¯ããã¹ãŠã®ãã¬ãŒããŒãèªåã®æ£äœã確èªãã峿 ŒãªKYCïŒé¡§å®¢ã®æ£äœç¢ºèªïŒãããã³ã«ã矩åä»ããããšããããããŸãã éžæãããããŒã«ãŒã¯ãããŸããŸãªã¬ãã«ã®å°éç¥èãååŒè³æ¬æè³é¡ã«å¯Ÿå¿ããè€æ°ã®å£åº§ã¿ã€ããæäŸããŠããå¯èœæ§ããããŸããåå£åº§ã¿ã€ãã®è©³çްãèªãã§ãçµéšãååŒãè³æ¬é åã®å奜ã«å¿ããŠè³¢ãéžæããŠãã ãããäžè¬çãªå£åº§ã¿ã€ãã«ã¯ä»¥äžã®ãã®ããããŸãã ãã€ã¯ããã©ã¬ãã¯ã¹å£åº§ïŒãããã®å£åº§ã¯éåžžãäœãååå ¥éèŠä»¶ãçãããããµã€ãºãå¶éãããã¬ãã¬ããžæ¯çãç¹åŸŽãšãããªã¹ã¯ãæå°éã«æããªããçµéšãç©ã¿ããåå¿è ã«æé©ã§ããã¹ã¿ã³ããŒããã©ã¬ãã¯ã¹å£åº§ïŒãã®å£åº§ã¿ã€ãã¯äžè¬çã«ãå¹³åçãªæäœå ¥éé¡ãæšæºçãªããããµã€ãºãç©ãããªã¬ãã¬ããžã¬ãã«ãç¹åŸŽãšããäžçŽè ãäžçŽè ããããã©ã³ã¹ã®åããååŒç°å¢ãæ±ããããã«å©çšããŸããVIPãã©ã¬ãã¯ã¹å£åº§ïŒãã®ãããªå£åº§ã«ã¯ãã¬ãã¢ã ãµãŒãã¹ãé«ãå ¥éé床é¡ãåºç¯ãªååŒèœåãåå¥ã®ãµããŒããä»å±ããããšãäžè¬çã§ãããããã¯äžè¬çã«ãé«ååŒéã§è³æ¬ãè±å¯ãªãã¬ãŒããŒã察象ãšããŠãããé«åºŠãªæ©èœãšå°ä»»ã®ãµããŒããå¿ èŠãªå Žåã«é©ããŠããŸããã€ã¹ã©ã ãã©ã¬ãã¯ã¹å£åº§ïŒãããã®å£åº§ã¯ã€ã¹ã©ã æ³ã«åŸã£ãŠãããã¹ã¯ãããããŒãªã³ã°ããžã·ã§ã³ã«ãããå©åïŒãªãïŒãæé€ããŠããŸãããããã£ãŠããããã®å£åº§ã¯ããªã³ã©ã€ã³å€åœçºæ¿ååŒãè¡ãéã«ä¿¡ä»°ã«åŸãã ã¹ãªã ãã¬ãŒããŒã«ãšã£ãŠå«ççãªéžæè¢ãæäŸããŸãã ãªã³ã©ã€ã³å°å£²å€åœçºæ¿åžå Žã«åå ãå§ããããã«ã¯ã次ã®éèŠãªæé ã«åŸããŸãã ãªã³ã©ã€ã³å€åœçºæ¿ååŒã«åå ããåã«ããŸãä¿¡é Œã§ãããããŒã«ãŒãéžã³ãŸããéžæããéã«ã¯ãããŒãžã³ãšã¬ãã¬ããžãèŠå¶åœå±ãææ°æãšæéãã«ã¹ã¿ããŒãµããŒããªã©ã®ãã€ã³ããçæããŠãã ããã éžæãããããŒã«ãŒã®ååŒãã©ãããã©ãŒã ã詊ãããã«ããã¢å£åº§ã䜿çšããããšãã§ããŸããå®éã®è³éããªã¹ã¯ã«ããããã«ãååŒãã©ãããã©ãŒã ã®æ©èœãçè§£ããŸãããã ãã¢å£åº§ã§ãããŒã«ãŒã®ååŒãã©ãããã©ãŒã ã詊ããåŸãå®éã®ååŒå£åº§ã«é©åãªè³éãæå ¥ããŸãããããŒã«ãŒãæ¿èªããŠããå®å šãªæ¯æãæ¹æ³ã䜿çšããŠè³éãç§»åããããšãã§ããŸãã å€åœçºæ¿ååŒãå§ããåã«ãäžè¬çã«äœ¿çšãããäž»èŠãªçšèªãçè§£ããŠããããšãéèŠã§ããããããããããã¬ãã¬ããžãããããã¢ã¹ã¯ãŸãã¯ãªãã¡ãŒãæè¡æ³šæãæå€æ³šæãéæå€æ³šæãå©çç¢ºå®æ³šæãªã©ãå«ãŸããŸãã å®éã®ååŒãå§ããåã«ãèªåã®ç®æšããªã¹ã¯èš±å®¹åºŠã奜ã¿ã®æéæ ã«åãããŠãæç¢ºãªãšã³ããªãŒãéåºããªã¹ã¯ãè³é管çã«ãŒã«ãåããå åºãªååŒèšç»ãç«ãŠãããšãéèŠã§ããæè¡åæãšåºæ¬åæã®äž¡æ¹ãååŒæŠç¥ã«åãå ¥ããããšã圹ç«ã¡ãŸãã èªåã«åã£ãååŒæŠç¥ãéçºãããããã¢å£åº§ã§ã¹ãã«ã磚ããæŠç¥ããã¹ãããŠã¿ãŸããããèªä¿¡ãæã£ãŠæŠç¥ãå®è¡ã§ããããã«ãªã£ãããå®éã®ååŒç°å¢ã§ååŒãéå§ããåŸã ã«ããžã·ã§ã³ãµã€ãºãå¢ãããŠãããŸãã ååŒããžã·ã§ã³ãéããããåžžã«ã¢ã¯ãã£ããªãã¬ãŒãã远跡ããç¶æ³ã«å¿ããŠããžã·ã§ã³ã調æŽããå¿ èŠããããŸããå€ãã®ãã¬ãŒããŒã¯ãæåããå©ç確å®ã®ç®æšãèšå®ããŠãååŒå£åº§ãä¿è·ããåžå Žã®åãã«å¯Ÿãã圱é¿ãæå°éã«æããŸãã å€åœçºæ¿åžå ŽååŒå£åº§ãéèšããã«ã¯ïŒ å€åœçºæ¿ååŒå£åº§ãéèšããããã«å¿ èŠãªæžé¡ã¯ãå± äœå°ãéžæãããããŒã«ãŒã®æ³çç®¡èœæš©ãå人å£åº§ãæ³äººå£åº§ãéèšãããã«ãã£ãŠç°ãªãå ŽåããããŸãã å人ãšããŠå®éã®ååŒå£åº§ãéèšããŠè³éãå ¥éããããã«ãã»ãšãã©ã®ãªã³ã©ã€ã³å€åœçºæ¿ãããŒã«ãŒã¯ä»¥äžã®å人æžé¡ãæ±ããŸãã åœæ°IDãé転å 蚱蚌ããã¹ããŒããªã©ã®èº«å èšŒææž å ¬å ±æéé åæžãéè¡ååŒæçŽ°æžãªã©ã®äœæèšŒææž å ¥åºéã®ããã®éè¡å£åº§ã®è©³çް çŽçšè çªå·ïŒTINïŒ æ³äººå£åº§ãéèšãããå Žåã¯ããããŒã«ãŒã«èŠä»¶ã確èªããŠãã ããã å€åœçºæ¿ååŒãè¡ãäžã§ã®è³éãšãªã¹ã¯ã®ç®¡ç æåããå€åœçºæ¿ååŒãæ¯ãã广çãªãªã¹ã¯ç®¡çã¯ãäžè¬çã«éèŠã§ãã以äžã®ãããªå®èšŒããããªã¹ã¯ç®¡çããã³è³é管çæè¡ãåŠã³ãé©çšããå¿ èŠããããŸãã ããžã·ã§ã³ãµã€ãžã³ã°ïŒäºæ³ããããã©ãã£ãªãã£ã¬ãã«ãæåŸ ããããªã¿ãŒã³ã«åºã¥ããŠãååŒå£åº§ã®ããŒãžã³è³éã®é©åãªéšåãåã ã®ããžã·ã§ã³ã«å²ãåœãŠãŸãã 忣æè³ïŒé¢é£æ§ã®ãªãè³ç£ãã€ã³ã¹ãã¥ã«ã¡ã³ãã¯ã©ã¹ã«ããžã·ã§ã³ã忣ãããéäžãªã¹ã¯ã軜æžããŸãã ææ ã®å¶åŸ¡ïŒæ¬²æãææã«é§ãããè¡åçãªååŒã®æ±ºå®ãé¿ããŸãã確ç«ããã詳现ãªååŒèšç»ã«åŸããäžè²«ããŠçްå¿ã®æ³šæãæããäžæçãªææ ç¶æ ã«ãã£ãŠéžè±ããªãããã«ããŸãã å€åœçºæ¿åžå ŽååŒã®å ç©ååŒ é貚ååŒãè¡ãããå Žåãå€åœçºæ¿åžå Žãžã®åå æ¹æ³ãšããŠãããã€ãã®éžæè¢ããããŸãã å°å£²å€åœçºæ¿ãããŒã«ãŒïŒå人ãã¬ãŒããŒã®å Žåãå°å£²å€åœçºæ¿ååŒã«ç¹åãããªã³ã©ã€ã³ååŒå®è¡ãããã€ããŒãšææºããããšãã§ããŸããååŒéææ§ãææ°ææ§é ã®å¥œã¿ã«å¿ããŠããã£ãŒãªã³ã°ãã¹ã¯ãSTPãECNãDMAãªã©ã®ããŸããŸãªãªã³ã©ã€ã³ãããŒã«ãŒã¢ãã«ããéžæããããšãã§ããŸãã çŽæ¥éè¡ååŒïŒäŒæ¥ããã¬ãŒããŒã¯ãå€åœçºæ¿ååŒãµãŒãã¹ãæäŸããéè¡ãéèæ©é¢ãšã®ä¿¡çšååŒãèšå®ããããšãã§ããå ŽåããããŸãããã ãããªã³ã©ã€ã³ååŒãã©ãããã©ãŒã ãä»ããŠå©çšã§ããååŒã¹ãã¬ãããããåºãååŒã¹ãã¬ãããäºæ³ãããŸãã å ç©ååŒå¥çŽïŒå ç©ååŒå¥çŽã¯ãå ç©ååŒå£åº§ãéããŠèªèãããååŒæã«äžå Žãããé貚掟çååã§ãããããã®ååã«ã¯éåžžãå€§èŠæš¡ãªæšæºå¥çŽãµã€ãºãšå°æ¥ã®æºææ¥ãèšå®ãããŠããŸãã å€åœçºæ¿ååŒåžå Žã®çš®é¡ æ§ã ãªæ¹æ³ã§å€åœçºæ¿ååŒãã§ããŸãã®ã§ãæŠç¥çãªç®æšã«å¯Ÿå¿ããæé©ãªå€åœçºæ¿åžå Žã¿ã€ããéžæããããã«ããŠãã ããã ã¹ãããå€åœçºæ¿åžå Žæãäžè¬çã«äœ¿çšãããå€åœçºæ¿åžå Žã§ãããã¹ãããåžå Žã¯ååŒç¢ºèªåŸ1ã2å¶æ¥æ¥ä»¥å ã«éåžžã«è¿ éãªçŽåãç¹åŸŽã§ããã¹ãããå€åœçºæ¿å¥çŽã®çºæ¿ã¬ãŒãã¯çŸåšã®åžå Žç¶æ³ãåæ ããŠããŸãã å ç©å€åœçºæ¿åžå Žã¬ãã¬ããžãæäŸããæå®ãããå°æ¥ã®æºææ¥ãåäžãªååŒååããã³æ°éã®ä»æ§ãæã€å ç©åžå Žã¯ãéãããæ°ã®æšæºåãããå€åœçºæ¿å¥çŽã§ææ©ããããã¬ãŒããŒãæ¯æŽããŸããå ç©åžå Žã¯äžè¬çã«éäžåã®ã¯ãªã¢ãªã³ã°ã¡ã«ããºã ãæäŸããã«ãŠã³ã¿ãŒããŒãã£ã®ä¿¡çšãªã¹ã¯ãäœæžããŸãã ãã©ã¯ãŒãå€åœçºæ¿åžå Žå€åœçºæ¿ãªã¹ã¯ãžã®ä¿è·ãæ±ããäŒæ¥åãã«èšèšããã圌ãã®ãããžç®çã«æé©ãªãã©ã¯ãŒãå€åœçºæ¿å¥çŽã¯ãéèæ©é¢ãšã®ä¿¡çšæ ã«åºã¥ããŠè¡ãããåºé ååŒå¥çŽã§ãããã®ãããªãã©ã¯ãŒãå¥çŽã¯ãéåžžã®ã¹ãããåžå Žã®çŽåæ¥ãšã¯ç°ãªãæè»ãªæéãšååŒãµã€ãºãæã£ãŠããŸãã å€åœçºæ¿ååŒå£åº§ã§ã§ããããš äºè§£ããŸããã以äžã®æç« ãçªå·ãçããŠå床翻蚳ããŸãã èŠèŸŒã¿ã®ãããªã³ã©ã€ã³å€åœçºæ¿ãããŒã«ãŒãè©äŸ¡ããéã«ã¯ã以äžã®åºæºã«åºã¥ããŠè©äŸ¡ããããšãã§ããŸãã å£åº§æäœé¡ïŒåãããŒã«ãŒãã¯ã©ã€ã¢ã³ãã«å¯ŸããŠèšå®ããæäœæ®é«èŠä»¶ã«é¢ãããããŒã«ãŒã®æé ããè©äŸ¡ããŸããå€åœçºæ¿ååŒã«å²ãåœãŠãäºç®ãšæåŸ ãæŽåãããè³éå¶çŽãžã®é床ãªè² æ ãé¿ããããã§ãã ææ°æïŒæ€èšäžã®åãããŒã«ãŒã課ãååŒææ°æãããŒã«ãªãŒããŒæãã¹ã¯ããã¬ãŒããéæŽ»åææ°æãå ¥éææ°æãåºéææ°æã調æ»ããŸããããããææ°æã®è©³çŽ°ãªæ€èšŒã«ãããé·æçãªå€åœçºæ¿ååŒããžãã¹ã®æç¶å¯èœæ§ãæãªãå¯èœæ§ã®ããé ããè²»çšãæããã«ãªããŸãã ãã¢å£åº§ïŒå€åœçºæ¿ååŒãåããŠã®å Žåã¯ã財åçãªã³ãããã¡ã³ããããã«ãæäŸããããã©ãããã©ãŒã ã䜿çšããŠå®éã®ååŒçµéšãç©ãããšãã§ãããç¡æã®ãã¢ååŒå£åº§ãæäŸããŠãããªã³ã©ã€ã³ãããŒã«ãŒã®ã¿ãéžæããããã«ããŠãã ãããå®éã®è³éããªã¹ã¯ã«ãããåã«ãæš¡æ¬ååŒã§å®è·µçãªèœåã磚ãããšã¯åå¿è ã«ãšã£ãŠç¹ã«æçã§ãã ãµããŒãããåžå Žã®æ°ãšå質ïŒã»ãšãã©ã®ãªã³ã©ã€ã³ãã¬ãŒããŒã¯ãã»ãšãã©ã®ãããŒã«ãŒãæäŸããé«ãæµåæ§ãæã€äž»èŠããã³ãã€ããŒé貚ãã¢ã«çŠç¹ãåœãŠãŸããäžéšã®ãããŒã«ãŒã¯ãæå€§200çš®é¡ã®é貚ãã¢ãæäŸããŠããŸããããããã®ãã¢ã¯ç°ãªãæµåæ§ã¬ãã«ã瀺ããŸããå€åœçºæ¿ä»¥å€ã®è³ç£ãååŒãããå Žåã¯ãååŒãããéèååãã»ã¯ã¿ãŒãç¶²çŸ ããé©åãªè³ç£éžæãæäŸãããããŒã«ãŒãç¹å®ããå¿ èŠããããŸãã ã«ã¹ã¿ããŒãµãŒãã¹ïŒãããŒã«ãŒã®ã«ã¹ã¿ããŒãµãŒãã¹æ åœè ãã¯ã©ã€ã¢ã³ãã®çåã«å¯ŸåŠããéã®è¿ éããèœåããããã§ãã·ã§ããªãºã ã詊ããŠã¿ãŸããä¿¡é Œã§ããã³ãã¥ãã±ãŒã·ã§ã³ãã£ãã«ã¯ãååŒæŽ»åãæ¯æŽãããããŒã«ãŒã«å¯Ÿããä¿¡é Œãéžæããã®ã«åœ¹ç«ã¡ãŸãã å©çšå¯èœãªãªãµãŒãããŒã«ïŒç ç©¶ãç¬èªã®ååŒããŒã«ãå©çšãããå Žåã¯ããããã®ãµãŒãã¹ãæäŸãããããŒã«ãŒãéžæããŸããäŸãã°ãäžéšã®å€åœçºæ¿ãããŒã«ãŒã¯ãæè¡åæã®ç ç©¶ããã¥ãŒã¹ãã£ãŒãããã£ãŒããã¿ãŒã³èªèãœãããŠã§ã¢ãå©çãæå€§åããã®ã«åœ¹ç«ã€èªåã¢ã«ãŽãªãºã ãã«ããŒãªã©ã®ååŒããŒã«ãæäŸããŠããŸãã
å€åœçºæ¿ååŒã®æ¹æ³ãšã¯ïŒ å€åœçºæ¿ååŒããŸãã¯ãã©ã¬ãã¯ã¹ååŒãšã¯ãããé貚ãå¥ã®é貚ãšçŽæãããçºæ¿ã¬ãŒãã§äº€æããéèååŒã®äžçš®ãæããŸããçºæ¿ã¬ãŒãã¯ãé絊ã®åžå Žåã«ãã£ãŠèšå®ãããŸãã é貚ã®è¡šç€ºã«é¢ããŠãååœã®é貚ã¯éåžžãISO 4217åœéèŠæ Œã®äžã§ç¢ºç«ãããåºæã®3æåã®é貚ã³ãŒãã§è¡šãããŸãããããã®ã³ãŒãã®äžè¬çãªäŸã«ã¯ãç±³ãã«ã®USDããŠãŒãã®EURãè±ãã³ãã®GBPãæ¥æ¬åã®JPYãã¹ã€ã¹ãã©ã³ã®CHFããªãŒã¹ãã©ãªã¢ãã«ã®AUDãã«ãããã«ã®CADããã¥ãŒãžãŒã©ã³ããã«ã®NZDãªã©ããããŸãã å€åœçºæ¿åžå Žã§ã¯é貚ããã¢ã§ååŒããããããéåžžãåºè»žé貚ãšã«ãŠã³ã¿ãŒé貚ãŸãã¯åŒçšé貚ã®ã³ãŒããã¹ã©ãã·ã¥(/)ã§åºåã£ãŠé貚ãã¢ãåç §ããŸãããã®è¡šèšã®äŸãšããŠããŠãŒããåºè»žé貚ãšããç±³ãã«ãã«ãŠã³ã¿ãŒé貚ãšããå ŽåãEUR/USDãšãã衚èšã䜿çšãããŸãã å€åœçºæ¿ååŒã®ã»ãšãã©ã¯ãéåžž2å¶æ¥æ¥ã§æ±ºæžãããã䟡å€åºæºã§è¡ãããŸãããå€åœçºæ¿ãã¬ãŒããŒã¯éåžžãçŸç©åžå Žã§ç°¡åã«ååŒã§ããããã«ãä¿æäžã®ããžã·ã§ã³ã䟡å€åºæºã«ä¿ã€ããã«ãæ°ããååŒæ¥ãååŸ5æã«å§ãŸããšãã«ããŒã«ãªãŒããŒãè¡ããŸãã å€åœçºæ¿ååŒã¯æè³ãããã®ã£ã³ãã«ã«é¡äŒŒããææ©çãªæŽ»åã§ãããããŒãžã³ãšããŠäœ¿çšããã®ã¯å€±ã£ãŠãå·®ãæ¯ããªãè³éã ãã§ãªããã°ãªããŸãããé貚ãã¬ãŒããŒã¯ãæè¡çããã³åºæ¬çãªåžå Žåæã䜿çšããŠãçºæ¿ã¬ãŒãã®åããäºæž¬ããŸãããããŠãç¹å®ã®é貚ãã¢ã«å¯Ÿããèªåã®èŠéãã«åºã¥ããŠå€åœçºæ¿åžå Žã§ããžã·ã§ã³ãåããŸãã äŸãã°ãå€åœçºæ¿ãã¬ãŒããŒã®åæãEUR/USDé貚ãã¢ã®çºæ¿ã¬ãŒããäžæãããšç€ºåããŠããå ŽåããŠãŒããè²·ããç±³ãã«ã売ãããšã«ãªããŸãããã®äžæãå®çŸããã°ãããžã·ã§ã³ãå©çã§å£²åŽã§ããŸããå®çŸããªãå Žåã¯ããã®ååŒã§æå€±ã被ãå¯èœæ§ããããŸãã å€åœçºæ¿ååŒãå¯èœãªæéãšã¯ïŒ å€åœçºæ¿åžå Žã¯ãæ¥ææ¥ã®ååŸ5æïŒãã¥ãŒãšãŒã¯æéïŒã®ã·ãããŒåžå Žã®ãªãŒãã³ããéææ¥ã®ååŸ5æïŒãã¥ãŒãšãŒã¯æéïŒã®ãã¥ãŒãšãŒã¯åžå Žã®ã¯ããŒãºãŸã§ã®é±äžã24æéååŒãããŸãããŸããäžçã®å€åœçºæ¿åžå Žã«ã¯ãé æ¬¡éãªãåãäžé£ã®ååŒã»ãã·ã§ã³ããããŸãã ãŠã§ãªã³ãã³ïŒãã¥ãŒãžãŒã©ã³ãïŒã§äžéšã®å€åœçºæ¿ååŒãè¡ãããããšããããŸãããå€åœçºæ¿ååŒã®å®å šãªååŒæ¥ã¯ã·ãããŒã»ãã·ã§ã³ããå§ãŸããŸãããã®åŸãæ±äº¬ã»ãã·ã§ã³ãç¶ãããã®åŸã«ãã³ãã³ããããŠãã¥ãŒãšãŒã¯ã®ååŒã»ãã·ã§ã³ãåžå Žéå¶ãåŒãç¶ããŸãã å€åœçºæ¿åžå Žã§ã¯ã©ã®ãããªäººãã¡ãååŒãããŠããŸããïŒ å€åœçºæ¿åžå Žã«ã¯ãæ§ã ãªå£äœãå人ãåå ããŠããŸããããã«ã¯åæ¥éè¡ãäžå€®éè¡ããããžãã¡ã³ããæè³äŒç€Ÿãå°å£²æè³å®¶ãå€åœç±äŒæ¥ãå人ãã¬ãŒããŒãªã©ãå«ãŸããŸãããªã³ã©ã€ã³ãããŒã«ãŒããã©ãããã©ãŒã ãéããŠåžå Žã«ã¢ã¯ã»ã¹ã§ããããã«ãªã£ãããšã§ãäžçäžã®ãã¬ãŒããŒãå€åœçºæ¿ãã¬ãŒããŒãšããŠåå ã§ããããã«ãªããŸããã æ¿åºãéèæ©é¢ããå€åœæºåéã®ç®¡çãé貚ãªã¹ã¯ã®ãããžããŸãã¯éèæ¿çã®å®æœãªã©ãããŸããŸãªç®çã§é貚ãååŒããŠããŸãã å€åœçºæ¿ååŒã®å§ãæ¹ãšã¯ïŒ å€åœçºæ¿ååŒãå§ããã«ã¯ã以äžã®æé ã«åŸã£ãŠãã ããã èªå·±æè²ãè¡ãïŒå€åœçºæ¿ååŒã®åºç€ãçšèªãæŠç¥ãåææ¹æ³ãªã©ãåŠã¶ããšããå§ããŸããäžçã®é貚åžå Žãšãã®éå¶æ¹æ³ã«ã€ããŠãçè§£ãæ·±ããŸãã ä¿¡é Œã§ãããããŒã«ãŒãéžæããïŒä¿¡é Œã§ããå€åœçºæ¿ãããŒã«ãŒã調æ»ããèªèº«ã®ååŒããŒãºã«åã£ããã®ãéžæããŸããèŠå¶ãæäŸãããååŒãã©ãããã©ãŒã ã顧客ãµããŒããæäŸãããå£åº§ã¿ã€ããªã©ã®èŠçŽ ãèæ ®ããŸãã ååŒå£åº§ãéèšããïŒãããŒã«ãŒãéžãã åŸãååŒå£åº§ãéèšããŠãã ãããå¿ èŠãªå人æ å ±ãæäŸããå¿ èŠãªæ€èšŒããã»ã¹ãå®äºããŸãã å£åº§ã«è³éãå ¥éããïŒååŒå£åº§ã«è³éãå ¥éããŠãã ãããæè³ããéé¡ã決å®ãããããŒã«ãŒããµããŒãããæ¯æãæ¹æ³ãéžæããŸãã ååŒèšç»ãç«ãŠãïŒç®æšããªã¹ã¯èš±å®¹åºŠã奜ã¿ã®ååŒã¹ã¿ã€ã«ãæŠç¥ãæç¢ºã«ããååŒèšç»ãäœæããŠãã ããããªã¿ãŒã³ã®å®çŸå¯èœãªæåŸ å€ãèšå®ãããªã¹ã¯ç®¡çã®ã¬ã€ãã©ã€ã³ã確ç«ããŸãã ãã¢å£åº§ã§ç·Žç¿ããïŒã»ãšãã©ã®ãããŒã«ãŒã¯ãã¢å£åº§ãæäŸããŠãããä»®æ³é貚ã§ååŒãç·Žç¿ã§ããŸãããã®æ©èœãå©çšããŠçµéšãç©ã¿ãæŠç¥ããªã¹ã¯ãåããã«ãã¹ãããŠãã ããã ååŒæŠç¥ãéžæããïŒç®æšããªã¹ã¯ã¢ãã¿ã€ãã«åã£ãååŒæŠç¥ã決å®ããŠãã ããããã£ãŒããææšã䜿çšãããã¯ãã«ã«åæããŒã¹ã®ãã®ããçµæžãã¥ãŒã¹ãã€ãã³ãã䜿çšãããã¡ã³ãã¡ã³ã¿ã«åæããŒã¹ã®ãã®ãªã©ããããŸãã ååŒãéå§ããïŒç·Žç¿ãç©ã¿ãèªä¿¡ãã€ããããå®éã®è³éã§ååŒãéå§ã§ããŸããåžå Žãç£èŠããäŸ¡æ Œå€åãåæããæŠç¥ã«åºã¥ããŠååŒãè¡ã£ãŠãã ããã ååŒæŠç¥ïŒèšç»ããªãã«é貚ãååŒããããšã¯ãæ°ããå Žæã«å°éããããšããéã«å°å³ããªãã«é²ãããšãšåãã§ããã©ã€ãå£åº§ã§å€åœçºæ¿ååŒãå§ããåã«ãé©åãªååŒæŠç¥ãç ç©¶ãã宿œæ¹æ³ãåŠã³ãããããã¢å£åº§ã§ååã«ãã¹ãããŠãã ããã ããžã·ã§ã³ãææ¡ããïŒã©ã€ãå£åº§ã§ååŒãå§ãããšãæªè§£æ±ºã®ããžã·ã§ã³ãåããããã®ãåŸ ã£ãŠããæ³šæã«æ³šæãæãå¿ èŠããããŸãããŸããå©çãæå€±ã®æ°åã«æ³šæãæããããžã·ã§ã³ãç¶æã§ãããã©ããã確èªããå©çã確ä¿ãããæå€±ãã«ããããããã«å³åº§ã«è¡åããå¿ èŠããããã©ããã倿ããŠãã ããã ãªã¹ã¯ç®¡çïŒè³æ¬ãå®ãããã«ãªã¹ã¯ç®¡çæè¡ãå®è£ ããŠãã ãããæœåšçãªæå€±ãå¶éããããã«ã¹ããããã¹æ³šæãèšå®ããé©åãªããžã·ã§ã³ãµã€ãºæŠç¥ã䜿çšããŠãã ããã ç¶ç¶çãªåŠç¿ãšåäžïŒå€åœçºæ¿ååŒã¯ç¶ç¶çãªåŠç¿ããã»ã¹ã§ããåžå Žãã¥ãŒã¹ããã¬ã³ããææ°ã®ç¶æ ã«ä¿ã¡ããŠã§ãããŒãã¯ãŒã¯ã·ã§ããã«åå ããååŒããã©ãŒãã³ã¹ãåæããŠæ¹åãã¹ãç¹ãç¹å®ããŠãã ããã ååŒå£åº§ãéèšããïŒãããŒã«ãŒãéžãã åŸãååŒå£åº§ãéèšããŠãã ãããå¿ èŠãªå人æ å ±ãæäŸããå¿ èŠãªæ€èšŒããã»ã¹ãå®äºããŸãã å£åº§ã«è³éãå ¥éããïŒååŒå£åº§ã«è³éãå ¥éããŠãã ãããæè³ããéé¡ã決å®ãããããŒã«ãŒããµããŒãããæ¯æãæ¹æ³ãéžæããŸãã ååŒèšç»ãç«ãŠãïŒç®æšããªã¹ã¯èš±å®¹åºŠã奜ã¿ã®ååŒã¹ã¿ã€ã«ãæŠç¥ãæç¢ºã«ããååŒèšç»ãäœæããŠãã ããããªã¿ãŒã³ã®å®çŸå¯èœãªæåŸ å€ãèšå®ãããªã¹ã¯ç®¡çã®ã¬ã€ãã©ã€ã³ã確ç«ããŸãã ãã¢å£åº§ã§ç·Žç¿ããïŒã»ãšãã©ã®ãããŒã«ãŒã¯ãã¢å£åº§ãæäŸããŠãããä»®æ³é貚ã§ååŒãç·Žç¿ã§ããŸãããã®æ©èœãå©çšããŠçµéšãç©ã¿ãæŠç¥ããªã¹ã¯ãåããã«ãã¹ãããŠãã ããã ååŒæŠç¥ãéžæããïŒç®æšããªã¹ã¯ã¢ãã¿ã€ãã«åã£ãååŒæŠç¥ã決å®ããŠãã ããããã£ãŒããææšã䜿çšãããã¯ãã«ã«åæããŒã¹ã®ãã®ããçµæžãã¥ãŒã¹ãã€ãã³ãã䜿çšãããã¡ã³ãã¡ã³ã¿ã«åæããŒã¹ã®ãã®ãªã©ããããŸãã ååŒãéå§ããïŒç·Žç¿ãç©ã¿ãèªä¿¡ãã€ããããå®éã®è³éã§ååŒãéå§ã§ããŸããåžå Žãç£èŠããäŸ¡æ Œå€åãåæããæŠç¥ã«åºã¥ããŠååŒãè¡ã£ãŠãã ããã ååŒæŠç¥ïŒèšç»ããªãã«é貚ãååŒããããšã¯ãæ°ããå Žæã«å°éããããšããéã«å°å³ããªãã«é²ãããšãšåãã§ããã©ã€ãå£åº§ã§å€åœçºæ¿ååŒãå§ããåã«ãé©åãªååŒæŠç¥ãç ç©¶ãã宿œæ¹æ³ãåŠã³ãããããã¢å£åº§ã§ååã«ãã¹ãããŠãã ããã ããžã·ã§ã³ãææ¡ããïŒã©ã€ãå£åº§ã§ååŒãå§ãããšãæªè§£æ±ºã®ããžã·ã§ã³ãåããããã®ãåŸ ã£ãŠããæ³šæã«æ³šæãæãå¿ èŠããããŸãããŸããå©çãæå€±ã®æ°åã«æ³šæãæããããžã·ã§ã³ãç¶æã§ãããã©ããã確èªããå©çã確ä¿ãããæå€±ãã«ããããããã«å³åº§ã«è¡åããå¿ èŠããããã©ããã倿ããŠãã ããã ãªã¹ã¯ç®¡çïŒè³æ¬ãå®ãããã«ãªã¹ã¯ç®¡çæè¡ãå®è£ ããŠãã ãããæœåšçãªæå€±ãå¶éããããã«ã¹ããããã¹æ³šæãèšå®ããé©åãªããžã·ã§ã³ãµã€ãºæŠç¥ã䜿çšããŠãã ããã ç¶ç¶çãªåŠç¿ãšåäžïŒå€åœçºæ¿ååŒã¯ç¶ç¶çãªåŠç¿ããã»ã¹ã§ããåžå Žãã¥ãŒã¹ããã¬ã³ããææ°ã®ç¶æ ã«ä¿ã¡ããŠã§ãããŒãã¯ãŒã¯ã·ã§ããã«åå ããååŒããã©ãŒãã³ã¹ãåæããŠæ¹åãã¹ãç¹ãç¹å®ããŠãã ããã å€åœçºæ¿ååŒã«ã¯ãªã¹ã¯ã䌎ããŸãã®ã§ãæ éãã€èŠåŸæ£ããã¢ãããŒãããããšãéèŠã§ããå°é¡ã®æè³ããå§ããçµéšãšèªä¿¡ãç©ã¿éããªããååŒè³æ¬ãåŸã ã«å¢ãããŠãããŸãããã å€åœçºæ¿åžå ŽååŒã®çš®é¡ ãã¡ãããããŸããŸãªçš®é¡ã®å€åœçºæ¿åžå Žã«é¢ããæ å ±ã§ãã ã¹ãããåžå ŽïŒã¹ãããå€åœçºæ¿åžå Žã¯ãæã人æ°ãããåºãååŒãããŠããå€åœçºæ¿åžå Žã§ããçŸåšã®åžå ŽäŸ¡æ Œã§å³åº§ã«çŽåãããé貚ã®å£²è²·ãå«ã¿ãŸããã¹ãããå€åœçºæ¿åžå Žã®ååŒã¯éåžžã2å¶æ¥æ¥ä»¥å ã«æ±ºæžãããŸãã ãã©ã¯ãŒãåžå ŽïŒãã©ã¯ãŒãå€åœçºæ¿åžå Žã§ã¯ãå°æ¥ã®ç¹å®ã®æ¥ä»ãšäŸ¡æ Œã§é貚ã®è²·ãä»ãã売åŽãããå¥çŽãååŒãããŸãããããã®å¥çŽã¯éåžžãäŒæ¥ãé貚ã®çºæ¿ã¬ãŒãã®å€åã«å¯ŸããŠãããžããããã«äœ¿çšãããŸãã ãã©ã¯ãŒãããã³å ç©åžå ŽïŒå ç©å€åœçºæ¿åžå Žã¯ãå°æ¥ã®ç¹å®ã®æ¥ä»ãšäŸ¡æ Œã§é貚ã®è²·ãä»ãã売åŽãããæšæºåãããå¥çŽãååŒãããŸãããããã®å¥çŽã¯èŠå¶ãããååŒæã§ååŒããããã°ãã°ææ©å®¶ãæ©é¢æè³å®¶ã«ãã£ãŠäœ¿çšãããŸãã ãªãã·ã§ã³åžå ŽïŒãªãã·ã§ã³å€åœçºæ¿åžå Žã¯ãå°æ¥ã®ç¹å®ã®æ¥ä»ãšäŸ¡æ Œã§é貚ã®è²·ãä»ãã売åŽãããæš©å©ãè²·ãæã«äžãããã矩åã¯è² ãããªãå¥çŽãååŒãããŸãããªãã·ã§ã³ã¯æè»æ§ãæäŸãããããžãææ©ã«äœ¿çšããããšãã§ããŸãã ã€ã³ã¿ãŒãã³ã¯åžå ŽïŒã€ã³ã¿ãŒãã³ã¯å€åœçºæ¿åžå Žã¯ãéè¡ãéèæ©é¢éã§é貚ã®ååŒãè¡ãããåžå ŽãæããŸãã倧éã®é貚ãååŒããã忣åã®åžå Žã§ããã€ã³ã¿ãŒãã³ã¯åžå Žã§ã¯ãéè¡ã顧客ã«å©çšããçºæ¿ã¬ãŒããèšå®ããŸãã å°å£²åžå ŽïŒå°å£²å€åœçºæ¿åžå Žã¯ãå人æè³å®¶ããã¬ãŒããŒãå€åœçºæ¿ååŒã«åå ããåžå Žã§ãããã®åžå Žã¯ããã¯ãããžãŒã®é²æ©ã«ãã倧ããæé·ããå人ãã¬ãŒããŒããªã³ã©ã€ã³ãã©ãããã©ãŒã ããããŒã«ãŒãéããŠå€åœçºæ¿åžå Žã«ã¢ã¯ã»ã¹ã§ããããã«ãªããŸããã æ©é¢æè³å®¶åžå ŽïŒæ©é¢æè³å®¶å€åœçºæ¿åžå Žã«ã¯ãéè¡ããããžãã¡ã³ããå€åœç±äŒæ¥ãªã©ã®å€§èŠæš¡ãªéèæ©é¢ã倧éã®é貚ãååŒããŸããæ©é¢æè³å®¶ã¯åžå Žã«å€§ããªåœ±é¿åãæã¡ãé貚ã®çºæ¿ã¬ãŒãã«åœ±é¿ãäžããããšãã§ããŸãã é»åéä¿¡ãããã¯ãŒã¯ïŒECNïŒïŒECNã¯ãè²·ãæãšå£²ãæãçŽæ¥ãããã¯ãŒã¯ãä»ããŠæ¥ç¶ãããå¹ççãã€éæãªååŒãå¯èœãªå€åœçºæ¿åžå Žã®äžçš®ã§ããECNå€åœçºæ¿ååŒãã©ãããã©ãŒã ã§ã¯ä»²ä»æ¥è ãäžèŠãšãªããæµåæ§æäŸè ãžã®çŽæ¥ã¢ã¯ã»ã¹ãæäŸãããŸãã åºé åžå ŽïŒåºé å€åœçºæ¿åžå Žã¯ãäžå€®éæš©çãªååŒæãçµç±ããã«çŽæ¥åœäºè éã§å€åœçºæ¿ååŒãè¡ããã忣ååžå Žã§ããåºé åžå Žã¯ååŒæéã®æè»æ§ãæäŸããã«ã¹ã¿ãã€ãºãããååŒæ¡ä»¶ãå¯èœã«ããŸãã æ°èåžå ŽïŒæ°èåžå Žé貚ã¯ãã°ããŒãã«çµæžã§åœ±é¿åãæã¡ã€ã€ããçºå±éäžåœã®é貚ãæããŸããæ°èåžå Žå€åœçºæ¿åžå Žã§ã¯ããããã®é貚ã®ååŒãè¡ãããŸãããããã®é貚ã¯ãã°ãã°äž»èŠé貚ããããã©ãã£ãªãã£ãé«ãããªã¹ã¯ãé«ãã§ãã äžè¬çãªå€è²šçºæ¿ååŒæŠç¥ ãã¬ã³ããã©ããŒã€ã³ã°ïŒãã®æŠç¥ã§ã¯ãåžå Žã®åŸåã«æ²¿ã£ãŠãã¬ãŒããè¡ããŸãããã¬ãŒããŒã¯äžæãã¬ã³ããŸãã¯äžéãã¬ã³ããæ¢ãããã¬ã³ãã®æ¹åã«ããžã·ã§ã³ãåãããã¬ã³ããå転ãããŸã§ä¹ãç¶ããŸãã ã¹ãã£ã«ãã³ã°ïŒãã®æŠç¥ã§ã¯ãå°ããªäŸ¡æ Œå€åãæããããšãç®æããŠè¿ éãªååŒãè¡ããŸãããã¬ãŒããŒã¯æ°ç§ãŸãã¯æ°åã§ååŒãå ¥åºãããæè¡ææšãçæçãªåžå Žå€åã«äŸåããŸãã ãããžïŒãã®æŠç¥ã§ã¯ãçžäºã«ãªã¹ã¯ãçžæ®ºããè€æ°ã®ããžã·ã§ã³ãåããŸãããã¬ãŒããŒã¯çžé¢ããé貚ãã¢ã§å察ååŒãéããããªãã·ã§ã³å¥çŽã䜿çšããŠæœåšçãªæå€±ã«å¯Ÿããä¿è·ãè¡ãããã«ãããžãå©çšããŸãã
å€åœçºæ¿åžå Žã®éå¶è ã«ãã£ãŠã¯ãããŸããŸãªååŒæŠç¥ãæåè£ã«äœ¿çšãããŠããŸããæ°ããæŠç¥ã䜿ã£ãŠã¿ããçµéšè±å¯ãªãã¬ãŒããŒã§ããã°ããŸãã¯ããåºæ¬çãªå€åœçºæ¿æŠç¥ã®1ã€ã䜿ã£ãŠé貚ã®ååŒãå§ããããšèããŠããçå£ãªåå¿è ã§ããã°ããããã以äžã«ãªã¹ããããŠããæŠç¥ã®1ã€ãããªãã®ååŒèšç»ã«å«ããã®ã«é©ããŠãããšæãã§ãããã玹ä»é çªãç°ãªããŸããããããèšèŒãã10 ã®ååŒæ¹æ³ã¯ãŠãŒã¶ãŒã®ãã®ã¿ã§ã åååŒæŠç¥ã«ã¯ãåæååŒè³æ¬ãæéã®ã³ãããã¡ã³ããåžå Žåæãé貚ãã¢ã®éžæãªã©ãç°ãªãèŠä»¶ããããŸãããŸããäžéšã®æŠç¥ã¯ãã¹ãŠã®ç®¡èœåºåã§åæ³ã§ã¯ãªããããŸãã¯ãã¹ãŠã®ãªã³ã©ã€ã³å€åœçºæ¿ãããŒã«ãŒã«ãã£ãŠãµããŒããããŠããªãå ŽåããããããæŠç¥ãç¹å®ã®ç¶æ³ã«é©ããŠãããã©ããã確èªããå¿ èŠããããŸãã以äžã§èª¬æãããŠããããŸããŸãªå€åœçºæ¿ååŒæŠç¥ã¯ãç°ãªããã¬ãŒããŒå¿çã¿ã€ãã«é åãæã€å ŽåããããŸãã®ã§ããèªã¿ããã ããªãããããªãã®æ§æ Œã«æãåã£ããã®ãéžæããŠãã ããã ãã¬ã³ããã¬ãŒãã£ã³ã°å€åœçºæ¿åžå Žã§ã¯ããã¬ã³ããã¬ãŒãã£ã³ã°æŠç¥ã¯ãé貚ãã¢ã®å šäœçãªåŸåã«æ²¿ã£ãäžæãŸãã¯é·æã®ããžã·ã§ã³ååŒãéããŠããã¬ã³ããçµäºãããšãã«å©çãåŸãããã«è¡ãããŸããå žåçãªãã¬ã³ããã¬ãŒããŒã¯ããŸãäžæã®ãã£ãŒãã§ç¢ºç«ããããã¬ã³ããç¹å®ãããã®åŸãåãæ¹åã«ãã¬ãŒãã£ã³ã°ããžã·ã§ã³ã確ç«ããæé©ãªææãšçºæ¿ã¬ãŒããå€åœçºæ¿åžå Žã§èŠå®ããŸãã ããžã·ã§ã³ãåã£ãåŸããã¬ã³ããã¬ãŒããŒã¯ãã¬ã³ãã®é²åã«åŸããéåžžããã«ããŒã±ããã§ã¯ä¿®æ£ã®ãã£ãããè³Œå ¥ãããã¢ããŒã±ããã§ã¯ã©ãªãŒã売åŽããŸãããã¬ã³ããã¬ãŒãã£ã³ã°ã«ã¯é©åãªãªã¹ã¯ç®¡çãäžå¯æ¬ ã§ãããããã£ãŠãããžã·ã§ã³ã確ç«ãããåŸã«ã¹ããããã¹ããã¬ãŒãªã³ã°ã¹ãããæ³šæã䜿çšããããšãé·æçãªæåã«ãšã£ãŠéèŠã§ãã ååŒãããã¬ã³ããç¹å®ããã«ã¯ããã°ãã°ç¶ããã¬ã³ãã©ã€ã³ãå€åœçºæ¿ãã£ãŒãã§ã¬ãã¥ãŒããåçŽç§»åå¹³åãææ°ç§»åå¹³åãæ¹åæ§ææšïŒDMIïŒãªã©ã®ãã¯ãã«ã«åæããŒã«ã䜿çšããŠãã¬ã³ãã®æ®µéãšåŒ·åºŠã決å®ããããšãå«ãŸããŸãã å€åœçºæ¿ãã£ãŒãã§ãã¯ãã«ã«åæãå®è¡ããã ãã§ãªããçµéšè±å¯ãªå€åœçºæ¿ãã¬ã³ããã¬ãŒããŒã¯éåžžãååŒããžã·ã§ã³ã確ç«ããåã«äž¡åœã®åºç€çãªçµæžæ¡ä»¶ãç ç©¶ãããã®åœã®åœæ°é貚ã®çºæ¿ã¬ãŒãã«ã©ã®ããã«åœ±é¿ããããçè§£ããŸãã ãã¬ã³ããã¬ãŒããŒã¯äžè¬çã«é·æçãªããžã·ã§ãã³ã°ãè¡ããããåé貚ã®ç°ãªãéå©ãæ¥æ¬¡ã¹ã¯ãããã€ã³ããä»ããŠåœŒãã®ååŒããžã·ã§ã³ã«åœ±é¿ãäžããŸããéå©å·®ã«åºã¥ããŠé·æçãªå€åœçºæ¿ååŒãè¡ãæŠç¥ã¯ãäžèšã§è©³çްã«èª¬æãããŠãããã£ãªãŒãã¬ãŒããšåŒã°ããŸãã ã¬ã³ãžãã¬ãŒãã£ã³ã°ããããæã人æ°ã®ããå€åœçºæ¿ååŒã¹ã¿ã€ã«ã§ããã¬ã³ãžãã¬ãŒãã£ã³ã°æŠç¥ã¯ããŸãé貚ãã¢ã®çŸåšã®ååŒã¬ã³ãžã®äžéãšäžéãç¹å®ããæ¬¡ã«ååŒã¬ã³ãžã®ããŒã¹è¿ãã§ãã¢ããã³ã°ãããããè¿ãã§ãã¢ãã·ã§ãŒããããã¬ãŒããŒã«ãã£ãŠè¡ãããŸãã ååŒã¬ã³ãžãç¹å®ããããšãã¬ã³ãžãã¬ãŒããŒã¯å žåçã«ã¯ãã®éãããã¬ã³ãžå ã§ã®ãã¬ãŒããå®è¡ããããšãç®æããŸãããã¬ãŒããŒã¯ãã¬ã³ãžã®èå¥ãããå¢çå ã§ååŒãããªããŒãããçºæ¿ã¬ãŒãã®æ¯åãå©çšããŠå©çãèç©ãããŸãã ã¬ã³ãžãã¬ãŒããŒã®ã¹ããããã¹æ³šæã¯ããã³ã°ããžã·ã§ã³ã®å Žåã¯ã¬ã³ãžã®ããŒã¹ã§èŠããããµããŒãã®å®å šãªäžã«ãã·ã§ãŒãããžã·ã§ã³ã®å Žåã¯ã¬ã³ãžã®ãããã§èŠãããäž»èŠãªæµæã¬ãã«ã®å®å šãªäžã«éåžžé 眮ãããŸãã éåžžãã¬ã³ãžãã¬ãŒããŒã¯ããã¬ãŒãã£ã³ã°ã¬ã³ãžã®äžå€®ã®äž¡åŽã«ãããµããŒããšæµæã¬ãã«ã決å®ããŸãã圌ãã¯éåžžãæµæã®åã«å£²åŽãããµããŒãã®äžã«è²·ãå¢ããè¡ãåŸåããããŸãã ã¬ã³ãžãã¬ãŒãã£ã³ã°æŠç¥ãåçæ§ããã£ãŠå®æœããã«ã¯ãæ°Žå¹³ãªåžå Žæ¡ä»¶ãšãèå¥ãããååŒã¬ã³ãžå ã«ååšããåžå Žã®ãµããŒããšæµæã¬ãã«ã«é¢ãã培åºçãªçè§£ãå¿ èŠã§ãã å šäœçã«ããã®ç©ãããªæŽ»åçãªå€åœçºæ¿æŠç¥ã¯ãæè¡åæãçè§£ãããã¬ãŒãã®æ©äŒã«ææãªãã¬ãŒããŒã«æãé©ããŠããŸããã¬ã³ãžãã¬ãŒããŒã¯ãŸããå³åº§ã«ããªã¬ãŒãåŒãããšãã§ãã倿åããããååŒãé©åã«çµäºããã¿ã€ãã³ã°ãããææ¡ããŠããå¿ èŠããããŸãã ãã¥ãŒã¹ãã¬ãŒãã£ã³ã°å¿èã匷ã人åãã®æŠç¥ã§ããããã¥ãŒã¹ãã¬ãŒãã£ã³ã°ã¯ãäž»èŠãªãã¥ãŒã¹ãçµæžããŒã¿ãå ¬è¡šããããšãã«å€åœçºæ¿åžå ŽãããèŠããæ¥æ¿ã§éãåå¿ãå©çšããŸãããã¥ãŒã¹ãã¬ãŒããŒã¯ãåžå Žã圱é¿ãåããå¯èœæ§ããããã¥ãŒã¹ãæµããããšã§åžå Žãã©ã®ããã«åãããäºæž¬ããŠããŸããåžå Žã®åå¿ã¯ããã¥ãŒã¹ãå€åœçºæ¿åžå Žã®åæäºæ³ããå€§å¹ ã«éžè±ããå Žåã«ç¹ã«åŒ·åã§ãã ãã¥ãŒã¹ãã¬ãŒãã£ã³ã°ã¯ãã¹ãã¬ã¹ã«èããåãããããšãè¿ éãªæææ±ºå®ãã§ããããšãããã³ååŒããããã¥ãŒã¹ã€ãã³ãã®èåŸã«ããçµæžçã³ã³ããã¹ãã«ã€ããŠå¹ åºããã€å æ¬çãªç¥èãæã£ãŠããããšãèŠæ±ããŸãããã®ãããªæèã®çè§£ã«ããããã¥ãŒã¹ãã¬ãŒããŒã¯ãåžå Žãã©ã®ããã«åœ±é¿ãåãã圌ããååŒããŠããé貚ãã¢ã«ã©ã®ããã«åœ±é¿ãäžããããç¥ãããšãã§ããŸãã çŽæ¥çºæ¿ã¬ãŒãã«åœ±é¿ãäžããçµæžãã¥ãŒã¹ã¯ãåžå Žã¡ãŒã«ãŒã«ãã£ãŠå²ãåŒããããããé¢é£ããé貚ãã¢ã®åžå Žãéåžžã«éãåãåŸåããããŸããããã«ãããè¿ éãªè¡åãã§ãããã¥ãŒã¹ãã¬ãŒããŒã«å©çã®æ©äŒãæäŸãããŸãããã ããä»ã®ãã¬ãŒããŒã¯ãé貚ãã¢ã®äœçœ®ãå¹³ãã«ããããããã¥ãŒã¹ã€ãã³ãäžã®ããžã·ã§ã³ãé¿ããããšã奜ãå ŽåããããŸãã åºæ¬çãªçµæžãã¥ãŒã¹ãªãªãŒã¹ã®æ§è³ªãšåœ±é¿ã®ãããå€ãã®çµéšè±å¯ãªãã¥ãŒã¹ãã¬ãŒããŒã¯ãè¿ éã«å®è¡ã§ããååŒæŠç¥ã䜿çšããŸããæåãããã¥ãŒã¹ãã¬ãŒããŒã¯ãè¿ éãªæææ±ºå®èœåãšåå¿åã«é Œã£ãŠãè¿ éã«ååŒã«åå ããã³éåºã§ããããã«ããŸããåžå Žã¯ãã¥ãŒã¹ã€ãã³ãäžã«æ¥æ¿ã«äžé£ç¶ã«åãããšããããããã«ãããå©çãæå€±ã«è¿ éã«å€ããå¯èœæ§ãããããããã¥ãŒã¹ãã¬ãŒãã£ã³ã°ã«é¢é£ããç·æ¥æ§ãšã¹ãã¬ã¹ã¯ãã¹ãŠã®äººã«é©ããŠããããã§ã¯ãããŸããã ãã¥ãŒã¹ãã¬ãŒãã£ã³ã°æŠç¥ã䜿çšãããã¬ãŒããŒã¯ãååŒã«åœ±é¿ãäžããçµæžçåºæ¬çåŽé¢ãç¿çãã圌ããããžã·ã§ã³ãæã£ãŠããé貚ãã¢ã«åœ±é¿ãäžããå¯èœæ§ããããã©ãããç¥ãå¿ èŠããããŸãããã®ç¥èã«ãããç¹å®ã®é貚ãã¢ãç¹å®ã®ãã¥ãŒã¹ã«ãã£ãŠããžãã£ããŸãã¯ãã¬ãã£ãã«åœ±é¿ãåãããã©ãããææ¡ããããã«å¿ããŠããžã·ã§ã³ã確ç«ã§ããŸãã ãªãã¬ãŒã¹ã¡ã³ããã¬ãŒãã£ã³ã°ãªãã¬ãŒã¹ã¡ã³ãã¯ãçºæ¿ã¬ãŒãã®å šäœçãªãã¬ã³ãã®æ¹åãäžæçã«å€æŽããããšããæ§æãããŸãããã¬ã³ããã¬ãŒããŒã«ãšã£ãŠããªãã¬ãŒã¹ã¡ã³ããã¬ãŒãã£ã³ã°ã¯ãäž»èŠãŸãã¯äžéãã¬ã³ãã®åŒãæ»ããåŸ ã£ãŠäž»èŠãã¬ã³ãã®æ¹åã«ããžã·ã§ã³ã確ç«ããããšãå«ãããšãã§ããŸãããªãã¬ãŒã¹ã¡ã³ãã®èг å¯ã¯ããã¬ã³ããã¬ãŒããŒã«ã圌ãã®ã¹ããããã¹æ³šæã®ã¬ãã«ãã©ãã«çœ®ãã¹ããã«ã€ããŠæçãªææ¡ãäžãããããããŸãããäžæ¹ãã¹ãŠã£ã³ã°ãã¬ãŒããŒã¯ãä¿çäžã®ãªãã¬ãŒã¹ã¡ã³ããŸãã¯é²è¡äžã®ãªãã¬ãŒã¹ã¡ã³ããç¹å®ããããã«æ²¿ã£ãŠãã¬ãŒãããŠå©çãäžä¹ãããããšãã§ããŸãã å€ãã®ãªãã¬ãŒã¹ã¡ã³ããã¬ãŒããŒã¯ãäž»èŠãã¬ã³ãã®ãµããŒããšæµæã¬ãã«ã«æ³šæãæããªããã圌ãã®æ³šæããã®ã¬ãã«ã®çŽåã«é 眮ãããŸãã¯ãã®ã¬ãã«ã®çŽåŸã«æ±ºæžããŸãã ãµããŒããšæµæã¬ãã«ãããããåºå¥ãããªãã¬ãŒã¹ã¡ã³ããã¬ãŒãã£ã³ã°ã®æ©äŒãèŠã€ããããã«ããªãã¬ãŒã¹ã¡ã³ããã¬ãŒããŒã¯ãåã®ãã¬ã³ãã®é«å€ãšå®å€ããèšç®ããããã£ãããããªãã¬ãŒã¹ã¡ã³ãã¬ãã«ã䜿çšããããšããããããŸããå žåçãªãã£ãããããªãã¬ãŒã¹ã¡ã³ãã€ã³ãžã±ãŒã¿ãŒã¯ã0%ã23.6%ã38.2%ã50%ã61.8%ã78.6%ïŒãŸãã¯76.4%ïŒããã³100%ã®ãªãã¬ãŒã¹ã¡ã³ãã¬ãã«ã«ã©ã€ã³ãæç»ããŸããäžåºŠãã£ãããããªãã¬ãŒã¹ã¡ã³ãã¬ãã«ã®1ã€ãä¿®æ£äžã«åŽ©å£ãããšãã·ãªãŒãºå ã®æ¬¡ã®ã¬ãã«ããã®åŸã®ã¿ãŒã²ããã«ãªããŸãã ãããã®ã€ã³ãžã±ãŒã¿ãŒã¬ãã«ã¯ããªãã¬ãŒã¹ã¡ã³ããã¬ãŒããŒããªãã¬ãŒã¹ã¡ã³ããååŒããããã«äœ¿çšãããããšããããããŸããããšãã°ãEUR/USDã2é±éã§1.1000ãã1.2000ã«æ¥äžæãããã®åŸäžéãããšããŸãããªãã¬ãŒã¹ã¡ã³ããã¬ãŒããŒã¯ããã®åæã®åžå Žäžæã®ãã£ãããããªãã¬ãŒã¹ã¡ã³ãã¬ãã«ãèšç®ããŠããã®é貚ãã¢ã®ä¿®æ£äžã«ããã³ã·ã£ã«ãªãµããŒããŸãŒã³ãèŠã€ããããšã«æ±ºããŸãã 圌ãã¯ãã«ã®1.1000ãã1.2000ãŸã§ã®ç§»åã®å€§ãããèšç®ãããã®0.1000ã®ç§»åãäž»èŠãªãã£ãããããªãã¬ãŒã¹ã¡ã³ãã®ããŒã»ã³ããŒãžã§æãããã®çµæã1.2000ããããŒã¯ã¬ãã«ããå·®ãåŒããŠãé¢é£ããæ°Žå¹³ç·ãåŸãŸãã圌ãã¯ãã®ããã«ããŠãåæã®23.6%ãªãã¬ãŒã¹ã¡ã³ãã¬ãã«ã1.1764 – (0.236 * 0.1000) = 1.1764ãšèšç®ããæ¬¡ã®38.2%ãªãã¬ãŒã¹ã¡ã³ãã¬ãã«ã1.2000 – (0.382 * 0.1000) = 1.1618ãšèšç®ããŸãã ãªãã¬ãŒã¹ã¡ã³ããã¬ãŒããŒã¯ã1.1764ã®åæã®23.6%ãªãã¬ãŒã¹ã¡ã³ãã¬ãã«ãäžåã£ãåŸãåžå Žã次ã®38.2%ã¬ãã«1.1618ã«å°éããããšãç®æããŠã·ã§ãŒãããžã·ã§ã³ã«å ¥ããŸãããã¬ãŒããŒã¯ããã®ãšãªã¢ãäžåãå©çãç®æããŠãã€ã¯ãããã£ãããªãŒããŒãå ¥åããå®å šã«1.1764ããäžã«ã¹ããããã¹ãå ¥åããŸãã ãã®äŸã¯ããªãã¬ãŒã¹ã¡ã³ããã¬ãŒããŒã®æŠç¥çãªæææ±ºå®ãéç¥ãããã£ãããããªãã¬ãŒã¹ã¡ã³ãã¬ãã«ããèšæ£ã®éäžã«è£å©çãªãªãã¡ã¬ã³ã¹ãã€ã³ããšããŠæäŸãã䟡å€ã瀺ããŠããŸãããããã®äœ¿çšæ³ã¯ããªãã¬ãŒã¹ã¡ã³ããã¬ãŒãã£ã³ã°ã®ããã®ã¢ã¡ã³ã¿ã ã€ã³ãžã±ãŒã¿ãŒã§ããçžå¯ŸåŒ·åºŠææ°ïŒRSIïŒãªã©ã®ã¢ã¡ã³ã¿ã ã€ã³ãžã±ãŒã¿ãŒãšçµã¿åãããããšãã§ããŸããç¹å®ã®ãã£ãããã\ã¬ãã«ã厩å£ããä¿®æ£ãç¶ç¶ããã®ãèš±ãããããã黿¢ãããã瀺åã§ããã ã°ãªãããã¬ãŒãã£ã³ã°ã°ãªãããã¬ãŒãã£ã³ã°æŠç¥ã§ã¯ãåžå Žããã¬ã³ãã«å ¥ããšãéåžžãäžå®ã®æéã«ããã£ãŠãã¬ã³ããç¶ããšãããåžå Žã®äžã«ããééã«è²·ãã¹ãããæ³šæãé 眮ããåžå Žã®äžã«ããééã«å£²ãã¹ãããæ³šæãé 眮ããŸãã å€åœçºæ¿ãã¬ãŒããŒã«ãã£ãŠäœ¿çšãããäž»èŠãª2ã€ã®ãã¬ãŒãã£ã³ã°ã°ãªããã®ã¿ã€ãããããŸããçŽç²ãªãã¬ãŒãã£ã³ã°ã°ãªããã¯ãåžå Žããã¬ã³ãã«ããããããèšå®ãããééã§è²·ããšå£²ãã®æ³šæãé 眮ããŸãã倿Žããããã¬ãŒãã£ã³ã°ã°ãªããã¯ãåžå Žã®æ¹åæ§ã«åœ±é¿ãããããããã¬ã³ãã«å©çšããããšãæé©ã§ãã ã°ãªãããã¬ãŒãã£ã³ã°ã宿œããéã«ã©ã®ã°ãªããã¿ã€ãã䜿çšãããã«é¢ä¿ãªããåžå Žã«åå ¥ããããšèããäž»èŠãªã¬ãã«ãšééãéžæããã°ãªãããåäœãããããšãéèŠã§ããè€æ°ã®æ³šæãé 眮ããããšã«ãããç¹å®ã®é貚ãã¢ãé©åãªã¬ãã«ãŸã§ç§»åããã®ãåŸ ã€å¿ èŠã¯ãªããå€åœçºæ¿ãã¬ãŒããŒã¯ãåžå Žãå¿ èŠãªæ³šæã¬ãã«ã«å°éãããšããã«ãªã¿ãŒã³ãæäŸããå©çãåŸãããšãã§ããŸãã ãã£ãªãŒãã¬ãŒãã£ã³ã°ãã£ãªãŒãã¬ãŒãã£ã³ã°ã¯ã2ã€ã®åœã®é貚éã®éå©å·®ãå©çšããŸãããã®æŠç¥ã§ã¯ããã¬ãŒããŒã¯äžè¬çã«ãäœéå©ã®é貚ã空売ãããŠè³éãåããåæã«é«éå©ã®é貚ãè²·ããŸãã ãã£ãªãŒãã¬ãŒããŒã¯ããã®åŸãé«éå©ã®é貚ã察å¿ããæ¿åºèšŒåžã«æè³ããé«éå©ã®é貚ãä¿æããªããéå©åå ¥ãåŸãããšãã§ããŸãããã£ãªãŒãã¬ãŒãã®çµäºæã«ã¯ãäœéå©ã®é貚ã空売ãããããšã§ãåãå ¥ããè³éãšããã«ä»éãã婿¯ãè¿æžããŸãã ãã£ãªãŒãã¬ãŒããŒã¯ãéå©ã®å·®é¡ã«ããçŽå©çãåŸãŸããããããžæŠç¥ã䜿çšããªãéããçºæ¿ãªã¹ã¯ãè² ããŸãããã®ãããéåžžãé«éå©ã®é貚ãäœéå©ã®é貚ã«å¯ŸããŠæ¯èŒçå®å®ããŠãããã䟡å€ãäžæããããšãæåŸ ãããé貚ãã¢ãéžæããããšèããŠããŸãã å€åœçºæ¿ãã£ãªãŒãã¬ãŒãã®ã¢ã€ãã¢ã®äŸãšããŠã1幎éã®æéããããŠã1çŸäžãã«ã®åç®éé¡ã䜿çšããŠãç±³ãã«ãè²·ããæ¥æ¬åã売ãïŒUSD/JPYïŒããšãæããããŸãããã®å ŽåãUSD/JPYã®ã¹ãããã¬ãŒãã147ã1å¹Žç©æ¥æ¬åœåµã®åççã0.03ïŒ ã1幎ç©ç±³åœè²¡åç蚌åžã®å ¥æã¬ãŒãã5.25ïŒ ãšä»®å®ããŸããæ¥æ¬ã®äœéå©ã§å®äŸ¡ãªåãå ¥ãéå©ã®ãããåã¯ãã£ãªãŒãã¬ãŒãã§éåžžã«äººæ°ã®ããçãé貚ã§ãããç±³ãã«ã¯ãã¢ã®ããŒã¹é貚ã§ãããé«å©åãã®é貚ã§ãã ãã®æ©äŒãèŠããã£ãªãŒãã¬ãŒããŒã¯ãæ¥æ¬ã®1幎éå©ã0.03ïŒ ã§ãããšããçŸè¡ã®1幎éå©ã§ã1çŸäžãã«çžåœã®JPY 147,000,000ãåãå ¥ããŸããããã¯ãæºææã«JPY 147,044,100ãè²»ãããŸãããã®åŸããã®åå ¥éã䜿çšããŠã5.25ïŒ ã®åççã§1çŸäžãã«ã®ç±³åœè²¡åç蚌åžãè³Œå ¥ããŸãã 1幎åŸããã¬ãŒããŒã¯ãã®ç±³åœè²¡åç蚌åžã®å æ¬è¿æžãšå©æ¯ãåãåãã婿¯ã$52,500ãåŸãåŸãåèšé¡ã¯$1,052,500ãšãªããŸãããã£ãªãŒãã¬ãŒããŒã¯æ¬¡ã«ããã®USDè³éãUSD/JPYã®145ã®äžè¬çãªã¹ãããã¬ãŒãã§JPYã«æç®ããJPY 152,612,500ãåŸãŸãããã®åŸããã®éé¡ã®äžéšãJPY 147,044,100ã®æªæãã®åå ¥éãè¿æžããããã«äœ¿çšããŸãããã®ç¶æ³äžã§ã¯ããã¬ãŒããŒã¯ã152,612,500 – 147,044,100 =