\u5f93\u6765\u306e\u91d1\u878d\u6295\u8cc7\u74b0\u5883\u3067\u306f\u3001\u4e00\u822c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306f 2 \u3064\u306e\u81ea\u7136\u306a\u4e0d\u5e73\u7b49\u306b\u76f4\u9762\u3059\u308b\u3053\u3068\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u30021 \u3064\u306f\u3001\u624b\u3054\u308f\u3044\u8cc7\u672c\u306e\u57fa\u6e96\u306b\u3088\u308a\u3001\u5c0f\u898f\u6a21\u6295\u8cc7\u5bb6\u306f 1 \u624b\u306b\u6570\u4e07\u30c9\u30eb\u304b\u304b\u308b\u5546\u54c1\u306e\u53d6\u5f15\u304b\u3089\u6392\u9664\u3055\u308c\u308b\u3053\u3068\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u4e00\u65b9\u901a\u884c\u306e\u30b2\u30fc\u30e0\u306e\u6b8b\u9177\u306a\u73fe\u5b9f\u3002\u9577\u671f\u306b\u308f\u305f\u308b\u5f31\u6c17\u76f8\u5834\u3084\u4e0b\u843d\u30b5\u30a4\u30af\u30eb\u3067\u306f\u3001\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\u3067\u5f85\u3064\u3057\u304b\u306a\u3044\u3088\u3046\u3067\u3059\u3002\u3053\u306e\u69cb\u9020\u7684\u6b20\u9665\u306f\u3001\u300c\u91d1\u6301\u3061\u306f\u904a\u3076\u307b\u3069\u306b\u91d1\u6301\u3061\u306b\u306a\u308b\u304c\u3001\u8ca7\u3057\u3044\u4eba\u306f\u305f\u3060\u898b\u3066\u3044\u308b\u3060\u3051\u300d\u3068\u3044\u3046\u30de\u30b7\u30e5\u30fc\u52b9\u679c\u306b\u3064\u306a\u304c\u308b\u3002\u3057\u304b\u3057\u3001\u91d1\u878d\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u9032\u5316\u3068\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306e\u6210\u719f\u306b\u3088\u308a\u3001\u3053\u306e\u53e4\u3044\u79e9\u5e8f\u306f\u5b8c\u5168\u306b\u66f8\u304d\u63db\u3048\u3089\u308c\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n
\u696d\u754c\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u63a8\u9032\u8005\u3068\u3057\u3066\u3001WMAX \u306f\u6280\u8853\u529b\u306e\u5f37\u5316\u3068\u30e1\u30ab\u30cb\u30ba\u30e0\u306e\u9769\u65b0\u3092\u901a\u3058\u3066\u3001\u5bcc\u3092\u5922\u898b\u308b\u3059\u3079\u3066\u306e\u6295\u8cc7\u5bb6\u306b\u516c\u6b63\u306a\u30b9\u30bf\u30fc\u30c8\u30e9\u30a4\u30f3\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u306b\u5c3d\u529b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u7ae0\u3067\u306f\u3001\u300c\u958b\u59cb\u306e\u6577\u5c45\u304c\u4f4e\u3044\u300d\u3068\u300c\u53cc\u65b9\u5411\u53d6\u5f15\u3067\u5229\u76ca\u304c\u5f97\u3089\u308c\u308b\u300d\u3068\u3044\u3046 2 \u3064\u306e\u4e3b\u8981\u306a\u5229\u70b9\u3092\u8a73\u7d30\u306b\u5206\u6790\u3057\u3001WMAX \u304c\u3069\u306e\u3088\u3046\u306b\u3057\u3066\u53d6\u5f15\u3092\u3082\u306f\u3084\u5bcc\u88d5\u5c64\u306e\u5c02\u58f2\u7279\u8a31\u3067\u306f\u306a\u304f\u3001\u6d6e\u304d\u6c88\u307f\u306b\u53c2\u52a0\u3067\u304d\u308b\u3059\u3079\u3066\u306e\u4eba\u3005\u306e\u30b2\u30fc\u30e0\u306b\u3059\u308b\u306e\u304b\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3059\u3002<\/p>\n
1. \u4f4e\u3044\u6577\u5c45\u304b\u3089\u59cb\u3081\u308b: \u8ca7\u56f0\u306e\u305f\u3081\u306b\u5922\u3092\u8ae6\u3081\u306a\u3044\u3088\u3046\u3001\u7d4c\u6e08\u7684\u969c\u58c1\u3092\u6253\u3061\u7834\u308b<\/p>\n
\u5f93\u6765\u306e\u682a\u5f0f\u5e02\u5834\u3084\u5148\u7269\u5e02\u5834\u3067\u306f\u3001\u7b2c\u4e00\u7dda\u306e\u512a\u826f\u682a\u3084\u56fd\u969b\u5546\u54c1\u53d6\u5f15\u306b\u53c2\u52a0\u3057\u305f\u3044\u5834\u5408\u3001\u5143\u672c\u3068\u3057\u3066\u6570\u4e07\u30c9\u30eb\u3001\u5834\u5408\u306b\u3088\u3063\u3066\u306f\u6570\u5341\u4e07\u30c9\u30eb\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u8d77\u696d\u3057\u305f\u3070\u304b\u308a\u306e\u82e5\u8005\u3084\u8cc7\u91d1\u306b\u4f59\u88d5\u306e\u306a\u3044\u5b66\u751f\u3001\u3061\u3087\u3063\u3068\u3057\u305f\u526f\u696d\u3092\u8a66\u3057\u3066\u307f\u305f\u3044\u30d5\u30ea\u30fc\u30bf\u30fc\u306b\u3068\u3063\u3066\u306f\u3001\u4e57\u308a\u8d8a\u3048\u3089\u308c\u306a\u3044\u5dee\u3067\u3042\u308b\u3053\u3068\u306f\u9593\u9055\u3044\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u9ad8\u3044\u53c2\u5165\u969c\u58c1\u306f\u3001\u8cc7\u91d1\u306e\u6d41\u52d5\u6027\u3092\u5236\u9650\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u4e00\u822c\u306e\u4eba\u3005\u304c\u8cc7\u672c\u5e02\u5834\u3092\u901a\u3058\u3066\u904b\u547d\u3092\u5909\u3048\u308b\u6a5f\u4f1a\u3092\u596a\u3044\u307e\u3059\u3002 WMAX \u306f\u3053\u306e\u554f\u984c\u70b9\u306b\u3064\u3044\u3066\u6df1\u3044\u6d1e\u5bdf\u3092\u6301\u3063\u3066\u304a\u308a\u3001\u9ad8\u5ea6\u306b\u5305\u62ec\u7684\u306a\u30de\u30a4\u30af\u30ed\u30ed\u30c3\u30c8\u53d6\u5f15\u30e1\u30ab\u30cb\u30ba\u30e0\u3068\u67d4\u8edf\u306a\u30ec\u30d0\u30ec\u30c3\u30b8\u8abf\u6574\u6a5f\u80fd\u3092\u5c0e\u5165\u3059\u308b\u3053\u3068\u3067\u3001\u53d6\u5f15\u306e\u3057\u304d\u3044\u5024\u3092\u6b74\u53f2\u7684\u306a\u4f4e\u6c34\u6e96\u307e\u3067\u5f15\u304d\u4e0b\u3052\u307e\u3057\u305f\u3002 WMAX \u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u306f\u308f\u305a\u304b\u306a\u8cc7\u91d1\u3067\u4e16\u754c\u5e02\u5834\u306e\u53d6\u5f15\u3092\u59cb\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u6570\u767e\u30c9\u30eb\u306e\u5c0f\u898f\u6a21\u306a\u30c6\u30b9\u30c8\u3067\u3042\u3063\u3066\u3082\u3001\u6570\u5343\u30c9\u30eb\u306e\u5b89\u5b9a\u3057\u305f\u30ec\u30a4\u30a2\u30a6\u30c8\u3067\u3042\u3063\u3066\u3082\u3001\u4e00\u81f4\u3059\u308b\u5951\u7d04\u4ed5\u69d8\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u4ed5\u7d44\u307f\u306e\u6838\u5fc3\u7684\u306a\u610f\u7fa9\u306f\u3001\u53d6\u5f15\u3092\u300c\u8cc7\u91d1\u529b\u306e\u7af6\u4e89\u300d\u3067\u306f\u306a\u304f\u300c\u77e5\u7684\u30b2\u30fc\u30e0\u300d\u306e\u672c\u8cea\u306b\u623b\u3059\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n
WMAX \u306f\u30d5\u30a1\u30f3\u30c9\u306e\u7d76\u5bfe\u4fa1\u5024\u306e\u57fa\u6e96\u3092\u4e0b\u3052\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u521d\u5fc3\u8005\u306b\u5bfe\u3059\u308b\u5fc3\u7406\u7684\u306a\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u3082\u8efd\u6e1b\u3057\u307e\u3059\u3002\u60f3\u50cf\u3057\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u521d\u5fc3\u8005\u304c\u8caf\u91d1\u3092\u3059\u3079\u3066\u6301\u3063\u3066\u6577\u5c45\u306e\u9ad8\u3044\u5e02\u5834\u306b\u53c2\u5165\u3057\u305f\u5834\u5408\u3001\u3042\u3089\u3086\u308b\u5909\u52d5\u306b\u602f\u3048\u308b\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u3053\u306e\u8003\u3048\u65b9\u306f\u3001\u3044\u3073\u3064\u306a\u904b\u7528\u306b\u3064\u306a\u304c\u308a\u3084\u3059\u3044\u3067\u3059\u3002 WMAX \u306e\u4f4e\u3057\u304d\u3044\u5024\u74b0\u5883\u3067\u306f\u3001\u521d\u5fc3\u8005\u306f\u5c11\u984d\u306e\u8cc7\u91d1\u3067\u3001\u9593\u9055\u3044\u3092\u72af\u3059\u30b3\u30b9\u30c8\u3092\u975e\u5e38\u306b\u4f4e\u304f\u6291\u3048\u306a\u304c\u3089\u3001\u53d6\u5f15\u30b7\u30b9\u30c6\u30e0\u3092\u51b7\u9759\u306b\u5b66\u7fd2\u3057\u3066\u9069\u5fdc\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u304c\u63d0\u4f9b\u3059\u308b\u30c7\u30e2\u53e3\u5ea7\u3068\u30de\u30a4\u30af\u30ed\u30ea\u30a2\u30eb\u30aa\u30d5\u30a1\u30fc\u53e3\u5ea7\u306f\u30b7\u30fc\u30e0\u30ec\u30b9\u306b\u63a5\u7d9a\u3055\u308c\u3066\u304a\u308a\u3001\u30e6\u30fc\u30b6\u30fc\u306f\u6700\u521d\u306b\u4eee\u60f3\u8cc7\u91d1\u3092\u4f7f\u7528\u3057\u3066\u30ed\u30b8\u30c3\u30af\u3092\u691c\u8a3c\u3057\u3001\u6b21\u306b\u30ea\u30a2\u30eb\u30de\u30cd\u30fc\u3092\u4f7f\u7528\u3057\u3066\u30de\u30a4\u30af\u30ed\u30ea\u30a2\u30eb\u30aa\u30d5\u30a1\u30fc\u306e\u30c6\u30b9\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u6bb5\u968e\u7684\u306a\u6210\u9577\u306e\u9589\u30eb\u30fc\u30d7\u3092\u5f62\u6210\u3057\u307e\u3059\u3002\u3053\u306e\u300c\u5c0f\u3055\u304f\u59cb\u3081\u3066\u5f90\u3005\u306b\u7a4d\u307f\u4e0a\u3052\u308b\u300d\u3068\u3044\u3046\u9053\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u5143\u672c\u306e\u5b89\u5168\u3092\u5b88\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5065\u5168\u306a\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u7cbe\u795e\u3092\u990a\u3044\u3001\u5922\u3092\u6301\u3064\u3088\u308a\u591a\u304f\u306e\u666e\u901a\u306e\u4eba\u3005\u304cWMAX\u306e\u8b77\u885b\u306e\u4e0b\u3067\u52c7\u6562\u306b\u30a6\u30a9\u30fc\u30eb\u8857\u3078\u306e\u7b2c\u4e00\u6b69\u3092\u8e0f\u307f\u51fa\u305b\u308b\u3088\u3046\u306b\u3059\u308b\u3002<\/p>\n
2. \u53cc\u65b9\u5411\u53d6\u5f15\u304b\u3089\u5229\u76ca\u3092\u5f97\u308b: \u4e00\u65b9\u901a\u884c\u306e\u30b2\u30fc\u30e0\u3092\u7d42\u4e86\u3057\u3001\u6d6e\u304d\u6c88\u307f\u306e\u30b5\u30a4\u30af\u30eb\u3067\u30a2\u30eb\u30d5\u30a1\u3092\u7372\u5f97\u3057\u307e\u3059\u3002<\/p>\n
\u4f1d\u7d71\u7684\u306a\u6295\u8cc7\u54f2\u5b66\u306e\u6838\u5fc3\u306f\u300c\u5b89\u304f\u8cb7\u3063\u3066\u9ad8\u304f\u58f2\u308b\u300d\u3067\u3059\u3002\u3053\u306e\u30ed\u30b8\u30c3\u30af\u306f\u3001\u5f37\u6c17\u5e02\u5834\u306b\u751f\u304d\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3001\u3042\u308b\u3044\u306f\u5f37\u6c17\u5e02\u5834\u306e\u5230\u6765\u3092\u6b63\u78ba\u306b\u4e88\u6e2c\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u6b8b\u9177\u306a\u524d\u63d0\u3092\u6697\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u5e02\u5834\u304c\u4e0b\u843d\u3092\u7d9a\u3051\u308b\u5f31\u6c17\u76f8\u5834\u306b\u5165\u308b\u304b\u3001\u7279\u5b9a\u306e\u30bb\u30af\u30bf\u30fc\u304c\u9577\u671f\u7684\u306a\u4fa1\u5024\u306e\u56de\u5fa9\u306b\u76f4\u9762\u3059\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u53e3\u5ea7\u306e\u7e2e\u5c0f\u306b\u8010\u3048\u3066\u53cd\u8ee2\u3092\u7948\u308b\u4ee5\u5916\u306b\u307b\u3068\u3093\u3069\u4f55\u3082\u3059\u308b\u3053\u3068\u304c\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u4e00\u65b9\u7684\u306a\u5229\u76ca\u5275\u51fa\u30e1\u30ab\u30cb\u30ba\u30e0\u306f\u3001\u5e02\u5834\u306e\u4f4e\u8ff7\u6642\u306b\u591a\u5927\u306a\u5bcc\u306e\u7834\u58ca\u3092\u5f15\u304d\u8d77\u3053\u3057\u307e\u3059\u3002 WMAX\u304c\u63d0\u4f9b\u3059\u308bCFD\uff08Contract for Difference\uff09\u53d6\u5f15\u306f\u3001\u3053\u306e\u6642\u9593\u3068\u30b9\u30da\u30fc\u30b9\u306e\u5236\u9650\u3092\u5b8c\u5168\u306b\u6253\u3061\u7834\u308a\u3001\u300c\u53cc\u65b9\u5411\u53d6\u5f15\u300d\u3068\u3044\u3046\u7121\u6599\u306e\u4ed5\u7d44\u307f\u3092\u5c0e\u5165\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u3001\u5e02\u5834\u4fa1\u683c\u304c\u6025\u4e0a\u6607\u3057\u3066\u3082\u3001\u4e0b\u964d\u3057\u3066\u3082\u3001\u5229\u76ca\u3092\u5f97\u308b\u6a5f\u4f1a\u306f\u5e73\u7b49\u3067\u3042\u308b\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002\u901a\u8ca8\u30da\u30a2\u307e\u305f\u306f\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u304c\u4e0d\u8db3\u3057\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u300c\u58f2\u308a\u300d\uff08\u30b7\u30e7\u30fc\u30c8\uff09\u3092\u9078\u629e\u3059\u308b\u3060\u3051\u3067\u3001\u4fa1\u683c\u304c\u4e88\u60f3\u3069\u304a\u308a\u306b\u4e0b\u843d\u3059\u308c\u3070\u3001\u305d\u308c\u306b\u5fdc\u3058\u3066\u30a2\u30ab\u30a6\u30f3\u30c8\u306e\u8cc7\u672c\u304c\u5897\u52a0\u3057\u307e\u3059\u3002\u3053\u306e\u30e1\u30ab\u30cb\u30ba\u30e0\u306b\u3088\u308a\u3001\u5e02\u5834\u306f\u3082\u306f\u3084\u8870\u9000\u671f\u306e\u6ce3\u304d\u53eb\u3076\u300c\u5893\u5834\u300d\u3067\u306f\u306a\u304f\u3001\u30c1\u30e3\u30f3\u30b9\u306b\u6e80\u3061\u305f\u300c\u72e9\u731f\u5834\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n
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3. \u7d50\u8ad6<\/p>\n
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