1. \u30ca\u30ce\u79d2\u30ec\u30d9\u30eb\u306e\u30e1\u30ea\u30c3\u30c8\uff1aSTP\u30b9\u30c8\u30ec\u30fc\u30c8\u30b9\u30eb\u30fc\u51e6\u7406\u3068\u6ed1\u308a\u5236\u5fa1<\/p>\n
\u73fe\u4ee3\u306e\u96fb\u5b50\u53d6\u5f15\u5e02\u5834\u3067\u306f\u3001\u4fa1\u683c\u60c5\u5831\u306e\u9001\u4fe1\u901f\u5ea6\u306f\u30ca\u30ce\u79d2\u5358\u4f4d\u3067\u6e2c\u5b9a\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u6d41\u52d5\u6027\u7372\u5f97\u306e\u9806\u5e8f\u304c\u6ce8\u6587\u306e\u6700\u7d42\u7684\u306a\u53d6\u5f15\u54c1\u8cea\u3092\u76f4\u63a5\u6c7a\u5b9a\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u9ad8\u3044\u6280\u8853\u529b\u3092\u6301\u3064\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306e\u6838\u3068\u306a\u308b\u306e\u306f\u3001STP\uff08Straight Through Processing\uff09\u30b7\u30b9\u30c6\u30e0\u306e\u5c0e\u5165\u3067\u3059\u3002\u3053\u306e\u30b7\u30b9\u30c6\u30e0\u306f\u624b\u52d5\u4ecb\u5165\u3092\u6392\u9664\u3057\u3001\u5c02\u7528\u306e\u5149\u30d5\u30a1\u30a4\u30d0\u30fc\u56de\u7dda\u3092\u901a\u3058\u3066\u4e16\u754c\u30c8\u30c3\u30d7\u306e\u6d41\u52d5\u6027\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u306b\u76f4\u63a5\u63a5\u7d9a\u3057\u3001\u6ce8\u6587\u304c\u30b7\u30b9\u30c6\u30e0\u306b\u5165\u3063\u305f\u77ac\u9593\u306b\u7167\u5408\u3067\u304d\u308b\u3053\u3068\u3092\u4fdd\u8a3c\u3057\u307e\u3059\u3002\u3053\u306e\u4f4e\u9045\u5ef6\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u306f\u3001\u30cf\u30fc\u30c9\u30a6\u30a7\u30a2\u306e\u7af6\u4e89\u3060\u3051\u3067\u306a\u304f\u3001\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u306e\u516c\u5e73\u6027\u3092\u6280\u8853\u7684\u306b\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u3082\u3042\u308a\u3001\u3042\u3089\u3086\u308b\u64cd\u4f5c\u304c\u975e\u5e38\u306b\u9ad8\u901f\u306a\u74b0\u5883\u3067\u6700\u3082\u73fe\u5b9f\u7684\u306a\u5e02\u5834\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u3092\u53d6\u5f97\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u9ad8\u983b\u5ea6\u307e\u305f\u306f\u77ed\u671f\u306e\u30c8\u30ec\u30fc\u30c0\u30fc\u306b\u3068\u3063\u3066\u3001\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u306f\u5143\u672c\u3092\u4fb5\u98df\u3059\u308b\u76ee\u306b\u898b\u3048\u306a\u3044\u6bba\u4eba\u8005\u3067\u3059\u3002\u901a\u5e38\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u6210\u884c\u6ce8\u6587\u3092\u51e6\u7406\u3059\u308b\u5834\u5408\u3001\u30b5\u30fc\u30d0\u30fc\u306e\u5fdc\u7b54\u306e\u9045\u308c\u306b\u3088\u308a\u3001\u53d6\u5f15\u4fa1\u683c\u304c\u4e88\u60f3\u3068\u7570\u306a\u308b\u3053\u3068\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u3002 WMAX \u30ec\u30d9\u30eb\u306e\u30c7\u30fc\u30bf\u51e6\u7406\u6a5f\u80fd\u3092\u5099\u3048\u305f\u30b7\u30b9\u30c6\u30e0\u306f\u3001\u8907\u6570\u306e\u60c5\u5831\u6e90\u304b\u3089\u306e\u76f8\u5834\u3092\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u540c\u671f\u3057\u3001\u30a4\u30f3\u30c6\u30ea\u30b8\u30a7\u30f3\u30c8\u306a\u30eb\u30fc\u30c6\u30a3\u30f3\u30b0 \u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u3092\u901a\u3058\u3066\u30df\u30ea\u79d2\u4ee5\u5185\u306b\u6700\u9069\u306a\u58f2\u8cb7\u4fa1\u683c\u3092\u56fa\u5b9a\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u7a2e\u306e\u6280\u8853\u7684\u306a\u5f37\u5316\u306b\u3088\u308a\u3001\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u30b3\u30b9\u30c8\u304c\u524a\u6e1b\u3055\u308c\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u3088\u308a\u91cd\u8981\u306a\u3053\u3068\u306b\u3001\u6226\u7565\u306e\u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u3068\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306e\u5b9f\u884c\u306e\u9593\u306e\u4e00\u8cab\u6027\u304c\u78ba\u4fdd\u3055\u308c\u3001\u5b9f\u884c\u30ec\u30d9\u30eb\u306e\u9045\u5ef6\u306b\u3088\u3063\u3066\u30c6\u30af\u30cb\u30ab\u30eb\u5206\u6790\u304c\u6b6a\u3081\u3089\u308c\u308b\u3053\u3068\u304c\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
2. \u30c7\u30a3\u30fc\u30d7\u30c7\u30fc\u30bf\u30d3\u30b8\u30e5\u30a2\u30e9\u30a4\u30bc\u30fc\u30b7\u30e7\u30f3: \u30ab\u30aa\u30b9\u7684\u306a K \u30e9\u30a4\u30f3\u304b\u3089\u69cb\u9020\u5316\u3055\u308c\u305f\u60c5\u5831\u307e\u3067<\/p>\n
\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u306f\u6c7a\u3057\u3066\u5358\u7d14\u306a\u76f4\u611f\u7684\u306a\u30b2\u30fc\u30e0\u3067\u306f\u306a\u304f\u3001\u81a8\u5927\u306a\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3044\u305f\u69cb\u9020\u5316\u3055\u308c\u305f\u5206\u6790\u3067\u3059\u3002\u9045\u884c\u30c1\u30e3\u30fc\u30c8\u30c4\u30fc\u30eb\u306b\u306f\u3001\u4e0d\u5341\u5206\u306a\u30c7\u30fc\u30bf\u30b5\u30f3\u30d7\u30ea\u30f3\u30b0\u3084\u66f4\u65b0\u30e9\u30b0\u306a\u3069\u306e\u554f\u984c\u304c\u591a\u304f\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306b\u3088\u308b\u30b5\u30dd\u30fc\u30c8\u30ec\u30d9\u30eb\u3068\u30ec\u30b8\u30b9\u30bf\u30f3\u30b9\u30ec\u30d9\u30eb\u306e\u8aa4\u3063\u305f\u5224\u65ad\u306b\u3064\u306a\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u9ad8\u5ea6\u306a\u53d6\u5f15\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306f\u3001\u30c6\u30a3\u30c3\u30af\u30ec\u30d9\u30eb\u306e\u5c65\u6b74\u30c7\u30fc\u30bf\u3068\u6975\u3081\u3066\u660e\u77ad\u306a\u30c1\u30e3\u30fc\u30c8\u30ec\u30f3\u30c0\u30ea\u30f3\u30b0\u3092\u63d0\u4f9b\u3057\u3001\u6700\u5927\u6570\u767e\u3082\u306e\u30c6\u30af\u30cb\u30ab\u30eb\u6307\u6a19\u306e\u81ea\u7531\u306a\u7d44\u307f\u5408\u308f\u305b\u3092\u30b5\u30dd\u30fc\u30c8\u3057\u307e\u3059\u3002\u3053\u306e\u6df1\u3044\u8996\u899a\u5316\u306b\u3088\u308a\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u8868\u9762\u306e\u4fa1\u683c\u5909\u52d5\u3092\u628a\u63e1\u3057\u3001\u5e02\u5834\u306e\u80cc\u5f8c\u306b\u84c4\u7a4d\u3055\u308c\u305f\u6ce8\u6587\u30d5\u30ed\u30fc\u3092\u6d1e\u5bdf\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u305d\u308c\u306b\u3088\u3063\u3066\u3088\u308a\u6b63\u78ba\u306a\u30a8\u30f3\u30c8\u30ea\u30fc\u30dd\u30a4\u30f3\u30c8\u306e\u5224\u65ad\u3092\u4e0b\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n
\u3055\u3089\u306b\u3001\u5f37\u529b\u306a\u30c7\u30fc\u30bf\u5206\u6790\u306e\u80cc\u666f\u306b\u3088\u308a\u3001\u8907\u96d1\u306a\u53d6\u5f15\u884c\u52d5\u3092\u76f4\u611f\u7684\u306a\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9 \u30ec\u30dd\u30fc\u30c8\u306b\u5909\u63db\u3067\u304d\u307e\u3059\u3002\u52dd\u7387\u5206\u5e03\u304b\u3089\u640d\u76ca\u7387\u66f2\u7dda\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u6642\u9593\u5206\u6790\u304b\u3089\u54c1\u7a2e\u76f8\u95a2\u30d2\u30fc\u30c8\u30de\u30c3\u30d7\u306b\u81f3\u308b\u307e\u3067\u3001\u3053\u308c\u3089\u306e\u30c4\u30fc\u30eb\u3092\u4f7f\u7528\u3059\u308b\u3068\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u5358\u4e00\u306e\u640d\u76ca\u306e\u611f\u60c5\u306e\u6e26\u304b\u3089\u629c\u3051\u51fa\u3057\u3001\u30b7\u30b9\u30c6\u30e0\u306e\u78ba\u7387\u306e\u9ad8\u3055\u304b\u3089\u6226\u7565\u3092\u691c\u8a0e\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u6280\u8853\u30c4\u30fc\u30eb\u306e\u4fa1\u5024\u306f\u3001\u60c5\u5831\u30ae\u30e3\u30c3\u30d7\u3092\u89e3\u6d88\u3059\u308b\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002\u7121\u79e9\u5e8f\u306a\u5e02\u5834\u30ce\u30a4\u30ba\u3092\u30d5\u30a3\u30eb\u30bf\u30ea\u30f3\u30b0\u3057\u3001\u610f\u601d\u6c7a\u5b9a\u306b\u771f\u306b\u52b9\u679c\u7684\u306a\u30b7\u30b0\u30ca\u30eb\u3092\u62bd\u51fa\u3059\u308b\u3053\u3068\u3067\u3001\u53d6\u5f15\u30d7\u30ed\u30bb\u30b9\u306e\u900f\u660e\u6027\u3068\u5236\u5fa1\u6027\u3092\u9ad8\u3081\u307e\u3059\u3002<\/p>\n
3. \u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u5b9f\u884c\u30c4\u30fc\u30eb: \u6c37\u5c71\u547d\u4ee4\u3068 TWAP \u6226\u7565\u306e\u9069\u7528<\/p>\n
\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30ec\u30d9\u30eb\u306e\u53d6\u5f15\u3067\u306f\u3001\u5927\u53e3\u6ce8\u6587\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u3084\u30a8\u30b0\u30b8\u30c3\u30c8\u306b\u3088\u308a\u5e02\u5834\u304c\u6fc0\u3057\u304f\u5909\u52d5\u3057\u3001\u53d6\u5f15\u4fa1\u683c\u304c\u4e0d\u5229\u306b\u306a\u308b\u3053\u3068\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u554f\u984c\u70b9\u3092\u89e3\u6c7a\u3059\u308b\u305f\u3081\u306b\u3001\u9ad8\u5ea6\u306a\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u306f\u3001\u6c37\u5c71\u6ce8\u6587\u3084\u6642\u9593\u52a0\u91cd\u5e73\u5747\u4fa1\u683c (TWAP) \u6226\u7565\u306a\u3069\u306e\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u53d6\u5f15 (ALGORITHMIC TRADING) \u30c4\u30fc\u30eb\u304c\u63d0\u4f9b\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u30c4\u30fc\u30eb\u3092\u4f7f\u7528\u3059\u308b\u3068\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u3001\u672c\u5f53\u306e\u610f\u56f3\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u5927\u91cf\u306e\u6ce8\u6587\u3092\u591a\u6570\u306e\u5c0f\u3055\u306a\u6ce8\u6587\u306b\u5206\u5272\u3057\u3066\u30d0\u30c3\u30c1\u3067\u5b9f\u884c\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u30d7\u30e9\u30a4\u30d0\u30b7\u30fc\u304c\u4fdd\u8b77\u3055\u308c\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5e02\u5834\u3078\u306e\u5f71\u97ff\u306b\u3088\u308b\u30b3\u30b9\u30c8\u3082\u5927\u5e45\u306b\u524a\u6e1b\u3055\u308c\u307e\u3059\u3002<\/p>\n
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4. \u7aef\u672b\u9593\u306e\u30af\u30e9\u30a6\u30c9\u540c\u671f: \u3042\u3089\u3086\u308b\u30b7\u30ca\u30ea\u30aa\u3092\u30ab\u30d0\u30fc\u3059\u308b\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3 \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0<\/p>\n
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