{"id":8370,"date":"2026-01-12T14:12:23","date_gmt":"2026-01-12T06:12:23","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8370"},"modified":"2026-01-12T14:12:28","modified_gmt":"2026-01-12T06:12:28","slug":"%e9%9a%94%e5%a4%9c%e8%9e%8d%e8%b5%84%e8%b4%b9%e7%94%a8%ef%bc%9a%e6%88%90%e6%9c%ac%e5%8f%af%e7%ae%97%ef%bc%8c%e8%80%8c%e9%9d%9e%e9%bb%91%e7%ae%b1","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/ko\/\uc544\uce74\uc774\ube0c\/8370","title":{"rendered":"\uc775\uc77c\uae08\uc735\uc218\uc218\ub8cc : \ube14\ub799\ubc15\uc2a4\uac00 \uc544\ub2cc \uacc4\uc0b0 \uac00\ub2a5\ud55c \ube44\uc6a9"},"content":{"rendered":"<p>CFD \uac70\ub798\uc5d0\uc11c \ubc24\uc0c8 \ud3ec\uc9c0\uc158\uc744 \uc720\uc9c0\ud558\uba74 \uc775\uc77c \uc790\uae08 \uc870\ub2ec \ube44\uc6a9\uc774 \ubc1c\uc0dd\ud569\ub2c8\ub2e4. \uc774 \uba54\ucee4\ub2c8\uc998\uc740 \ud50c\ub7ab\ud3fc\uc5d0\uc11c \ucd94\uac00 \ube44\uc6a9\uc774 \ubc1c\uc0dd\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \uc790\uae08\uc758 \uc2dc\uac04 \uac00\uce58\uc640 \uae30\ubcf8 \uc790\uc0b0\uc758 \ubcf4\uc720 \ube44\uc6a9\uc5d0 \ub300\ud55c \uc2dc\ubbac\ub808\uc774\uc158\ub41c \ubcf4\uc0c1\uc785\ub2c8\ub2e4. Wmax\uc758 \uc124\uacc4 \uc6d0\uce59\uc740 \ubaa8\ub4e0 \uc218\uc218\ub8cc\uac00 \uacf5\uacf5 \uc774\uc790\uc728, \uac80\uc99d \uac00\ub2a5\ud55c \uacf5\uc2dd\uc744 \uae30\ubc18\uc73c\ub85c \ud574\uc57c \ud558\uba70 \ud3ec\uc9c0\uc158\uc744 \uac1c\uc124\ud558\uae30 \uc804\uc5d0 \uc0ac\uc6a9\uc790\uc5d0\uac8c \uba85\ud655\ud558\uac8c \uc124\uba85\ub418\uc5b4\uc57c \ud55c\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774 \ubb38\uc11c\uc5d0\uc11c\ub294 \uacc4\uc0b0 \ub17c\ub9ac, \uc774\uc790\uc728 \uc18c\uc2a4 \ubc0f \ud22c\uba85\uc131 \uad6c\ud604 \ubc29\ubc95\uc5d0 \ub300\ud574 \uc124\uba85\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc790\uae08 \uc870\ub2ec \ube44\uc6a9\uc758 \ubcf8\uc9c8 : \uae34 \ubc29\ud5a5\uacfc \uc9e7\uc740 \ubc29\ud5a5\uc758 \ube44\uc6a9 \ucc28\uc774<\/p>\n<p>\uc624\ubc84\ub098\uc774\ud2b8 \ud30c\uc774\ub0b8\uc2f1 \uc218\uc218\ub8cc\uc758 \ud575\uc2ec \ub17c\ub9ac\ub294 \ub871 \ud3ec\uc9c0\uc158\uacfc \uc20f \ud3ec\uc9c0\uc158\uc758 \uacbd\uc81c\uc801 \uc18d\uc131\uc774 \ub2e4\ub974\uae30 \ub54c\ubb38\uc5d0 \ubc1c\uc0dd\ud569\ub2c8\ub2e4. Long CFD\ub294 \"\uc790\uc0b0\uc744 \uad6c\ub9e4\ud558\uae30 \uc704\ud574 \uc790\uae08\uc744 \ube4c\ub9ac\ub294 \uac83\"\uacfc \ub3d9\uc77c\ud558\uba70 \uae08\uc735 \ube44\uc6a9\uc744 \uc9c0\ubd88\ud574\uc57c \ud569\ub2c8\ub2e4. \uacf5\ub9e4\ub3c4\ub294 \"\ud604\uae08\uc744 \uc5bb\uae30 \uc704\ud574 \uc790\uc0b0\uc744 \ube4c\ub824\uc8fc\ub294 \uac83\"\uacfc \ub3d9\uc77c\ud558\uba70 \uc774\uc790 \uc218\uc775\uc744 \uc5bb\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4(\ub610\ub294 \uc218\uc218\ub8cc\ub97c \ub35c \uc9c0\ubd88\ud560 \uc218 \uc788\uc74c). \ub530\ub77c\uc11c \uc7a5\uae30 \uc8fc\ubb38\uc740 \uc77c\ubc18\uc801\uc73c\ub85c \uc218\uc218\ub8cc\ub97c \ubd80\uacfc\ud558\uba70, \ub2e8\uae30 \uc8fc\ubb38\uc740 \uc77c\ubd80 \ud488\uc885\uc5d0 \ub300\ud574 \uc18c\uc561\uc758 \uc774\uc790\ub97c \ubc18\ud658\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc774 \uc218\uc218\ub8cc\ub294 \ub9e4\uc77c 21:00 UTC\uc5d0 \uc815\uc0b0\ub418\uba70 \uc774 \uc2dc\uc810 \uc774\ud6c4\uc5d0 \ubcf4\uc720\ub41c \ud3ec\uc9c0\uc158\uc5d0 \ub300\ud574\uc11c\ub9cc \uacc4\uc0b0\ub429\ub2c8\ub2e4. \uc218\uc218\ub8cc \uae08\uc561 = \ud3ec\uc9c0\uc158\uc758 \uba85\ubaa9\uac00\uce58 \u00d7 \uc5f0\uac04 \ud30c\uc774\ub0b8\uc2f1 \uae08\ub9ac \u00bc 365. \uadf8 \uc911 \uc5f0\uac04 \ud30c\uc774\ub0b8\uc2f1 \uae08\ub9ac = \uae30\uc900 \uae30\uc900 \uae08\ub9ac \u00b1 \ud50c\ub7ab\ud3fc \ubcf4\ub108\uc2a4. \uad6c\uccb4\uc801\uc778 \uae30\ud638\uc640 \uac12\uc740 \uc81c\ud488\uc5d0 \ub530\ub77c \ub2e4\ub985\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ub9e4\uc218 \uc678\ud658 \uc8fc\ubb38 \uc774\uc790\uc728 = \uae30\uc900 \uc774\uc790\uc728 + 2.5%, \ub9e4\ub3c4 \uc8fc\ubb38 \uc774\uc790\uc728 = \uae30\ubcf8 \uc774\uc790\uc728 \u2013 2.5%\uc785\ub2c8\ub2e4. \ube44\uc6a9 \uad6c\uc870\ub294 \ube44\ub300\uce6d\uc774\uc9c0\ub9cc \uaddc\uce59\uc740 \ub300\uce6d\uc801\uc774\uace0 \uacf5\uac1c\uc801\uc785\ub2c8\ub2e4.<\/p>\n<p>\uc774\uc790\uc728 \ucd9c\ucc98: \ud50c\ub7ab\ud3fc\uc5d0 \uc758\ud574 \uacb0\uc815\ub418\uc9c0 \uc54a\uace0 \uae00\ub85c\ubc8c \ubca4\uce58\ub9c8\ud06c\uc5d0 \uace0\uc815\ub428<\/p>\n<p>Wmax\ub294 \uc790\uccb4 \uae30\uc900\uae08\ub9ac\ub97c \uc124\uc815\ud558\uc9c0 \uc54a\uace0 \uad6d\uc81c\uc801\uc73c\ub85c \uc778\uc815\ubc1b\ub294 \ubb34\uc704\ud5d8 \uae08\ub9ac \uc9c0\ud45c\ub97c \uae30\uc900\uc73c\ub85c \uc0ac\uc6a9\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc8fc\uc694 \ud1b5\ud654\uc30d(\uc608: EUR\/USD): \u20acSTR(\uc720\ub85c), SOFR(USD) \ub4f1 \ud574\ub2f9 \ud1b5\ud654\uc758 \uc775\uc77c \uc9c0\uc218 \uc2a4\uc651 \ud658\uc728(OIS)\uc744 \uc0ac\uc6a9\ud569\ub2c8\ub2e4. \uc8fc\uac00 \uc9c0\uc218 \ubc0f \uc0c1\ud488: \uac70\ub798 \ud50c\ub7ab\ud3fc\uc774 \uc704\uce58\ud55c \uad00\ud560 \uad6c\uc5ed\uc758 \uc8fc\ub958 \ubb34\uc704\ud5d8 \uae08\ub9ac\ub97c \ubca4\uce58\ub9c8\ud06c\ub85c \uc0ac\uc6a9\ud569\ub2c8\ub2e4(\uc608: \uc601\uad6d \ud30c\uc6b4\ub4dc LIBOR \ub300\uccb4\uc728 SONIA).<\/p>\n<p>\uc774\ub7ec\ud55c \uc774\uc790\uc728\uc740 \ub2e4\uc591\ud55c \uad6d\uac00\uc758 \uc911\uc559\uc740\ud589\uc774\ub098 \uae08\uc735 \uc778\ud504\ub77c \uae30\uad00\uc5d0\uc11c \ub9e4\uc77c \ubc1c\ud45c\ub429\ub2c8\ub2e4. Wmax\ub294 \"\uc81c\ud488 \uc815\ubcf4 \ud398\uc774\uc9c0\"\uc5d0\uc11c \ucd5c\uc2e0 \uac12\uc744 \uc2e4\uc2dc\uac04\uc73c\ub85c \ub3d9\uae30\ud654\ud558\uace0 \ub370\uc774\ud130 \uc18c\uc2a4 \ub9c1\ud06c\ub97c \ud45c\uc2dc\ud569\ub2c8\ub2e4. \ud50c\ub7ab\ud3fc \ubcf4\ub108\uc2a4 \uad6c\uc131 \uc694\uc18c(\uc77c\ubc18\uc801\uc73c\ub85c \uc5f0\uac04 2%~3%)\ub294 \uc6b4\uc601 \ubc0f \uac70\ub798\uc0c1\ub300\ubc29 \uc704\ud5d8\uc744 \ucda9\ub2f9\ud558\ub294 \ub370 \uc0ac\uc6a9\ub418\uba70 \ub3d9\uc77c\ud55c \ud398\uc774\uc9c0\uc5d0 \uba85\ud655\ud558\uac8c \ub098\uc5f4\ub418\uc5b4 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uc790\uc728\uc744 \ud655\uc778\ud560 \uc218 \uc788\uace0 \ubcf4\ub108\uc2a4\ub3c4 \ubcfc \uc218 \uc788\uc73c\uba70 \uc228\uaca8\uc9c4 \ub9e4\uac1c\ubcc0\uc218\ub294 \uc5c6\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ube44\uc6a9 \ubbf8\ub9ac\ubcf4\uae30 \ubc0f \uc2e4\uc2dc\uac04 \uacac\uc801 \ub3c4\uad6c<\/p>\n<p>\uac70\ub798 \ud130\ubbf8\ub110\uc5d0\uc11c \uc8fc\ubb38\uc744 \ud558\uae30 \uc804\uc5d0 \uc0ac\uc6a9\uc790\ub294 \"\ud30c\uc774\ub0b8\uc2f1 \uc218\uc218\ub8cc \ubbf8\ub9ac \ubcf4\uae30\" \ubc84\ud2bc\uc744 \ud074\ub9ad\ud560 \uc218 \uc788\uc73c\uba70 \uc2dc\uc2a4\ud15c\uc740 \ud604\uc7ac \uc774\uc790\uc728, \ud3ec\uc9c0\uc158 \ubc29\ud5a5 \ubc0f \uc608\uc0c1 \uc77c\uc218\ub97c \uae30\ubc18\uc73c\ub85c \ub2e4\uc74c 7\uc77c \ub3d9\uc548\uc758 \ub204\uc801 \uc218\uc218\ub8cc \ucd94\uc815\uce58\ub97c \ub3d9\uc801\uc73c\ub85c \uacc4\uc0b0\ud569\ub2c8\ub2e4. \uc774 \uacac\uc801\uc740 \ud604\uc7ac \uc774\uc790\uc728\uc744 \uae30\uc900\uc73c\ub85c \ud558\uba70, \uae30\ubcf8 \uc774\uc790\uc728\uc774 \ubcc0\uacbd\ub418\uba74 \uc2e4\uc81c \uc694\uae08\ub3c4 \uadf8\uc5d0 \ub530\ub77c \uc870\uc815\ub429\ub2c8\ub2e4.<\/p>\n<p>\ub610\ud55c \uacc4\uc88c\uac1c\uc694 \ud398\uc774\uc9c0\uc5d0\uc11c\ub294 '\uc624\ub298\uc758 \uae08\uc735\ube44\uc6a9'\uc744 \uc2e4\uc2dc\uac04\uc73c\ub85c \ub204\uc801 \ud45c\uc2dc\ud574 \uc90d\ub2c8\ub2e4. \uac01 \uccad\uad6c\ub294 \uc885\ub958, \ubc29\ud5a5, \uba85\ubaa9 \uac00\uce58, \ud574\ub2f9 \uc774\uc790\uc728, \uacc4\uc0b0 \ub0a0\uc9dc \ubc0f \uae08\uc561\uc744 \ud3ec\ud568\ud558\ub294 \ub3c5\ub9bd\uc801\uc778 \uc2e4\ud589 \uae30\ub85d\uc744 \uc0dd\uc131\ud569\ub2c8\ub2e4. \uc0ac\uc6a9\uc790\ub294 \uc138\uae08 \ub610\ub294 \ube44\uc6a9 \ud68c\uacc4 \ubaa9\uc801\uc73c\ub85c \uc138\ubd80 \uc815\ubcf4\ub97c \ub0b4\ubcf4\ub0bc \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud22c\uba85\uc131\uc740 \uc0ac\ud6c4\uc5d0 \uc124\uba85\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \uc0ac\uc804\uc5d0 \uacc4\uc0b0\ud558\ub294 \uac83\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"1266\" height=\"844\" class=\"wp-image-8372\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities-.jpeg\" alt=\"Document in Russian Agreement on joint activities. Conclusion of an agreement on mutually beneficia\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities-.jpeg 1266w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities--300x200.jpeg 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities--1024x683.jpeg 1024w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities--768x512.jpeg 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities--18x12.jpeg 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities--900x600.jpeg 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/01\/document-in-russian-agreement-on-joint-activities--600x400.jpeg 600w\" sizes=\"(max-width: 1266px) 100vw, 1266px\" \/><\/p>\n<p>\uc218\uc218\ub8cc \ubd84\uc7c1\uc5d0 \ub300\ud55c \uac80\uc99d \uba54\ucee4\ub2c8\uc998<\/p>\n<p>\uc0ac\uc6a9\uc790\uac00 \ud2b9\uc815 \uae08\uc735 \uc218\uc218\ub8cc\uc5d0 \ub300\ud574 \uc758\ubb38\uc774 \uc788\ub294 \uacbd\uc6b0 \ub2e4\uc74c \uacbd\ub85c\ub97c \ud1b5\ud574 \ud655\uc778\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uac70\ub798 \ud750\ub984\uc5d0\uc11c \uc218\uc218\ub8cc\ub97c \ud074\ub9ad\ud558\uba74 \uc0ac\uc6a9\ub41c \ubca4\uce58\ub9c8\ud06c \uc774\uc790\uc728\uacfc \ub9c8\ud06c\uc5c5 \ube44\uc728\uc758 \uc2a4\ub0c5\uc0f7\uc744 \ubcfc \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub97c \u20acSTR\/SOFR \ubc0f \ub2f9\uc77c \uc911\uc559\uc740\ud589 \uacf5\uc2dd \uc6f9\uc0ac\uc774\ud2b8\uc5d0 \uac8c\uc2dc\ub41c \uae30\ud0c0 \ub370\uc774\ud130\uc640 \ube44\uad50\ud558\uc5ec \uc77c\uad00\uc131\uc744 \ud655\uc778\ud558\uc138\uc694.<\/p>\n<p>\uace0\uac1d \uc11c\ube44\uc2a4\ub294 \ub0b4\ubd80 \uc2dc\uc2a4\ud15c \uc124\uba85\uc5d0 \uc758\uc874\ud558\uc9c0 \uc54a\uace0, \uacf5\uac1c \ub370\uc774\ud130\ub97c \ud65c\uc6a9\ud558\uc5ec \uc0ac\uc6a9\uc790\uac00 \uc2a4\uc2a4\ub85c \ud655\uc778\ud560 \uc218 \uc788\ub3c4\ub85d \uc548\ub0b4\ud569\ub2c8\ub2e4. \ud50c\ub7ab\ud3fc\uc740 \ub610\ud55c \uc0ac\uc6a9\uc790\uac00 \ub3d9\uc77c\ud55c \ub9e4\uac1c\ubcc0\uc218\ub97c \uc785\ub825\ud558\uc5ec \uacb0\uacfc\ub97c \uc218\ub3d9\uc73c\ub85c \uc7ac\ud604\ud560 \uc218 \uc788\ub294 \"\uae08\uc735 \uacc4\uc0b0\uae30\" \ub3c4\uad6c\ub97c \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc7ac\uc0dd\uc0b0\uc774 \uac00\ub2a5\ud55c \uacbd\uc6b0\uc5d0\ub9cc \uc2e0\ub8b0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uac80\uc99d\uc774 \uac00\ub2a5\ud574\uc57c\ub9cc \uacf5\uc815\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uacb0\ub860: \ube44\uc6a9\ud22c\uba85\uc131\uc740 \uacf5\uc815\ubb34\uc5ed\uc758 \ucd08\uc11d\uc774\ub2e4<\/p>\n<p>\uc775\uc77c \uae08\uc735 \uc218\uc218\ub8cc\ub294 CFD \uba54\ucee4\ub2c8\uc998\uc758 \ud544\uc218 \ubd80\ubd84\uc774\uc9c0\ub9cc \uadf8 \ud569\ub9ac\uc131\uc740 \uc0ac\uc6a9\uc790\uac00 \uc774\ud574\ud558\uace0 \uac80\uc99d\ud560 \uc218 \uc788\ub294\uc9c0 \uc5ec\ubd80\uc5d0 \ub530\ub77c \ub2ec\ub77c\uc9d1\ub2c8\ub2e4. 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