{"id":866,"date":"2008-10-15T12:00:00","date_gmt":"2008-10-15T03:00:00","guid":{"rendered":"http:\/\/testblog.nihon-syakai.net\/blog\/2008\/10\/754.html"},"modified":"2008-10-15T12:00:00","modified_gmt":"2008-10-15T03:00:00","slug":"%e3%83%aa%e3%83%bc%e3%83%9e%e3%83%b3%e9%96%a2%e9%80%a3%e3%81%aecds%e8%b2%a0%e5%82%b5%e3%81%af%e3%82%82%e3%81%bf%e6%b6%88%e3%81%95%e3%82%8c%e3%81%9f%e3%81%ae%e3%81%8b%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/blog.nihon-syakai.net\/blog\/2008\/10\/866.html","title":{"rendered":"\u30ea\u30fc\u30de\u30f3\u95a2\u9023\u306eCDS\u8ca0\u50b5\u306f\u3082\u307f\u6d88\u3055\u308c\u305f\u306e\u304b\uff1f"},"content":{"rendered":"<p><img loading=\"lazy\" alt=\"%E3%83%AA%E3%83%BC%E3%83%9E%E3%83%B3%E5%86%99%E7%9C%9F.jpg\" src=\"\/blog\/wp-content\/uploads\/%E3%83%AA%E3%83%BC%E3%83%9E%E3%83%B3%E5%86%99%E7%9C%9F.jpg\" width=\"300\" height=\"230\" \/><br \/>\n\u682a\u4fa1\u304c\u731b\u53cd\u767a\u3057\u305f\u7406\u7531\u3068\u3057\u3066\uff27\uff17\u306b\u3088\u3063\u3066\u6c7a\u5b9a\u3055\u308c\u305f\u6551\u6e08\u7b56\u304c\u5e02\u5834\u306b\u4e00\u5b9a\u306e\u5b89\u5fc3\u611f\u3092\u4e0e\u3048\u305f\u3068\u3044\u3046\u8a55\u4fa1\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002<br \/>\n\u203b\u8a73\u3057\u3044\u6551\u6e08\u7b56\u306f10\/14\u306e\u8a18\u4e8b\u3092\u53c2\u7167\u3057\u3066\u304f\u3060\u3055\u3044\u3002<br \/>\n<a href=\"http:\/\/blog.trend-review.net\/blog\/2008\/10\/000859.html\">\uff27\uff17\u6c7a\u5b9a\u4e8b\u9805\u2192\u682a\u4fa1\u6025\u9a30\u306e\u69cb\u9020\u3000\u3000\uff5e\u4e16\u754c\u30ec\u30d9\u30eb\u3067\u306e\u5927\u76e4\u632f\u308b\u821e\u3044\u3067\u306f\u306a\u3044\u306e\u304b\uff1f<\/a><br \/>\n<img src=\"\/blog\/wp-includes\/images\/smilies\/m282.gif\" \/><br \/>\n\u3053\u308c\u3092\u53d7\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u653f\u5e9c\u306f10\/14\u306b26\u5104\u5186\u3082\u306e\u8cc7\u672c\u6ce8\u5165\u3092\u91d1\u878d\u6a5f\u95a2\u306b\u884c\u3046\u3068\u767a\u8868\u3057\u305f\u3002\u878d\u8cc7\u5148\u3082\u5927\u624b9\u884c\u306b\uff11\uff12\uff15\uff10\u5104\u30c9\u30eb\u3068\u5177\u4f53\u7684\u3060\u3002<br \/>\n\u65e5\u672c\u3067\u306f\u3001\u4e09\u83f1\uff35\uff26\uff2a\u304c\u5927\u640d\u899a\u609f\u3067\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u3092\u6551\u6e08\u3057\u305f\u3002\u66b4\u843d\u3057\u305f\u682a\u4fa1\u3092\u9ad8\u5024\u3067\u8cb7\u308f\u3055\u308c\u305f\u6319\u53e5\u3001<strong><span style=\"background:#FFE3E3\">\u7d4c\u55b6\u6a29\u306f\u6301\u3066\u306a\u3044\u3068\u3044\u3046\u300c\u30c8\u30f3\u30c7\u30e2\u300d\u5951\u7d04\u3092\u3055\u305b\u3089\u308c\u305f\u4e09\u83f1\uff35\uff26\uff2a\u306e\u80cc\u5f8c\u306b\u306f\u3001\uff27\uff17\u3067\u30a2\u30e1\u30ea\u30ab(\uff26\uff32\uff22)\u306e\u5727\u529b\u304c\u3042\u3063\u305f<\/span><\/strong>\u3001\u3068\u3044\u3046\u306e\u304c\u826f\u8b58\u3042\u308b\u8b58\u8005\u306e\u898b\u89e3\u3067\u3042\u308b\u3002<br \/>\n\u4e8b\u3042\u308b\u3054\u3068\u306b\u300c\u306a\u308a\u3075\u308a\u69cb\u308f\u305a\u3042\u3089\u3086\u308b\u624b\u3067\u91d1\u878d\u6a5f\u95a2\u3092\u6551\u6e08\u3059\u308b\u300d\u3068\u30dd\u30fc\u30eb\u30bd\u30f3\u306f\u767a\u8a00\u3057\u3066\u3044\u305f\u304c\u3001\u307e\u3055\u306b\u306a\u308a\u3075\u308a\u69cb\u308f\u305a\u300e\u6b27\u7c73\u300f\u91d1\u878d\u6a5f\u95a2\u306e\u6551\u6e08\u306b\u5411\u3051\u3066\u52d5\u304d\u51fa\u3057\u3066\u304d\u305f\u3002<br \/>\n\u305d\u3057\u3066\u30de\u30cd\u30fc\u30b2\u30fc\u30e0\u5d29\u58ca\u306e\u706b\u4ed8\u3051\u5f79\u3068\u306a\u3063\u305f<span style=\"font-size:120%;\"><strong><span style=\"background:#FFE3E3\">\uff23\uff24\uff33\u306e\u3082\u307f\u6d88\u3057<\/span><\/strong><\/span>\u306b\u7a81\u5165\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002<br \/>\n<img src=\"\/blog\/wp-includes\/images\/smilies\/m283.gif\" \/><br \/>\n\u3044\u3064\u3082\u5fdc\u63f4\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059 <img src=\"\/blog\/wp-includes\/images\/smilies\/m163.gif\" \/>  <img src=\"\/blog\/wp-includes\/images\/smilies\/m164.gif\" \/><\/p>\n<p><!--more--><br \/>\n10\/10\u306f\u5e02\u5834\u95a2\u4fc2\u8005\u3067\u6ce8\u76ee\u306e\u65e5\u3068\u3055\u308c\u3066\u305f\u3002<br \/>\n\u3053\u306e\u65e5\u306f\u3001<span style=\"background:#FFDBA4\">\u30ea\u30fc\u30de\u30f3\u7834\u7dbb\u6642\u306b\u4fdd\u8a3c\u3055\u308c\u308b\uff23\uff24\uff33\u306e\u6e05\u7b97\u4f1a<\/span>\u304c\u958b\u304b\u308c\u305f\u65e5\u3067\u3042\u3063\u305f\u3002\u30ea\u30fc\u30de\u30f3\u304c\u767a\u884c\u3057\u305f\u7d044,000\u5104\u30c9\u30eb\u306e\u50b5\u5238\u306f\u7121\u4fa1\u5024\u5316\u3057\u3001\u4eca\u3084\u7d04\uff14\uff10\uff10\u5104\u30c9\u30eb\u306b\u4e0b\u304c\u3063\u3066\u3044\u308b\u3002\u6e05\u7b97\u4f1a\u306b\u3088\u3063\u3066\u3001\uff23\uff24\uff33\u767a\u884c\u8005\u306f\u7dcf\u984d3,600\u5104\u30c9\u30eb\u306e\u4fdd\u967a\u91d1\u652f\u6255\u3044\u3092\u7fa9\u52d9\u3065\u3051\u3089\u308c\u308b\u3068\u3044\u308f\u308c\u3001\u30ea\u30fc\u30de\u30f3\u95a2\u9023\u306e\uff23\uff24\uff33\u3092\u3069\u3053\u304c\u3044\u304f\u3089\u5206\u5f15\u304d\u53d7\u3051\u305f\u306e\u304b\u306b\u3088\u3063\u3066\u65b0\u305f\u306a\u7834\u7dbb\u5287\u304c\u751f\u307e\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u3063\u305f\u3002<br \/>\n\u3057\u304b\u3057\u7d50\u679c\u7684\u306b\u306f\u3001<span style=\"background:#FFE3E3\">\uff23\uff24\uff33\u306e\u652f\u6255\u984d\u306f\u60f3\u5b9a\u3088\u308a\u304b\u306a\u308a\u4f4e\u3044\u4fa1\u683c\u306b\u6291\u3048\u3089\u308c\u305f\u3088\u3046\u3060<\/span>\u3002\u304a\u305d\u3089\u304f\uff23\uff24\uff33\u95a2\u9023\u306e\u8ca0\u50b5\u306e\u3082\u307f\u6d88\u3057(\u8ac7\u5408\uff1f)\u306b\u5165\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u3060\u308d\u3046\u304b\uff1f<br \/>\n\u4ee5\u4e0b<a href=\"http:\/\/www.gamenews.ne.jp\/archives\/2008\/10\/cds8625.html\">Gamenews.com<\/a>\u3088\u308a\u5f15\u7528<\/p>\n<blockquote><p><a href=\"http:\/\/www.marketwatch.com\/news\/story\/lehman-derivatives-auction-described-smooth\/story.aspx?guid=%7BA5ACF291-FC4D-478D-845D-8713E50448B3%7D&#038;dist=msr_4\">\u3010MarketWatch\u3011<\/a>\u306a\u3069\u304c\u4f1d\u3048\u308b\u3068\u3053\u308d\u306b\u3088\u308b\u3068\u3001\u5148\u65e5\u7d4c\u55b6\u7834\u305f\u3093\u3057\u305f\u30a2\u30e1\u30ea\u30ab\u306e\u8a3c\u5238\u9280\u884c\u5927\u624b\u30ea\u30fc\u30de\u30f3\u30fb\u30d6\u30e9\u30b6\u30fc\u30ba\u3092\u5bfe\u8c61\u306b\u3057\u305f\u91d1\u878d\u6d3e\u751f\u5546\u54c1\u306e\u4e00\u3064CDS(Credit default swap(\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30c7\u30d5\u30a9\u30eb\u30c8\u30fb\u30b9\u30ef\u30c3\u30d7))\u306e\u6e05\u7b97\u4fa1\u5024\u304c10\u670810\u65e5\u3001\u56fd\u969b\u30b9\u30ef\u30c3\u30d7\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u30b9\u5354\u4f1a(ISDA\u3001International Swaps and Derivatives Association)\u306e\u3082\u3068\u3067\u884c\u308f\u308c\u305f\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u306b\u3088\u3063\u3066\u5143\u672c\u306e8.625\uff05\u306b\u6c7a\u5b9a\u3055\u308c\u305f\u3002\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\u305d\u306e\u3082\u306e\u306f\u4f55\u306e\u6df7\u4e71\u3082\u7121\u304f\u9032\u3081\u3089\u308c\u305f\u3068\u306e\u3053\u3068\u3002<br \/>\n\u4eca\u56de\u6c7a\u5b9a\u3057\u305f\u300c\u5143\u672c\u306e8.625\uff05\u300d\u3068\u3044\u3046\u5024\u306f\u3001\u30ea\u30fc\u30de\u30f3\u7834\u305f\u3093\u5f8c\u306b\u66b4\u843d\u3057\u305f\u793e\u50b5\u306e\u4fa1\u5024\u306a\u3069\u306b\u9023\u52d5\u3059\u308b\u5f62\u3067\u8a2d\u5b9a\u3055\u308c\u305f\u3082\u306e\u3002\u5e02\u5834\u63a8\u5b9a\u3067\u306f4000\u5104\u30c9\u30eb(\u7d0440\u5146\u5186)\u304c\u4fdd\u8a3c\u5951\u7d04\u4e0a\u306e\u5143\u672c\u3068\u3044\u308f\u308c\u3066\u3044\u308b\u3002\u3053\u306e\u3046\u30618.625\uff05\u306e\u4fa1\u683c\u3067\u8cb7\u3044\u53d6\u3089\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u5dee\u3057\u5f15\u304d91.375\uff05\u306e\u652f\u6255\u3044\u3092CDS\u767a\u884c\u5074\u304c\u884c\u3046\u3053\u3068\u306b\u306a\u308b(1\u30c9\u30eb\u306e\u4fdd\u8a3c\u3092\u3057\u3066\u3044\u305fCDS\u306e\u58f2\u308a\u624b\u306f\u3001\u305d\u306e\u3046\u306191.375\u30bb\u30f3\u30c8\u3092CDS\u306e\u8cb7\u3044\u624b\u306b\u652f\u6255\u3046\u3068\u3044\u3046\u3053\u3068)\u3002\u305f\u3060\u3057CDS\u540c\u58eb\u3084\u624b\u6570\u6599\u306a\u3069\u306e\u76f8\u6bba\u3082\u3042\u308b\u306e\u3067\u3001\u300c\u5b9f\u969b\u306b\u306f\u3053\u308c\u3089\u306e\u984d\u306e\u3046\u30612\uff05(8000\u5104\u5186\u7a0b\u5ea6)\u304c\u73fe\u91d1\u306a\u3069\u306e\u5f62\u3067\u652f\u6255\u308f\u308c\u308b\u3053\u3068\u306b\u306a\u308b(once all positive and negative positions are &#8220;netted&#8221; out, about 2% of that money will actually change hands)\u300d\u3068ISDA\u306eCEO\u3067\u3042\u308bRobert Pickel\u6c0f\u306f\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u308b<\/p><\/blockquote>\n<p>\u4ee5\u4e0a\u5f15\u7528\u7d42\u308f\u308a<br \/>\n\u3064\u307e\u308a\u3001\u672c\u6765\u306f4,000\u5104\u00d7(100\uff0d8.625)\uff05\uff1d3,650\u5104\u30c9\u30eb\u3092\uff23\uff24\uff33\u767a\u884c\u5074\u306f\u6255\u3046\u5fc5\u8981\u304c\u3042\u3063\u305f\u304c\u3001<strong><span style=\"background:#FFE3E3\">\u91d1\u878d\u6a5f\u95a2\u540c\u58eb\u306e\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\u3084\u624b\u6570\u6599\u306a\u3069\u306e\u76f8\u6bba\u306b\u3088\u3063\u3066\u3001\u305d\u306e\uff12\uff05(8,000\u5104\u5186)\u7a0b\u5ea6\u3067\u6e08\u3093\u3060\u3089\u3057\u3044<\/span><\/strong>\u3002<br \/>\n\u305f\u3063\u305f\uff12\uff05\u306e\u640d\u5931\u3067\u6e08\u3093\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u682a\u4fa1\u306f\u4fe1\u983c\u3092\u53d6\u308a\u623b\u3057\u4e00\u6c17\u306b\u53cd\u767a\u3057\u305f\u3068\u601d\u308f\u308c\u308b\u3002<br \/>\n\u3057\u304b\u3057\uff12\uff05\u3068\u3044\u3046\u306e\u306f\u7d20\u4eba\u76ee\u306b\u3082\u975e\u5e38\u306b\u5c11\u306a\u3044\u3002\u4f55\u3089\u304b\u306e\u65b9\u6cd5\u3067<span style=\"background:#FFE3E3\"><strong><span style=\"font-size:120%;\">\u91d1\u878d\u6a5f\u95a2\u540c\u58eb\u3067\uff23\uff24\uff33\u95a2\u9023\u306e\u8ca0\u50b5\u3082\u307f\u6d88\u3057(\u8ac7\u5408\uff1f)<\/span><\/strong><\/span>\u306b\u5165\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u3060\u308d\u3046\u304b\uff1f<br \/>\n<img src=\"\/blog\/wp-includes\/images\/smilies\/m282.gif\" \/><br \/>\n\u30ea\u30fc\u30de\u30f3\u95a2\u9023\u306e\uff23\uff24\uff33\u306f10\u670821\u65e5\u304c\u652f\u6255\u3044\u6e80\u671f\u3068\u306a\u308b\u305f\u3081\u3001\u3053\u308c\u304c\u4e0a\u8a18\u767a\u8868\u901a\u308a\u306e\u5c0f\u984d\u3067\u6e08\u3080\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u300c2\uff05\u300d\u3068\u3044\u3046\u5024\u304b\u3089\u4e56\u96e2\u3057\u305f\u8ca0\u50b5\u984d\u3068\u306a\u308b\u304b\u306f\u73fe\u6642\u70b9\u3067\u306f\u4e0d\u660e\u3060\u304c\u300110\u6708\u672b\u4ee5\u964d\u7834\u7dbb\u3057\u305f\u91d1\u878d\u6a5f\u95a2\u306e\uff23\uff24\uff33\u6e05\u7b97\u4f1a\u304c\u6b21\u3005\u3068\u958b\u304b\u308c\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u30ea\u30fc\u30de\u30f3\u306e\uff23\uff24\uff33\u51e6\u7406\u306f\u4eca\u5f8c\u6ce8\u76ee\u306b\u5024\u3059\u308b\u3002<br \/>\n\u203b\u30ea\u30fc\u30de\u30f3\u95a2\u9023\u306e\uff23\uff24\uff33\u767a\u884c\u4e3b\u4f53\u306f<a href=\"http:\/\/www.isda.org\/companies\/lehman\/pdf\/Statement-on-Lehman-Deliverables.pdf\">ISDA\u306e\u8cc7\u6599<\/a>\u306b\u3088\u308b\u3068\u3001\u30d0\u30f3\u30af\u30aa\u30d6\u30a2\u30e1\u30ea\u30ab)\u3001\u30d0\u30fc\u30af\u30ec\u30a4\u30ba)\u3001BNP\u30d1\u30ea\u30d0\u3001\u30b7\u30c6\u30a3\u3001\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\u3001\u30c9\u30a4\u30c4\u9280\u884c\u3001\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30b5\u30c3\u30af\u30b9\u3001HSBC\u3001JP\u30e2\u30eb\u30ac\u30f3\u3001\u30e1\u30ea\u30eb\u30ea\u30f3\u30c1\u3001\u30e2\u30eb\u30ac\u30f3\u30b9\u30bf\u30f3\u30ec\u30fc\u3001UBS\u3001sh-dbcg\u3068\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u682a\u4fa1\u304c\u731b\u53cd\u767a\u3057\u305f\u7406\u7531\u3068\u3057\u3066\uff27\uff17\u306b\u3088\u3063\u3066\u6c7a\u5b9a\u3055\u308c\u305f\u6551\u6e08\u7b56\u304c\u5e02\u5834\u306b\u4e00\u5b9a\u306e\u5b89\u5fc3\u611f\u3092\u4e0e\u3048\u305f\u3068\u3044\u3046\u8a55\u4fa1\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002 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