ꎆҐ 舤䡙 ࡻ ﷿ﱶ
頤쑜䍎鎙睭﷿굧ၞ褐Ҍ뢍⑕퍮ᑻ獔
﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿﷿

00㡸橛﷿ꁺ噧츁⚐敵ﺶ﷿﷈噧﷿₌頤쑜쑜偪調偪掠慲㵝炙썹蝤﷿蝳캈陋檙캈흟흟匰膜菱慲⮞穀睭

炙鎙睭

00欁﷿ږ㦑⑕퍮陋ﲕ溜佧㑜﷿ւ츁㦑⑕溜﷿﷿₌袘㑦橛ᩬ㑦﷿굧湭ၞ褐Ҍ뢍⑕퍮ᑻ獔쉗ǿ袘ၞ䶖ږ㦑瘰﷿陋Ҍ뢍ᜱ쑲ྃ쑜㮕驔ꊔ﷿皑㚂鉣統㮕隙퉔陋瘰﷿몎葧饬ɒ鲖﷿Ŗ퍮﷒溏褐ᔰ醴切﷿ǿᒐᲂ﷿ﻕ﷿統祺ፚ﷿袘쑜睭

츁灰﷿颗祺﷿漰﷿㦑⑕溜젰㑦ᒐ檓㚂鉣䲈ꥣ﷿ᑻ﷿佧祺ﺳ⑕華皑㚂鉣늗ቩ睚慲﷕睚썹ੱ睚嵗山츁ﲰ﷿袘ၬ㺞ಌ褐ᔰ慲切﷿﷿瘰﷿몎慲荵钙檞㍺썹㮕隙퉔慲荵钙鲖慲嵗山﷿陋瘰﷿몎詟㹜힀皑ᑻ獔慲⑕퍮쑜⊈慲嵗山䪞﷿﷿㡸陋੨﷿ᒐ皑䪞嵗山왎䲈慲Ṗ퍫⩬☥츁ﲰ﷿띾ၞ靺㺞﷿츰媃鲖蒂ᵸ﷿Ɛ褐㚂鉣﷿썹₌皑ᑻ獔剦䉙慲橛切醴㑜晭﷿ⱕꝿ佧﷿溜ꭳ慲陞﮼陋큒﷿供ⱕꝿ祺﷿佧祺鑩ꥣ﷿颗祺﷿睚﷿㡸陋쑜祺佧⩻쥚﷿䦑ⱕ

츁ﺶ﷿颗祺﷿漰﷿㦑⑕溜ﲽ㑦₌왎肟늗閔⩬☥ᑻ﷿佧祺鑩皑䪞⩬☥⊈慲鲖陋嵗山﷿褤鹞ꒋ๏㦕袘ၬ㺞ಌ褐ᔰ慲ﯕҐ﯀ज़陋統ႌ솂慲鲖慲嵗山ⱕꆔ흟佧祺鑩㦑⑕溜왎䲈檓㚂鉣ᑻ﷿佧祺﷿몎쑲﯀ज़蝧솃ږ㦑㺞ಌ褐ᔰ慲㚂﷿陋פֿ啛ⱕ㦑⑕溜陋쥕蒂請葧᭿供ᇿ瘰袘ၬ褐ᔰ詟쑜皑㚂鉣肟鉺ḥ詰솂葛낚陋큩屎﷿褤肟鉺醴切﷿ⱕᒐ皑㚂鉣﷒䲞慲褐ᔰ⑒㝵⻿請썹㺞ಌ瞈꽭﷿褐榈統᭿供陋﷿炙檞ⱕ陋

츁﷈﷿쑲Ϳ慲⽠㦕﷿閭佧褐榈陋㮕隙퉔肀ﲁ詟얚얈檓㚂鉣﯋牥慲㮕隙佧供嵗山﷿ꆔ흟쑜祺﷿ѻ㦑⑕溜ᑻ晩╟橛ᩬ㑦왎䲈皑㚂鉣﷿褤ɒ䲈ꥣ﷿﷿鮏얚ﲰ﷿츁灰﷿閔溜鮏慲嵗山陋溜੨왎䲈慲⩬☥﷿㡸늗Ϳ䲈貔뒀푵큒﷿褤₌﷿빵坦皍﮹⩣ඟ䲈힀祺ⱕꝿ祺﷿﷿﷿供﷿㡸陋䲈皑㚂鉣佧供蒂ᵸ鲖慲請晭婭

⮞穀睭

﷿睭

00㦑⑕溜袜굧ၞ褐Ҍ뢍⑕퍮ᑻ獔慲﷿偪﷿㺍₌輸ᖖ㮕隙퉔₌坸籭ᑻ獔䲈⑕퍮慲੨ѻ﷿﷿㮕隙퉔₌坸籭㹥﷿쉰褐ᔰ⑕퍮ᑻ獔㵝ᔥ꾗ﯕ陫൩썹葛鲖慲請쑜﷿佧𥳐睐鲔噧褐ᔰ切﷿﷿Ŗ統﷿Ҍ뢍쑲Ϳ⊈慲몎請ǿթ炙鎙慲﷈乗颃ស穀᭿橛﷿

츁灰﷿㦑⑕溜ﺶ㥺灰灰㑦⚐敵ᒐ﷿굧ၞ褐Ҍ뢍⑕퍮ᑻ獔츁橛ꕷ湭ၞ褐ᑻ獔쉗﷿慲﷿偪踤肟ꥣ﷿䡙ﺼ﷿褐ᔰ陞﮼ǿꥣ﷿䡙ﺼ坦皍뭩첂蚀佧퍫﷿偪慲坦赩陋ᵸ﷿ﲰ﷿溜﷿䥫者慲쵹﷿褐ᔰ慲摱ꔃ﷿詟﷿褐ᔰ㹜힀퉔慲統嵗山﷿㡸陋₌⑕퍮﷿ﲕ썹鲖蒂ᵸ䪞ቩ睚慲ﵕ㚂鉣ǿ㦑⑕溜ﺶ㥺灰灰㑦﷿ﺶ敵踤肟ꥣ﷿ྃ﷿ꊔ肟褐ᔰ㑮豣硩㔄陫佧퍫﷿偪﷿褤꥜쐃ၞ䶖慲陞﮼﷿ᒐ﷿偪慲ﵕ㚂鉣肟蚀뵕閔쵫﷿ǿ

00隸䱢ሥ慲﷿偪﷿ၞ褐Ҍ뢍⑕퍮ᑻ獔﷿﷕᏿Ҍ뢍⑕퍮ᑻ獔ၞ褐45䁗졓츁螑橛╿⚐ᑻ﷿﷿䖖썹坸﷿灰ᑻǿ溜﷿䥫慲者﷿⭡ꊔҌ뢍﷿H剦ꊔ﷊Ҍ뢍陋廬㺞Ҍ뢍ǿ₌鲖蒂ᵸቩ睚﷿㹜힀ၞ褐ᑻ獔⑕퍮慲Ҍ뢍﷿﹖﷿쒀↉ꕓ靺隙袘荵ދ慲陫൩㑜荵ǿ㦑⑕溜Ŗ﷿偪㹜東﯋﷿褐ᔰ慲躜﷿ၞ褐ᑻ獔굧頤5%䉙㑜請晭﷿螑袈鮁䉙詟ꭳ睐﷕᏿⑕퍮ᑻ獔鉺뢍敵纆媃궔饬⑕䉙慲95%﷿㡸陋떆鮁䉙詟ꭳቔ﷕᏿⑕퍮ᑻ獔鉺뢍敵纆媃궔饬⑕䉙慲105%ǿ

00₌靺㺞㚂鉣ቩ睚﷿鉺ᑻҌ뢍﷿﹖궔睐靺㺞灰왠﷿Ҍ뢍纆媃䉙땢慲5%﷿艭⤄궔睐靺㺞灰왠﷿6%ǿ隸㦑⑕溜慲﷿偪﷿ၞ褐Ҍ뢍⑕퍮ᑻ獔Œ﷿㦑⑕溜詟쑜﷿﹖띾ၞ靺㺞ǿ㦑⑕溜쑜₌鲔噧﷕᏿⑕퍮ᑻ獔Œ﷿╿﷿ᑻҌ뢍﷿﹖踤빵呭䉙꾗ﯕ陋靺㺞띾ၞറ﷿ǿ㦑⑕溜쑜隸ꆔ噧₌⵿⑕퍮ᑻ獔﷿䖖剢﷈﷿䁗졓䉙Ҍ籭溜ꭳ肟慲﷿褐䉙聺﷿඄ﲕ袟Ҍ뢍﷿﹖陫൩颗祺佧몚媞﷿썹颗祺﮷纆궔睐靺㺞﷿ѻ慲䁚ǿ᭿詟﮷纆궔睐靺㺞﷿ѻ﷿佧퍫慲Ҍ뢍﷿﹖쒀ꆔ噧﷕╿﷿ﺶᑻ剢煑ᖖ靺㺞ǿ

00㦑⑕溜₌ꥣ﷿䡙ﺼ陋ꥣ﷿ྃꊔ肟﷿ꝿ㹥흢陋쉰調褐ᔰ佧㍺供ɒ㺞ಌ﯏縤Ꞇ蝳ﺼ﷿乣鉺ᑻږ㦑慲鉺뢍陋Ҍ뢍褐ᔰ料詟굧坸褐⑕퍮﷿㮕隙퉔褤詟佧﷿ၬ葛Ꞇ꾗ﯕ൩鮁ǿ漰佧乗颃㮕隙퉔Ꞇ쑜₌坸籭﯀᫿钙⑕퍮溜慲캂韛者⑕퍮䲈葛ǿ₌鉺ᑻ183﯃ږ㦑Ҍ뢍⑕퍮溜㹜힀퉔䑑﷿佧﷿ﶹ灰ᩬ꥜₌坸籭﷿艭⤄㵝ᔥ륞캂韛者⑕퍮﷿ꆔ䑑Ŗﲰ﷿䑑ሣ塢瘰﷿䲈ǿ袜굧ၞ褐Ҍ뢍⑕퍮ᑻ獔﷿統಄㮕隙퉔쐃㹥쉰ᑻ慲﯏縤썹蝳ﺼ₌ၞ褐ᑻ獔Œꒋ䲈葛Ꞇ꾗ﯕ陫൩﷿佧𥳐睐鲔噧﷿褐ᑻ慲切﷿썹㮕隙퉔慲鲖ǿ

츁ﺶ﷿隸Ŏ瘰﷿陋Ҍ뢍욍ﷀろ21욍慲䁚﷿㦑⑕溜䝎쒀੻䎛蒂ᵸ힀쑲캈陋﷿ﵕ佧퍫﷿慲鲖﷿褤㡸﷿嬰﷿▌﯀ज़﷿﷿䲈蝳﷿呢쒀꽥陋㮕隙▌慲﯀ज़﷿慕ᇿ灰ᄥ﷿▌﯀ज़힀⑕퍮溜慲﯀ज़佧葛䱱ᑻ﷿鹞ꒋ東꽥﷿▌﯀ज़ǿ

00ᲂ㦑⑕溜₌඄﷿왎肟⩬☥ᑻ﷿Ꝿ੨﷿鑩皑䪞⩬☥褐ᔰ⊈慲鲖陋嵗山ǿﶳ蚀ꥣ﷿쑲Ϳ钙﷿㦑⑕溜Ŗ쑜힀瘰﷿陋Ҍ뢍蝳캈쥕﷿掠쑜츁瘰쥕쑜﷿ᇿ陫媂쪂ቐറǿ瘰쥕쑜₌੻鉶㦑⑕溜﷿偪慲⩬☥ᑻ﷿䝎쑜鑩皑⩬☥ږ㦑㺞ಌ褐ᔰ慲嵗山﷿ﲰ﷿褐ᔰ하崙넃썹鲖蒂ᵸ䪞ǿ瘰쥕쑜₌ꔃᵸ㦑⑕溜袜굧ၞ褐Ҍ뢍⑕퍮ᑻ獔慲﷿偪ᑻ﷿쑜㡸﷿六੻䎛﷿띩ꔃᵸǿ

00蝳﷿핸剢﷿꾆﷿慲Ҍ뢍⑕퍮溜᭿쉰調慲CME﷿큸﷿㹥흢慲Eurex陋NYSE Liffe﷿䲖흢瘰﷿⑕퍮溜﷿閭ᕿ⑕퍮溜陋噧袘慲婛瘰﷿⑕퍮溜䪞Ꝿ꥜₌뵕㑦剢﷿䖖Ṗ델㵝ᔥၞ褐Ҍ뢍⑕퍮ǿ

00﷿蚀閭褐ᔰ㉵潒﷿㦑⑕溜ｺﶹ썹쑲Ϳ㵪﷿慲﷿᏿啛桿﷿陋﷿褐ᔰ⧴힀퉔ⱐ䲈蚀뵕ᔰꎆ欁쑜陋힀쑲Ϳ㵪﷿쑜睚﷿坦皍梙⪉ၞ褐Ҍ뢍⑕퍮﷿ﲕ썹鲖蒂ᵸ慲ﵕ㚂鉣ǿ㦑⑕溜쑜델힀쑲Ϳᇿ陫ቐറǿ㦑⑕溜쑜慕ᇿ쑲Ϳ꥜噦饬㉵潒夰﷿ﷀ᭿⑕퍮썹ތ乗㙴慲ﲸ썹掠夰᭻﷿⩣﷕왎䲈ၞ褐Ҍ뢍⑕퍮ǿ

츁﷈﷿㦑⑕溜慲ꥣ﷿﮹ﲁ乗颃쑲Ϳ陋褐ᔰ㑮Ꝿ㔄陫왎肟ၞ褐Ҍ뢍⑕퍮ǿ

00₌㦑⑕溜ၞ䶖慲455颃ស쐃ꆔ䑑佧353颃츁螑媃78%﷿쩢﷿﷿偪ǿၞ䶖慲ស쐃ꆔ䑑佧287颃⊈끛﷿﹖䲈掠﷿ꆔ䑑243﯃츁螑媃85%﷿쩢饬佧퍫﷿偪ǿ靧請葧ၞ䶖慲陞﮼﷿₌ၞ䶖慲103颃ស쐃ꆔ䑑﷿佧89颃츁螑媃90%﷿㔄陫﷿偪ǿ쩢饬慲請葧ﲰ﷿67﯃Ҍ⑕溜㹜힀퉔﷿ꆔ䑑﷈䁗灰﷿塢調쭙啛慲瘰﷿Ҍ뢍請葧﷿﷈䁗ﺶ﷿䑑ሣ塢瘰﷿Ҍ뢍﷿ւǿ

00㦑⑕溜﷕₌継ሥ䑑皍﷿㡸Ҍ⑕瘰쥕쑜੻鉶ǿ瘰쥕쑜₌ၞ䶖㦑⑕溜慲﷿偪﷿﷿쑜๏㦕溜佧褐ᔰ㑮慲陞﮼陋ږ㦑㺞ಌ褐ᔰ踤큢慲੨﷿ǿթ牥䡑﷿瘰쥕쑜썹㦑⑕溜慲꽾﷿䡑﷿鉺ᑻ筞佧੨﷿ᒐṖ﷿灡鎙ɒ穀ꥣ﷿ǿ

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뭳썗뭳㑦앢敵뭳㡞噧츁ݒҌ﷈﷿
ږ㦑ᑻ籭앢ᑻ앢썗䁗

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