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[11] \u3057\u305f\u304c\u3063\u3066\u3001\u30c7\u30a3\u30d5\u30a1\u30ec\u30f3\u30b7\u30e3\u30eb\u5951\u7d04\u306e\u904e\u5270\u306a\u53d6\u5f15\u3067\u306f\u3001\u8a2d\u5b9a\u3055\u308c\u305f\u30b3\u30fc\u30b9\u306f\u3001\u9867\u5ba2\u306e\u4e0d\u5229\u306a\u70b9\u306b\u3082\u9038\u8131\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u306f\u3001\u5229\u76ca\u7387\u304c\u4e0a\u6607\u3057\u305f\u30ab\u30a6\u30f3\u30bf\u30fc\u30d3\u30b8\u30cd\u30b9\u306b\u5165\u308b\u305f\u3081\u306b\u3001\u306f\u308b\u304b\u306b\u6709\u5229\u3067\u306a\u3044\u30b3\u30fc\u30b9\u3067\u9867\u5ba2\u304b\u3089\u306e\u6ce8\u6587\u3092\u30c8\u30ea\u30ac\u30fc\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059 [14] \u3002 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\u305f\u3060\u3057\u3001\u591a\u304f\u306eCFD\u30d6\u30ed\u30fc\u30ab\u30fc\u306f\u3001\u5b9f\u969b\u306e\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306e\u88dc\u511f\u53d6\u5f15\u3067\u81ea\u5206\u81ea\u8eab\u3092\u4fdd\u8b77\u3057\u305f\u308a\u3001\u90e8\u5206\u7684\u306b\u306e\u307f\u78ba\u4fdd\u3057\u305f\u308a\u3057\u307e\u305b\u3093\u3002\u305d\u306e\u7d50\u679c\u3001\u500b\u3005\u306e\u4e3b\u8981\u306a\u9867\u5ba2\u307e\u305f\u306f\u5c0f\u898f\u6a21\u306a\u9867\u5ba2\u30b0\u30eb\u30fc\u30d7\u304cCFD\u30d6\u30ed\u30fc\u30ab\u30fc\u306b\u5bfe\u3057\u3066\u6210\u529f\u88cf\u306b\u8ced\u3051\u3001\u3053\u308c\u304c\u9867\u5ba2\u57fa\u91d1\u306e\u4e00\u90e8\u306b\u53ca\u307c\u3059\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002 \u640d\u5931\u306e\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u305f\u3081\u3001\u8a3c\u5238\u3068\u9280\u884c\u306e\u6b27\u5dde\u76e3\u7763\u5f53\u5c40\u306f\u3001\u3053\u308c\u3089\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u975e\u5e38\u306b\u6295\u6a5f\u7684\u3067\u3042\u308a\u3001\u7d4c\u9a13\u306e\u6d45\u3044\u6c11\u9593\u6295\u8cc7\u5bb6\u306b\u52a9\u8a00\u3057\u3066\u3044\u308b\u3068\u6279\u5224\u3057\u3066\u3044\u307e\u3059 [17] \u3002 CFD\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u7834\u7523\u306e\u4e00\u74b0\u3068\u3057\u3066 fxdirekt ARD\u8a3c\u5238\u53d6\u5f15\u6240\u30dd\u30fc\u30bf\u30eb\u3068Wirtschaftswoche\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3057\u307e\u3057\u305f\u3002 [18] [14] \u3002\u30d0\u30d5\u30a3\u30f3\u3068\u691c\u5bdf\u5b98\u306f\u3001\u305d\u306e\u7591\u308f\u3057\u3044\u884c\u52d5\u3092\u8a3c\u660e\u3059\u308b\u305f\u3081\u306b\u5727\u5012\u3055\u308c\u3066\u3044\u307e\u3059\u3002 [18] Bernhard English\u306e\u691c\u5bdf\u5b98\u306f\u3001\u76e3\u7763\u6cd5\u306e\u305f\u3081\u306b\u627f\u8a8d\u3055\u308c\u305f\u6d3b\u52d5\u304c\u627f\u8a8d\u3055\u308c\u305f\u6d3b\u52d5\u304c\u3001\u8a8d\u53ef\u3055\u308c\u305f\u30ae\u30e3\u30f3\u30d6\u30eb\u306e\u3088\u3046\u306b\u3001\u9280\u884c\u5074\u3067\u9577\u671f\u7684\u306b\u3057\u304b\u52dd\u3064\u3053\u3068\u304c\u3067\u304d\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u5e83\u544a\u306b\u30d6\u30ed\u30fc\u30ab\u30fc\u306b\u8fd4\u4fe1\u3057\u307e\u3057\u305f\u3002 [19] \u3002 2013\u5e741\u670822\u65e5\u4ee5\u6765\u30011\u4eba\u3042\u305f\u308a\u6700\u592720,000\u30e6\u30fc\u30ed\u306e\u50b5\u6a29\u8005\u306b\u5bfe\u3059\u308b\u88dc\u511f\u306e\u88dc\u511f\u306e\u88dc\u511f\u306e\u88dc\u511f\u304c\u5b9f\u884c\u3055\u308c\u3066\u3044\u307e\u3059\u3002 ARD\u306e\u682a\u5f0f\u5e02\u5834\u30dd\u30fc\u30bf\u30eb\u306f\u3001\u767d\u3044\u7f8a\u304c\u3069\u306e\u3088\u3046\u306b\u767a\u898b\u3055\u308c\u308b\u304b\u3001\u305d\u3057\u3066\u7d50\u8ad6\u3001\u7d50\u8ad6\u3001\u8caf\u84c4\u8005\u3001\u6295\u8cc7\u5bb6\u304c\u96e2\u308c\u308b\u3079\u304d\u3067\u3042\u308b\u3068\u5c0b\u306d\u307e\u3057\u305f\u3002 [18] \u898f\u5236\u3055\u308c\u3066\u3044\u306a\u3044\u8cbf\u6613\u306f\u3059\u3067\u306b\u6279\u5224\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002\u3057\u305f\u304c\u3063\u3066\u3001FXDirekt\u306f\u3001\u30d0\u30a4\u30a8\u30eb\u30f3\u5dde\u8a3c\u5238\u53d6\u5f15\u6240\u3068\u5354\u529b\u3057\u3066\u30012009\u5e74\u6625\u304b\u30892012\u5e74\u672b\u306e\u7834\u7523\u307e\u3067\u63d0\u4f9b\u3055\u308c\u307e\u3057\u305f [20] CFD\u306e\u76e3\u8996\u3055\u308c\u305f\u53d6\u5f15\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u7533\u3057\u51fa\u3082\u6700\u521d\u304b\u3089\u6279\u5224\u3055\u308c\u307e\u3057\u305f [21] \u3002\u305d\u308c\u306f\u682a\u5f0f\u5e02\u5834\u306e\u8cbf\u6613\u3092\u63d0\u4f9b\u3057\u307e\u305b\u3093\u3067\u3057\u305f\u304c\u3001\u30d0\u30a4\u30a8\u30eb\u30f3\u306e\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u8cbf\u6613\u76e3\u8996\u306e\u5f93\u696d\u54e1\u3078\u306e\u901a\u5e38\u306e\u5e02\u8ca9\u306eCFD\u53d6\u5f15\u306e\u30b3\u30fc\u30b9\u306e\u305d\u306e\u5f8c\u306e\u914d\u9001\u3067\u69cb\u6210\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002 [22] 2009\u5e74\u306e\u521d\u3081\u4ee5\u6765\u3001CFD\u304b\u3089\u306e\u3059\u3079\u3066\u306e\u5229\u76ca\u3082\u30c9\u30a4\u30c4\u306e\u88dc\u511f\u7a0e\u306b\u8a72\u5f53\u3057\u3066\u3044\u307e\u3059\u3002 2008\u5e7412\u670831\u65e5\u307e\u3067\u3001CFD\u306f\u534a\u5206\u306e\u53ce\u5165\u624b\u7d9a\u304d\u306b\u5f93\u3044\u307e\u305b\u3093\u3067\u3057\u305f \u00a73 No. 40 ESTG\u3067\u3059\u304c\u3001\u305d\u308c\u306b\u5fdc\u3058\u3066\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u306e\u30b9\u30b1\u30b8\u30e5\u30fc\u30ea\u30f3\u30b0\u3067\u5931\u3063\u305f \u00a723 \u30d1\u30e9\u30b0\u30e9\u30d51 No. 4 estg\u3002 \u305f\u3060\u3057\u3001\u307b\u3068\u3093\u3069\u306e\u5834\u5408\u3001\u30d3\u30b8\u30cd\u30b9\u306f\u56fd\u969b\u7684\u306aCFD\u30d6\u30ed\u30fc\u30ab\u30fc\u306b\u3088\u3063\u3066\u904b\u55b6\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u6cd5\u7684\u53e3\u5ea7\u7ba1\u7406\u306f\u30c9\u30a4\u30c4\u4ee5\u5916\u306e\u672c\u90e8\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u5834\u5408\u3001\u6295\u8cc7\u5bb6\u306f\u500b\u4eba\u306e\u7d0d\u7a0e\u7533\u544a\u66f8\u306b\u72ec\u7acb\u3057\u3066\u5229\u76ca\u3092\u63d0\u4f9b\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u539f\u5247\u3068\u3057\u3066\u3001\u5229\u76ca\u3068\u640d\u5931\u306f\u76f8\u6bba\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u5b9f\u969b\u306e\u5229\u76ca\u306e\u307f\u304c\u8ab2\u7a0e\u3055\u308c\u307e\u3059\u3002 [23] \u30aa\u30d7\u30b7\u30e7\u30f3\u8a3c\u660e\u66f8\u3001\u5148\u7269\u3001\u30ec\u30d0\u30fc\u8a3c\u660e\u66f8\u3078\u306e\u5dee\u5225\u5316 [ \u7de8\u96c6 | \u30bd\u30fc\u30b9\u30c6\u30ad\u30b9\u30c8\u3092\u7de8\u96c6\u3057\u307e\u3059 ] \u57fa\u672c\u5024\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u5148\u7269\u3001\u30ec\u30d0\u30fc\u8a3c\u660e\u66f8\u3092\u5099\u3048\u305f\u30cf\u30a4\u30ec\u30d0\u30fc\u3067\u53d6\u5f15\u3059\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u3044\u304f\u3064\u304b\u306e\u5927\u304d\u306a\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002 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Counter\u300d\uff09\u3092\u4ecb\u3057\u3066\u306e\u307f\u53d6\u5f15\u3055\u308c\u307e\u3059\u304c\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306f\u53d6\u5f15\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\uff08\u30d6\u30ed\u30fc\u30ab\u30fc\u307e\u305f\u306f\u9280\u884c\uff09\u306f\u3001\u9700\u8981\u3068\u4f9b\u7d66\u3067\u306f\u306a\u304f\u3001\u9867\u5ba2\u306e\u30b3\u30fc\u30b9\u3092\u6c7a\u5b9a\u3057\u307e\u3059\u3002 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Waldvogel\uff1a CFD\uff1a\u30ec\u30d0\u30fc\u304c\u9055\u3044\u3092\u751f\u307f\u307e\u3059\u3002 \u306e\uff1a Bilanz.ch\u3002 \u30ea\u30f3\u30ac\u30fc\u30a2\u30af\u30bb\u30eb\u30b9\u30d7\u30ea\u30f3\u30ac\u30fc\u30b9\u30a4\u30b9AG\u30012005\u5e748\u670823\u65e5 2019\u5e749\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \u3002   \u2191  Prime Brokerage\u306b\u304a\u3051\u308bIT\u306e\u30d3\u30b8\u30cd\u30b9\u77e5\u8b58\uff1aIT\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u5411\u3051\u306e\u5b8c\u5168\u306a\u30cf\u30f3\u30c9\u30d6\u30c3\u30af\u3002 \u7b2c1\u7248\u3002 Essvale Corp\u3001London 2008\u3001ISBN 978-1-906096-03-8\u3001 S.  89 \u3002   \u2191  \u30ea\u30c1\u30e3\u30fc\u30c9\u30fb\u30d5\u30ec\u30c3\u30c1\u30e3\u30fc\uff1a \u30ac\u30b8\u30a7\u30c3\u30c8\u30b7\u30e7\u30c3\u30d7\u306f\u3001\u8857\u306e\u30b5\u30a4\u30ec\u30f3\u30c8\u30c8\u30ec\u30fc\u30c0\u30fc\u3092\u30de\u30b9\u30af\u3057\u307e\u3059\u3002 \u30bf\u30a4\u30e0\u30ba\u30aa\u30f3\u30e9\u30a4\u30f3\u30012005\u5e743\u670820\u65e5\u3001 2018\u5e743\u670815\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \u3002   \u2191 a b c  \u30a2\u30ec\u30af\u30b5\u30f3\u30c0\u30fc\u9577\u8001\uff1a \u751f\u8a08\u306e\u305f\u3081\u306e\u65b0\u3057\u3044\u53d6\u5f15\uff1a\u5fc3\u7406\u5b66\u3001\u898f\u5f8b\u3001\u53d6\u5f15\u30c4\u30fc\u30eb\u3068\u30b7\u30b9\u30c6\u30e0\u3068\u30ea\u30b9\u30af\u7ba1\u7406\u3001\u8cbf\u6613\u7ba1\u7406 \u3002\u30db\u30fc\u30dc\u30fc\u30b1\u30f3\u3001\u30cb\u30e5\u30fc\u30b8\u30e3\u30fc\u30b8\u30fc2014\u3001ISBN 978-1-118-44392-7\u3001 S.  186 \uff08\u82f1\u8a9e\uff09\u3002   \u2191  SEC\u306e\u82e6\u60c5\u3002 \u306e\uff1a Sec.gov\u3002 \u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\u300127\u30022018\u5e749\u6708\u3001 2019\u5e749\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \uff08\u82f1\u8a9e\uff09\u3002   \u2191  R. venkata subramani\uff1a 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[2017\u5e7412\u670829\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\u5f15\u7528\uff1a\u300c\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u306f\u983b\u7e41\u306b\u3001\u554f\u984c\u306f\u554f\u984c\u3067\u306f\u306a\u304f\u3001\u6295\u8cc7\u5bb6\u81ea\u4f53\u3067\u3059\u3002\u904e\u53bb\u306b\u6642\u306b\u306f\u5e83\u544a\u306e\u30b9\u30ed\u30fc\u30ac\u30f3\u3092\u7d04\u675f\u3059\u308b\u3053\u3068\u3067\u6b4c\u3044\u307e\u3059\u3002   \u2191  \u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u7126\u70b9\u3092\u5f53\u3066\u308b\uff1a \u904b\u306e \u3002\u306e\uff1a \u30aa\u30f3\u30e9\u30a4\u30f3\u3067\u30d5\u30a9\u30fc\u30ab\u30b9\u3057\u307e\u3059 \u3002 \uff08 \u30aa\u30f3\u30e9\u30a4\u30f3 [2017\u5e7412\u670829\u65e5\u306b\u30a2\u30af\u30bb\u30b9]\u5f15\u7528\uff1a\u300c\u305d\u3057\u3066\u7b2c\u4e09\u306b\u3001\u591a\u304f\u306e\u30d6\u30ed\u30fc\u30ab\u30fc\u3068\u30aa\u30f3\u30e9\u30a4\u30f3\u9280\u884c\u306e\u7d4c\u9a13\u306f\u30011\u5e74\u5f8c\u3001\u30a2\u30ab\u30a6\u30f3\u30c8\u306e\u6b8b\u9ad8\u3092\u6301\u3064CFD\u30a2\u30ab\u30a6\u30f3\u30c8\u306e\u7d0490\uff05\u304c\u518d\u3073\u30bc\u30ed\u306b\u9589\u9396\u3055\u308c\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u300d   \u2191 a b  \u30a2\u30cb\u30ca\u30fb\u30ec\u30a4\u30de\u30f3\uff1a \u30a4\u30f3\u30b5\u30a4\u30c0\u30fc\u306e\u958b\u68b1\uff1aFXDirekt\u9280\u884c\u306e\u7591\u308f\u3057\u3044\u30d3\u30b8\u30cd\u30b9\u3002 2019\u5e749\u670821\u65e5\u306b\u30a2\u30af\u30bb\u30b9 \u3002   \u2191  gesetze-im-internet.de\uff1a EAEG\u00a71\u3001\u00a72\u3001\u00a73\u3001\u00a74  \u2191  boosse.ard.de\uff1a CFD\u30e6\u30cb\u30d0\u30fc\u30b9\u306e\u91cf\u5b50\u98db\u8e8d \uff08 \u8a18\u5ff5 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