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Page 1: I SYSTEMS G J FUTURES · t e i systems g " #$ japan: d %'&)(*% +-,.(*%0/1 f 123(54761.&82+ 9 futures. @badc egfihj: k lm n olmp nqmp sr t7r sr qur vxw p ny zs[ y k \ z^] _^`az^bcz^dfe

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Page 2: I SYSTEMS G J FUTURES · t e i systems g " #$ japan: d %'&)(*% +-,.(*%0/1 f 123(54761.&82+ 9 futures. @badc egfihj: k lm n olmp nqmp sr t7r sr qur vxw p ny zs[ y k \ z^] _^`az^bcz^dfe

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Abstract

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Page 3: I SYSTEMS G J FUTURES · t e i systems g " #$ japan: d %'&)(*% +-,.(*%0/1 f 123(54761.&82+ 9 futures. @badc egfihj: k lm n olmp nqmp sr t7r sr qur vxw p ny zs[ y k \ z^] _^`az^bcz^dfe

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T ��� E��� ��������� I ����� ������ S����� � ������ G��� �� ���� � �

JAPAN � D���� !�#"�$� !�&%(' F'�)* *+�,�'���)�"�- FUTURES.:<;>=>? @BADC�EGFIHJ:

I . INTRODUCTION........................................................................................................................................1

I I . .0/21�35456�/878.96:7�;<35=?>A@#3:BC>ED#@F>G4HDI@C>E@#JH@�>E724HD?6H>GKLKLM(N5O .........................................................31. TP&Q8RTSVUXWZY[R\QX]^Y[_`QbabQbced _&fTQbW[d _IU\gih^Y[UbabY[Rjd kba!kblbkbd aXRTS2m`nXWZYpoIk#RTY[q ....................................................5

2. SS[kbSVYpkblbkXd abRjS2c5k#mIr#Y[S ?.........................................................................................................................6

3. Uab_`QbQbm`qXd aXkbSVY[q8sbY[m`RTnbR\_`QbQbm`qXd aXkbSZY[q8Y[_`QbabQbced Y S...............................................................................7

4. Om`lbk#aXd t[Y[q8sbY[m`RTnbR\qXd R -QbmIlbkbaXd tVY[q8RuUbRjSVY[c5R ?........................................................................................8

5. DIS-Y[c5o`Y[qbqbY[q8sbY[m`RTnbR^Y[c?o`YVqbqbY[q8_`kIfjd S[kbW[d RTc ?.....................................................................................9

6. Ek#mIWZU8sbY[m`RTnbR�WVkbSVYp_`k#f ITALISMS?........................................................................................................11

7. TvbY2abY[Y[q8]uQbm&kwRTUbabSVvbYxS[d _(kbabkbWVUbRjd Rig RÉGULATION SVvbY[Qbm`U8kbS2P&QbmIr . ................................................12

I I I . K?N572yzDI;5>GM�4:;<M{35456|@#M(;5/24:78B�7w}C1|@�7~y�3 CRO-M(;5724:72y{>E;�=LM(N<K?78N<y�354:;<M9�<�x35=L35435456�}2M(N<y�35451�;572y�=L3�N<M�6 .............................................................................................................12

1. TvbY2RTk#c5Yp_`Qbab_iY[m`a8]uQbm&SVY[_`v#abQXWZQXlIU!k#aXq8Y[ablbd a EERING. ....................................................................13

2. TP&Q8Y[�b_`Y[fTS[d QbabR\S[Q8c5k#m KET-WZYxq8_`kIfjd S[kXW[d RTc . .....................................................................................14

3. BQbSVv8d abqbnbRTSVm`d k#WCRTUbRTSVY[c5R\fTm`Qbc5QbSVY2RTr#d WZWCd abqbnb_`Y[q8d ababQbsbk#SVd QbabR …o`nbS2k#_`_`Qbm`qbd ablwSVQ8qbd ]u]uY[m`Y[abSd abRjS[d S[nXS[d QbaXkbW2RTYxSVS[d a GS. .................................................................................................................................16

4. QnXd SVYpqXd RjS[d ab_`SpWVQbaXlwm`nba8l#mIQbP(SVv8SZmIk#��Y[_`SVQbmId ES. ...............................................................................18

IV. @�.07�>G454:72�53:@�>E724:D�35456�}wN578.*@�/�=L3:@�@#M(N<4:DI�0}CM(N<y�35451�35456��x35=L354�3:N<M�4:78@TWINS. .....................................................................................................................................................20

1. HQbP�qbQ Jkbfjk#a!k#abq GY[m`c5k#aXU8qXd ]T]uYVm ?..................................................................................................21

2. Jk#fTk#a8Y[�bvbd o`d SVR\o`QbSVv FQbm`qbd RTS2k#abq8fuQbRTS -FQbm`qbd RTS2RTQbnbm`_`Y[R\Qb]^SVY[_`vbabd _`k#WC_`vbk#abl#Y#gjkwRTd l#abd ]ud _`k#abSGROWS[v8RjWZQXP -DOWN. ......................................................................................................................................26

3. GY[m`c5k#abU8vbk#R\Y[�bfTY[m`d Y[ab_`Y[q8kwc5Qbm`Y2c5QbqbY[RTS2l#m`QbP&SVv8RTWZQbP -DOWN gjSVvbYpqbd m`Y[_`S2_`QbabRTY[�bnbY[ab_`YpQb]^SVvbYY[c5fTvbk#Rjd R\nbfTQba8�bnXkbW[d S[U8QX]^fTm`Qbqbnb_`SVR\k#abqwfTQXWVUbsXkbWVY[ab_`YpQb]\P&QbmIr#Y[m`R . ......................................................27

4. Jk#fjk#a!k#abq GY[m`c5k#abU8_`Qbc5fTkbm`Y[q8SVQwkwSVUbfZd _IkbW FQbm`qXd RjS2_`QbnbabSVm`U\gu� RANCE. ......................................29

V. @�.07 RÉGULATION y{7265M(D?35456�6:>ED#@�>G4H;5@C>G�5M�;eNe>EDjMwDI� ............................................................301. CQbc5c5Qba8]unbab_`S[d QbaXkbWp]uYxk TURES��o`nbSCqXd ]T]uY[m`Y[abSpk#m`_`vXd S ECTURES.......................................................32

2. TWQ8�[�X�b�V�T�X�����V�ec5QbqbY[R\k#abq8l#m`QXP&SVv8m`Y[l IMES....................................................................................33

3. SSVm`nb_`SVnbmIkbWC_`mId RTY[R�P(d S[v8qXd ]j]uY[m`Y[abSCQbmId lXd abR . ......................................................................................35

VI. DI72y�M�KL3:;5@�78N5D�}w72�5M(N<4:>G4:}�@�/CM��x35=L3545M(DjM�35456�}CM(N<y�354�@�N<35�xM(;5@�78N5>GM(D�>G4 @�/2MM�3:NeB#1�¡£¢ ST ;<M�4H@#J:N<1:� ........................................................................................................................39

1. EabqbQbl#Y[abQbnbR\RTSVm`nb_`SVnbm`k#WCSVm`k#abRT]uQbmic5k#SVd QbabR¤�uY[�bSVY[m`abk#WCfTm`Y[RTRTnbm`Y[R\k#abq8QbfTfTQbm`SVnbabd SVd Y[R¤�uk#abq8SVvbYfTQXWVd Sxd _IkbW2k#oId W[d S[U8SVQ!P&QbmIrwQbnbS2abY[P¥_`Qbc5fTm`Q MISES.............................................................................40

2. Wd WVWpSVvbYpY[c5YVm`lbd aXlwfjk#mIk#qXd lXc¦o`Ypl#Q#sbY[m`abY[q8o`UwRT_`d Y[ab_`Y?WVY[q!d ababQbsXkbS IONS?....................................41

Page 4: I SYSTEMS G J FUTURES · t e i systems g " #$ japan: d %'&)(*% +-,.(*%0/1 f 123(54761.&82+ 9 futures. @badc egfihj: k lm n olmp nqmp sr t7r sr qur vxw p ny zs[ y k \ z^] _^`az^bcz^dfe

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3. DON’ S2Y[�bSVmIk#fTQXWVkbSVY?SVvbY 90R^d aXSVQ!SVv#YpabY[�bS2_`Y[abS URY .........................................................................44����������� � ���� �� ��������� ������������������������������������ ������ ����������� ����!

.................................................................45�#"$��� %&�����' �)(*��������� ���'�����+�����$�����, ����� ���'� ����-,����� �/.� ��0�����+�'1�����%&� ���2.��3��������'�����,�����4 �5

...............46���� ��1����� �2.76�628�9:� ��%&�����'�'����%;-/ ����< �� =!��� ���' �'>����������2 ����,�&?��2������5

..................................................47��6�� � ���'�� �����2.7�����4��� ��������� ���� � ������ %&�����'����� ���,����� ��� ���@�)(� ����������� ���,5

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4. HQbP�P(d W[W A RZd k8kbabq Enbm`QbfTYpl#m`QXP&SVv8Y[sbQXWZsbYpqbnbmId aXlwSVvbY?abY[�bS2qbY[_`k DES?.......................................51

5. A m`Ypl#QbsbY[m`abc5Y[abSVR\k#o`WZYpSVQ8]uQbRTSVY[m&d abRTSVd SVnbSVd Qbabk#WC_`vbk#abl#Ypd a8Qbm`qbY[m&SVQ8QbsbY[m`_`Qbc5YpSVvbYpfTm`Y[RTY[abSRTSVm`nb_`SVnbm`kbW2_`mId RTY[R ?...............................................................................................................................54��AB �������� �������,�������� =!��� ���C(*���0�+�����,�� �����������)(4?��2�:����������2 ��,�,�� ���5

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6. FORTUNA k#abq VIRTÚ.................................................................................................................................57�#?��2�����,9:�'����������������)(�(*����� ������DE���,�'�� ��� F

............................................................................................57��>����������'�������� (* ����� ����9/(*�����HG�� �������,���'� �+���&G����� �����'���I=�=!�2.� ������

....................................................58

VII . CONCLUSION...........................................................................................................................................591. CQbc5c5Qba8Y[�b_iY[fTS[d QXabR\SVQ8c5k#mIr#YxSpWZYVq8_`k#fjd S[kXW[d R M �uo`nbS2S[P(Q RÉGULATION c5QbqbY[R . ..............................59

2. Jk#fjk#a8nbRTY[q8SVQ8m`YxWZU8nbfTQba!d aX_`m`Y[k#Rjd ablwm`Y[SVnbm`abR\SVQ8RT_ ALE�To`nbS2abQbS GERMANY..................................60

3. J*RT_Id Yxab_`YpWZY[q8fTm`Qbqbnb_`S[d sbYpfjk#mIk#qXd l#c¥d R\abQXSpk8]TkbS[kbW[d S[U …o`nbS2RTSVm`QbaXlwm`Y[]uQbm`c5R\k#m`Ypm`Y[�bnXd m`Y[q . ...61

4. J*fTQbRTRZd oIWVY?WZQbaXlwm`nba8_`QbY[�Xd RjSVY[ab_`YpQ#]^_`QbabSVm`kbRTSVY[q!d ababQXsXkbS[d Qba SYSTEMS. .......................................62

5. HUbo`m`d qbd tVk#SVd Qba8Qb]$K�KMLLk#abq8RTSVk#o`d WZd tVkISVd Qba8Qb]^d abSVY[m`abk#SVd Qbabk#WCm`Y[WZk#S IONSgjk#l#k#d a8kwo`m`d l#vbS2]unbSVnbm`Y]uQbm GY[m`c5k#abU8k#aXq JAPAN?.....................................................................................................................63

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REFERENCES....................................................................................................................................................69

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1

I . INTRODUCTION

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2

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76

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