(6023)

:1111111 :2003120032004Top500022004120041200422005Top50001200522006Top500022006MSCI2006MSCI200722007200720072008Top500012008200812009Top500012009Top50001(Polaris Financial Group)+MF Global

(6023)(Polaris Financial Group)+MF Global

1.2. 3.

4.5.6. 24365 7. 100% 8.

2008CBOT CME NYMEX(cme group)-32.7 NYBOT(Eurex)-31.7 LME(TGE) (TCE)(HKFE)(SGX)(kofex)-28.6

17

152

.64.8 S&P50022550..32 30(T-BOND) 10. ..

-NYMEX999.9100 18.294431.1035 GCTICK0.1=1024681012AM6:00~AM5:1514500 3300

70%20%

11/2 121080/ 11/30 14500 10,00011/5 1086.5112 1211/26 1190/ (1190-1086.5)*100*1=10,350 10,350/10,000=103.5%

XX11200 11/11050/ 121055/ 11/30 14500 20,00011/1 1055212 1211/151138/ 1135/ XX (1138-1055)*100*2=16,600 (1050-1135)*200=-17,000 16,600-17,000=-400 1052/

75% --- 25% ---

50

Chart1

1681070.3054991186

2921430.5309084631

900200.1635924183

, 292,14353%

, 168,10731%

, 90,020 16%

Sheet1

50MSCI()

98/0183,93440,42924,5783,7162866392133,91867082033,870278,1774,3764,1577,4383,9083,906069,06751,222549,814729,726

98/0292,61443,85924,9504,4314576213146,64848967125,360282,9024,1633,8306,0133,8003,190057,79641,637575,896643,850

98/03106,36652,16927,0127,3508823309174,04046447221,750350,8533,7333,4415,4133,0433,233050,82037,790654,627787,156

98/04123,63466,80156,4408,8671962292207,00246349119,415391,5243,1363,4375,1593,3162,948053,84438,803729,098783,123

98/05107,81262,74065,2526,95231,000338184,10353059110,284320,4543,3653,4445,3673,6973,552032,47121,913589,241765,913

98/06100,95962,18054,0606,4011919351174,8772403209,485287,3493,0242,6593,9223,5412,609025,52220,310533,570630,608

98/0795,35056,96834,1666,3260561240163,6163257106,914236,2392,6612,6264,1672,6872,351024,20718,015463,880601,994

98/08106,42364,94724,0595,0611524271181,2883935009,383261,3133,1072,8694,0142,7282,494026,90921,595516,144654,013

98/09100,54260,96754,0965,4931418228171,7503835908,564268,2152,7072,6953,5832,5762,614024,50919,614507,269667,599

98/1093,80256,60424,5985,8510423159161,4403513717,413261,0982,7682,7913,4362,3012,299015,46214,941474,339716,484

98/1182,76248,46833,5885,0641319206140,4113904217,374274,4732,5692,5623,1862,2872,201014,53416,096466,125775,742

99,86456,46544,8036,0362665269168,10741753113,935292,1433,1923,0954,5993,0452,81034,84925,359550,270703,184

18%10%0%1%1%0%0%0%31%0%0%0%3%53%1%1%1%1%1%0%6%5%

168,107292,14390,020550,270

31%53%16%100%

Sheet1

00

00

00

, 90,020 16%

, 168,10731%

, 292,14353%

Sheet2

Sheet3

TX*200TICK1=2007%AM8:45~PM1:5077,000 59,00030 MTX*50TICK1=20019,250 14,750

5057015

Chart1

75707607.93

75997649.28

76427668.4

76447657.34

75057533.95

73207355.69

72837340.08

72787335.18

72757322.93

74387467.04

74067417.46

74747463.05

75477536.7

75917593.49

76787668.06

76857670.93

76737665.63

78057792.68

77377733.231

77667766

11

aa

11

10/2275707607.9-37.9

10/2375997649.3-50.3

10/2676427668.4-26.4

10/2776447657.3-13.3

10/2875057534.0-28.9

10/2973207355.7-35.7

10/3072837340.1-57.1

11/272787335.2-57.2

11/372757322.9-47.9

11/474387467.0-29.0

11/574067417.5-11.5

11/674747463.110.9

11/975477536.710.3

11/1075917593.5-2.5

11/1176787668.19.9

11/1276857670.914.1

11/1376737665.67.4

11/1678057792.712.3

11/1777377733.23.8

11/1877667766.00.0

aa

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

11

(1) (2) (3)

1112 111111

(1) (2) (3)

7.6%5.9%3.5%11.7%7.4%7.4%

2~5

1117420 1004/10 10

7526

7285

Q2Q103Q520IF 3 Q10 10

IF 3550 Q520 Q301020 301020

52010Q 3

CALL PUT

=+= 7800 7700CALL100 7800 7900CALL0 7800 7900PUT100 7800 7700PUT0= 7800 7700CALL19595 7800 7700PUT7272

CALLCALLPUTPUT

6800 call7000 put7/15400

7900C8000C8100C8200C7800CALL790082007900C>8000C>8100C>8200C7700P7600P7500P7400PPUT770074007700P>7600P>7500P>7400P7800

T

(VIX)VIXVIX

Chart1

26.019488.5

26.919623.25

28.299700.07

29.139627.39

27.619617.26

27.619717.17

27.619639.83

26.069697.67

26.069496.47

27.689518.45

28.569592.47

28.679562.16

28.679637.07

26.99611.72

30.249360.63

27.779502.39

27.779442.62

28.039568.26

28.039631.51

28.569809.88

28.569757.93

29.869711.37

29.869598.23

32.269273.09

32.269308.6

31.19292.8

31.19300.22

34.068937.58

31.838970.92

35.718670.61

33.028727.21

31.618942.93

32.078905.41

31.868764.82

28.718680.71

29.38680.86

29.58484.11

33.868499.37

34.048342.2

33.588528.33

34.988375.76

34.718276.26

33.388447.03

32.138586.4

31.848583.84

30.168651.28

29.998676.95

29.538694.41

29.468722.38

30.918598.03

29.898638.33

29.078490.84

30.798187.95

31.458118.08

33.497830.85

34.827807.39

28.988014.31

31.177857.08

31.887941.44

32.848135.48

32.558167.07

33.658156.39

33.368313.72

29.98396.95

28.58506.28

28.488323.05

29.28184.2

298221.1

30.137883.37

28.87962.91

30.748085.06

30.538057.27

30.988029.31

30.798173.41

34.138428.84

34.548179.54

34.218101.63

33.648184.65

33.458110.2

34.877581.96

34.987408.4

36.557517.05

34.427739.59

35.387485.79

35.987576.42

35.817543.5

34.487521.13

34.577673.99

35.87553.3

33.77550.55

36.317865.28

36.427876.37

35.757890.9

34.648024.41

34.067894.47

35.218085.93

36.548108.71

37.138286.31

37.618307.67

36.528462.08

36.168412.76

37.218262.87

36.028470.11

37.478483.95

36.128658.64

39.158531.38

41.28299.37

40.898381.6

41.478435.3

42.598210.99

43.178161.39

38.788005.46

39.558057.82

39.148179.35

46.368337.62

43.478524.99

34.168865.35

32.918795.09

30.78768.02

29.938605.95

29.378623.48

28.798572.59

27.668419.72

28.468605.32

28.218596.34

27.348729.79

27.548672.85

27.448667.93

28.088829.4

27.688909.58

28.958892.68

28.948924.78

28.299066.04

25.639090.43

23.949074.34

24.389083.32

23.729037.25

24.159008.49

24.048990.33

24.228947.83

25.249079.6

25.558891.74

25.138919.92

24.728963.63

25.428837.07

24.618857.37

24.378926.34

23.218866.62

23.998792.39

23.848830.05

23.388989.53

23.959018.42

24.529157.18

24.479197.41

24.389295.2

25.069068.89

23.529015.57

22.629008.03

24.188834.73

24.448707.83

23.598778.39

23.218665.73

23.448684.92

23.88619.08

23.938724.47

23.918579.43

23.798627.8

23.738738.46

23.268745.35

25.428587.96

25.958370

26.928345.59

28.558062.31

27.078105.59

25.148169.77

24.088201.79

22.748217.58

24.048047.74

23.687902.44

24.147876.49

24.277738.12

25.167855.06

24.527811.8

25.097548.76

25.657523.54

24.77407.98

24.577353.86

26.327394.1

24.017228.41

26.317341.11

25.147051.85

27.237048.25

27.777075.65

27.587244.76

26.787156.96

23.846834.24

26.316710.64

306974.51

29.626815.32

30.047085.67

30.347065.65

29.957309.83

29.877368.08

30.817233.62

327014.47

31.387070.35

30.657024.06

30.957002.54

30.696977.36

30.446813.4

30.337026.24

30.737024.58

30.557209.04

30.137325.62

29.397293.8

29.067292.34

28.867326.07

28.297196.5

26.187000.74

26.716978.6

26.817040.9

29.396918.48

30.066911.64

28.797030.72

28.846964.6

28.097080.97

27.967033.37

27.997046.11

28.886813.09

28.866699.82

29.276584.93

28.846412.63

27.346307.28

30.766658.69

30.926424.77

32.556458.01

32.26251.95

33.46310.68

30.996052.45

32.995756.59

38.495800.87

42.215641.95

42.125970.38

39.196110.6

38.916182.21

38.296132.6

39.226060.83

40.115929.63

41.625719.28

41.255764.01

40.255703.72

41.625742.23

37.975505.7

40.065524.66

37.145206.4

40.975130.71

40.925020.44

42.295291.56

41.595246.26

43.465075.97

45.94960.4

50.624931.84

46.444942.72

42.444862.59

42.634730.51

42.634579.62

51.514366.87

60.414399.97

58.544406.52

54.974683.64

58.914870.66

57.114995.06

53.694992.63

51.164978.26

56.764694.12

57.334742.33

56.794740.27

54.74638.57

54.944615.57

55.24437.83

53.854452.7

46.354439.8

43.614305.18

45.124284.09

53.074089.93

55.44171.1

53.244160.54

51.514266.49

49.384271.8

44.464453.75

43.484460.49

41.944518.43

45.484356.98

45.844307.26

45.984254.96

44.794225.07

44.624418.33

44.564472.66

41.744658.87

44.084655.57

48.064481.27

39.714613.72

40.414616.89

40.094648.02

44.564694.81

43.284694.52

43.614535.54

44.424405.86

42.94423.09

39.384413.45

39.464425.08

38.884416.16

39.324589.04

39.414591.22

38.224698.31

38.594727.26

38.274789.84

42.34535.79

41.524502.74

41.824467.53

42.224453.9

42.24532.36

41.634521.47

46.724320.77

43.114353.7

41.224366.1

42.284366.76

44.274242.61

43.584247.97

42.574259.98

41.644372.81

39.364389.97

40.14363.25

38.954471.25

40.784494.59

40.494526.1

39.374575.95

39.744466.42

36.864592.5

35.924591.26

37.224491.78

37.374498.37

38.234528.87

40.934436.94

38.494477.78

38.754430.18

35.244493.74

34.924518.56

33.994557.15

38.194425.83

37.184435.34

35.54541.42

35.244637.2

35.484653.63

35.64628.24

35.554671.02

33.634759.96

33.874754.65

32.664897.39

31.594971.32

32.245041.39

32.95047.54

34.075035.93

33.874961.62

32.785124.18

32.965242.18

33.965346.38

35.325386.56

33.725390.7

35.75206.05

35.065210.84

34.165314.45

32.935473.78

33.385529.63

33.735556.22

33.365576.85

34.815443.56

33.555667.8

32.435781.96

35.395857.64

34.515892.68

34.645875.19

32.785997.17

39.25755.38

37.355781.66

37.235881.41

37.45886.11

36.865875.24

36.145880.77

38.775705.05

39.775596.73

39.245614.06

39.515992.57

37.576330.4

45.386379.94

45.256566.7

45.336572.87

46.336583.87

44.836647.5

44.386432.55

40.636485.14

38.736364.17

40.216489.09

37.426577.81

36.346655.59

36.786703.62

38.496718.81

37.396737.29

37.156734.46

38.376683.11

35.56890.44

36.096954.1

35.66949.08

36.576893.14

36.556786.06

35.526767.1

32.616856.74

33.196628.02

34.916414.39

35.626462.27

35.466567.37

35.946448.23

27.156225.56

28.946220.81

29.686195.91

33.416144.53

32.176231.15

30.226341.21

30.286197.47

33.616380.08

33.846457.61

33.176463.56

32.796391.15

31.726432.16

30.486578.97

30.016667.53

306665.4

31.156649.91

29.636715.22

306668.14

29.146748.18

28.996769.86

32.996530.82

31.696639.41

31.046738.6

296780.3

29.516850.99

29.956938.86

29.916953.34

30.166985.32

30.476980.88

31.066973.28

31.657028.43

31.187142.63

32.247083.63

32.737027.11

30.987077.71

30.957056.71

31.096955.87

32.676848.24

31.936868.65

34.126882.87

32.266909.02

32.986898.9

31.147034.96

29.777069.51

27.186931.8

26.836789.77

26.326788.58

28.396733.23

28.336654.8

27.526838.25

27.176809.41

26.586719.21

26.76690.75

25.96809.86

26.056825.95

25.587019.75

26.437039.77

25.767104.65

26.077153.13

26.97224.59

27.787313.99

27.887250.72

28.347332.08

27.487337.14

26.767256.95

26.227346.26

267440.24

26.737477.3

26.557526.55

27.117502.46

26.677469.03

26.547376.76

25.947324.22

25.667345.22

26.667284.61

26.217429.98

26.077509.17

VIX

Sheet1

VIX

2007/10/0126.019488.500

2007/10/0226.919623.250

2007/10/0328.299700.070

2007/10/0429.139627.390

2007/10/0527.619617.260

2007/10/0827.619717.170

2007/10/0927.619639.830

2007/10/1126.069697.670

2007/10/1226.069496.470

2007/10/1527.689518.450

2007/10/1628.569592.470

2007/10/1728.679562.160

2007/10/1828.679637.070

2007/10/1926.99611.720

2007/10/2230.249360.630

2007/10/2327.779502.390

2007/10/2427.779442.620

2007/10/2528.039568.260

2007/10/2628.039631.510

2007/10/2928.569809.880

2007/10/3028.569757.930

2007/10/3129.869711.370

2007/11/0129.869598.230

2007/11/0232.269273.090

2007/11/0532.269308.600

2007/11/0631.19292.800

2007/11/0731.19300.220

2007/11/0834.068937.580

2007/11/0931.838970.920

2007/11/1235.718670.610

2007/11/1333.028727.210

2007/11/1431.618942.930

2007/11/1532.078905.410

2007/11/1631.868764.820

2007/11/1928.718680.710

2007/11/2029.38680.860

2007/11/2129.58484.110

2007/11/2233.868499.370

2007/11/2334.048342.200

2007/11/2633.588528.330

2007/11/2734.988375.760

2007/11/2834.718276.260

2007/11/2933.388447.030

2007/11/3032.138586.400

2007/12/0331.848583.840

2007/12/0430.168651.280

2007/12/0529.998676.950

2007/12/0629.538694.410

2007/12/0729.468722.380

2007/12/1030.918598.030

2007/12/1129.898638.330

2007/12/1229.078490.840

2007/12/1330.798187.950

2007/12/1431.458118.080

2007/12/1733.497830.850

2007/12/1834.827807.390

2007/12/1928.988014.310

2007/12/2031.177857.080

2007/12/2131.887941.440

2007/12/2432.848135.480

2007/12/2532.558167.070

2007/12/2633.658156.390

2007/12/2733.368313.720

2007/12/2829.98396.950

2007/12/3128.58506.280

2008/01/0228.488323.050

2008/01/0329.28184.200

2008/01/04298221.100

2008/01/0730.137883.370

2008/01/0828.87962.910

2008/01/0930.748085.060

2008/01/1030.538057.270

2008/01/1130.988029.310

2008/01/1430.798173.410

2008/01/1534.138428.840

2008/01/1634.548179.540

2008/01/1734.218101.630

2008/01/1833.648184.650

2008/01/2133.458110.200

2008/01/2234.877581.960

2008/01/2334.987408.400

2008/01/2436.557517.050

2008/01/2534.427739.590

2008/01/2835.387485.790

2008/01/2935.987576.420

2008/01/3035.817543.500

2008/01/3134.487521.130

2008/02/0134.577673.990

2008/02/1235.87553.300

2008/02/1333.77550.550

2008/02/1436.317865.280

2008/02/1536.427876.370

2008/02/1835.757890.900

2008/02/1934.648024.410

2008/02/2034.067894.470

2008/02/2135.218085.930

2008/02/2236.548108.710

2008/02/2537.138286.310

2008/02/2637.618307.670

2008/02/2736.528462.080

2008/02/2936.168412.760

2008/03/0337.218262.870

2008/03/0436.028470.110

2008/03/0537.478483.950

2008/03/0636.128658.640

2008/03/0739.158531.380

2008/03/1041.28299.370

2008/03/1140.898381.600

2008/03/1241.478435.300

2008/03/1342.598210.990

2008/03/1443.178161.390

2008/03/1738.788005.460

2008/03/1839.558057.820

2008/03/1939.148179.350

2008/03/2046.368337.620

2008/03/2143.478524.990

2008/03/2434.168865.350

2008/03/2532.918795.090

2008/03/2630.78768.020

2008/03/2729.938605.950

2008/03/2829.378623.480

2008/03/3128.798572.590

2008/04/0127.668419.720

2008/04/0228.468605.320

2008/04/0328.218596.340

2008/04/0727.348729.790

2008/04/0827.548672.850

2008/04/0927.448667.930

2008/04/1028.088829.400

2008/04/1127.688909.580

2008/04/1428.958892.680

2008/04/1528.948924.780

2008/04/1628.299066.040

2008/04/1725.639090.430

2008/04/1823.949074.340

2008/04/2124.389083.320

2008/04/2223.729037.250

2008/04/2324.159008.490

2008/04/2424.048990.330

2008/04/2524.228947.830

2008/04/2825.249079.600

2008/04/2925.558891.740

2008/04/3025.138919.920

2008/05/0224.728963.630

2008/05/0525.428837.070

2008/05/0624.618857.370

2008/05/0724.378926.340

2008/05/0823.218866.620

2008/05/0923.998792.390

2008/05/1223.848830.050

2008/05/1323.388989.530

2008/05/1423.959018.420

2008/05/1524.529157.180

2008/05/1624.479197.410

2008/05/1924.389295.200

2008/05/2025.069068.890

2008/05/2123.529015.570

2008/05/2222.629008.030

2008/05/2324.188834.730

2008/05/2624.448707.830

2008/05/2723.598778.390

2008/05/2823.218665.730

2008/05/2923.448684.920

2008/05/3023.88619.080

2008/06/0223.938724.470

2008/06/0323.918579.430

2008/06/0423.798627.800

2008/06/0523.738738.460

2008/06/0623.268745.350

2008/06/0925.428587.960

2008/06/1025.958370.000

2008/06/1126.928345.590

2008/06/1228.558062.310

2008/06/1327.078105.590

2008/06/1625.148169.770

2008/06/1724.088201.790

2008/06/1822.748217.580

2008/06/1924.048047.740

2008/06/2023.687902.440

2008/06/2324.147876.490

2008/06/2424.277738.120

2008/06/2525.167855.060

2008/06/2624.527811.800

2008/06/2725.097548.760

2008/06/3025.657523.540

2008/07/0124.77407.980

2008/07/0224.577353.860

2008/07/0326.327394.100

2008/07/0424.017228.410

2008/07/0726.317341.110

2008/07/0825.147051.850

2008/07/0927.237048.250

2008/07/1027.777075.650

2008/07/1127.587244.760

2008/07/1426.787156.960

2008/07/1523.846834.240

2008/07/1626.316710.640

2008/07/17306974.510

2008/07/1829.626815.320

2008/07/2130.047085.670

2008/07/2230.347065.650

2008/07/2329.957309.830

2008/07/2429.877368.080

2008/07/2530.817233.620

2008/07/29327014.470

2008/07/3031.387070.350

2008/07/3130.657024.060

2008/08/0130.957002.540

2008/08/0430.696977.360

2008/08/0530.446813.400

2008/08/0630.337026.240

2008/08/0730.737024.580

2008/08/0830.557209.040

2008/08/1130.137325.620

2008/08/1229.397293.800

2008/08/1329.067292.340

2008/08/1428.867326.070

2008/08/1528.297196.500

2008/08/1826.187000.740

2008/08/1926.716978.600

2008/08/2026.817040.900

2008/08/2129.396918.480

2008/08/2230.066911.640

2008/08/2528.797030.720

2008/08/2628.846964.600

2008/08/2728.097080.970

2008/08/2827.967033.370

2008/08/2927.997046.110

2008/09/0128.886813.090

2008/09/0228.866699.820

2008/09/0329.276584.930

2008/09/0428.846412.630

2008/09/0527.346307.280

2008/09/0830.766658.690

2008/09/0930.926424.770

2008/09/1032.556458.010

2008/09/1132.26251.950

2008/09/1233.46310.680

2008/09/1530.996052.450

2008/09/1632.995756.590

2008/09/1738.495800.870

2008/09/1842.215641.950

2008/09/1942.125970.380

2008/09/2239.196110.600

2008/09/2338.916182.210

2008/09/2438.296132.600

2008/09/2539.226060.830

2008/09/2640.115929.630

2008/09/3041.625719.280

2008/10/0141.255764.010

2008/10/0240.255703.720

2008/10/0341.625742.230

2008/10/0637.975505.700

2008/10/0740.065524.660

2008/10/0837.145206.400

2008/10/0940.975130.710

2008/10/1340.925020.440

2008/10/1442.295291.560

2008/10/1541.595246.260

2008/10/1643.465075.970

2008/10/1745.94960.400

2008/10/2050.624931.840

2008/10/2146.444942.720

2008/10/2242.444862.590

2008/10/2342.634730.510

2008/10/2442.634579.620

2008/10/2751.514366.870

2008/10/2860.414399.970

2008/10/2958.544406.520

2008/10/3054.974683.640

2008/10/3158.914870.660

2008/11/0357.114995.060

2008/11/0453.694992.630

2008/11/0551.164978.260

2008/11/0656.764694.120

2008/11/0757.334742.330

2008/11/1056.794740.270

2008/11/1154.74638.570

2008/11/1254.944615.570

2008/11/1355.24437.830

2008/11/1453.854452.700

2008/11/1746.354439.800

2008/11/1843.614305.180

2008/11/1945.124284.090

2008/11/2053.074089.930

2008/11/2155.44171.100

2008/11/2453.244160.540

2008/11/2551.514266.490

2008/11/2649.384271.800

2008/11/2744.464453.750

2008/11/2843.484460.490

2008/12/0141.944518.430

2008/12/0245.484356.980

2008/12/0345.844307.260

2008/12/0445.984254.960

2008/12/0544.794225.070

2008/12/0844.624418.330

2008/12/0944.564472.660

2008/12/1041.744658.870

2008/12/1144.084655.570

2008/12/1248.064481.270

2008/12/1539.714613.720

2008/12/1640.414616.890

2008/12/1740.094648.020

2008/12/1844.564694.810

2008/12/1943.284694.520

2008/12/2243.614535.540

2008/12/2344.424405.860

2008/12/2442.94423.090

2008/12/2539.384413.450

2008/12/2639.464425.080

2008/12/2938.884416.160

2008/12/3039.324589.040

2008/12/3139.414591.220

2009/01/0538.224698.310

2009/01/0638.594727.260

2009/01/0738.274789.840

2009/01/0842.34535.790

2009/01/0941.524502.740

2009/01/1041.824467.530

2009/01/1242.224453.900

2009/01/1342.24532.360

2009/01/1441.634521.470

2009/01/1546.724320.770

2009/01/1643.114353.700

2009/01/1741.224366.100

2009/01/1942.284366.760

2009/01/2044.274242.610

2009/01/2143.584247.970

2009/02/0242.574259.980

2009/02/0341.644372.810

2009/02/0439.364389.970

2009/02/0540.14363.250

2009/02/0638.954471.250

2009/02/0940.784494.590

2009/02/1040.494526.100

2009/02/1139.374575.950

2009/02/1239.744466.420

2009/02/1336.864592.500

2009/02/1635.924591.260

2009/02/1737.224491.780

2009/02/1837.374498.370

2009/02/1938.234528.870

2009/02/2040.934436.940

2009/02/2338.494477.780

2009/02/2438.754430.180

2009/02/2535.244493.740

2009/02/2634.924518.560

2009/02/2733.994557.150

2009/03/0238.194425.830

2009/03/0337.184435.340

2009/03/0435.54541.420

2009/03/0535.244637.200

2009/03/0635.484653.630

2009/03/0935.64628.240

2009/03/1035.554671.020

2009/03/1133.634759.960

2009/03/1233.874754.650

2009/03/1332.664897.390

2009/03/1631.594971.320

2009/03/1732.245041.390

2009/03/1832.95047.540

2009/03/1934.075035.930

2009/03/2033.874961.620

2009/03/2332.785124.180

2009/03/2432.965242.180

2009/03/2533.965346.380

2009/03/2635.325386.560

2009/03/2733.725390.700

2009/03/3035.75206.050

2009/03/3135.065210.840

2009/04/0134.165314.450

2009/04/0232.935473.780

2009/04/0333.385529.630

2009/04/0633.735556.220

2009/04/0733.365576.850

2009/04/0834.815443.560

2009/04/0933.555667.800

2009/04/1032.435781.960

2009/04/1335.395857.640

2009/04/1434.515892.680

2009/04/1534.645875.190

2009/04/1632.785997.170

2009/04/1739.25755.380

2009/04/2037.355781.660

2009/04/2137.235881.410

2009/04/2237.45886.110

2009/04/2336.865875.240

2009/04/2436.145880.770

2009/04/2738.775705.050

2009/04/2839.775596.730

2009/04/2939.245614.060

2009/04/3039.515992.570

2009/05/0437.576330.400

2009/05/0545.386379.940

2009/05/0645.256566.700

2009/05/0745.336572.870

2009/05/0846.336583.870

2009/05/1144.836647.500

2009/05/1244.386432.550

2009/05/1340.636485.140

2009/05/1438.736364.170

2009/05/1540.216489.090

2009/05/1837.426577.810

2009/05/1936.346655.590

2009/05/2036.786703.620

2009/05/2138.496718.810

2009/05/2237.396737.290

2009/05/2537.156734.460

2009/05/2638.376683.110

2009/05/2735.56890.440

2009/06/0136.096954.100

2009/06/0235.66949.080

2009/06/0336.576893.140

2009/06/0436.556786.060

2009/06/0535.526767.100

2009/06/0632.616856.740

2009/06/0833.196628.020

2009/06/0934.916414.390

2009/06/1035.626462.270

2009/06/1135.466567.370

2009/06/1235.946448.230

2009/06/1527.156225.560

2009/06/1628.946220.810

2009/06/1729.686195.910

2009/06/1833.416144.530

2009/06/1932.176231.150

2009/06/2230.226341.210

2009/06/2330.286197.470

2009/06/2433.616380.080

2009/06/2533.846457.610

2009/06/2633.176463.560

2009/06/2932.796391.150

2009/06/3031.726432.160

2009/07/0130.486578.970

2009/07/0230.016667.530

2009/07/03306665.400

2009/07/0631.156649.910

2009/07/0729.636715.220

2009/07/08306668.140

2009/07/0929.146748.180

2009/07/1028.996769.860

2009/07/1332.996530.820

2009/07/1431.696639.410

2009/07/1531.046738.600

2009/07/16296780.300

2009/07/1729.516850.990

2009/07/2029.956938.860

2009/07/2129.916953.340

2009/07/2230.166985.320

2009/07/2330.476980.880

2009/07/2431.066973.280

2009/07/2731.657028.430

2009/07/2831.187142.630

2009/07/2932.247083.630

2009/07/3032.737027.110

2009/07/3130.987077.710

2009/08/0330.957056.710

2009/08/0431.096955.870

2009/08/0532.676848.240

2009/08/0631.936868.650

2009/08/1034.126882.870

2009/08/1132.266909.020

2009/08/1232.986898.900

2009/08/1331.147034.960

2009/08/1429.777069.510

2009/08/1727.186931.800

2009/08/1826.836789.770

2009/08/1926.326788.580

2009/08/2028.396733.230

2009/08/2128.336654.800

2009/08/2427.526838.25

2009/08/2527.176809.41

2009/08/2626.586719.21

2009/08/2726.76690.75

2009/08/2825.96809.86

2009/08/3126.056825.95

2009/09/0125.587019.75

2009/09/0226.437039.77

2009/09/0325.767104.65

2009/09/0426.077153.13

2009/09/0726.97224.59

2009/09/0827.787313.99

2009/09/0927.887250.72

2009/09/1028.347332.08

2009/09/1127.487337.14

2009/09/1426.767256.95

2009/09/1526.227346.26

2009/09/16267440.24

2009/09/1726.737477.3

2009/09/1826.557526.55

2009/09/2127.117502.46

2009/09/2226.677469.03

2009/09/2326.547376.76

2009/09/2425.947324.22

2009/09/2525.667345.22

2009/09/2826.667284.61

2009/09/2926.217429.98

2009/09/3026.077509.17

2009/10/0126.547,545.29

2009/10/0227.547,411.88

2009/10/527.97,437.98

2009/10/627.637,536.05

2009/10/726.747,608.66

2009/10/827.617,503.31

2009/10/927.067,571.96

Sheet1

&A

Page &P

VIX

Sheet2

Sheet3

TXO1=50328:45~13:50

7MOU 6/20 7632547TXO 6600CALL8016,000(80*50*4=16,000) 77/103768506600CALL320 (320-80)*50*4=48,000 =48,000/16,000=3

48,000 80

660076600CALL80123,000492,000

16,000(80*50*4=16,000)

66000

12TXO 7600CALL10012050

7780 ((7780-7600)-120)*50*100=400,000

7633 ((7633-7600)-120)*50*100=-435,000

7600 (0-120)*50*100=-600,000

5TXO 7500PUT65127220300 +MAX(A-B) A=19 ,000 B=11,000 (300*50+MAX(19000-011000))*5=170,000

120000/170000=70% 75% 170,000

BUY 7600PUT(120)+SELL 7400PUT(40) 80 80*50=4,000 7450 BUY 7600PUT7600-7450=150 150-120=30 SELL 7400PUT40 30+40=70 70*50=3,5007600PUT

SELLSELL 7300PUT(60)+SELL 7900PUT(70) 130 130*50=6,500 45,000 SELL 911329

K

K

K() W(M)

K

6765680867016757+2

40564004532265006524766009018267001271306800174876900229557000296

6757703467367024+267

645640016.5545650022.5456660032375670046.52956800682226900961637000134

6951704969377025+1

640640014.55506500204566600303706700442906800632166900891577000131

7020712369797091+66

700640011.56056500155156600204206700293346800432546900601837000911327100120907200185607300250

7121716970717152+61

76564009.1670650012570660016475670023382680033302690048224700069165710090957200130707300180

7186722771457219+67

83564004.972565006.763066008.1530670011439680017350690026263700040.5180710065115720090757300145

7250737671817316+97

95064001.982065002.772566003.562067005.452068008.4428690014.5360700024.5250710036140720052100730070

-

198019885020082060

1.1990.1.1~2008.12.31(Stark 300 Trader) (MSCI)( )

2.20089

3.()

VS.