{"id":40791,"date":"2026-03-12T18:43:32","date_gmt":"2026-03-12T18:43:32","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/td%ec%a6%9d%ea%b6%8c%ec%9d%98-%ea%b0%88%eb%a6%ac-%ec%a4%91%ea%b5%ad%ec%9d%98-%ea%b0%95%ed%95%9c-%ec%9d%80-%ec%88%98%ec%9a%94%ea%b0%80-%ec%8b%a0%ec%a4%91%ed%95%9c-%ec%84%9c%ea%b5%ac%ea%b6%8c-%ec%8b%ac\/"},"modified":"2026-03-12T18:43:32","modified_gmt":"2026-03-12T18:43:32","slug":"td%ec%a6%9d%ea%b6%8c%ec%9d%98-%ea%b0%88%eb%a6%ac-%ec%a4%91%ea%b5%ad%ec%9d%98-%ea%b0%95%ed%95%9c-%ec%9d%80-%ec%88%98%ec%9a%94%ea%b0%80-%ec%8b%a0%ec%a4%91%ed%95%9c-%ec%84%9c%ea%b5%ac%ea%b6%8c-%ec%8b%ac","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/td%ec%a6%9d%ea%b6%8c%ec%9d%98-%ea%b0%88%eb%a6%ac-%ec%a4%91%ea%b5%ad%ec%9d%98-%ea%b0%95%ed%95%9c-%ec%9d%80-%ec%88%98%ec%9a%94%ea%b0%80-%ec%8b%a0%ec%a4%91%ed%95%9c-%ec%84%9c%ea%b5%ac%ea%b6%8c-%ec%8b%ac\/","title":{"rendered":"TD\uc99d\uad8c\uc758 \uac08\ub9ac: \uc911\uad6d\uc758 \uac15\ud55c \uc740 \uc218\uc694\uac00 \uc2e0\uc911\ud55c \uc11c\uad6c\uad8c \uc2ec\ub9ac\ub97c \uc0c1\uc1c4\ud558\uace0, \ub7f0\ub358\uc758 \uc720\ub3d9\uc131\ub3c4 \uac1c\uc120\ub418\uace0 \uc788\ub2e4"},"content":{"rendered":"TD \uc99d\uad8c(TD Securities)\uc740 \uc0c1\ud558\uc774 \uc740(\u9280) \ucc28\uc775\uac70\ub798(arbitrage)\uac00 \uc911\uad6d\uc5d0\uc11c \uac15\ud55c \ub9e4\uc218\uac00 \uc774\uc5b4\uc9c0\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\ub294 \ubc18\uba74, \uc11c\ubc29 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc740 \uc774\ub780 \ubd84\uc7c1 \uc774\ud6c4 \uc5ec\uc804\ud788 \uc870\uc2ec\uc2a4\ub7fd\ub2e4\uace0 \ubc1d\ud614\ub2e4. \ucc28\uc775\uac70\ub798\ub294 \uac19\uc740 \uc790\uc0b0\uc774 \uc2dc\uc7a5\ubcc4\ub85c \uac00\uaca9\uc774 \ub2e4\ub97c \ub54c \uc2fc \uacf3\uc5d0\uc11c \uc0ac\uc11c \ube44\uc2fc \uacf3\uc5d0\uc11c \ud30c\ub294 \uac70\ub798\ub97c \ub9d0\ud55c\ub2e4. \ub610\ud55c \ub7f0\ub358 \uc7a5\uc678(OTC) \uc2dc\uc7a5\uc774 \uacc4\uc18d \uc790\uae08 \ud750\ub984(flows)\uc744 \ubc1b\uc544\ub4e4\uc774\ub294 \uac00\uc6b4\ub370 \uc774\ub7f0 \ucc28\uc774\uac00 \ub098\ud0c0\ub09c\ub2e4\uace0 \uc124\uba85\ud588\ub2e4. \uc7a5\uc678(OTC) \uc2dc\uc7a5\uc740 \uac70\ub798\uc18c\uac00 \uc544\ub2c8\ub77c \uae08\uc735\uae30\uad00\ub07c\ub9ac \uc9c1\uc811 \uac70\ub798\ud558\ub294 \uc2dc\uc7a5\uc774\uba70, \uc790\uae08 \ud750\ub984\uc740 \ub9e4\uc218\u00b7\ub9e4\ub3c4 \uc790\uae08\uc774 \uc2dc\uc7a5\uc73c\ub85c \ub4e4\uc5b4\uc624\uace0 \ub098\uac00\ub294 \uc6c0\uc9c1\uc784\uc744 \ub73b\ud55c\ub2e4.\n\n\uc774 \uba54\ubaa8\ub294 \uc911\uad6d\uc758 \uc0c8 \ub9e4\uc218\uc138\ub97c 2026\ub144 \ucd08 \uba87 \ub2ec \ub3d9\uc548 \ub098\ud0c0\ub09c \u201c\uc804\ub840 \uc5c6\ub294(unprecedented)\u201d \uc18c\ub9e4(retail) \uc740 \uc218\uc694\uc640 \uc5f0\uacb0\ud588\ub2e4. \uc18c\ub9e4 \uc218\uc694\ub294 \uac1c\uc778 \ud22c\uc790\uc790 \uac19\uc740 \uc77c\ubc18 \uc18c\ube44\uc790\uc758 \uc218\uc694\ub97c \ub9d0\ud55c\ub2e4. \ub610 \uc774 \uc218\uc694 \uae09\ub4f1\uc740 \uc774\ub780 \uc804\uc7c1 \uc9c1\uc804 \uba70\uce60 \uc0ac\uc774\uc5d0 \uc2dc\uc791\ub410\ub2e4\uace0 \ub367\ubd99\uc600\ub2e4.\n\n<h3>\uc911\uad6d \uc218\uc694, \uc11c\ubc29\uacfc \uc5c7\uac08\ub824<\/h3>\nTD \uc99d\uad8c\uc740 \ub7f0\ub358\uc758 \uc740 \ub300\uc5ec \uae08\ub9ac(lease rates)\uac00 \uacf5\uae09 \uc5ec\uac74\uc774 \uc88b\uc544\uc9c0\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4\uace0 \ub9d0\ud588\ub2e4. \ub300\uc5ec \uae08\ub9ac\ub294 \uc740\uc744 \ube4c\ub824 \uc4f0\ub294 \ub370 \ub4dc\ub294 \ube44\uc6a9(\uae08\ub9ac)\ub85c, \ubcf4\ud1b5 \uacf5\uae09\uc774 \uc5ec\uc720\ub85c\uc6b0\uba74 \ub0b4\ub824\uac00\uace0 \ubd80\uc871\ud558\uba74 \uc624\ub978\ub2e4. \ub610\ud55c \uc804 \uc138\uacc4 \uc740 \uc7ac\uace0 \ucee4\ubc84\ub9ac\uc9c0(inventory coverage)\ub3c4 \uc774\uc804\uc758 \ubd80\uc871\ud588\ub358 \uc0c1\ud669\ubcf4\ub2e4 \uc88b\uc544\uc9c0\uace0 \uc788\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uc7ac\uace0 \ucee4\ubc84\ub9ac\uc9c0\ub294 \ud604\uc7ac \uc7ac\uace0\ub85c \uc218\uc694\ub97c \uc5bc\ub9c8\ub098 \ubc84\ud2f8 \uc218 \uc788\ub294\uc9c0\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c\ub2e4.\n\n\uc9c0\ub09c\uc8fc \uc774\ub780 \ubd84\uc7c1 \uc774\ud6c4 \uc740 \uc2dc\uc7a5\uc774 \ub69c\ub837\ud558\uac8c \uac08\ub9ac\uace0 \uc788\ub2e4. \uc11c\ubc29 \ud22c\uc790\uc790\ub4e4\uc740 \uc870\uc2ec\uc2a4\ub7ec\uc6b4 \ubc18\uba74, \uc0ac\uac74\uc774 \uc2dc\uc791\ub41c \ub4a4 \uc8fc\uc694 \uc740 ETF(\uc0c1\uc7a5\uc9c0\uc218\ud380\ub4dc)\uc5d0\uc11c 1,000\ub9cc \uc628\uc2a4\uac00 \ub118\ub294 \uc790\uae08 \uc720\ucd9c(outflows)\uc774 \uc788\uc5c8\ub2e4. ETF\ub294 \uac70\ub798\uc18c\uc5d0\uc11c \uc8fc\uc2dd\ucc98\ub7fc \uac70\ub798\ub418\ub294 \ud380\ub4dc\uc774\uba70, \uc720\ucd9c\uc740 \ud380\ub4dc\uc5d0\uc11c \uc790\uae08\uc774 \ube60\uc838\ub098\uac00\ub294 \uac83\uc744 \ub9d0\ud55c\ub2e4. \uc774\ub7f0 \ub9dd\uc124\uc784\uc740 \uc911\uad6d\uc5d0\uc11c \uc2e4\ubb3c(physical) \uc218\uc694\uac00 \ub2e4\uc2dc \uac15\ud574\uc9c0\uba70 \uc77c\ubd80 \uc0c1\uc1c4\ub418\uace0 \uc788\ub2e4. \uc2e4\ubb3c \uc218\uc694\ub294 \uc120\ubb3c \uac19\uc740 \uacc4\uc57d\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \uae08\uc18d(\uc740\uad34\u00b7\uc6d0\ub8cc)\uc744 \uc0ac\ub824\ub294 \uc218\uc694\ub2e4.\n\n\uc0c1\ud558\uc774 \ucc28\uc775\uac70\ub798\ub294 \ubd84\uba85\ud55c \uc2e0\ud638\ub97c \ubcf4\ub0b4\uace0 \uc788\ub2e4. \uc0c1\ud558\uc774\uae08\uac70\ub798\uc18c(Shanghai Gold Exchange)\uc5d0\uc11c\uc758 \ud504\ub9ac\ubbf8\uc5c4(premium, \uc6c3\ub3c8)\uc774 \ub7f0\ub358 \uac00\uaca9 \ub300\ube44 \uc628\uc2a4\ub2f9 0.75\ub2ec\ub7ec \uc704\uc5d0\uc11c \uc720\uc9c0\ub418\uace0 \uc788\ub2e4. \ud504\ub9ac\ubbf8\uc5c4\uc740 \ud2b9\uc815 \uc2dc\uc7a5\uc5d0\uc11c \uac00\uaca9\uc774 \ub2e4\ub978 \uc2dc\uc7a5\ubcf4\ub2e4 \ub354 \ube44\uc2f8\uac8c \ud615\uc131\ub418\ub294 \ucd94\uac00 \uae08\uc561\uc774\ub2e4. \uc774\ub294 \uac15\ud55c \uc0b0\uc5c5 \ud65c\ub3d9\uc73c\ub85c\ub3c4 \ub4b7\ubc1b\uce68\ub41c\ub2e4. 2026\ub144 2\uc6d4\uc758 \ucd5c\uadfc \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74 \uc911\uad6d\uc758 \ud0dc\uc591\uad11 \ud328\ub110 \uc0dd\uc0b0\uc774 \uc804\ub144 \ub300\ube44 15% \uc99d\uac00\ud588\ub2e4. \uc774\ub294 \uc911\uad6d\uc758 \ub9e4\uc218\uac00 \ud22c\uc790 \ubaa9\uc801\ub9cc\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc0b0\uc5c5 \uc0ac\uc6a9\uc744 \uc704\ud55c \uc218\uc694\ub77c\ub294 \ub73b\uc774\ub2e4.\n\n<h3>\ub7f0\ub358 \uacf5\uae09 \uc2e0\ud638 \uac1c\uc120<\/h3>\n\uc6b0\ub9ac\ub3c4 \ub7f0\ub358 \uc7a5\uc678(OTC) \uc2dc\uc7a5\uc5d0\uc11c \uacf5\uae09 \uc0c1\ud669\uc774 \uc88b\uc544\uc9c0\ub294\uc9c0\ub97c \uc9c0\ucf1c\ubcf4\uace0 \uc788\ub2e4. \uc740 \ub300\uc5ec \uae08\ub9ac\uac00 \ub0b4\ub824\uac00\uba70 \uacf5\uae09\uc774 \ub354 \uc6d0\ud65c\ud558\ub2e4\ub294 \uc2e0\ud638\uac00 \ub098\ud0c0\ub0ac\uace0, \uc774\ub294 \uc62c\ud574 \ucd08\uc758 \ube60\ub4ef\ud568(tightness, \ubb3c\ub7c9\uc774 \ubd80\uc871\ud574 \uac70\ub798\uac00 \ube61\ube61\ud588\ub358 \uc0c1\ud0dc)\uacfc\ub294 \ub300\uc870\uc801\uc774\ub2e4. \uc9c0\ub09c\uc8fc COT(Commitments of Traders, \ubbf8\uad6d \uc120\ubb3c\uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc758 \ud3ec\uc9c0\uc158\uc744 \uc9d1\uacc4\ud55c \ubcf4\uace0\uc11c) \ubcf4\uace0\uc11c\uc5d0\uc11c\ub3c4 \uc6b4\uc6a9\uc790\uae08(managed money, \ud5e4\uc9c0\ud380\ub4dc \ub4f1 \uc804\ubb38 \uc6b4\uc6a9 \uc790\uae08) \ud2b8\ub808\uc774\ub354\ub4e4\uc774 \uc740 \uc120\ubb3c\uc758 \uc21c\ub9e4\uc218(net long) \ud3ec\uc9c0\uc158\uc744 2\uc8fc \uc5f0\uc18d \uc904\uc778 \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4. \uc21c\ub9e4\uc218 \ud3ec\uc9c0\uc158\uc740 \ub9e4\uc218 \uacc4\uc57d \uc218\uc5d0\uc11c \ub9e4\ub3c4 \uacc4\uc57d \uc218\ub97c \ube80 \uac12\uc774\ub2e4.\n\n\uc774\ub294 2025\ub144 \ub0b4\ub0b4 \ubcf4\uc600\ub358 \uacf5\uae09 \uc6b0\ub824\uc640\ub294 \ud070 \ubcc0\ud654\ub2e4. \ub2f9\uc2dc\uc5d0\ub294 \uc7ac\uace0\uac00 \ube60\ub974\uac8c \uc904\uc5b4\ub4e4\uc5c8\ub2e4. \uadf8\ub7ec\ub098 \uadf8 \ubd80\uc871 \ud604\uc0c1\uc740 \ub2f9\ubd84\uac04 \uc644\ud654\ub418\ub294 \ubaa8\uc2b5\uc774\ub2e4. \ud604\uc7ac\ub294 \uc804 \uc138\uacc4 \uc740 \uc7ac\uace0\uac00 \uc904\uc5b4\ub4e4\uae30\ubcf4\ub2e4\ub294 \uc548\uc815\ub418\ub294 \ucabd\uc774\ub77c\ub294 \uc2e0\ud638\uac00 \ub098\uc628\ub2e4.\n\n\uc774 \ud750\ub984\uc740 \uc55e\uc73c\ub85c \uba87 \uc8fc \ub3d9\uc548 \uac00\uaca9\uc774 \ubc15\uc2a4\uad8c(range-bound, \uc77c\uc815 \ubc94\uc704 \uc548\uc5d0\uc11c \uc624\ub974\ub0b4\ub9ac\ub294 \uc0c1\ud0dc)\uc5d0 \uba38\ubb3c \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud55c\ub2e4. \uc911\uad6d \uc218\uc694\uac00 \uac00\uaca9\uc758 \ubc14\ub2e5\uc744 \ubc1b\uce58\uace0, \uc11c\ubc29\uc758 \uc2e0\uc911\ud568\uacfc \uacf5\uae09 \uac1c\uc120\uc774 \uc704\ucabd\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\ub2e4. \ud070 \uc0c1\uc2b9 \ub3cc\ud30c(breakout, \ud2b9\uc815 \uac00\uaca9\ub300\ub97c \uac15\ud558\uac8c \ub6ab\uace0 \uc62c\ub77c\uac00\ub294 \uc6c0\uc9c1\uc784)\uac00 \uc5c6\uc744 \uac83\uc73c\ub85c \ubcf8\ub2e4\uba74, \uae30\uc874 \ud3ec\uc9c0\uc158\uc744 \ubcf4\uc720\ud55c \uc0c1\ud0dc\uc5d0\uc11c \uc678\uac00\uaca9(out-of-the-money, \ud604\uc7ac \uac00\uaca9 \uae30\uc900\uc73c\ub85c \ubc14\ub85c \uc774\uc775\uc774 \ub098\uc9c0 \uc54a\ub294) \ucf5c\uc635\uc158(call option, \ud2b9\uc815 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac) \ub9e4\ub3c4\ub97c \ud1b5\ud574 \uc218\uc775\uc744 \ub178\ub9ac\ub294 \uc804\ub7b5\uc744 \uace0\ub824\ud560 \uc218 \uc788\ub2e4. \ubcc0\ub3d9\uc131\uc774 \ub0ae\uc744 \ub54c \uc774\uc775\uc774 \ub098\ub294 \uc804\ub7b5\ub3c4 \uac80\ud1a0\ud560 \uc218 \uc788\ub2e4. \ubcc0\ub3d9\uc131(volatility)\uc740 \uac00\uaca9\uc774 \uc5bc\ub9c8\ub098 \ud06c\uac8c \ud754\ub4e4\ub9ac\ub294\uc9c0\ub97c \ub73b\ud558\uba70, \uc11c\ub85c \ubc18\ub300\ub418\ub294 \ub450 \ud798\uc774 \uac00\uaca9 \uc6c0\uc9c1\uc784\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\ub2e4.\n\n<!-- wp:paragraph-->\n<p><b>VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c <a href=\"https:\/\/www.vtmarkets.com\/kr\/trade-now\/\">\uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\uc911\uad6d\ubc1c \uc740 \ub9e4\uc218, \uc11c\ubc29\uc740 \uc8fc\ucda4\u2014\uc5c7\uac08\ub9b0 \uc2e0\ud638\uc5d0 \uc8fc\ubaa9! \uc0c1\ud558\uc774 \ud504\ub9ac\ubbf8\uc5c4\uacfc \ud0dc\uc591\uad11 \uc218\uc694\uac00 \ub9e4\uc218\ub97c \ub4b7\ubc1b\uce68, \ub7f0\ub358 \uacf5\uae09 \uac1c\uc120\u00b7ETF \uc720\ucd9c\ub85c \uac00\uaca9\uc740 \ub2f9\ubd84\uac04 \ubc15\uc2a4\uad8c \uc804\ub9dd. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-40791","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/40791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=40791"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/40791\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=40791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=40791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=40791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}