{"id":13670,"date":"2026-08-18T19:48:47","date_gmt":"2026-08-18T19:48:47","guid":{"rendered":"https:\/\/bjftradinggroup.com\/?page_id=13670"},"modified":"2026-08-19T15:05:58","modified_gmt":"2026-08-19T15:05:58","slug":"research","status":"publish","type":"page","link":"https:\/\/bjftradinggroup.com\/ja\/research\/","title":{"rendered":"\u30ea\u30b5\u30fc\u30c1"},"content":{"rendered":"<p><\/p>\n<div class=\"res-page\">\n<div class=\"res-hero\">\n<h1 class=\"res-hero-h1\">BJF Trading Group <span class=\"res-gold\">\u30ea\u30b5\u30fc\u30c1<\/span><\/h1>\n<p>2000\u5e74\u304b\u3089\u57f7\u884c\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3092\u958b\u767a\u3057\u3066\u3044\u308bBoris Fesenko\u306b\u3088\u308b\u3001\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c\u3001\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u3001HFT\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3001\u5e02\u5834\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u306b\u95a2\u3059\u308b\u7814\u7a76\u8ad6\u6587\u3067\u3059\u3002<\/p>\n<\/p><\/div>\n<p class=\"res-lead\"><strong>\u3053\u308c\u306fBJF Trading Group\u306e\u7814\u7a76\u30e9\u30a4\u30d6\u30e9\u30ea\u3067\u3059\u3002<\/strong> \u5404\u8ad6\u6587\u3067\u306f\u3001\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u516c\u5e73\u6027\u3001\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u512a\u4f4d\u6027\u304c\u7dad\u6301\u3055\u308c\u308b\u304b\u3001\u3044\u3064\u53d6\u5f15\u3059\u308b\u4fa1\u5024\u304c\u3042\u308b\u304b\u306a\u3069\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u9593\u3067\u983b\u7e41\u306b\u8b70\u8ad6\u3055\u308c\u308b\u4e3b\u5f35\u3092\u53d6\u308a\u4e0a\u3052\u3001\u30c7\u30fc\u30bf\u3068\u518d\u73fe\u53ef\u80fd\u306a\u624b\u6cd5\u3092\u7528\u3044\u3066\u691c\u8a3c\u3057\u307e\u3059\u3002\u8ad6\u6587\u306f\u30ab\u30ca\u30c0\u30fb\u30aa\u30f3\u30bf\u30ea\u30aa\u5dde\u306eBoris Fesenko\u304c\u57f7\u7b46\u3057\u3001Academia.edu\u3001SSRN\u3001Zenodo\u3001OSF\u306a\u3069\u306e\u516c\u958b\u5b66\u8853\u30ea\u30dd\u30b8\u30c8\u30ea\u306b\u3082\u63b2\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u5229\u7528\u53ef\u80fd\u306a\u5834\u5408\u306fDOI\u3082\u4ed8\u4e0e\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u5f15\u7528\u3084\u691c\u8a3c\u304c\u53ef\u80fd\u3067\u3059\u3002\u4ee5\u4e0b\u306e\u8981\u7d04\u3092\u8aad\u307f\u3001\u5404\u8ad6\u6587\u306e\u5168\u6587\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>  <!-- ============ SECTION 1 ============ --><\/p>\n<h2>\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c\u3068\u5e02\u5834\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c<\/div>\n<div class=\"res-title\">BEQI\uff1a\u500b\u4eba\u5411\u3051FX\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c\u54c1\u8cea\u3092\u6e2c\u5b9a\u3059\u308b\u305f\u3081\u306e\u30aa\u30fc\u30d7\u30f3\u306a\u624b\u6cd5<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u30c8\u30ec\u30fc\u30c0\u30fc\u81ea\u8eab\u306e\u53d6\u5f15\u30ed\u30b0\u3068\u30c6\u30a3\u30c3\u30af\u30ed\u30b0\u304b\u3089\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c\u54c1\u8cea\u3092\u8a55\u4fa1\u3059\u308b\u3001\u30aa\u30fc\u30d7\u30f3\u304b\u3064\u518d\u73fe\u53ef\u80fd\u306a\u624b\u6cd5\u3067\u3059\u3002\u7d04\u5b9a\u7387\u3001\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u306e\u5bfe\u79f0\u6027\u3001\u6ce8\u6587\u62d2\u5426\u306e\u50be\u5411\u3001\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u3092\u3001\u6bd4\u8f03\u53ef\u80fd\u306a\u5358\u4e00\u306e\u6307\u6a19\u306b\u7d71\u5408\u3057\u307e\u3059\u3002\u5b8c\u5168\u306a\u624b\u6cd5\u3068\u30aa\u30fc\u30d7\u30f3\u30bd\u30fc\u30b9\u306e\u30ea\u30d5\u30a1\u30ec\u30f3\u30b9\u5b9f\u88c5\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/beqi-academic-paper.pdf\">PDF\u3092\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/forex-broker-audit-toolkit\/\">BEQI\u30c4\u30fc\u30eb\u30ad\u30c3\u30c8<\/a>\n    <\/div>\n<p class=\"res-mirror\">\u3053\u3061\u3089\u306b\u3082\u63b2\u8f09\uff1a<a href=\"https:\/\/www.academia.edu\/166835965\/BEQI_An_Open_Methodology_for_Retail_Forex_Broker_Execution_Quality_Measurement\">Academia.edu<\/a>\u3002<\/p>\n<\/p><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30af\u30c1\u30e3<\/div>\n<div class=\"res-title\">\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u306e\u6570\u5b66\uff1a\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u304c\u5229\u76ca\u3092\u751f\u307e\u306a\u304f\u306a\u308b\u3068\u304d<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u5e97\u982dFX\u5e02\u5834\u306b\u304a\u3051\u308b\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u53ce\u76ca\u6027\u304c\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u4e0a\u306e\u512a\u4f4d\u6027\u3092\u542b\u3080\u6e2c\u5b9a\u53ef\u80fd\u306a\u8981\u56e0\u306b\u3069\u306e\u3088\u3046\u306b\u5de6\u53f3\u3055\u308c\u308b\u304b\u3092\u691c\u8a3c\u3057\u3001\u975e\u5bfe\u79f0\u306a\u7d04\u5b9a\u3068\u30b3\u30b9\u30c8\u306b\u3088\u3063\u3066\u512a\u4f4d\u6027\u304c\u5b8c\u5168\u306b\u5931\u308f\u308c\u308b\u5883\u754c\u70b9\u3092\u5c0e\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/slippage-math-paper.pdf\">PDF\u3092\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/a><br \/>\n      <a href=\"https:\/\/papers.ssrn.com\/abstract=6661618\">SSRN\u3067\u8aad\u3080<\/a>\n    <\/div>\n<p class=\"res-mirror\">\u3053\u3061\u3089\u306b\u3082\u63b2\u8f09\uff1a<a href=\"https:\/\/www.researchgate.net\/publication\/404251635_The_Mathematics_of_Slippage_When_Latency_Arbitrage_Stops_Paying\">ResearchGate<\/a>\u3002<\/p>\n<\/p><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/div>\n<div class=\"res-title\">\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u306b\u304a\u3051\u308b\u57f7\u884c\u6642\u9593\u5dee\u306e\u5b9a\u91cf\u5316<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u5b9f\u969b\u306e\u57f7\u884c\u9045\u5ef6\u3092\u30e2\u30c7\u30eb\u5316\u3057\u305f\u5834\u5408\u306b\u3001\u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u304b\u3089\u672c\u756a\u904b\u7528\u3078\u79fb\u884c\u3059\u308b\u904e\u7a0b\u3067\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u512a\u4f4d\u6027\u304c\u3069\u306e\u7a0b\u5ea6\u5931\u308f\u308c\u308b\u304b\u3092\u3001\u5b9f\u8a3c\u7684\u691c\u8a3c\u3068\u3068\u3082\u306b\u793a\u3059\u6570\u5b66\u7684\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3067\u3059\u3002\u5b8c\u5168\u7d04\u5b9a\u3092\u4eee\u5b9a\u3057\u305f\u30d0\u30c3\u30af\u30c6\u30b9\u30c8\u304c\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u4f53\u7cfb\u7684\u306b\u904e\u5927\u8a55\u4fa1\u3059\u308b\u7406\u7531\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/latency-arbitrage-backtest-execution-time-gap\/\">\u8a18\u4e8b\u3092\u8aad\u3080<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/execution-time-gap-paper.pdf\">PDF\u3092\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/a><br \/>\n      <a href=\"https:\/\/zenodo.org\/records\/20616790\">Zenodo\uff08DOI\uff09<\/a>\n    <\/div>\n<p class=\"res-mirror\">DOI: 10.5281\/zenodo.20616790.<\/p>\n<\/p><\/div>\n<p>  <!-- ============ SECTION 2 ============ --><\/p>\n<h2>HFT\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3001\u691c\u51fa\u3001\u507d\u88c5<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">HFT\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3<\/div>\n<div class=\"res-title\">\u500b\u4eba\u30c8\u30ec\u30fc\u30c0\u30fc\u5411\u3051\u9ad8\u983b\u5ea6\u53d6\u5f15\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u53d6\u5f15\u30c7\u30b9\u30af\u3067\u306f\u306a\u304f\u3001\u500b\u4eba\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u73fe\u5b9f\u7684\u306b\u5229\u7528\u3067\u304d\u308b\u5236\u7d04\u3001\u63a5\u7d9a\u74b0\u5883\u3001\u30a4\u30f3\u30d5\u30e9\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u306b\u9069\u5408\u3057\u305f\u5b9f\u7528\u7684\u306a\u9ad8\u983b\u5ea6\u53d6\u5f15\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.academia.edu\/165513294\/High_Frequency_Trading_Architecture_for_Retail_Traders\">Academia.edu\u3067\u8aad\u3080<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/high-frequency-trading-platforms-bots\/\">\u95a2\u9023\u30ac\u30a4\u30c9<\/a>\n    <\/div><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u691c\u51fa\u3068\u507d\u88c5<\/div>\n<div class=\"res-title\">\u500b\u4eba\u5411\u3051\u9ad8\u983b\u5ea6\u53d6\u5f15\u306b\u304a\u3051\u308b\u507d\u88c5\u6226\u7565\u306e\u9032\u5316\uff1a2018\u5e74\u304b\u30892026\u5e74<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u9ad8\u5ea6\u5316\u3059\u308b\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u76e3\u8996\u306b\u5bfe\u5fdc\u3057\u3066\u3001\u500b\u4eba\u5411\u3051HFT\u306e\u507d\u88c5\u624b\u6cd5\u304c4\u3064\u306e\u6bb5\u968e\u3092\u7d4c\u3066\u3069\u306e\u3088\u3046\u306b\u9032\u5316\u3057\u305f\u304b\u3092\u305f\u3069\u308a\u307e\u3059\u3002\u57fa\u672c\u7684\u306a\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u304b\u3089\u3001\u7d71\u8a08\u7684\u30b7\u30b0\u30ca\u30eb\u3068\u30ed\u30c3\u30af\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u30ea\u30ab\u30d0\u30ea\u30fc\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u307e\u3067\u3092\u6271\u3044\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/papers.ssrn.com\/abstract=6524600\">SSRN\u3067\u8aad\u3080<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/how-to-mask-latency-arbitrage-in-forex-trading-complete-guide-part-2\/\">\u95a2\u9023\u30ac\u30a4\u30c9<\/a>\n    <\/div><\/div>\n<p>  <!-- ============ SECTION 3 ============ --><\/p>\n<h2>\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565\u3068\u30bf\u30a4\u30df\u30f3\u30b0<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/div>\n<div class=\"res-title\">\u91d1\u878d\u5e02\u5834\u306e\u53d6\u5f15\u306b\u304a\u3051\u308b\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565\u306e\u6d3b\u7528<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u91d1\u878d\u5e02\u5834\u5168\u822c\u306e\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565\u3068\u3001\u500b\u4eba\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u305d\u308c\u3089\u3092\u6d3b\u7528\u3059\u308b\u65b9\u6cd5\u306b\u3064\u3044\u3066\u306e\u57fa\u790e\u7684\u306a\u6982\u8981\u3067\u3059\u3002\u3053\u306e\u30e9\u30a4\u30d6\u30e9\u30ea\u306b\u53ce\u9332\u3055\u308c\u3066\u3044\u308b\u3001\u6ce8\u6587\u57f7\u884c\u3084\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u7279\u5316\u3057\u305f\u8ad6\u6587\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306e\u80cc\u666f\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.academia.edu\/105392230\/Using_Arbitrage_Strategies_in_Trading_on_Financial_Markets\">Academia.edu\u3067\u8aad\u3080<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/forex-currency-arbitrage-strategies\/\">\u95a2\u9023\u30ac\u30a4\u30c9<\/a>\n    <\/div><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/div>\n<div class=\"res-title\">\u500b\u4eba\u5411\u3051FX\u5e02\u5834\u306b\u304a\u3051\u308b\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6a5f\u4f1a\u306e\u6301\u7d9a\u6027<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u500b\u4eba\u5411\u3051FX\u5e02\u5834\u306b\u304a\u3051\u308b\u4fa1\u683c\u30d5\u30a3\u30fc\u30c9\u3068\u6ce8\u6587\u57f7\u884c\u306e\u975e\u52b9\u7387\u6027\u304c\u3001\u7af6\u4e89\u306b\u3088\u3063\u3066\u89e3\u6d88\u3055\u308c\u308b\u304b\u3001\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u30b7\u30b9\u30c6\u30e0\u306b\u3088\u3063\u3066\u9664\u5916\u3055\u308c\u308b\u307e\u3067\u3001\u3069\u306e\u7a0b\u5ea6\u6301\u7d9a\u3059\u308b\u304b\u3092\u6e2c\u5b9a\u3057\u3001\u305d\u306e\u6e1b\u8870\u3092\u5f15\u304d\u8d77\u3053\u3059\u8981\u56e0\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/arbitrage-persistence-paper.pdf\">PDF\u3092\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/a>\n    <\/div>\n<p class=\"res-mirror\">\u3053\u3061\u3089\u306b\u3082\u63b2\u8f09\uff1aMPRA\u3001ResearchGate\u3002<\/p>\n<\/p><\/div>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30bf\u30a4\u30df\u30f3\u30b0<\/div>\n<div class=\"res-title\">\u7d71\u8a08\u7684\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306b\u304a\u3051\u308b\u6642\u9593\u5e2f\u5225\u306e\u6a5f\u4f1a\u5bc6\u5ea6\u3092\u691c\u51fa\u3059\u308b\u30b9\u30e9\u30a4\u30c9\u5f0f\u6700\u9069\u30a6\u30a3\u30f3\u30c9\u30a6\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u30bf\u30a4\u30df\u30f3\u30b0\u3084\u7d99\u7d9a\u6642\u9593\u306b\u3064\u3044\u3066\u4e8b\u524d\u306b\u4eee\u5b9a\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u30a4\u30d9\u30f3\u30c8\u30b9\u30c8\u30ea\u30fc\u30e0\u30c7\u30fc\u30bf\u304b\u3089\u4e00\u65e5\u306e\u4e2d\u3067\u53d6\u5f15\u6a5f\u4f1a\u304c\u96c6\u4e2d\u3059\u308b\u6642\u9593\u5e2f\u3092\u691c\u51fa\u3059\u308b\u3001\u81ea\u52d5\u30b9\u30e9\u30a4\u30c7\u30a3\u30f3\u30b0\u30a6\u30a3\u30f3\u30c9\u30a6\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u3067\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/bjftradinggroup.com\/Research-Papers\/best-window-paper.pdf\">PDF\u3092\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9<\/a><br \/>\n      <a href=\"https:\/\/zenodo.org\/records\/20722107\">Zenodo\uff08DOI\uff09<\/a><br \/>\n      <a href=\"https:\/\/osf.io\/c6f4u\">OSF<\/a>\n    <\/div>\n<p class=\"res-mirror\">DOI: 10.5281\/zenodo.20722107.<\/p>\n<\/p><\/div>\n<p>  <!-- ============ SECTION 4 ============ --><\/p>\n<h2>\u30cb\u30e5\u30fc\u30b9\u53d6\u5f15<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u30cb\u30e5\u30fc\u30b9\u53d6\u5f15<\/div>\n<div class=\"res-title\">\u500b\u4eba\u5411\u3051FX\u5e02\u5834\u306b\u304a\u3051\u308b\u7d4c\u6e08\u30cb\u30e5\u30fc\u30b9\u306e\u81ea\u52d5\u53d6\u5f15\uff1a\u30a4\u30f3\u30d5\u30e9\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u3001\u57f7\u884c\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u7279\u6027<\/div>\n<div class=\"res-auth\">Boris Fesenko, BJF Trading Group Inc.<\/div>\n<p>\u4e88\u5b9a\u3055\u308c\u305f\u7d4c\u6e08\u6307\u6a19\u306e\u767a\u8868\u524d\u5f8c\u306b\u304a\u3051\u308b\u30c7\u30fc\u30bf\u53d6\u5f97\u304b\u3089\u6ce8\u6587\u57f7\u884c\u307e\u3067\u3001\u500b\u4eba\u5411\u3051FX\u5e02\u5834\u3067\u7d4c\u6e08\u30cb\u30e5\u30fc\u30b9\u3092\u81ea\u52d5\u53d6\u5f15\u3059\u308b\u305f\u3081\u306e\u30a4\u30f3\u30d5\u30e9\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u3001\u57f7\u884c\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u7279\u6027\u3092\u8a73\u3057\u304f\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.academia.edu\/165703633\/Automated_Economic_News_Trading_in_Retail_Forex_Markets_Infrastructure_Execution_Architecture_and_Performance_Characteristics\">Academia.edu\u3067\u8aad\u3080<\/a><br \/>\n      <a href=\"https:\/\/bjftradinggroup.com\/economic-news-trading-software\/\">\u95a2\u9023\u30ac\u30a4\u30c9<\/a>\n    <\/div><\/div>\n<p>  <!-- ============ BOOK ============ --><\/p>\n<h2>\u66f8\u7c4d<\/h2>\n<div class=\"res-paper\">\n<div class=\"res-tag\">\u66f8\u7c4d<\/div>\n<div class=\"res-title\">\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u5b9d\u3001\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u60aa\u5922<\/div>\n<div class=\"res-auth\">Boris Fesenko<\/div>\n<p>\u500b\u4eba\u5411\u3051\u53d6\u5f15\u306e\u73fe\u5b9f\u3068\u3001\u6ce8\u6587\u57f7\u884c\u3092\u5de6\u53f3\u3059\u308b\u30d6\u30ed\u30fc\u30ab\u30fc\u5074\u306e\u4ed5\u7d44\u307f\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u305fBoris Fesenko\u306e\u66f8\u7c4d\u3067\u3059\u3002\u3053\u306e\u30e9\u30a4\u30d6\u30e9\u30ea\u306b\u53ce\u9332\u3055\u308c\u305f\u7814\u7a76\u306e\u5b9f\u52d9\u7684\u306a\u80cc\u666f\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002<\/p>\n<div class=\"res-links\">\n      <a class=\"res-primary\" href=\"https:\/\/www.amazon.ca\/TRADERS-TREASURE-BROKERS-NIGHTMARE-CONTROVERSIAL-ebook\/dp\/B0D6RZDYKZ\/\">Amazon\u3067\u898b\u308b<\/a>\n    <\/div><\/div>\n<p>  <!-- ============ TECHNICAL ARTICLES ============ --><\/p>\n<div class=\"res-articles\">\n<h3>\u6280\u8853\u8a73\u7d30\u8a18\u4e8b\uff08dev.to &amp; Medium\uff09<\/h3>\n<ul>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/retail-forex-brokers-dont-publish-execution-data-so-i-open-sourced-a-way-to-measure-it-484n\">\u500b\u4eba\u5411\u3051FX\u30d6\u30ed\u30fc\u30ab\u30fc\u306f\u57f7\u884c\u30c7\u30fc\u30bf\u3092\u516c\u958b\u3057\u306a\u3044\u305f\u3081\u3001\u6e2c\u5b9a\u65b9\u6cd5\u3092\u30aa\u30fc\u30d7\u30f3\u30bd\u30fc\u30b9\u5316\u3057\u307e\u3057\u305f<\/a><\/li>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/how-forex-brokers-detect-latency-arbitrage-in-2026-a-technical-breakdown-1pfb\">FX\u30d6\u30ed\u30fc\u30ab\u30fc\u304c2026\u5e74\u306b\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u3092\u691c\u51fa\u3059\u308b\u65b9\u6cd5\uff1a\u6280\u8853\u7684\u5206\u6790<\/a><\/li>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/measuring-broker-latency-building-a-tick-divergence-detector-for-latency-arbitrage-49h8\">\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u3092\u6e2c\u5b9a\u3059\u308b\uff1a\u30ec\u30a4\u30c6\u30f3\u30b7\u30fc\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u7528\u30c6\u30a3\u30c3\u30af\u4e56\u96e2\u691c\u51fa\u5668\u306e\u69cb\u7bc9<\/a><\/li>\n<li><a href=\"https:\/\/dev.to\/bjftradinggroup\/why-crypto-arbitrage-windows-close-before-your-rest-poll-completes-3boc\">REST\u30dd\u30fc\u30ea\u30f3\u30b0\u304c\u5b8c\u4e86\u3059\u308b\u524d\u306b\u6697\u53f7\u8cc7\u7523\u306e\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6a5f\u4f1a\u304c\u6d88\u3048\u308b\u7406\u7531<\/a><\/li>\n<li><a href=\"https:\/\/medium.com\/@casinohowtowin\/pairs-trading-in-forex-when-statistical-arbitrage-still-works-in-2026-e4dc4c6d9800\">FX\u306e\u30da\u30a2\u30c8\u30ec\u30fc\u30c9\uff1a2026\u5e74\u3067\u3082\u7d71\u8a08\u7684\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u304c\u6a5f\u80fd\u3059\u308b\u6761\u4ef6<\/a><\/li>\n<\/ul><\/div>\n<p>  <!-- ============ SIGNUP ============ --><\/p>\n<div class=\"res-signup\">\n<h3>BJF\u306e\u53d6\u5f15\u30ea\u30b5\u30fc\u30c1\u3092\u8cfc\u8aad\u3059\u308b<\/h3>\n<p>\u65b0\u3057\u3044\u8ad6\u6587\u3001\u8a18\u4e8b\u3001\u88fd\u54c1\u30ea\u30ea\u30fc\u30b9\u3092\u3001\u516c\u958b\u6642\u306b\u304a\u5c4a\u3051\u3057\u307e\u3059\u3002<\/p>\n<div class='_form_31'><\/div><script type='text\/javascript' src='https:\/\/bjftradinggroup.activehosted.com\/f\/embed.php?static=0&id=31&6AB9DDBFC9C22&nostyles=0&preview=0'><\/script><\/div>\n<p>  <!-- ============ CTA ============ --><\/p>\n<div class=\"res-cta\">\n<h3>\u7814\u7a76\u304b\u3089\u5b9f\u8df5\u3078<\/h3>\n<p>\u7814\u7a76\u6210\u679c\u3092\u5b9f\u8df5\u306b\u6d3b\u7528\u3057\u307e\u3057\u3087\u3046\u3002\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c\u3092\u7406\u89e3\u3057\u3001\u30aa\u30fc\u30d7\u30f3\u306aBEQI\u624b\u6cd5\u3092\u4f7f\u3063\u3066\u3054\u81ea\u8eab\u306e\u53d6\u5f15\u3092\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>    <a class=\"res-btn\" href=\"https:\/\/bjftradinggroup.com\/broker-execution-transparency\/\">\u30d6\u30ed\u30fc\u30ab\u30fc\u306e\u6ce8\u6587\u57f7\u884c\u3092\u89e3\u8aac<\/a><br \/>\n    <a class=\"res-btn res-alt\" href=\"https:\/\/bjftradinggroup.com\/forex-broker-audit-toolkit\/\">\u30d6\u30ed\u30fc\u30ab\u30fc\u3092\u76e3\u67fb\u3059\u308b<\/a>\n  <\/div>\n<\/div>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\":\"https:\/\/schema.org\",\n  \"@type\":\"CollectionPage\",\n  \"@id\":\"https:\/\/bjftradinggroup.com\/research\/\",\n  \"url\":\"https:\/\/bjftradinggroup.com\/research\/\",\n  \"name\":\"BJF Trading Group Research\",\n  \"description\":\"Research papers on broker execution, latency arbitrage, HFT architecture, and market microstructure, authored by Boris Fesenko of BJF Trading Group.\",\n  \"inLanguage\":\"en\",\n  \"isPartOf\":{\"@id\":\"https:\/\/bjftradinggroup.com\/#website\"},\n  \"publisher\":{\"@type\":\"Organization\",\"@id\":\"https:\/\/bjftradinggroup.com\/#organization\",\"name\":\"BJF Trading Group Inc.\"},\n  \"speakable\":{\"@type\":\"SpeakableSpecification\",\"cssSelector\":[\".res-lead\"]},\n  \"hasPart\":[\n    {\n      \"@type\":\"ScholarlyArticle\",\n      \"headline\":\"BEQI: An Open Methodology for Retail Forex Broker Execution Quality Measurement\",\n      \"name\":\"BEQI: An Open Methodology for Retail Forex Broker Execution Quality Measurement\",\n      \"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/bjftradinggroup.com\/about-boris-fesenko\/#person\",\"name\":\"Boris Fesenko\"},\n      \"publisher\":{\"@type\":\"Organization\",\"@id\":\"https:\/\/bjftradinggroup.com\/#organization\"},\n      \"about\":[\"broker execution quality\",\"slippage\",\"execution latency\",\"forex\"],\n      \"abstract\":\"An open, reproducible methodology that scores a broker's execution quality from a trader's own trade and tick logs across fill rate, slippage symmetry, rejection behavior, and latency.\",\n      \"url\":\"https:\/\/bjftradinggroup.com\/Research-Papers\/beqi-academic-paper.pdf\",\n      \"sameAs\":[\"https:\/\/www.academia.edu\/166835965\/BEQI_An_Open_Methodology_for_Retail_Forex_Broker_Execution_Quality_Measurement\"]\n    },\n    {\n      \"@type\":\"ScholarlyArticle\",\n      \"headline\":\"The Mathematics of Slippage: When Latency Arbitrage Stops Paying\",\n      \"name\":\"The Mathematics of Slippage: When Latency Arbitrage Stops Paying\",\n      \"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/bjftradinggroup.com\/about-boris-fesenko\/#person\",\"name\":\"Boris Fesenko\"},\n      \"publisher\":{\"@type\":\"Organization\",\"@id\":\"https:\/\/bjftradinggroup.com\/#organization\"},\n      \"about\":[\"slippage\",\"latency arbitrage\",\"market microstructure\"],\n      \"abstract\":\"How latency-arbitrage profitability in OTC forex depends on measurable factors including the trader's latency edge, and the point at which asymmetric fills erase the edge.\",\n      \"url\":\"https:\/\/bjftradinggroup.com\/Research-Papers\/slippage-math-paper.pdf\",\n      \"sameAs\":[\"https:\/\/papers.ssrn.com\/abstract=6661618\",\"https:\/\/www.researchgate.net\/publication\/404251635_The_Mathematics_of_Slippage_When_Latency_Arbitrage_Stops_Paying\"]\n    },\n    {\n      \"@type\":\"ScholarlyArticle\",\n      \"headline\":\"Quantifying the Execution-Time Gap in Latency Arbitrage Backtests\",\n      \"name\":\"Quantifying the Execution-Time Gap 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