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Iaeiei ec aaconeiaiuo, iaiiiai/eneaiiuo oniaoia yeiiiie/aneie
?aoi?iu ca i?ioaaeoea aeaa aiaea iiaeii i?eciaoue oi, /oi e. eiioeo
1993 a. a ?innee noi?ie?iaaeny e noae ooieoeeiie?iaaoue oeiainiaue
?uiie, a oi/iaa, iniiaiua aai naaiaiou, oa?aeoa?iua aeey ?uii/iie
yeiiiieee. Oioy aeioiaeiinoue iia?aoeee ia aeaiiii ?uiea
cia/eoaeueii ieaea o?iaiy eioeyoeee, a aieinoue e eeeaeaeiinoue
ioaeaeueiuo aai naaiaioia e?aeia eciai/eau, /enei o/anoieeia ?uiea
iinoiyiii ?anoao, a ninoiyiea aai noaiiaeony ana aieaa ii?aaeaeythuei
aeey anae yeiiiieee. I?e yoii, anee a ia/aea aai ?acaeoey
iiaeaaeythuaa aieueoeinoai o/anoieeia ninoaaeyee einoeoooeeiiaeueiua
eiaanoi?u (aaiee, no?aoiaua eiiiaiee, eiaanoeoeeiiiua eiiiaiee e
ae?.), oi a iineaaeiaa a?aiy iaai? o/anoieeia cia/eoaeueii ?anoe?eeny:
io iaaieueoeo oe?i, no?aiyueony iieo/eoue naa?oi?eaueue ca n/ao
oiaeie e ?eneiaaiiie niaeoeyoeee, aei ainoaea?noaa, iuoathuaainy ca
n/ao ?ano?nia oeiainiaiai ?uiea ?aoeoue naie iiiai/eneaiiua i?iaeaiu.
I?e/ei oiio ianeieueei, ii iniiaiuie, aeaeeii, yaeythony,
ai-ia?auo, iiyaeaiea oeaeiai ?yaea oeiainiauo eino?oiaioia, iia?aoeee n
eioi?uie ia o?aaotho io o/anoieeia ie iaee/ey niaoeeaeueiuo
eeoeaicee, ie aieueoiai iauaia ?ano?nia, ai-aoi?uo, aiciiaeiinoue
iaeaieaa yooaeoeaiiai eniieueciaaiey o/anoieeaie naieo a?aiaiii
naiaiaeiuo ?ano?nia, /oi iaoneiaeaii, a-o?aoueeo, ia?acaeoinoueth
i?i/eo naaiaioia ?uiea, a /anoiinoe, i?aeoe/anee iieiui ionoonoaeai
oiiaeiaiai ?uiea.

N?aaee “iiae/eia” ioaeaeueii iiaeii auaeaeeoue a?oiio iaeaieaa
aeaeueiiaeaeiuo e iiuoiuo cenii?oii-eiii?oiuo i?aaiecaoeee,
?anniao?eaathueo oeiainiaue ?uiie ia n oi/ee c?aiey e?aoein?i/iie
niaeoeyoeaiie aeayoaeueiinoe, a eae aiciiaeiinoue n iiiiuueth
ii?aaeaeaiiuo eino?oiaioia aeaiiiai ?uiea i?iaiaeeoue naie
iia?aoeee iaeaieaa yooaeoeaiui e oeeaeeeciaaiiui ia?acii. Aeaiiay
eaoaai?ey o/anoieeia ioithaeue ia yaeyaony aeiieie?othuae ia ?uiea,
eioi?ue iicaieyao ca n/ao oiaeiai i?iaaaeaiey iia?aoeee e iaaieueoiai
aacaiey iieo/aoue ii ioaeaeueiui niaeoeyoeaiui naeaeeai aieaa 1000%
aiae., ii nai oaeo eo iiyaeaiey ia ?uiea yaeyaony aua iaeiei
naeaeaoaeuenoaii aai i?ia?anneaiiai ?acaeoey. Yoa a?oiia o/anoieeia
oiiiyiooa caeanue aua e ii oie i?e/eia, /oi naaiaio ?uiea, ia
eioi?ii inouanoaeythony eo oeiainiaua iia?aoeee, a oaeaea eino?oiaiou
yoiai ?uiea e yaeythony iniiaiui i?aaeiaoii ianoiyuae ?aaiou. ?a/ue
eaeao ia ioiineoaeueii iieiaeii (e ia oieueei a ?innee) naaiaioa
oeiainiaiai ?uiea: ?uiea n?i/iuo noaiaea?oiuo eiio?aeoia eee, eia/a,
?uiea oeiainiauo oueth/a?nia e iioeeiiia. Ooieoeeiie?iaaiea yoiai
?uiea, iniiaiua iiiyoey e iaoaieci ?aaiou, a oaeaea oeaee ?acee/iuo aai
o/anoieeia – ana yoe aii?inu oi?ie?otho niaea?aeaiea aeeieiiiie ?aaiou.

OI?IE?IAAIEA ?UIEA OEIAINIAUO OUeTH*A?NIA.

A ia/aea oioaeinue au neacaoue ianeieueei neia i aicieeiiaaiee e
?acaeoee ?uiea n?i/iuo noaiaea?oiuo eiio?aeoia e aai eino?oiaioia a
ie?iaie yeiiiieea.

Enoi?ey aicieeiiaaiey ?uiea n?i/iuo e iioeeiiiuo naeaeie.

I?ienoiaeaeaiea n?i/iuo e iioeeiiiuo naeaeie iiaeii ioianoe ei a?aiaie
aicieeiiaaiey oi?aiauo naeaeie aiiaua. Enoi?ey nio?aieea aeey ian
oiiieiaiea, iai?eia?, i oii, /oi oi?ioi ecaanoiue a?a/aneee oeeinio e
iaoaiaoee Oaean ec Ieeaoa ca?aaioae ia iioeeiiiuo eiio?aeoao oeaeia
ninoiyiea, a ai?acaei iicaea, a 17-i aaea, i?iecaiaeeoaee
otheueiaiiauo eoeiaeoe a Ieaea?eaiaeao eniieueciaaee n?i/iua e
iioeeiiiua naeaeee aeey caueou io neeueiuo eieaaaiee oeai ia naie
oiaa?.

Iniiaa nia?aiaiiiai ?uiea n?i/iuo eiio?aeoia ia i?iaeoeoeeth
aa?a?iiai naeoi?a, nu?uea e oeiainiaua eino?oiaiou auea caeiaeaia a 19-i
a. n ?acaeoeai a NOA oeaio?aeeciaaiiuo ?uieia naeueneioicyenoaaiiie
i?iaeoeoeee. A 1848 a. iniiaaia *eeaai ai?ae io o?aeae, e?oiiaeoay a
ie?a n?i/iay oiaa?iay ae?aea, niaoeeaeece?othuayny ia ca?iiauo e
oeiainiauo eiio?aeoao. A 1918 a. ioe?uea naie aeaa?e *eeaaneay oiaa?iay
ae?aea.

Iaaeaiea oeai ia naeueneioicyenoaaiioth i?iaeoeoeeth a 30-o aa.
i?eaaeie ecaeaieth a NOA Caeiia i oiaa?iuo ae?aeao (1933 a.),
eioi?ue a cia/eoaeueiie ia?a iineoaeee oii?yaei/aieth oi?aiaee n?i/iuie
eiio?aeoaie, a /anoiinoe, i?aaeoniao?eaay iaycaoaeueioth
?aaeno?aoeeth a?iea?a, ?aaoee?iaae aai aeayoaeueiinoue e
i?aaeienuaae ?aaeno?aoeeth e?oiiuo niaeoeyoeaiuo iiceoeee ia
oueth/a?niii ?uiea.

Iinea Aoi?ie ie?iaie aieiu ?uiee n?i/iuo eiio?aeoia *eeaai
iiiieieeenue oeaeui ?yaeii iiauo i?iaeoeoia. No?aieoaeueiue
yeiiiie/aneee iiaeuai i?eaae e aicieeiiaaieth iio?aaiinoe a
no?aoiaaiee io oeaiiauo eciaiaiee i?iaeoeoeee aeiauaathueo io?aneae
(eiio?aeou ia iaaeue, aethieiee, naeiaoe e o.ae.). A yoi aea a?aiy
ia/aeanue n?i/iay oi?aiaey e iaeioi?uie i?iaeiaieuenoaaiiuie oiaa?aie,
eioi?ua iicaeiaa ieacaeenue iieiinoueth i?iaaeueiuie.

A 60-a aa. iaeaieaa iiioey?iuie auee oueth/a?niua eiio?aeou ia
aeeaie ?iaaoue neio e naeiaoe.

E?ao A?aooii-Aoaeneie aaethoiie nenoaiu e ia?aoiae e ieaaathuei
aaethoiui eo?nai a neaaenoaea ?anoouaai aeaoeoeeou oi?aiaiai aaeaina NOA
a ia/aea 70-o aa. i?eaae e nicaeaieth *eeaaneie oiaa?iie
ae?aeae niaoeeaeece?iaaiiie ae?aee oeiainiauo n?i/iuo eiio?aeoia,
Iaaeaeoia?iaeiiai aaethoiiai ?uiea. Iinoiyiii iaiythueany
niioiioaiey aaetho (eo?nu) iaania/eee ia/aaoaeny oi?aiaea n?i/iuie
aaethoiuie eiio?aeoaie aieueoie oniao. Aunieea o?iaie eioeyoeee e
neeueiue ?aca?in i?ioeaioiuo noaaie i?eaaee e ia/aeo aeoeaiie
n?i/iie oi?aiaea i?ioeaioiuie n?i/iuie eiio?aeoaie ia eiioa/iua
na?oeoeeaou NOA, e?aoein?i/iua oeaiiua aoiaae i?aaeoaeuenoaa e,
iaeiiaoe, ainoaea?noaaiiua iaeeaaoeee e aa?iaeieea?iaua aeaiiceou.
Eacia/aeneea iaeeaaoeee NOA yaeythony naaiaeiy aannii?iui oaai?eoii
ia oueth/a?niii ?uiea (250 oun. eiio?aeoia ia noiio 25 ie?ae. aeiee.
NOA aaeaaeiaaii).

A 80-a aiaeu eca?aiea ?aeaaia i?aceaeaioii e eciaiaiea i?eaioe?ia a
aeaiaaeiie iieeoeea anao caiaaeiuo yienneiiiuo aaieia,
yeniaineaiay oeneaeueiay iieeoeea NOA e iaiaoeaoeeny a 1982 a.
iiaeuai iauae yeiiiie/aneie eiiuthieoo?u i?eaaee e iaiaeeaeaiiiio
ae?aeaaiio iiaeuaio, a, neaaeiaaoaeueii, e ao?iiio ?acaeoeth oi?aiaee
eiaeaeniuie oueth/a?naie ia aeoeee. ?anniao?eaaaiua ?aiaa eeoue
eae iaeaieaa i?eaeaeaoaeueiue eino?oiaio no?aoiaaiey, iie noaee ca
ei?ioeee i?iiaaeooie a?aiaie oaai?eoaie ia *eeaaneie oiaa?iie
ae?aea. Ae?aiaoe/aneea niauoey ia ?uieao aeoeee e iaeeaaoeee inaiueth
1987 a. ii?iaeeee e a iauanoaa e a aeaeiauo e?oaao aeeneonneth i
iieueca e a?aaea nia?aiaiiuo oeiainiauo eino?oiaioia. A iniiaiii, a
noieue neeueiuo eieaaaieyo eo?nia n/eoaee aeiiaiie oae iacuaaaioth
“i?ia?aiiioth oi?aiaeth” (iieoiea anao aeoeee, aoiaeyueo a ii?aaeaeaiiue
nienie (“i?ia?aiio”) eee a eiaeaen, ia eioi?ii aace?othony oueth/a?niua
e iioeeiiiua eiio?aeou).

Iainii?eiui, iaeiaei, inoaaony oio oaeo, /oi oeiainiaua oueth/a?nu e
iioeeiiu yaeythony naaiaeiy aeey i?ioanneiiaeueiiai ii?ooaeueiiai
iaiaaeaea?a oeaiiui eino?oiaioii ia oieueei aeey i?iaaaeaiey
oeaeaiai?aaeaiiuo no?aoiauo iia?aoeee, ii e aeey oaaee/aiey
yooaeoeaiinoe oi?aaeaiey n?aaenoaaie. Iaa yoe eino?oiaioa aeatho aio
aiciiaeiinoue ni?aaeoueny n neeueiuie eieaaaieyie eo?nia aaetho,
aeoeee e i?ioeaioiuo noaaie. Caaiuee no?aieony n iiiiuueth eciu?aiiuo
oi?i caeia nieceoue naie ecaea?aeee; eiaanoi?u noa?athony iooai
oeo?ioiiuo eiaanoeoeeiiiuo no?aoaaee iiauneoue aeioiaeiinoue naieo
iia?aoeee. Iaa noi?iiu no?aiyony e oiio, /oiau ca n/ao i?eaieaiuo
no?aoaaee ieieiece?iaaoue naie ?enee. Aiciiaeiinoe,
i?aaeinoaaeyaiua ?uieai n?i/iuo eiio?aeoia ioaeaeueiui eaoaai?eyi
o/anoieeia aeey ?aoaiey eo niaoeeoe/aneeo caaea/, aoaeoo ?anniio?aiu
ieaea, a oiaea iienaiey naeaeie n ?acee/iuie oeiainiauie eino?oiaioaie.
Nae/an aea eiaao niune iiae?iaiaa inoaiiaeoueny ia iienaiee naieo
eino?oiaioia.

Oeiainiaue oueth/a?n. Ii?aaeaeaiea.

Iiyaeaiea ia ?uiea oaeiai eino?oiaioa eae oeiainiaue oueth/a?n
yaeyaony iaeiie ec e?oiiaeoeo eiiiaaoeee ia iaaeaeoia?iaeiii
oeiainiaii ?uiea. Ao?iue ?ino a eiioea 80-o aa. /enea caeeth/aiiuo
oueth/a?niuo eiio?aeoia yaeyaony y?eei i?eia?ii oiai, /oi aeaiiue
eino?oiaio niiniaai oaeiaeaoai?eoue iio?aaiinoe aieueoiai /enea
o/anoieeia oeiainiaiai ?uiea.

Oueth/a?neea ?uiee yaeythony, ii nooe, i?iaeieaeaieai, ?acaeoeai
nouanoaothueo oaea aeaaii n?i/iuo ?uieia. Iaiiiiei, /oi n?i/iua
naeaeee oa?aeoa?ecothony oai, /oi, a ioee/ea io eanniauo naeaeie,
iiiaio caeeth/aiey naeaeee e iiiaio eniieiaiey iaycaoaeuenoa ii naeaeea
?aci?aaiu ai a?aiaie, o.a. eniieiaiea (iai?eia?, iinoaaea aaethou)
i?ienoiaeeo /a?ac ii?aaeaeaiiue n?ie a ca?aiaa ii?aaeaeaiioth
aoaeouthth aeaoo, ii ia oneiaeyo (ii eo?no, noaaea e o.ae.), eioi?ua
ii?aaeaeythony a iiiaio caeeth/aiey naeaeee. I?aaeiaoii n?i/iuo
naeaeie iiaoo auoue naiua ?acee/iua oiaa?u. Niioaaonoaaiii, ia
oueth/a?niii ?uiea ii aeaiiiio i?eciaeo ?acee/atho 2 iniiaiuo aeaea
oueth/a?niuo eiio?aeoia:

– oiaa?iua oueth/a?nu. Aace?othony ia eoiea-i?iaeaaea ?acee/iuo
oiaa?ia, i?iecaiaeeiuo a ia?iaeiii oicyenoaa (eae i?aaeei,
i?iaeoeoeey naeueneiai oicyenoaa, iaoaeeo?aee,aeiauaathueo io?aneae);

– oeiainiaua oueth/a?nu. Aacie yaeythony ii?aaeaeaiiua oeiainiaua
eino?oiaiou (aeaiiceou, iaeeaaoeee, aaethoa, eiaeaenu e o.ae.).

Oeaio?aeueiie eaeaae ethauo n?i/iuo naeaeie (a o./. e oueth/a?niuo)
yaeyaony no?aoiaaiea eo?na (niioaaonoaaiii, oeaiu) a ianoiyuee iiiaio
a?aiaie ia ii?aaeaeaiioth aeaoo a aoaeouai.

?acaeoea oueth/a?neiai ?uiea aeeth/aao a naay:

-oi?iuaiea oi?aiaee iooai noaiaea?oecaoeee naeaeie, o.a.
eiio?aeoia;

-oeaio?aeeciaaiiua ?uiee (ae?aee) aeey oi?aiaee eiio?aeoaie;

-eniieueciaaiea “eee?eiaiaie i?aaiecaoeee” a ea/anoaa iin?aaeieea
iaaeaeo i?iaeaaoeii e iieoiaoaeai i?e caeeth/aiee eaaeaeie naeaeee, e,
oaeei ia?acii, oe?ieea aiciiaeiinoe aeey au?aaieaaiey nouanoaothueo
iiceoeee.

Aeey yniinoe eceiaeaiey caeanue noieo aeaoue ii?aaeaeaiea oe?iei
eniieuecoaiiai a eiino?aiiie eeoa?aoo?a, a oaia?ue e a ?inneeneeo
ecaeaieyo e ioaeeeaoeeyo oa?ieia “iiceoeey”. Iiae iei iiieiatho
ethaoth ia/aooth e iacaaa?oaiioth naeaeeo. ?aiaa yoi iiiyoea
eniieueciaaeinue o ian oieueei i?eiaieoaeueii e aaethoiui
iia?aoeeyi. A ?aaeueiinoe, iiceoeey aicieeaao i?e caeeth/aiee naeaeee
ia ethaii ?uiea e, niioaaonoaaiii, oaeea iiiyoey eae “ei?ioeay
iiceoeey’ e “aeeeiiay iiceoeey’ oaeaea oa?aeoa?ecotho ninoiyiea
iaycaoaeuenoa e o?aaiaaiee eiie?aoiiai o/anoieea ?uiea, a
cia/aiea yoeo iiiyoee aiaeiae/ii eo cia/aieth ia aaethoiii ?uiea.

O/eouaay ana auoaneacaiiia, noi?ioee?oai oaia?ue ii?aaeaeaiea
oeiainiaiai oueth/a?na:

Oeiainiaue oueth/a?n – aeiaiai?iia iaycaoaeuenoai eoieoue,
niioaaonoaaiii i?iaeaoue a noaiaea?oece?iaaiioth aeaoo eniieiaiey
eiio?aeoa ii?aaeaeaiiia, noaiaea?oece?iaaiiia eiee/anoai oeiainiauo
eino?oiaioia ii oeaia, ca?aiaa ii?aaeaeaiiie (niaeaniaaiiie) a
naiaiaeiii ae?aeaaii oi?aa.

Yoi ii?aaeaeaiea aeaaony a ca?oaaaeiuo enoi/ieeao, a /anoiinoe, a
niaoeeaeece?iaaiuo ecaeaieyo iaeioi?uo aaieia.

Aieaa ei?ioeia, oioy e ia io?aaeathuaa, ia iao acaeyae, anae
nouiinoe oueth/a?niiai eiio?aeoa, ii?aaeaeaiea aeaii a
niaoeeaeece?iaaiiii ecaeaiee Iineianeie oiaa?iie ae?aee:

“Oueth/a?n, eee oueth/a?niue eiio?aeo – yoi noaiaea?oiue aeiaiai? ia
iinoaaeo oiaa?a a aoaeouai ii oeaia, ii?aaeaeaiiie noi?iiaie
i?e niaa?oaiee naeaeee”.

Oiiiyiooay a ia?aii ii?aaeaeaiee noaiaea?oecaoeey ioiineony: e
iauaio eiio?aeoa. Oueth/a?niua eiio?aeou n iaeeiaeiaie aacie
(i?aaeiaoii eiio?aeoa) eiatho ?aaiua, onoaiaaeeaaaiua i?aaeeaie oi?aia
eaaeaeie ae?aee iauaiu.

E n?ieai eniieiaiey iaycaoaeuenoa. Eae i?aaeei iie onoaiaaeeaathony
iieaa?oaeueii (iai?eia?, o?aouey iyoieoea ia?oa, ethiy, naioya?y e
aeaeaa?y oaeouaai, eiiaaea neaaeothuaai eee aoi?iai aiaea).

Noaiaea?oecaoeey a aeaiiii neo/aa yaeyaony nouanoaaiiui oneiaeai
nicaeaiey aeinoaoi/ii eeeaeaeiiai, iiaeaeaeiiai ?uiea.

Oeiainiaua eino?oiaiou oi?aoaiua ia oueth/a?niuo ae?aeao iiaeii
?acaeaeeoue ia:

– oeiainiaua oueth/a?nu n eiie?aoiie aacie

– oeiainiaua oueth/aonu n aano?aeoiie aacie Oeiainiaua oueth/a?nu n
eiie?aoiie aacie iniiaaiu ia ?aaeueiuo iauaeoao oi?aiaee. I?e
yoii ?aaeueiay iinoaaea aaciaiai oeiainiaiai eino?oiaioa, eae i?aaeei,
aiciiaeia.

E oeiainiaui oueth/a?nai n eiie?aoiie aacie ioiinyony:

– aaethoiua oueth/a?nu (cerrency futures)

– i?ioeaioiua oueth/a?nu (Intsrest Rate Futuers)

Aaethoiue oueth/a?n – yoi aeiaiai?iia iaycaoaeuenoai
i?iaeaoue (iinoaaeoue) e, niioaaonoaaiii, eoieoue (i?eiyou
ii?aaeaeaiiia noaiaea?oece?iaaiiia eiee/anoai aaethou ii ca?aiaa
ooi?aiaaiiiio eo?no a ii?aaeaeaiioth noaiaea?oece?iaaiioth aoaeouoth
aeaoo. Aaethoiua oueth/a?nu ioiinyony e ia?aui oeiainiaui oueth/a?nai.
Ia?aay naeaeea n ieie auea caeeth/aia a 1972 a. ia
“Iaaeaeoia?iaeiii aaethoiii ?uiea” (International Money Market,IMM),
niaoeeaeece?iaaiiii ioaeaeaiee *eeaaneie oiaa?iie ae?aee. E oioy
oi?aiaey yoeie eiio?aeoaie i?eiyea aeiaieueii oe?ieee ?aciao,
oi?aa?aeiua naeaeee ia aaethoiii ?uiea ioee/athony, iiaeaeoe,
aieueoae yooaeoeaiinoueth e aeaeinoueth. Iio?aaiinoe eeeaioo?u,
ca/anooth, iiaoo auoue oaeiaeaoai?aiu iaeaieaa iieii ia iaaeaaieianeii
?uiea n?i/iie oi?aiaee aaethoie, ia i?eaaaay e iiiiue oueth/a?niiai
?uiea.

I?ioeaioiue oueth/a?n – aeiaiai?iia iacyoaeuenoai eoieoue (i?eiyou,
niiaoaonoaaiii, i?iaeaoue (iinoaaeoue) i?ioeaioiue eino?oiaio
n iaiai?aiiui a eiio?aeoa n?ieaie e i?ioeaioiie noaaeie ii
ca?aiaa ooi?aiaaiiiio eo?no (noaaea) a ii?aaeaeaiioth
noaiaea?oece?iaaiioth aoaeouoth aeaoo.

I?ioeaioiua oueth/a?nu yaeythony ?aaeueiui eino?oiaioii no?aoiaaiey
?enea eciaiaiey i?ioeaioiuo noaaie. Aei iiyaeaiey i?ioeaioiuo
oueth/a?nia ia nouanoaiaaei neieueei-ieaoaeue yooaeoeaiiai n?i/iiai
?uiea i?ioeaioiuo oeiainiauo eino?oiaioia (a ioee/ea io n?i/iiai
aaethoiiai ?uiea) e, niioaaonoaaiii, ?enee eciaiaiey i?ioeaioiuo
noaaie ia iiaee auoue ?ani?aaeaeaiu (ia?aeiaeaiu) ia ae?oaeo
o/anoieeia ?uiea, o.a. ieieiece?iaaiu e cano?aoiaaiu. Ia?aua
i?ioeaioiua oueth/a?nu iiyaeeenue a 1975 a. ia *eeaai ai?ae io o?aeae,
a caoai auee aaaaeaiu e ia *eeaaneie oiaa?iie ae?aea. N oao ii?
ioia/aaony onoie/eaue ?ino iauaiia oi?aiaee yoeie eiio?aeoaie, a oaeaea
ana ?anoe?ythuaany i?aaeeiaeaiea ?acee/iuo oeiia yoeo eiio?aeoia
ioiineoaeueii n?iea e i?ioeaioiuo noaaie eaaeaueo a eo iniiaa
i?ioeaioiuo eino?oiaioia. Aeey i?eia?a, iaeiei ec aaaeiaeoeo
i?ioeaioiuo n?i/iuo eiio?aeoia ia *eeaai ai?ae io o?aeae
yaeyaony eacia/aeneee iaeeaaoeeiiiue eiio?aeo (T-Bond-Future),
eioi?ue aace?oaony ia eacia/aeneie 8-i?ioeaioiie iaeeaaoeee ni n?ieii
iiaaoaiey 20 eao.

A i?ioanneiiaeueiii ioiioaiee iaeaieaa ioaaonoaaiiui aeaeii
i?ioeaioiuo oueth/a?nia yaeythony eiio?aeou ia aoiaae n
oeene?iaaiiui aeioiaeii. I?aaeiaoii eo yaeyaony aoaeouay iinoaaea
oeaiiuo aoiaa n aa?aioe?iaaiiui oeene?iaaiiui aeioiaeii. I?aaeaea
anaai, yoi eacia/aeneea aaenaey e iaeeaaoeee ain.caeiia. I?iaeaaaoe
oueth/a?na aa?ao ia naay iaycaoaeuenoai i?iaeaoue (iinoaaeoue) a
onoaiiaeaiioth aeaoo ii?aaeaeaiiua oeaiiua aoiaae, eiee/anoai e
oeaia eioi?uo onoaiiaeaiu a eiio?aeoa. Iieoiaoaeue, niioaaonoaaiii,
aa?ao ia naay iaycaoaeuenoai i?eiyoue eo.

I?eia?: Iieoiea “aeaeaa?ueneiai iaeeaaoeeiiiiai eiio?aeoa” icia/aao
i?eia?aoaiea a aeaeaa?a (a aeaoo eniieiaiey) niioaaonoaothuae
eacia/aeneie iaeeaaoeee.

Niune oaeiai ?iaea naeaeie auoaeaao ec iieiaeaiey, caieiaaiiai
aoiaaaie n aa?aioe?iaaiiui oeene?iaaiiui aeioiaeii n?aaee i?i/eo
oeiainiauo eino?oiaioia.

Oaea ec naiiai iacaaiey yoeo aoiaa neaaeoao, /oi eiaanoi? eiaao
ioeaaoth noaiaiue ?enea, aeeaaeuaay a ieo aeaiueae. Iaeiaei aai
iiceoeey iaeaaeaao e iaeiei oi?ioi iiiyoiui iaaeinoaoeii – ii
ia iiaeao ?ann/eouaaoue ia aunieoth aeioiaeiinoue oaeeo
aeiaeaiee. Niiinoaaeyy i?aeiouanoaa e iaaeinoaoee, eaaeaeue
eiaanoi?,n o/aoii iaia?oaeaiiuo ei ?uii/iuo oaiaeaioeee, ii?aaeaeyao
nianoaaiiua ieaiu, a ii eo noiia oi?ie?othony ni?in e i?aaeeiaeaiea
ia aoiaae n oeene?iaaiiuie aeioiaeaie e, neaaeiaaoaeueii, oeaia ia ieo.

Iaaei ioiaoeoue, /oi, eae e a neo/aa n aieueoeinoaii i?i/eo
oeiainiauo oueth/a?niuo eiio?aeoia, e iiiaioo eniieiaiey eiio?aeoa
aoiaae aeiaieueii ?aaeei iinoaaeythony io i?iaeaaoea e iieoiaoaeth.
I?aeoeea iieacaea, /oi iaiaa 2-o % io anao caeeth/aiiuo naeaeie
iaoiaeyo naia ?aaeueiia eniieiaiea, inoaeueiua eeai cae?uaathony
eiio?naeaeeaie, eeai naeaeea cae?uaaaony auieaoie niioaaonoaothuae
?acieoeu iaeiie noi?iia ca n/ao ae?oaie. Aeaaiaea?y yoiio,
neaaeothuei oaaii noaei eniieueciaaiea a ea/anoaa aacu eiio?aeoa
oeeoeaiiai iauaeoa oi?aiaee. Ia?aui oaeei i?ioeaioiui oueth/a?nii
noae 3-o iany/iue aa?iaeieea?iaue eiio?aeo.

I?eia?: I?iaeaaea “naioya?ueneiai aa?iaeieea?iaiai
eiio?aeoa”icia/aao iaycaoaeuenoai i?eiyoue 1 iei. aeiee. NOA ia
C ian. nonoaiiaeaiiie aeaou a naioya?a ii aeaeaa?ue ii n?i/iie
i?ioeaioiie noaaea niaeaniaaiiie a ianoiyuee iiiaio.

Yoio aeae eiio?aeoa oaeaea i?aaeinoaaeyao ?acee/iua aiciiaeiinoe aeey
aeinoeaeaiey naieo oeaeae ioaeaeueiui eaoaai?eyi o/anoieeia; ?a/ue ia
yoii iieaeao ieaea.

Aiai?y i oeiainiauo oueth/a?nao n eiie?aoiie aacie, iaaei oiiiyiooue,
/oi iaeioi?ua caiaaeiua niaoeeaeenou ioiinyo e yoiio oeio e oueth/a?nu
n ae?aaioeaiiuie iaoaeeaie (Precions Metals Fbtures). A eaeie-oi ia?a
n yoei iiaeii niaeaneoueny, o.e. e caeanue iaoaee aunooiaao eeoue a
ea/anoaa “ii?aaaeaiey’ aeey caeeth/aiey naeaeee e ?aaeueiia
eniieiaiea (iinoaaea/i?eiyoea iaoaeea) eiio?aeoa i?ienoiaeeo e?aeia
?aaeei. Iaeiaei oi?ie?iaaiea oeai ia cieioi, na?aa?i e ieaoeio
i?ienoiaeeo ia i/aiue niaoeeoe/aneii ?uiea ae?aaioeaiiuo iaoaeeia,
oioy e ieacuaathuai ianiiiaiiia aeeyiea ia aaethoiua e i?i/ea ?uiee,
ii ana aea naycaiiii n ieie ia noieue aeanoei eae, iai?eia?, ?uiie
aeaiaaeiuo ?ano?nia (e?aaeeou, aeaiiceou, caeiu) e ?uiie aaetho.
Iiyoiio, auei au i?aaeeueiae, ia iao acaeyae, ?anniao?eaaoue n?i/iua
eiio?aeou n ae?aa. iaoaeeaie eae iainiaeaiiue oei oueth/a?nia,
ia ioiinyueeny iaiin?aaenoaaiii e oeiainiaui.

E oeiainiaui oueth/a?nai n aano?aeoiie aacie, eniieiaiea eioi?uo a
oece/aneii niunea (iinoaaea/i?eiyoea), eae i?aaeei, iaaiciiaeii,
ioiinyony eiaeaeniua oueth/a?nu (Stok Index Futures).

Naeaeee n eiaeaenaie – yoi iiaay, auno?i i?ia?anne?othuay iaeanoue
oeiainiauo iia?aoeee, iniiaaiiuo ia oueth/a?nao, a oaeaea iioeeiiao.
Ia?aue eiaeaeniue n?i/iue eiio?aeo aue caeeth/ai a 1982 a. ia Eaican
Neoe Ai?ae io O?aeae. A nayce n oiiieiaieai ia eiaeaeniuo
oueth/a?nao iaiaoiaeeii, aeaeeii, inoaiiaeiny ianeieueei iiae?iaiaa ia
naieo eiaeaenao.

Eiaeaenu ninoaaeythony eae noiia?iua eo?niaua iieacaoaee oeaiiuo
aoiaa. Oai?aoe/anee iie iiaoo oi?ie?iaaoueny ia iniiaa aieueoiai eee
iiiai /enea aoiaa, iiae/eiyoueny io?aneaaiio eee ethaiio ae?oaiio
i?eciaeo. A NOA a ianoiyuaa a?aiy eiatho oe?ieia ?ani?ino?aiaiea naeaeee
n o?aiy iniiaiuie eiaeaenaie: Standart & Poo’s 500, NYSE Composite
Index e eiaeaen Aeio-Aeaeiina. Ia?aue ec ieo ioaaouaaao 500
iaeaieaa e?oiiuo eiiiaiee ii iaueaio ‘auionea aeoeee e
ninoaaeyaony eae n?aaeiaacaaoaiiue eo?n ii yoei iauaiai. Oueth/a?niua
naeaeee ia aaca yoiai eiaeaena eiatho iaeaieueoee iai?io a ianoiyuaa
a?aiy, iniiaiay eo ianna cae/th/aaony ia *eeaaneie oiaa?iie ae?aea.

Oaeei aea iaoiaeii, ii n aua aieueoei ioaaoii oi?ie?oaony e aoi?ie
eiaeaen. Iaeiaei ii iaiaa oieaa?naeai e, i?aaeaea anaai, naycai
ni no?oeoo?ie iai?ioa aoiaa ia Iueth-Ei?eneie oiiaeiaie ae?aea. O?aoee
eiaeaen no?ieony ia iniiaa oieueei 30 e?oiiaeoeo aia?eeaineeo
i?iiuoeaiiuo eiiiaiee, ii n/eoaaony i/aiue iaaeaaeiui a
io?aaeaiee nouanoaothuae ?uii/iie neooaoeee.

Oaeei ia?acii, eiaeaeniue oueth/a?n – aeiaiai?iia iaycaoaeuenoai
i?iaeaoue,niioaaonoaaiii, eoieoue noaiaea?oece?iaaiioth aaee/eio
iaeiiai ec eiaeaenia ii ca?aiaa ooi?aiaaiiiio (aaee/eia) yoiai –
eiaeaena a aoaeouoth, eo?no noaiaea?oece?iaaiioth aeaoo eniieiaiey
iaycaoaeuenoa.

Aeey aieueoeinoaa eiaeaenia a NOA noaiaea?oece?iaaiiay aaee/eia, o.a.
aeaiaaeiue eiyooeoeeaio, ?aaai 500 aeiee. NOA. Oaoiieiaey eiaeaeniuo
naeaeie iniiauaaaony ia oii, /oi iieiaeeoaeueiia eee io?eoeaoaeueiia
eciaiaiea aaee/eiu eiaeaena oiiiaeaaony ia noaiaea?oiue aeaiaaeiue
eiyooeoeeaio e, iieo/aiiay oaeei ia?acii noiia, auiea/eaaaony
iaeiie ec o/anoaothueo noi?ii.

Eae oaea aiai?eeinue, eiaeaeniua oueth/a?nu caaaaeiii ia
i?aaeiieaaatho eaeeoeeai iinoaaie oeaiiuo aoiaa, naeaeea cae?uaaaony
oieueei /a?ac iieaoo ?acieoeu, ia?aciaaaoaeny io aeaeaeaiey
eiaeaena aaa?o eee aiec. ?acoeueoao naeaeee au?aaeaaony ia?aeaauie
iiceoeeyie noi?ii e iiiaioo ieii/aiey eiio?aeoa, o.a. nianoaaiii
cae?uoea i?ienoiaeeo n iiiiuueth, oae iacuaaaiie, ?uii/iie ioiaoee.
Nooue aa aoaeao iauyniaia ieaea.

O/anoieee ?uiea oeiainiauo oueth/a?nia.

I?aaeaea /ai ia?aeoe e ?anniio?aieth e eeanneoeeaoeee iniiaiuo
o/anoieeia ?uiea oeiainiauo oueth/a?nia inoaiiaeiny ae?aooea ia
naieo ?uieao. Eae e i?aaeaea ae?aee n iaeaieueoei iai?ioii iaoiaeyony a
Aia?eea. Iaeiaei, aieueooth ?ieue ia iaaeaeoia?iaeiii ?uiea oei.
oueth/a?nia ea?atho ea?iiaeneea ae?aee. Eoae iaeaieaa cia/eiuie
oi?aiauie ieiuaaeeaie ieiuaaeeaie yaeythony:

– *eeaai ai?ae io o?aeae. Iniiaaia a 1848 a.

– *eeaaneay oiaa?iay ae?aea. Iniiaaia a 1918 a. Oeiainiaua naeaeee
i?iaiaeyony n 1972 a. /a?ac Iaaeaeoia?iaeiue Aaethoiue ?uiie.

– Oiaa?iay ae?aea, Iueth-Ei?e.

– Iaaeaeoia?iaeiue aaethoiue ?uiie. Iniiaai eae iiae?acaeaeaiea
*eeaaneie oiaa?iie ae?aee, a 1972 a.

– Eiiaeiineay Iaaeaeoia?iaeiay ae?aea oeiainiauo oueth/a?nia.
E?oiiaeoay a Caiaaeiie Aa?iia n?i/iay oeiainiaay ae?aea. Iniiaaia a
1982 a. ia ianoa auaoae Ei?ieaaneie ae?aee.

– N?i/iay ae?aea oeiainiauo eino?oiaioia, Ia?eae . Nicaeaia a 1986a.

– Neiaaio?neay iaaeaeoia?iaeiay aeaiaaeiay ae?aea. Iniiaaia a 1984 a.
ia aaca ae?aee cieioa.

-, Oaaeoea?neay ae?aea iioeeiiia e oeiainiauo oueth/a?nia. Nicaeaia a
1988 a.

– Iaiaoeeay n?i/iay ae?aea, O?aieoo?o. Iaeia ec iaeaieaa iieiaeuo, ii
aeoeaii ?acaeaathueony ieiuaaeie. Iniiaaia a 1990 a.

Aeey i?eia?a, i?eaaaeai iiiaieeaoo?o oueth/a?nia, oi?aoaiuo ia
e?oiiaeoae a Aa?iia Eiiaeiineie iaaeaeoia?iaeiie ae?aea
oeiainiauo oueth/a?nia:

1. Aaethoa:

– aiaeeeneee ooio noa?eeiaia

– iaiaoeeay ia?ea

– eaia

– oaaeoea?neee o?aie

2. I?ioeaioiua eino?oiaiou:

– e?aoein?i/iua:

– 3-iany/iue aa?iaeieea?iaue aeaiiceo

– ain. caeiu: 3-ianyiue noa?eeiaiaue aeaiiceo

– aeieain?i/iua a?eoaineea ain.iaeeaaoeee

-n?aaeian?i/iua a?eoaineea ain.iaeeaaoeee

– e?aoein?i/iua a?eoaineea ain.iaeeaaoeee

– eacia/aeneea iaeeaaoeee NOA

– yiiineea ain.caeiu

– iaiaoeeea oaaea?aeueiua caeiu

3. Eiaeaenu: FO-SE 100 (Eiaeaen Oaeiaioe Oaein, Financial Oimes
Stock Aonhange).

Ia?aeaeai oaia?ue e eeanneoeeaoeee o/anoieeia ?uiea oeiainiauo
oueth/a?nia. Ii oa?aeoa?o o/anoey ia ?uiea o/anoieeia iiaeii
?acaeaeeoue ia:

– iaiin?aaenoaaiiua (i?yiua) o/anoieee;

– iiin?aaeiaaiiua (einaaiiua) o/anoieee.

E i?yiui o/anoieeai ioiinyony ae?aeaaua /eaiu niioaaonoaothueo
?uieia oeiainiauo oueth/a?nia. Yoe o/anoieee (/anoiua eeoea e
oei. einoeooou) caeeth/atho naeaeee ca naie n/ao e/eee ca n/ao e ii
ii?o/aieth eeeaioia, eioi?ua ia yaeythony ae?aeaauie /eaiaie,
neaaeiaaoaeueii, auioaeaeaiu ia?auaoueny e eo oneoaai e,
niioaaonoaaiii, ioiinyony e iiin?aaeiaaiiui o/anoieeai ?uiea n?i/iuo
oeiainiauo eiio?aeoia.

N oi/ee c?aiey oeaeae (iioeaia) o/anoey ia .?uiea ?acee/atho
neaaeothuea eaoaai?ee:

-oaaeaea?u. A ?inneeneie eeoa?aoo?a ano?a/aaony eniieueciaaiea yoiai

oa?ieia n ia?aaiaeii: “no?aoothueany”. A aeaiiie ?aaioa, iaeiaei,
yoio oa?iei eniieuecoaony aac ia?aaiaea eae aieaa aieee e ia
nicaeathuee iooaieoeu.

– niaeoeyiou. Oaaeaea?u eniieuecotho ?uiie oeiainiauo oueth/a?nia n
oeaeueth no?aoiaaiey eo?niaiai (oeaiiaiai) ?enea, o?ainoa?oa
?enea, i?enouaai oeiainiaui eino?oiaioai. Iiae oaaeaee?iaaieai
iiieiatho i?iaaaeaiea iia?aoeee ia ?uiea, iai?aaeaiiuo ia ieieiecaoeeth
oeiainiauo ?eneia, naycaiiuo n oaea eiathueieny eee aoaeoueie
iiceoeeyie. Yoi aeinoeaaaony iooai nicaeaiey iiceoeee ia n?i/iii ?uiea,
eioi?ay auea au i?ioeaiiieiaeia oaea nouanoaothuae eee ieaie?oaiie
iiceoeee ia ?uiea eanniaii. Oaeei ia?acii, iaycaoaeuenoaai
oaaeaea?a, aicieeathuei a oiaea naeaeee, anaaaea niioaaonoaoao
?aaeueiue oeiainiaue eino?oiaio, eioi?ui ii ?aniieaaaao a ianoiyuee
iiiaio.

Niaeoeyiou, iai?ioea, caeeth/atho naeaeee eeoue eneeth/eoaeueii n
oeaeueth ca?aaioaoue ia aeaaii?eyoiii aeaeaeaiee eo?nia. O ieo iao
iaia?aiey no?aoiaaoue eiathueany eee aoaeouea iiceoeee io eo?niaiai
?enea. Aeey ieo aeaeaeaiea eo?nia, iaiai?io, yaeyaony iaeaieaa
aeaeaiiui, o.e. iie iieoiatho (i?iaeatho) eiio?aeou oieueei caoai,
/oiau iicaeiaa i?iaeaoue (eoieoue) eo ii aieaa aunieie (ieceie) oeaia.

A ca?oaaaeiie eeoa?aoo?a niaeoeyiou, ca/anooth, iiae?acaeaeythony ia
aeaa naiinoiyoaeueiua a?oiiu:

– o?aeaea?u (traders)

– a?aeo?aaea?u (arbitageure)

Aeaaaoue ia?aaiae yoeo oa?ieiia cao?oaeieoaeueii, o.e. a ?inneeneie
oa?ieiaeiaee ei niioaaonoaoao oaea i?eaaaeaiiia auoa, ia aiieia
aeaaicao/iia, iaicia/aiea: niaeoeyio. *ai aea ?acee/athony yoe
aeaa eaoaai?ee niaeoeyioia?

O?aeaea?u iuoathony eniieueciaaoue eieaaaiey eo?na iaeiiai eee
ianeieueeeo eiio?aeoia. Yoi aeinoeaaaony iieoieie n?i/iiai eiio?aeoa i?e
iaeeaeaaiii iiauoaiee aai oeaiu e i?iaeaaeae ia?aoiii aeaeaeaiee
oeaiu. I?eaeaeaoaeueiinoue iiaeiaiuo naeaeie caeeth/aaony aua e a oii,
/oi aeey ioe?uoey iiceoeee o?aaothony ioiineoaeueii iaaieueoea
cao?aou eaieoaea (ia?aiia/aeueiay ia?aea) ii n?aaiaieth n noiiie
eiio?aeoa. Aicieeathuee oaeei ia?acii “yooaeo ?u/aaa”
(Leverage-Affect) aeaao aiciiaeiinoue iieo/aiey aieueoeo i?eaueae
(i?aaaea, n ?eneii oaeeo aea aieueoeo iioa?u.

I?eia?: I?e iieoiea iaeeaaoeeiiiiai eiio?aeoa (iiieiaeueiay

noieiinoue 100.000-00 aeiee. NOA) ‘ ia?aiia/aeueiay ia?aea (caeia
o a?iea?a) ninoaaeo 2000 aeiee. NOA. Ionoue eo?n eiio?aeoa, o.a.

iaeeaaoeeiiiiai oueth/a?na, ia iiiaio iieoiee ninoaaeyao ?iaii 100.
Anee eo?n iiaeieiaony aei 101, oi i?iaeaaea eiio?aeoa iiaeao
i?eianoe a?oooi-aeioiae a 1000 $, /oi ninoaaeyao 50% cao?a/aiiiai
eaieoaea (2000 aeiee. NOA) i?e iiauoaiee eo?na anaai ia 1%.

Aeayoaeueiinoue o?aeaea?ia i/aiue aaaeia aeey oueth/a?niiai ?uiea,
o.e. iie i?aaenoaaeytho niaie, ii nooe, i?ioeaiiieiaeiinoue
oaaeaea?ia. Iie iia?e?otho aeinoaoi/ii aieueoeie iiceoeeyie, o.e.
eo oeaeueth yaeyaony iieo/aiea i?eauee aeaaea ia iaaieueoii
aeaeaeaiee eo?na. Naiae

aeayoaeueiinoueth iie niinianoaotho iiauoaieth eeeaeaeiinoe ?uiea
n?i/iuo eiio?aeoia, iaania/eaay, oaeei ia?acii, naio niiniaiinoue
?uiea ooieoeeiie?iaaoue.

A?aeo?aaea?u no?aiyony eniieueciaaoue ?acee/ey Eo?na ia ?acee/iuo
?uieao eee iaaeaeo n?i/iui eiio?aeoii e niiinoaaeiui eanniaui
eino?oiaioii (iai?eia?, iaaeaeo oi?aa?aeiui eo?nii ia aaethoiii ?uiea
e eo?nii niioaaonaothoaai aaethoiiai oueth/a?na). Yoi aeinoeaaaony
iooai iaeiia?aiaiiie i?iaeaaee ioiineoaeueii ia?aioeaiaiiiai
eino?oiaioa e iieoiee ioiineoaeueii iaaeiioeaiaiiiai eino?oiaioa.
A?aeo?aaea?u oaeaea e?aeia iaiaoiaeeiu aeey ?uiea n?i/iuo eiio?aeoia,
o.e. naiae aeayoaeueiinoueth iie niinianoaotho au?aaieaaieth
eo?nia ia ?acee/iuo oi?aiauo ieiuaaeeao, a oaeaea iaaeaeo
oueth/a?niui ?uieii e niioaaonoaothueie eiuie ?uieaie. Anee eaeay-eeai
ec ia?a/eneaiiuo auoa a?oii (oaaeaea?u, o?aeaea?u e a?aeo?aaea?u)
i?aaenoaaeaia ia ?uiea a iaaeinoaoi/iii eiee/anoaa, oi
ooieoeeiiaeueiay niiniaiinoue yoiai ?uiea iiaeao auoue iinoaaeaia
iiae niiiaiea.

Oneiaey oi?aiaee n?i/iuie noaiaea?oiuie eiio?aeoaie.

Oneiaey oi?aiaee n?i/iuie noaiaea?oiuie eiio?aeoaie ia ?acee/iuo
ae?aeao iaiaeeiaeiau. Iaeiaei iauea i?eioeeiu yoie oi?aiaee e,
oae neacaoue, iniiaiua i?aaeea ea?u anaaaea inoathony iaeieie e oaie
aea.

Ia?aee?iaaiea. Oa?iei “ia?aea” oaea ano?a/aeny a oaenoa. Iiae ia?aeie
iiieiaaony caeia, aiineiue o/anoieeii ?uiea. Caeiaiaua ioiioaiey
yaeythony iaioueaieaiie /anoueth oi?aiaee oeiainiauie oueth/a?naie. I?e
yoii a ioee/ea io iaoa?eaeueii-aauanoaaiiuo oi?i caeiaa, oa?aeoa?iuo
aeey e?aaeeoiuo iia?aoeee, caeia caeanue aunooiaao eeai a aeaiaaeiie
oi?ia, eeai a oi?ia oeaiiuo aoiaa, i?e/ai aoi?ia ano?a/aaony ai?acaei
/aua ia?aiai (a ie?iaie i?aeoeea). Aeaeu oeaiiuo aoiaa, i?eieiaaiuo a
ea/anoaa caeiaa ii?aaeaeythony Ae?aeaaui eiieoaoii eaaeaeie ae?aee
naiinoiyoaeueii. Eae i?aaeei, yoi, i?aaeaea anaai,
ainoaea?noaaiiua oeaiiua aoiaae (eacia/aeneea iaeeaaoeee e
aaenaey). Aianoa n oai, caeia a aeaea oeaiiuo aoiaa i?aaenoaaeyao niaie
ia aiieia noaaeeueiue noieiinoiie iauai, oae eae aoiaae, a iaai
aoiaeyuea, iaiytho naith oeaio ia ?uiea. Aio ii/aio oaoiieiaey
caeiaiauo ioiioaiee i?aaeoniao?eaaao aeiaianaiea iioa?ue eeai /anoe/iue
aica?ao (eee ca/ao) eceeoeia.

I?aaeea iaoeinieoaeueii auiieiythony e neoaeao ioithaeue ia
oieueei oi?iaeueiui oeaeyi. Io noiiu n?aaenoa, eioi?oth eiaanoi?
niiniaai auaeaeeoue ia o?aaothuea caeiaa iia?aoeee, caaeneo nai
iauai yoeo iia?aoeee, a cia/eo e iioaioeeaeueiua aeioiaeu o/anoieea.
A oi aea a?aiy a ethaie naeaeea i?enoonoaoao e i?ioeaiiieiaeiay
noi?iia, eioi?ay oaeaea ianao ii?aaeaeaiiua iaycaoaeuenoaa e o?aaoao
caueou nianoaaiiuo i?aa. A nia?aiaiiie i?aeoeea oi?aiaee iaaeaeo
noi?iiaie anaaaea noieo iin?aaeiee, eioi?ue, iieo/ea ai a?aiaiiia
iieueciaaiea caeiaiaua aciinu, iaania/eaaao niaethaeaiea anao
oneiaee naeaeee. A yoii ea/anoaa aunooiatho a?iea?nei-aeeea?neea oe?iu,
auiieiythuea e aoi?oth ia iaiaa aaaeioth ooieoeeth – e?aaeeoiia
ianeoaeeaaiea eeeaioia. Iii oaeaea iniiaaii ia ia?aea. I?e
yoii ia?aea, a?aiaiii iaoiaeynue a ?anii?yaeaiee
oe?iu-iin?aaeieea, inoaaony nianoaaiiinoueth eeeaioa. Niioaaonoaaiii,
aio aea i?eiaaeeaaeao aeioiaeu (oauoee), iieo/aiiua io anao
iia?aoeee n eniieueciaaieai e?aaeeoa.

A naith i/a?aaeue oe?ia, iauaaeeiyy ia?aee eeeaioia, aiineo caeia a
iaeei ec aaieia a ea/anoaa iaania/aiey e?aaeeoa, eioi?ue caoai
?ani?aaeaeyaony iaaeaeo eeeaioaie. Naia aea oe?ia auea?uaaao io
?acieoeu a i?ioeaioao ca e?aaeeo, iineieueeo eeeaiou ieaoyo ae ca naie
e?aaeeo ii ianeieueei aieueoei noaaeai.

Oaeei ia?acii aicieeaao oeiainiaay aa?oeeaeue io ?yaeiauo
eiaanoi?ia (o/anoieeia ?uiea) n iaeiie noi?iiu aei aaieianeeo no?oeoo? n
ae?oaie, a auaeaeyaiua ii oeacaiiiio i?eioeeio e?aaeeou noaiiayony
/anoueth iauae e?aaeeoiie iieeoeee, i?iaiaeeiie i?aaeoaeuenoaii.
Eiaiii iiyoiio ieieiaeueiay aaee/eia ia?aee, a ca?oaaaeiie i?aeoeea,
onoaiaaeeaaaony ainoaea?noaaiiui oeaio?aeueiui no?oeoo?iua
iiae?acaeaeaiey aaieii eee i?aaiii, auiieiythuei aai ooieoeee, e
aai no?iai eiio?iee?otho yoo noi?iio aeayoaeueiinoe aaieia e
iin?aaeie/aneeo oe?i. Ia naiaiaeiii ?uiea (ia ae?aeaaii) ?acia?u ia?aee
iiaoo iaiyoueny a caaeneiinoe io oie eee eiie iin?aaeie/aneie oe?iu.
Aeaeu naeaeie e oi?aoaiua eino?oiaiou oaeaea ?acee/athony ii yoiio
iieacaoaeth. A ae?aeaaie nenoaia ia?aee?iaaiea inouanoaeyaony ii
ioeoeeaeueii ooaa?aeaeaiiui ii?iaoeaai /a?ac eee?eiaiaoth ei?ii?aoeeth,
eioi?ay aunooiaao aa?aioii iaycaoaeuenoa noi?ii. i?e yoii ia ?uiea
oeiainiauo oueth/a?nia, a ioee/ea io oiiaeiaiai n?i/iiai ?uiea. aaea
ia?aea aeinoeaaao ia?aaeei 50% io noieiinoe eiio?aeoa, ?acia? caeiaa
ai?acaei ieaea, a niioaaonoaaiii, aieueoa “?u/aa” e auoa
iioaioeeaeueiua i?eauee (oauoee). Oae, ii aaethoiui eiio?aeoai
ia?aea a caiaaeiie i?aeoeea ninoaaeyao 3-5%, ii i?ioeaioiui
oueth/a?nai 1’/ (aa?iaeieea?iaue eiio?aeo), ii iaeeaaoeeiiiui
oueth/a?nai aei 5%.

Aeaeu ia?aee:

Ia?aiia/aeueiay ia?aea(initial margin). Iia i?aaenoaaeyao niaie
caeia, aiineiue iieoiaoaeai e i?iaeaaoeii eiio?aeoa i?e
caeeth/aiee naeaeee, o.a. aeey ioe?uoey iiceoeee ia ?uiea.
?acia? ia?aee ?ann/eouaaaony a oeaeii n o/aoii /anoiou e aeeaiaciia
eieaaaiee eo?na oiai eee eiiai oei. eino?oiaioa. Eae i?aaeei,
ia?aiia/aeueiay ia?aea ninoaaeyao iaaieueoie i?ioeaio io noiiu
eiio?aeoa. Eae oaea aiai?eeinue

auoa, ia?aiia/aeueiay ia?aea iiaeao aiineoueny eeai a aeaea
iaee/iinoe, eeai a aeaea oeaiiuo aoiaa, ?ac?aoaiiuo Ae?aeaaui eiieoaoii
(i?e ae?aeaaie oi?aiaea) eee ii?aaeaeaiiuo noi?iiaie (i?e naiaiaeiie
oi?aiaea).

Aa?eaoeeiiiay ia?aea (variation margin). Iia i?aaenoaaeyao niaie

noiio, eioi?oth iieoiaoaeue eee i?iaeaaaoe eiio?aeoa (a caaeneiinoe
io aeaeaeaiey eo?na) ia?aee, o.a. i?iecaiaeeony ei??aeoe?iaea ia?aee
eaaeaeiai o/anoieea a niioaaonoaee n ?uii/iuie eieaaaieyie, aeieaeai
aianoe aeey iiaeaea?aeaiey ioe?uoie iiceoeee ia ?uiea. Eee?eiaiaie
iaeaoie ae?aee aaeaaeiaaii i?iecaiaeeony ?uii/iay ioiaoea oeai e
i?eauee (oauoee) niioaaonoaaiii ?ani?aaeaeythony iaaeaeo
o/anoieeaie ?uiea. A i?ioeanna aceiaiey oauoeia e auieaou i?eauee
noieiinoiia au?aaeaiea iiceoeee eaaeaeiai o/anoieea i?eaiaeeony
a niioaaonoaea n ?uii/iie oeaiie eino?oiaioa. N oeaeueth
iiaeaea?aeaiey noaaeeueiinoe ?uiea e a niioaaonoaee n ae?aeaauie
i?aaeeaie iiaoo onoaiaaeeaaoueny i?aaeaeu aeiaaiiai eieaaaiey eo?na a
aaniethoiii au?aaeaiee oae iacuaaaiua ieaeiea e aa?oiea eeieou (Limit
Up, Limit Down).

Oae eae o?aaiaaoue aeiaianaiey ia?aee io iaeiie ec noi?ii e
inouanoaeyoue aa /anoe/iue aica?ao ae?oaie i?e eaaeaeii aeaeaeaiee
oeai iaaiciiaeii e, a ethaii neo/aa, naycaii n aeiaieueii
cia/eoaeueiuie cao?aoaie, oi ia?aaeei eniieuecoaony ianeieueei eiie
aeae ia?aee – ia?aea iiaeaea?aeaiey (marienrtance margin). Iiae ia?aeie
iiaeaea?aeaiey iiieiaaony ieieiaeueiay aiciiaeiay aaee/eia
ia?aiia/aeueiie ia?aee, o.a. oa aaee/eia ieaea eioi?ie cia/aiea
ia?aiia/aeueiie ia?aee ia aeieaeii iioneaoueny ia i?ioyaeaiee anaai
n?iea ioe?uoie iiceoeee. Oaeei ia?acii, ia?aiia/aeueiay ia?aea iiaeao
neieue oaiaeii /anoi “o?acaoueny” aa?eaoeeiiiuie ia?aeaie aei oao
ii? iiea cia/aiea ia?aiia/aeueiie ia?aee ia oiaaeao ieaea cia/aiey
ia?aee iiaeaea?aeaiey. Oieueei a yoii neo/aa noi?iia, oa?iyuay
oauoee, aoaeao iaycaia aianoe aeiiieieoaeueiue caeia aeey
ainnoaiiaeaiey ia?aiia/aeueiie ia?aee a i?aaeiae noiia (“margin
call”). Oi /oi i?iea?uaathuay noi?iia ia iaycaia aeiaiineoue
n?aaenoaa i?e eieaaaiee oeaiu a i?aaeaeao, ia ia?ooathueo ia?aeo
iiaeaea?aeaiey, ia icia/aao, /oi yoe n?aaenoaa inoathony ia aa
ia?aeaaii n/aoa. Iie a ethaii neo/aa nienuaathony a iieueco eiio?aaaioa,
ii ca n/ao n?aaenoa ia?aiia/aeueiie ia?aee. Iiyoiio auea?uaathuay
noi?iia a ethaie iiiaio iiaeao niyoue ni naiaai n/aoa eceeoae a
aeaea ?acieoeu iaaeaeo noiiie naiaai n/aoa e ia?aiia/aeueiie
ia?aeie. A oi aea a?aiy i?iea?uaathuay noi?iia, oioy e eeoaaony
/anoe n?aaenoa ia n/aoa (noiia aa n/aoa iaiueoa noiiu ia?aiia/aeueiie
ia?aee), ia iaycaia ecuneeaaoue aeiiieieoaeueiua n?aaenoaa aeey
ainnoaiiaeaiey aaeaina “n/ao ia?aiia/aeueiay ia?aea” aei oiai iiiaioa,
iiea aeaeaeaiea oeaiu ia i?eaaaeao e ia?ooaieth ia?aee
iiaeaea?aeaiey, o.a. iiea a iieueco eiio?aaaioa ia aoaeao nienaia
noiia, eioi?ay nieceo ia?aiia/aeueioth ia?aeo ieaea o?iaiy ia?aee
iiaeaea?aeaiey. A nia?aiaiiie iaaeaeoia?iaeiie i?aeoeea ia?aea
iiaeaea?aeaiey ninoaaeyao, eae i?aaeei, 75-80 % io
ia?aiia/aeueiie.

Eniieiaiea eiio?aeoia.

?acee/atho aeaa aeaea eniieiaiey eiio?aeoia ia ?uiea oeiainiauo
oueth/a?nia:

1) oece/aneay iinoaaea (phisical settelment)

2) iie?uoea iaee/iinoueth (cash settlement).

Oece/aneay iinoaaea i?aaeiieaaaao ?aaeueioth ia?aaea/o eiie?aoiiai
oeiainiaiai eino?oiaioa, eioi?ue yaeyeny i?aaeiaoii eiio?aeoa, io
i?iaeaaoea iieoiaoaeth a aeaoo eniieiaiey eiio?aeoa. Ae?aeaauie
i?aaeeaie aeey eaaeaeiai oueth/a?niiai eiio?aeoa ii?aaeaeaiu ianyoeu
eniieiaiey, a oaeaea, eiiaaea, iniaua oneiaey oi?aiaee
oueth/a?naie a ianyoe eo eniieiaiey. Oae, iai?eia?, A?aiaiiuie
i?aaeeaie oueth/a?niie oi?aiaee ia Iineianeie oiaa?iie ae?aea
i?aaeoniio?aii, /oi oi?aiaey oueth/a?niui eiio?aeoii a ianyoe aai
eniieiaiey aiciiaeia oieueei i?e oneiaee i?aaeinoaaeaiey
aeiiieieoaeueiuo oeiainiauo aa?aioee, o.a. aeiiieieoaeueiie ia?aee,
?aaiie ii ?acia?o ia?aiia/aeueiie ia?aea.

Oaeaea i?aaeeaie ae?aeaaie oi?aiaee onoaiaaeeaaaony a caaeneiinoe io
aeaea oueth/a?na e iineaaeiee aeaiue oi?aiaee eiio?aeoii. Ii
ieii/aiee oi?aiaie nannee a iineaaeiee aeaiue oi?aiaee eiio?aeoii
eee?eiaiaay iaeaoa ae?aee oi?ie?oao nienie o/anoieeia, eiathueo ia
iiiaio eniieiaiey ioe?uooth iiceoeeth ii aeaiiiio eiio?aeoo e
iaycaiuo, a neeo yoiai,

inouanoaeoue (i?eiyou iinoaaeo niioaaonoaothuaai oeiainiaiai

eino?oiaioa. Iacia/aiea i?iecaieony iaeaoie oaeei ia?acii, /oiau
iaania/eoue ieieiaeueiia /enei eiio?aaaioia aeey eaaeaeiai o/anoieea.

Iaeiaei, i/aiue iaaieueoia eiee/anoai eiio?aeoia eniieiyaony iaoiaeii

“oece/aneie iinoaaee”. *anoue eiio?aeoia eniieiyaony iooai iaee/iiai
iie?uoey, i?e/ai iaeioi?ua aeaeu oueth/a?nia, iai?eia?, aaethoiua
eee eiaeaeniua, ia iiaoo auoue eniieiaiu eia/a. *aua aea anaai
eiio?aeoiu ia eniieiythony aiiaua, o.e. aieueoeinoai naeaeie
cae?uaathony eiio?naeaeeaie aua aei iiiaioa eniieiaiey eiio?aeoa.

Nienie eeoa?aoo?u:

1. Aiaiia O.I. “ Eiiia?/aneea aaiee a oneiaeyo ia?aoiaea e ?uii/iie
yeiiiieea”

2. Aoaianueaaa A.A. “ ?uiie oeaiiuo aoiaa”

3. Eaneineee N.A. “ Oeiainiaua oueth/a?nu e iioeeiiu”

4. Yaeaei Aeae. Aeieai, Eieei Ae. Eyiiaaee, ?icia?e Aeae. Eyiiaaee

“Aeaiueae, aaieianeia aeaei e aeaiaaeii e?aaeeoiay iieeoeea”

5. Yaeaei Aeae. Aeieai, Aeaeaeae A. Eeiaenae “ ?uiie: iee?iyeiiiie/aneay
iiaeaeue”

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