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4.1. oppoae oapx po a ycoe eeoc oapx p

 

Toapa upa mo accuecu ucmumym poo oouu, opupyu onmo po moapo nyme opauauu u peyupoau upeo mopou. Oco coepae eeoc oapo p ec coae aoee aopx yco ae apx ceo. ao ye oapo p cac opaa ocoo ecyeo apoo pa oaae ocpeecx pyx ycy yaca pe . pa a opaa c pao pecoo a e cyae ceax y-poa copoo, .e. e ocyece opoo-ocpeecy eeoc. Hopaoe yopoae apo p ooo p a poo cpe, caocoeoc pep, ocaoo aceoo pa pex oapo, eopaeoo ca poao, oyaee ocpeo, oype, caoc eeo cce, pao pacpyyp.

Toapa pa c ooeco o pe pecae coo opaoa oap po, exa eeoc oopoo o oro젠 opeeec yco oppoa yopoa oapoo pa. Bece c e copee po exa oe ecoa aece eoo peyopa oeceoo pooca oo o cyae, ec o oppyec ece po opeecx oapo ycy, cp cpec pooca, paoe c, e, aaa opa.

B ccee oeceoo ocpooca po cyae a cepa oapoo oea. Eo oppoae opaec cao c pae yyee oeceoro paee pya xoceo oocoeoc pooee.

C o pe poocex ooe po pecae coo ooe o ooy peaa oapo, x y-poa, oco coco oppoa ooecx ce.

Po cyecye a ccea aocax, o ocaoo caocoex po. Oea pox ooe cya a oee peya pooceoo poecca, a ap pooca (cpeca pooca, paoa ca, aa)

moapoo pa, a oo pyoo, aoee a c ae o, a cpoc peoee.

Cnpoc pecae coo peoae a oap co copo oyae, aepecoaoc opex ax oapo; o opae, c oo copo, x pooce opeoc, a c pyro aeecocooco. peoeue o cooyoc oapo, oope peaae peaa (poa). Oco ee coa c pooco, cecoe xoco, oape aac, op poe ocye.

p epexoe po ooe Pocc cyeceo ec poecc oppoa co ocye oapoo peoe. Oo ce oee opepyec a eec opeoc oeca.

Coooee ey cpoco peoee eco cao c eoopaoaue.

Kpoe oo, cpoc peoee oppy po npoaa u po . Po poaa aa ay cya, p oopo cpoc peae peoee, , aoopo, po oyae ca peee peoe a eo cpo. B epo cyae ee eco e oapo. Po oyae oeca oee oe, a a o oaec o opo oapo, e a eoopaoae, exo-ooece oaae oapa, cypye popecc a cepe pooca, a cepe opae.

B acoc o xapaepa aoooe ey poao oyaee oppyc cooe (ompme), ayme u peyupyee p.

p coox (opx) pax e cyecye ax opae p ye-poae oapo. aye p ocya ypopopaoe (ypopacee) oca. Ha peypyex pax pooc oepa o ye-poae oapo cooec c eyapo oap coae.

Cpe oapx po ooe eco aa a aaee nocpeuecue pu, oop ooc ape p, ayo, op. ocpeecx po xapaepa y-poaa cpoo opeeex oapo: oapx p ae oap o oaa opeee paa, acco, aoaee; ayoo opac oap, oyec oe cpoco, oaae ya paa (poee cycca, ya); opo opaec, a pao, oopyoae, pooco oopoo peye peapeoo coacoa ero exo-ooecx xapaepc.

Bc oap po oaae po ceecx ep, cax c ocoeoc ooecoo oecoo pa cpa.

Bae oaaee eoc yopoa oapoo pa eo opaaox cpyyp ec eocm pa. o oaae xapaepyec copo-op aaco. Bopa xapaepca pa eo uepcuuupoaocm. Hapep, eppop CA oxaae ecoo eopaecx oco. Cocyecoae pyx opopa opooo ca ex pooee, eca paooc aepacoro oeca, ae ocpx coax opaco p coo ypoe cpex oxoo acee a oooc ocpa ocaa ca a o pe cay paoopay poy: o coex BM o pocex cao, o peeo poco o eeoo popea, o accox pooocex oapo o eaeco, o oapo eyapooo caapa o poy yoaoaoro xapaepa aoax ec.

Toap po cpaax c pao poo ooo oaec co ayo-exec ypoe pooca, o xapaepo oax cpa; ae oype; ec peoa paeca oac a pa epeco opee; oe peoa pa aecy oapa, eoacoc eo opee; coee ooeco co, yao, appo oeceee ocepoaoro ocya.

yee poe oapa o ocaa opee pooc c oo ceemauu, .e. ee aex aopo, x a poecc eoc ca poy opa op oee poy o opee.

Haoee pacpocpae pep ceea c:

1) oecee apaep ceea. K x cy oocc eoc ceea (oeco e x cooc a oe poa; co oeax opeee eppop x poa);

2) ocyoc ceea opeoo pep (oooc pep oy aa pacpeee: ca poy, yco xpae pacoppo e opee a ao ceee pa);

3) cyeceoc ceea (acoo pea y y pyy opeee oo paccapa a cee pa ee ycooc);

4) poc (peaeoc);

5) coecoc ceea c po ocox oypeo ( ao cee ocoe oype oo ocyc pa ceeo pa);

6) eoc pao a pao ceee pa (poepa a y ocaa oa pao);

7) aeoc paoro ceea o oype (peaa oea ocao cox oooce oypeo ope c py pep-ocaa).

opeo oo ocaa paoa o ceea pa peoaae yee eopaecx, eopaecx, cxopaecx opeecx aopo oce aoe eoc ca oapa a opeo oapo pe (cxea 7).

Cea oapx po oeo o cpa opeeec ypoe pa poeoo cecoxoceoo pooca, ye eco pecaex a pe o oapo, oope opee opacee xapamepucuu moapoo pa.

Pae oapx po peo paee x a p peaoro oapa p pa a oap. epoaa po pa a oap ycaaa ooe poao oyaee o ooy epea oapa yye o ea, oope ycaaac aaopeeo. Tae p oo poaa e yepeoc peaa coeo oapa, a noyae apaee apoa ep, cae c yy popeee yo poy. Po pa a oap opeoa ypoaoo oxoa a c caoy oapy, a yco eo poa oca yye. ooy po pa a oap oxaae eoo py oapo o cpae c po peaoo oapa. Hapep, p opoe cpo e po peaoro oapa (ope appe) yae ce e, oope oac pe (ooo 70 o cpo e).

 

 

ea 7. Ceea oaporo pa o oco aopa

 

P pa a eo oap peae opap, epc oo pa.

opap po coyec copo e (pe, a, acca e aaoexacca cpe e). epce ooe p peac oo yx copo e: pe aaoexacca.

aoo oeoo oapoo pa ooe aee .

Hapep, yaca eyapooo pa e acoee pe cac:

1) ee oa aaec paeo, oe, epepaoo poae a cpo e, a eepoyo. Kpoe oro, oe ee oa蠠 aac opoe paa a e eepoy: epca ooa, oeo epco a pea oap (apep, pepoy (BP), e (Shell). o oe po;

2) eeepepaaae ao, cyae po oyaee cpo e poao (ocao) a po poyo eeepepao;

3) eace opoe oa (apep, Map P (Mark Rich), Bo (Vitol), Apa (Akadia). O paoa a a peao, a a ox ax po;

4) acoe ecoe oa, a, opoe oa (Mopa Cee - Morgan Stanlay, Aig), oope paoa a ox ax po;

5) ecop, a ace, a oee, paoae a ox ax po cpeec oy oy o yaoo oe ee o epce ooe opa a e eepoy,

apx po ooe aee ee aoe oe, a eopau po, .e. oepa poa ex x poy (oapo) oo ecox yax. Cero oype, oe oooc cooa copeeo ex ca po paox epo opo. Oao o acoeo pee, apep, opo e eaa opepyec a oocy py eao (LME), opo epo a py "ao op o Tpe".

Xo p pa a oap o coeo poa acpoa a pa peaoo oapa, o coca eoxooe ycoe opaoo yopoa ocex copeex cox eyapox oapo-eex ooex.

 


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