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5.10. b pex ceo x ocoe xapaepc.

 

Kaccoe ce

 

K acco omocmc ceu c oou eocmu, noeaue ucnoeu eeeo uu meeue 2-3 (uoa o 7) e noce ux .

Koeo coepex a oox pax accox eo, a pao, peae co aex cpox eo, o accoe ce ao coy e o e, oyae a oa, yoop peoc cox e, o pee cey. C pae peo ooo po accoe e o ope aec pepac cpoe e. Paccp e paooc accox .

oyna c acmuo onamo aeu cpe. ce aac peyeeo poa a oee ("a"). oa a aee cpa papeaec pe paa. B cyae e oaae oo ac ooc a, a oaa opae pepo, oopy peocae poep a. Bpoe aae x ceo ceu c ape. Ceye yec, ooe oy pe oao oac, a a x oea e oo oyae poa, o pop-poep , ocoeo cyeceo, oepece a.

B ocecpa (apep, CA o) paoa aee ae exa o oe oo cea c aco oa ae . paec o cex cpaax e c ape oeo cpooo peypoa co copo paeex opao, p cax poepo. Hapep, aa c 1934 . Coe epao peepo cce CA ycao ay papeaey aoo apy, opa eac 40\% 19371945 . o 100\% 19461947 ., oa e c ape pepae. B Pocc aa apa ycaoea cpye Mcepca aco P " paax coepe pecpa ceo c e yaa" 53 o 6 1992 . coa 50\% oe cooc popaex ex ya.

a, copee exa oox oyo p cpo, o-epx, a eco opae eo paepo, o-px, a ece aoa o oyee .

poa ex ya, mx a, pa paooc accox ceo. o accox eo coy, aoopo, po a oee ("ee"). O poa e a a, oop aec e ae. Ec oae poaa opaaec ypc x a a aae, o oyae x opaae y poepy, oop x ey oo.

poaa ya, oyex apoa, eyec a peo ecoe "opomo npoae". B oe o ee oya a pacee a ocey po x ypca eye "uo ceo".

 

Cpo ce

 

Cpoe ce e coy cpyypy oy accpoac aco cocoa yaoe e, pee exaa poee pace a popeaee ee ya, apaepo, peycpex p x ae.

Cyecye ecoo ocox cnocoo ycmaoeu e a ooe eocu, poaaee a cpo:

ea cpye a ypoe ypca peo ae cpoo c;

ea a ooe eoc e ooapac, a pace pooc o ypcy, op caae a oce peo e aoro a ex ya a opeo pe, .e. a oe a (coe) ce;

ae e a ooe eoc oe p ee ypc oo, o apaee ooopeoo peoo epo o ae ce o ooa pace;

yco ce peycapae yaoee acao e, o opo ee ya oy ye, ao e, o opo ooa ee poaa ().

Mexa poee pace o cpo cea, apep, ee ceye peee . coee ce pao o ee ae ceye epe opeeeoe oeco , ycaoex opae. Ta, ce p eco opae, a 1 op, yy coc 1 op; 2 op 2 op ..

p eoo oee pao o coe cpox ceo ooec eeecoopao aac x coee . oa oee ocy pca ycao o a paceo o cpo cea.

B acoc o pec poe paceo cpoe ce opaec a ceu c ono cepeue eca "nep euo" (cea pyec 15-o ca yaaoro eca) u c onamo oe eca "nep y'' (cea pye oe eca 30-o 31-o ca).

o exay ae cpoe ce e a epe (poe), epce, ycoe (oo) pooaoe.

Tpe c oae coe ycaoe ooope cpo o epo e. O aappoa o ope. peyeo epx eo o cpae c ooa epca e , o o aa a pae oe oox eoce, a ae cpo cooe c pea opeoc . oy epe cpoe e pee oa, oa eco ee eeo .

Cpo ce oyae poae oy e e peax eoe p ee ae, a a a oe coepe poae e epeae ee ya, a oyae x e oaae; o aa ooop, opo cpy oe, ypc poa (eo ypc) cpo, o cee opoo ea ye coea. pe ceo ypc oe oac cyecyeo ypca, copee cero o ye ac o accooo oe a ce. p po a oee ("") pacca a yopoae peoo oapa oy yae ooope cpoo ce a oyae, cpy e ceo ypc e, e o eo pacea ye acco oe a ce. Oa "" poooo.

Ocoa e ae ce "a" oya o oee oy ypcy, e acco oe a ce, a "ee" poaa o ypcy, peaey ey ypc. Ta opao, oe e cyae paa ypco, a e ee ya a oe ecpoa. o opoo ao ce, a ce "a pay".

Cpoe ceu " pu'' ( a paoc) e, o cee cpoa oopx o opaeo oe ya pyoy cyy pa ey ypca, yaoe p ae ce, ypca, aec coc oe a . Taoro poa ce oc o cey, "poo" xapaep.

Ee opae apaee cxo o, o e yy o yco e: poae epeaa yaoe cpo poae ooe eoc, a oyae x . poae, a pao, e pacoaae eo oe ae e, oe ee . Oe e yae paoc ey ypca, yaaea popae . o epo cpoo cee oo, apep, y poa poey cay, opa ye aac o eoy epe opee opae cpo.

Hepyo ae, a ea peo oae p pc. eo yee aae 70-x roo ee oe apaep cpoy cey, a eo oc acoe .

uco epc - o caapa cea, ea ooee peyeca o cpae c poc cpoo . Oa aaec o yaoe pe paa, apepo ao cee ec pa e Kpoo (Paceo) . pa opeee paa, ope ycaaa:

aape oe opae;

caape a oa;

aex ex ya, oope apapy aey o.

Po epco ee oy oc, a a cape paa oecea cooy po co yooo oeca . oy po aco epca ee coe e poa.

B acee pe oco epa peo po p LIFFE (London International Financial Futues Exchange); CME (Chicago Mercantile Exchange) MATIF (Marcuca Tenue des Instruments Financiers).

Paccapa opoc ypoeo, oo ocapoa, ec epcoy opay oa aoe ycoe*, a pao opa** a opeeeoe oapaee (pe) y (poa) ey yay o apaee ooopeo opae ee oaac ce, o ooe apap xapaepy oo.

* a ceo aac .

** Coo "oo" ocoo peo a op.

 

coe ce, ce c npe - cpoe pee ce, opx o opae a ycaoeoe oapaee (pe) popea pao a ocoa ocooo ae, pypoeoo opeeeoy , ea o o op (e ooee yco coe e): co ey oaac o ee .

e ocoa a , ypc ex ya oe ooaex pace aepa e o cpae c cyecy, popae cpoe pe cyae roee aa pe oy pao oaac pope poa ex ya.

coe ce, e c pee, e a:

poce ce c pee;

pae ce c pee;

ea.

Paa npocme ceu c npeue, oopx ae pe e pao peoa coe ce e paa opa coepeo o ee oaac (o aae pao "xoa").

Ce acoc o o, o e aeo pe oyae poae, opae a a a:

ce c ycoo oyo e c peapeo pee (pe a oyae);

ce c ycoo poae e c opao pee (pe yaa poae).

B o cyae popae copoe oee y, e o y cey.

Bpo pame ceu c npeue, p opx ae pe e pao nopoa coeo opaea epa ey ex ya oee, a, p oee pa peae ycaoeoe p ae ce x oeco, o ypcy, ycaoeoy p ee ae.

Tpe ceo c pee cmea, oa ae pe popea pao ca opee coe ooee ee, .e. p aye cpoa ee coepe o ce o oyaee, o . pe o oa y y coero opaeaoyae pe ee ya o cey ypcy, poa x o ey ypcy, acpoaoy oe ae . Cpoe ce c pe oy oopc ooo.

Oo a acoe a a ooo pe ooec pax cpa aaa cyey ye oo ece, o 70-x oax o a poaac a pax. o 1973 . oo e aap opaa. Ooe ce aac cxo opoce yao ce oc ya xapaep. Ta opao, ooe opa a pooa ea yaa e oaa paa peoro apa. B 1973 . a aco pe ooo (CBOE) pcae caape oo a ee ya. yp poc pa ooo, ocoe opoo xopoo pa po a oa, ceye ece oo ey a poe ec a ooo pe.

B aoee pe po ooa eec ae a ooe ec, ae opa, ca o pe opaa pye aoe a, oope oaa coo oc poo cooc. He e oe oee "poox ex ya poro opa" onuo epce ompam u con.

Haao oaoy py ooo o ooeo ocaoee paeca P 78, opo yaoeo cyecoae poox ex ya a "yocoepx pao x aa a oyy poay ex ya". Copeeoe pae poox ex ya, acoc ooo, Pocc apyeo -a . a, eoopo pae oy o oo a ae ypc a ocyapcee paocpoe oa Ma P. Oao poo po ooo, o oee ceaco, ee ee pocy, oeeoo pa e c ece eo pa.

e oce oypoc ooo? pee ceo e, o o oxooc o ao oepea pocoe oee cpec a oa (apa o ee co ocy pe).

"o" a pycc epeo a op pecae coo opa ey yaca e: poao ( apo) ooa oyaee ( aee) ooa, o ae oyae pao y, a poay poa ee ya o apaee coacoao p ae opaa e (ceoa ea ooa) pao oaac o ce eee o oa yaaoo epoa. pao opa ocaec a oyaee ooa, aa oe ae ce pe eo e. Boo ep oyae ooa ec ynuae npeu.

Ouo noyne (onuo-o) peocae pao aey y e ya o apaee ooopeo ee oaac o e. Ec pe ae ooo opaey, ee yaey, poa ee ya aac o e, caec onuo npo, onuo-nym (c pee a ay c opao pee).

Ba pepe acca ooo ec cpo ux ucnoe. opee o "aepac oo" "epoec oo" eoxoo yo aae "oe cpo e", .e. amy ooocmu ucnooau ona. Epoec oo oe poa o e ee opaa, a aepac oo o e o ee cpoa opaa e e. Oeo xapapco pex ooo, a ye oeaoc, e eo cpoa oe cpo ec, oo epe pexece . aaa opeee ee x a.

pyo oeo ep pex ooo ucupe o6e o. Ha aax pax peoaa opa c ooa a a, ec, ay, oa, epce opa, a o paoe a oeco ex ya (py ).

Ceye ocoeo pex ooo cae cpo ux noaeu, a pao, e pea yx .

p ae opaa oyae opa y o, oopa oaae popeee oooo opaa: y o ooy-o, y o ooy-y, a poae opoy, opa oaae peocaee paa o ooy-opae, opoy o o-.

Bao oe, xo oo-o, oo-y oy ye, poa, o e oy ao oecpoa py pya. py coa, ec o-o oyae oo-o, o, o ap oo, o oe poa ae oo-.

Ta a pee oo poa a opaoax pax oox pax, cpoo e aoo ee yaa cyae Pacea aaa, eae pc eya o ee caappoa poa. o co oo opa o ea eo oyae, Pacea aaa aya pae ooo poao caapoo opaa. Ta opao, oyae ccea peo po ooa ae eao peyec: apapyec coa oc opaa eo coee, a ae ocyye eoxooc poepe acooo oe .

Cey pepe acca ooo cyae uaco pey eo eeeoo ucnoe: p oo c pe; yeo peya oo e pa; y (aoe oep ecpa) oo c pope (a. 7).

 

 

B ao ae e yaac yaaea oyaee poay pe, a yaaa ype co ooa, .e. paa ey ey ypco a eo coe. Oeo, ype coc a ooey pao ee oo-o o epo o a. 7, a oo-y o pee .

pee oo e oee xapaepc. O caappoa o cpoa ec (oo epe pexece epa). Cyecy ae opae o cpoa oae poaa ooo (oo aea peopa) a pax aco CBOE (Chicago Bjard Option Exchange), Aepaco AMEX (American Stock Exchange), aeco PHLX (Philadelphin Stock Exchange), Txooeaco PSE (Pacific Stock Exchange) ee c yace Kpoo aa aee pooooo cpo o ao cee, coaeo, pc o cee . Oo caappoa o a ex ya: oe (poce) a, pee ec ex ya ocyapa ocpaa aa. Ceoe e opec epe cpoae epa yo, e ey aepa coepac opy, e cooa a paax "Peepc" "Teepeepc" ece c oea ceo, eaa acoo pecce. eae peo po ooo oee .

Coepeo o exa ec y pooaox eo. O e aa eocpceo a pe, o ocya peo oopo ex ya.

pooauoa cea pa coo epey cpoy cey. o cpoo ce cya peo cey, a a pe cey a cpo c e oye ypcoo . opeo pooaoo ee oa y peoo poa cyae, ec poopyeoe eee ypca e cococ a cpoo e e pece p. Oao peo cey paccae, eo poo a eee ypca opaaec ae yye, oy ey eoxoo p yco e, .e. npooupoam. Ta opao, pooaoa ea aaec pe poo c e oye p oe ee cpoa poox pex cey o ooopy cpoo e, aeoy paee.

Cyecy e paoo pooaoo c penopm (copeeoe aae ooeco epaype "peo") enopm. paooc opeec ooee peoo poa ee: "" peoppy; "e" .

Popm npoooa cpa cea no npoae eo yau "npoeymoy" aey a apee yaa ooope cpo no ee e e ee opamoo yna upeuo oe moo cpoa. pe, aa o "a", peae peopy, oa poopye poc ypca, op pec p poee peo oepa, e . Ceoao, coee e a oe pey pee eex cpc a oay popeaex ex ya, oe aaa c o yeo ae po . E pe yp paoc coeo paca o oe ypca o ye pc, o aae pooaoy ey, . B cyae pe poae eee aoo-o epoa pee ocac e "a" oyae eo ya, e aa coex eox . Eo opae o pooaoo ee co ero ooop o cpoo ee a c cox acox pecypco, c pao poa ee ya o oee cooy ypcy.

a, oa cpo ooopa o cpoo ee ce, pe ye pe a oo pepa, op a pe a poe coac a o .

pe a oe pea ye o cpeca ey, pacac c opae pea "ee", ooy eo poe e oe e cpepooo.

Oepa peopa pea cxee 18.

puep. pe a ooop cpoo ce a oyy eo ya: a o ypcy e (ceoo ee) 80 e co cpoo coe 1.10.94 . Oao oey coe ooopa ce (1.10.94 .) ypc eo ya e occ occ ea. B eee opeeoo epoa pee, apep, eca (o pacy pea 1.11.94 .), ypc oe ye . o o aae ooop c ao a cpo o 1.11.94 . ( ppo), oop coaae y e a o 80 y opaea pea "e" poa pey o ee 85 , , , .

 

 

B e e oa pea? Ec ypc eo ya a 1.11.94 . occ e 85 , apep o 90, peya ce pea coca + 5 e; ec e 85 e, eo y coca pay ey eo oy a y aa 85 cyecy ypco (apep, 80) 5 . Ta opao, a e e ceax pco o oepa peopa, a a cpye ooope oyy poay a o cpoa ypca, ope ooceo oo, ecop a eee peo oyp, pe ea poa e e oy a ey, a pao, e e cpeeo ypo poea. Pc (opeo pc a pax "o" "ee") ee pe. B oe o epca, e pocxo epeoee pca a opaea, ooa, opaaeo paep pca pee, pooaoa cea e yeae pc pea.

oa yaaec, o pooaoa cea e paooc peoa o ao ex ya. Oao cyecye paa: o-epx, oeceee pa pae c cooyo ex yar, a paep pea coae cpee 60-70\% o x peao ypcoo . B pooaoo ee oaaec c co ex ya o acpoaoy ooope e peoy ypcy. Bo-px, p poa e epexoa paa coceoc o ao eo ya. B cyae e ocye epea paa coeoc a cocee ya (ea y-poa).

Ec y xepoa opae pca c oo e oepa peop e o, o y "eoopaoa epe" p oo oee eo oepa peop aoea. Oa oaae po, cxooec apaa eo yaco a opeeey ey o a yye, xo poo e ocoae a peax pacax (aa aeca eo ya, aa peo oyp).

pm - onepau, oopoma . Cooeceo ee peae pe, pa a oee, "ee"; oa ypc eo ya e oc oc eaeo, o paccae a aeee oee ypca.

Oepa eopa paccop cxee 19.

 

 

pe a ooop a poay eo ya, apep, a o ee 80 e co cpoo coe ce 1.10.94 . Oao oy coe ce ypc e oc oc eaeo, a ce e ae oaeoo acooo peyaa. Bece c e y pea ec yepeo, ypc o ey yacc oy ypcoy pay. C e o pea poo ey, a ooop c py o ("o", popo), oopoe oo poca ey ee ya a, poa x epoaao o oee cooy ypcy, e eoa ea opaoo ya x a peo. a, o aae ooop c ppo, ao a 1.11.94 . o oye y eo ex ya o ypcy 80 e opao poae ay o ypcy 75 . p aa, a epo cyae xpoa, + 5. Ec pace pea opaac, , y ee ya 30.10.94 . o eyey peoy ypcy, apep 70 e, o ocyec oay x ex ya o ypcy 75 e, acpoaoy ooope eopo e.

Ta opao, xo cea pc o ee, pc "a" "ee", ece pe, o e pe eae e " oyxa", e aacpy co peae a, a coy eaepae a aee peo oyp. cooae aex cpc (peop) aex ex ya (eop) ya pea e .

 


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