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14.3. ehoopae aktop pebx oohob

aop, opeee cooc ooa, e o- o aopo, x a cooc epcoo opaa, ocoy exa oooo eoopaoa e coc exay eoopa-oa, eaeo ocoe aa.

eoopaye aop ooa:

ea aa a eco pe;

ea coe ooa;

cpo ec ooa (pe);

 

 

poea caa (eec y epcoa poea caa, apep, epoaccx aax o ocoa);

eoc (oeeoc) e aa, eaeo ocoe ooa,

oe ecoo pa ooa ee opeeeoe oe o cpae c epc . o ooe epcoy py ec po o po, e coepac ce c ao eee 1-2 paox e. Tao po ee aa po, e coepac ce a a pace (-po) a ece (co-po). (Tep a pace oaae e oaeo pace a ea, a o eee pace ao eao opax.)

o ooe oooy py ec po caec o po, e pocxo y-poaa aa, eaeo ocoe ooa. ooy aocyae ec po oe a o po y-poa, apep ex ya (oo po), a epc po, ec ocoe ooa e epc opa. B ocee cyae po ooo ec ye e opa acpoa a ec po, a pe, eo pe a.

Coc ooa caaec yx ace: ypee cooc ooa peeo . Oo, e ype cooc, aaec eax, ec o ee e ee, e ee. Oo, ea coe opoo a poo ee, aaec p cox eax.

Bype cooc o cya, oopa a oyea a oo, ec o aepac ceo. Bype cooc opeeec coooee ey eo coe poo eo aa, eaeo ocoe ooa.

Bype cooc ooa o a ea, a oopy ea aa peae ey coe ooa.

Bype cooc 뻠 = .

Bype cooc ooa y o ea, a oopy ea coe ooa peae ey aa.

Bype cooc = coe ooa ea aa.

oyae ooa peoe peaoa oo e ee, a a cyae o cea oe ocooac oee oo eo aa. Ceoaeo, ype cooc e oe eue y (a, 14.9).

Bpeea cooc ooa a paa ey eo ooa (pee) eo ypee cooc. Ec ea coe ooa aoa, o oo e ee ypee cooc, o o oaae, o pe o .

Bpeea cooc ooa e oe, e ee cpo eo cyecoa, ocoy c yeee pee pc . Bpeea cooc ooa c o e e ece coe e oue, e e eo ea coe ee a eco pe, a a o cyae paoepoo, o oce oe occ oc o ooe ee coe. Bpeea cooc ooa aae e cpee, e e acyee cpoa eo coe. Ta opao, oyae ooa c a e pe ae ooa cpoa eo ec cooc ooa caec a ce eo peeo cocae, o e pe cya poaa ooa caoc ce aopee, a a oo eeee, o, poa eo epoaao a oy ey, c pee ooa cpoa eo ec oe ce oee oo eo y, o ye o oee o ee e ca oy ceyy p.

Cee oooo ee pax oea e aa, eaeo ocoe ooa, yeae pc poaa ooa, peyeo a o, ececeo, yee pe. Ec oeeoc e aa caec, o pe o ooa a oyy poay e yeaec. B opax ycox opo ooa poopy cee oeeoc aa a ocoe o, ao oa a y eo .

Be ee poeo ca a cooc ooa e ee ooaoo apae. Ec pe e o ooe a oyy, o yeee poeo ca oo ec aopo yee pe, a ooa a poay aopo yee ee. Ocee aoo ye o aeeo aaa.

Haoee oe opyo pacea cooc ooa o ec aea opya a-oya pacea cooc ooa o, oopa a papaoaa 1973 . aepac poeccopa epo o apoo oyo. a opya ooe pacca eopeecy pe ooa o cyax, oa ea aa yye oe e oeco ae (oee e a) ac x oe e e coe ooa, .e. oo oe oaac e ee. B yopeex a coax opya ee ao :

C = . (d1) : (l+) . (d2),

e C cooc ooa o a a oe;

eya ea aa;

ea coe ooa;

epcoa poea caa;

T peeo epa;

(d1) (d2) epooc, opeeee o ae ae pa opaoo pacpeee epooce.

;

,

e cpe ypoe oeeoc e aa, eaeo ocoe ooa, a poeyo pee T;

L (: ) aypa oap acoo o ee eye e aa a ey coe ooa,

B eo e cex aopo a ooy pe acoc o a ooa peeo a. 14.10. ec oaao apaee cex eoopayx pe ooa aopo aepacoo a ooo.

B eo ceye oe, o eoopaoae ooo ee pc pae epooc xapaep.

KEBE COBA

ouo: o u y

KOHTPOHE BOPOC

1. ae opeeee ooy.

2. e oaec oo y o ooa o?

3. e oaec oo o epca?

4. ae xapaepcy o ooa.

5. epece peyeca .

6. B e coco ace ooe cpae:

poce;

pye?

7. Ka oo paec opa ooe cpae?

8. Ka oppyec ea a pee oo?

 

TOBAPHE P CA KAHA

Aepace oape p peca coo ace opaa, ypeee pyooe ea p, oop oy e pece a (poepce p, a, ecoe o-a p.) oee paae.

Oo aoee cyecex xapaepx ep aepacx p ec aeo oee, e e-o ee, co oapo, oxaex cpo cea. Tax oapo ooo 40, pe x co eec: opeeee pee epeca oea cpox ceo oopeeo opac cpoe opa a oe oap.

B CA oceee pe aaec ee oepa oopoo a pax, ex aoy oc. B peyae ae p paac aoee ao, a eee ae ypaa coe aee cpox ex oopoax.

Koepa oopoo ec cece ocpo oype ey pa a yaco ceo.

o o oapa oype ey pa epc eee eoo pee. Coxpae oex ceo a pax pax cococye opeeea epea apo, poa y, o oype e oc poo xapaepa. Xopo pep oy aepac po e.

Cpoe ce a ey peayc CA a epex pax. Ha oce p ee ceo c 5000 yee, a cee id-Aeica Couodity Exchage, e 1 paa 1000 yee, aoap ey a pa peaea eo c ee oyaeo cocooc c e oooc peoe. Ha ao pe opy ecoo o py o pya copa epa, xo copa oy aee o copo, opeee o cex cpox opaax. Cey aopo, oca oype oo paac ce epe pa e, ec x eopa-eca . Ee o cocoo coxpae ooceo cx pox o oyppyx p ec ecoaee cpoo, ope oe pocxo oee ceo.

Cpec yce cox o, oe aepace p pepa oceee pe eoope a ooeppoa, o yye oe pec c p. Haoee eo aa ee poceaec a -opcx pax. Hapep, H-opca Koepeca pa (YEX) aa coaee c H-opco pe xoa (YCE), a ocoa oopoo e YEX oy opoa poao a YCE, a e YCE aa eeee ce a apoe a YEX.

(CHICAGO BOAD OF TADE)

Tpaoo ao oc oco eco, ya eo ceac epep Cpeeo aaa poa ypoa epox.

aca Topoa pa (T), ocoaa 1848 pyo 82 pepx opoe epo, capea oa pyex pe p epco opo.

B pycco e cpeaec pyoe aae Chicago Boad of Tade (CBT) aca Topoa aaa, cooecyee ee ocooy epeoy c acoo a.

aca Topoa pa (T) ec po ooo epcx opao a cecoxocey poy, ea acoe cpeca. Oao peee oe epoo epcoo opaa caec 1865 ., oa aca Topoa pa pepa co ep caopeypy a o yopoe opo epo paoe epce opa a epoe.

eeoc T co peee eac: epe cop epcx p a e opaoa ooee eepe ce, .e. pacpe acoe oca pex oepa c pa cpa aeo Bocoa; op oop A, o ox pyx cpaax. Bce ec yya eoc ao p pecaee eooo pa pax cpa.

Kpoe epco opo ee, coe oa, yypyo, oco, coe aco coeo yo, cepepo, ooo, T ec eco opo oocpo e yaa paeca CA (o-a, oa p.), aoc eoa, oeo, eca ypco a ya oa.

acoa coepe ceo a pe oy y cape 21 oa, c xopoe peyae o pe ee e o peoea yx pyx eo p. B eee 30 e oce coeo pa o e p oe y coe eco ec cye oc acy accoa po.

ea p c oee a, xo p oy apecppoa coepe ceo epe eo p. Hapep, pa oe coepa ce o coeo e, ec a pyooe -c ea p apecppoa o e o p.

B acoc o aeop eca e p oe opoa ce oe a oapo. Cooeceo oy eca a pe paac o cooc oecy ooco. Ka pao, ooe ec-o, ooee ocyec oepa a cex ax p, opoe ee oee oeco ooco o cpae c eco c opae pocpaco ec. Ocoe aeop eca a pe ceye:

FULL, A, GI, CO, IDE CCE. paeoc o o aeop eca oo opee o oo ae, ppeex a pao a ea p o pe opo.

eeoc T opopyec peypyec aco accoae opo, papaaae paa yco opo a pe. Accoa ocyece co eeoc o pyooco Coea pe-opo p, cocoeo 24 eo.

B opoo ae p a pao e coepe ceo copac ecoo coe eo p. epca opo pocxo a aaex ax, oeex oex oapo. Haoee ae oee opo co-oa, ee, yypyo, oco, coe aco yo. Kaa a cep cyee, cycaxc o ypo opooo aa. Bepx cyea aaec cya p, oaoc opx xo ce a eee e a pe epeaa cee ep opoo, cooa ae a pe. C oee o eca oca oapo opo pacoaac a x cyeax, a c epxx, e eeoa.

peoe a pe coepac eoo pa (ope outcy), copooac oae cao pya. Ce, aee ax, o cepe copoa eee 15 .

KACKA KOEPECKA PA (CCAGO ECATILE EXCHAGE)

oo ocoa aco Koepeco p (K) caec 1874 ., oa pya epo cecoxoceoo po opaoa acy poyoy py a opaoa po aca, pyx poy.

B 1898 epo, ceapyxc a opoe co aco a, e o py coa oe ac Coe o acy a.

B oeo oe pa aaa opoa c paoopao poye, o 1919 a peopaoaa epeeoaa acy Koepecy py.

B acoee pe a aco Koepeco pe ocyecec opo:

1) epc opaa ox cecoxocex oapo (poa co, c, ca pya p.);

2) e yaa (epce opa a 90-ee oa eepaoo aaeca CA pexece eo epooapo);

3) epca a ocpay ay (ace y, aace oap, payce pa, epace ap, oce e p.). B 1972 o opaoao ceaoe oeee p eyapo Ba Po (Iteatioal oetay aket);

4) eca pex ypco 500 a Stadad ad Poo's (S&P-500) oeee p Po eco Ooo (Idex ad Optio aket) o opo 1982 .

Pyoo opa p Coe peopo, coco 25 eoe pae ea p.

Bce e K e cooecye a pa, ooe opee, o x oaae e o oy opoa. eco a pe ae ceye paa: yac pax eeoc pax oe p, oocoa a copax, pocya ypco oe aa, peocae opa a pae e p.

Ha K 2724 ea cyecye pexypoeoe eco:

ooe eco (pao opoa ce opaa, yoy paax p);

eco ceope eyapooo Baoo Pa (pao opo a epc opaa);

eco ceope Pa eco Ooo (pao opo epc opaa a ec a 500 pyex oa pa ooa ).

aee epcx ceo eec ceax ecax oepaooo aa ax. Kaa x ec a oee ee cee, paaec o eca opax ocao. Haouee pocpaco aae cee eyeo eca (lead), aeo cee cpoa, a pe oopoo pxoc aoee ae op.

Ka pao, oepaoo ae K o pe peo cecc axoc 3-4 -10. eoe (poep, peep, pacce, pee peopep aae).

a ocoo ee opeee poa a a pe. Hapep, ae pacx ao oopae e p, oyx pee peopep, eex ep, aaec ypeypoae .

Kaeapa aa eyee pe ceac a epoo ao. Kae oaca paaec yoo ca ooo payoo epaa, paax opoo yy aac . Haaee ao ao cce oo oo opeee pee coepe ceo cyae ooe ax-o apye.

poecc oe opye a pe aae ooo 2-3 :

opyee ocyae oepao a p;

pacc oo ocaec cooecy yaco opoo ;

peo poep pae a ce oeceoc a oee opye oepae cpo, ey paep opaa;

peo peopep pecppye ey oa oepy ccey cooe ypco K;

e oyae oepee coe coeo opye.

CPEHEAEPKAHCKA TOBAPHA PA (ID-AEICA COODITY EXCHAGE)

Tpe pya, xo eua o cpae c y pey, aca pa id-Aeica Coodity Exchage, o opo o epcx oopoax CA cocae ooo 2\%.

pa a ocoaa 1868 apecppoaa a ac Op .

B 1986 . aca Topoa pa oeac co Cpeeaepaco Toapo pe. x oe oa epcoa. Ha Cpeeaepaco Toapo pe ocyecec epca peaa opo ee, yypyo, oco, coe, pco, papoa caxapo, oo, py poa coo co, cepepo, ooo, aa aco cpyea.

epce ce aac ao ae a pcoo xooo pe (Chicago ice ad Cotto Exchage), o aca x ceo a ee (0,1\% oeo ca epcx ceo CA). aa pa, poo Toapa pa Hooo Opeaa, 1983 . epeecac ao aece aa Cpeeaepaco Toapo p.

Xo ao ec ae epo epcx ceo CA ocaoo xopoo aaec ee pacpe eyapox ceo a pax o opoa, oao epce p H-opa pa oy po eyapoo opoe.

H-OPKCKA TOBAPHA PA (COODITY EXCHAGE IC, (COEX))

COEX a opaoaa 1933 . H-ope ye c 4 eoux p, eyx opo ypa, oa, eo-cpo, ayyo eaa.

COEX pyea pe pa o cea c paoe eaa, ec caoypaeo, caopeypyeo aco opaae, yopye o aee paeca.

Acpaoe pyooco pe ocyece pae ee ea Coe peopo, coca oopoo xo 25 eoe, pecax 4 aeop eo: opoe pea oapo, poepo peo oe, occoe oa (oco ocpeo o epco opoe) . epe p py e o ce ec, eepa p. Kpoe oo, caocoeo paec peceae Coea peopo.

COEX pa eao, a e ocyecc epce ce: c ooo, cepepo, e, ae, a ae a e coepac ce c aaec ece (T-bills) oo pacca (T-otes).

- (EW-YOK EKATILE EXCHAGE (YEX))

 

YEX ec pyee ao paaec pe H-ope. Oa a ocoaa 1872 . a po aca, cpa , oy epe 10 e coe eee aae.

Beee oe 70-x oo aeo ce epcx opao a cpy e pye epooce peo ypoy pa p.

Ha YEX peea epco peao opo c aa, aa, cepepe oe, apoe, e, eoe oo, poa ecco e.

aa pa oepa co eyy po o epcx ceax c oce ep, o cao c pacpee epcx oopoo c e eepoya.

H-OPKCKA PA KOE, CAXAPA KAKAO (EW-YOK COFFEE, SUGE AD COCOA EXCHAGE (CSCE))

Ocoaa 1882 . pyo poe oe epoaao eca a pa oe, 1916 . oa caa eoac pe oe, caxapa aao.

Ha e ocyecec opo aao-oa, oe, caxapo-cpo, papoa caxapo.

H-OPKCKA PA 0 XOK TPCOB (EW-YOK COTTO, CITUS AD PETOLEU EXCHAGE IC, (YCE))

YCE a opaoaa 1870 . 106 opoa xoa. B 1966 . a pe opaoa a o pyco (Citus Associates of the ew- Yok Cotto Exchage Ic.), oopo eec epca opo aopo-e oepao aecooo coa.

B paax p ecye epc po, opaoa Petoleu Associates of ew-Yok Cotto Exchage Ic., oeo ceo a oopo ec poa.

B 1985 , coa a p o e yaa aopa a epee acox epcx opao ooo.

Kpoe epecex oapo a pyex pax H-opa opy ae oe, ayyo, po yo, epc pace aca. Xapaepo epo x p ec o, o a x coepac appae ce ey -opc epoec, ocoeo ooc, pa, o ec paee oe ee pa opaaox ce ey pa pax cpa, yopy pax peex ocax, c e pacpe epcoo pa eyapoo acae.

oo epecex, CA yopye p pyx oapx p, cpe oopx aoee aee e epoe p:

Kaac-C (Kasas City Boad of Tade), a oopo poe e, ec a oeo oopoa, coepac ae epce ce a acoe cpye;

eaoce (ieapolis Gai Exchage), e eec opo ee cpoa c co coepae yypyo pyo;

Hoo Opeae, a oopo pooc epce oepa c cp oe pco, xoo, a ae coe epo.

Cpe oapx p Kaa eoxoo pee ceo yoy Wiipeg Coodity Exchage, a opo aac peae epce ce a ey, e, oec, po, pac, ceea a, a ae ooo ( 1972 . o a pyea pa pe, ocyeca epce ce a ooo), a ocee o ee aaece o. Ha aacx pax ece epce oepa poo p CA.

 

oo eee coe ocaec a po aco epo, e pacooe oocee p ycy, ae, a a, cpaxoe oa, ceoe paxoe ypee, o o oo oeae opaa eyapooo oopoa.

Bo pe opo poo o o apo oco oocx oapx p, oope oce ooa o aa oceeo ooo co eeoc. Ho c co ae aee ooeco po Beopa pe, ooec pyoc o cpa, cee ae paco a poo ao ccee, a ae o e pyx aopo, po oecyx a pey opo, ac apx p Beopa epeae acoee pe pc, paac copae oopoo ooceo ocae o pacx p o cpae c aepac.

OHOHCKA EPCHA OOHHA PA (THE LODO ITEATIOAL FIACIAL FUTUES & OPTIOS EXCHAGE)

K pa pooo ae oocc ooca epca Ooa pa, oya coe eee aae cepe 1982 , (paee oa aaac ooco Toapo pe).

peeo oopoa a o pe c cecoxocee poy. oxo aoo oapa coco ae peaa ceo opeee paax opeoo oee. ooy o e-c a oee opae p.

Oeo coepe ceo a peao epco pe c ceye oap:

oe oopo, opaoa Coffee Teial aket Associatio (pee opo ec a opao Poyca);

aao p opo opeee Lodo Cocoa Teial aket;

e caxap caxap-cpe-oopo ocyecec o o Uited Teial aket Associatio;

ayy p po opeee Lodo ubbe Teial aket Associatio;

ape po opaoa The Lodo Potato Futues Associatio;

ceea acx yyp aca (coeoe, oocooe, pacooe, ocoeoe, oe apaxcooe) a po opaoa Lodo Vegetable Oil aket Associatio;

coea ep p opo opeee Soya Bea eal Fues Associatio.

Ce c epece oapa aac xoe ypex oceoeex cecc, o ae oooc poo oepa o pe yopoa acx -opcx p, o ce o ap-pa cea.

ooca pa a epo Epoe, aaa c 1987 peee epoo cce p coepe oepecx oepa.

C 1990 . a pe op po o epc cea a ceec oap ec ex eao c paceo a, opaa oee ee e a x. ec cocaec ec ex eao (a, , ce, e, e, ooo), opo oop eec a ooco pe eao.

oo ec ae a epo opo epo, ocoeo ee ee. Peae epce ce aac a pax, opeeex Oeee Topo epo Kopa (Gai ad Feed Tade Associatio GAFTA).

B ooe axoc a epa peo opo epo. o p ap e ).

pa ap e, a oopo poaec ocoo epo ecoo pooca, a opaoaa 1928 . Oa xapaepyec cpaeo eo oeo opo epo.

Kpyea pe oapo-paxoa pa aca pa ooe (The Baltic Exchage), opaoaa 1903 . opo co cpaa acoo op.

Cpe cp paceoo ooo pocxoe, eoc oeo peoo oopoa ooe, ceye ae yoy epc (opo opaoaa Lodo ad ew Zealad Futues Associatio), ppa, opy, yooe caoe ooo, py yy eo (The Lodo eat Futues Associatio).

OHOHCKA PA ETAOB (THE LODO ETAL EXCHAGE)

ooca pa eao a opaoaa 1882 . oae etal aket & Exchage Co.Ltd.

B epo epo poo o pa e paoaa. Ee eeoc a oooea eape 1918 .

Bo pe opo poo o pa eecoaa o aaa yopoa 1945 cooec c papeee paeca A.

The Lodo etal Exchage ec paoo ey pe opa po ex eao, cyae apoepo e poo opoe e eaa, coyec xepoa, papaaae caape yco pex opao.

Oeo oopoa a o pe c: e, a, , ce, ooo (o 1985 .), e cepepo. ec aac a epce, a peae ce, pe o opx ec eceo coo. aey ac oopoo coca ce apax opaeo, o ce aaoepoecx, aepacx ocx, a a-e ocooepoecx ( acoc, oco CIE Ipexetal). Eeee opo x eao a pe (o pae epe oco x) c o aex oeo poo e, po eyapox oopoax.

e ooco p eao ec a e aeop: yae e p (pa), ee pao aa ce a pe o coeo e, e-pecae (yoooee), aa-e ce a pe o e p oa, pecae .

Heoa pya yax eo axoc pepoao ooe, a a papeac aa ce eocpeceo oe (a co ce, oee aao epepoax eo p pex a oaaee). o a aaee pepoae e p.

Hepepoa ea p papeaec pcycoa p coepe ce aa opye poepa aoee o oe.

pee cecc poxo oo ae, epe oopoo pacooe ca, peaaee eo p. o ec p peoe oo, e aac ce.

Ce a pe aac epo pex cecc, oope pocxo a paa e (poe cyo, ocpece pax e).

Ka eao ec py oeo, opeeeo oceoaeoc, a paa o y (cee cocae e, opo oopo eec y pa caapa) o pe ypee o-ao cecc, oce oopo oaaec oaa opoa, aaac 11.50 aaaac 13.05. oceoeea cecc e aaec 15.20 aaaec 16.35.

oce ypee eo cecc c papee peoo oea pooc eoa op, a aae ep (Keb), oa ey ea peoo oa aac eoae ce, oo-e o oe aa. o op pocxo cpay e o ce eaa a paa poe a o pee e opaaec.

oo ec ae epo epcoo peaoo oopoa ooa, peayeoo Lodo Gold Futues aket. o ypeee opaoao ooc poepc pa e acpyec, a ae o-oco pe . Ce aac po oo p ey 8.30 19.30,pe e ycaaac ey l0.30 15.00. ooc po ooa ycyae o ecoc aepac pa.

Oo oox oocx p ec coaa 1980 . Iteatioal Petoleu Exchage ofLodo, a opo oeo epcx ceo c e, ay eoe oo. Oao aoc p ee, e cooecyx aepacx p, ocoeo YEX.

Kpoe ooa Beopa cyecy pye oape p, ocoo ecoo ae, cpe oopx ao ec eyapooe e ee po xoa epye.

 

B oeao ac Epo aoy po pa p o pa, Hepaax, e epa, xo oco x oc oa xapaep.

Cpe paycx p p ce oeao Epo aoee aee ee apca pa Pais Bouse de Coece, a opo ocyecec opo papoa caxapo, oe epax (oe Poyca) aao-oa, a ae ox paepax coeo ep. o ecea pe pa papoaoo caxapa eyapooo acaa, ooy oa pae xeepo paec co ceo pa a o caxapa.

Xo apca pa e pae po epa epcx ceo, o ocee o aee poc ee ae eyapoo opoe. Ka paycoe paeco, a xocee py aepecoa pa peo opo, coa pooeca ao-cacoc pa. o ao coe opaee ycoepecoa cce pex paceo, opaa occ, opopye yo-poae apcx opax po.

B Hepaax a pax Acepae a acoee pe ec epc po apoe (c 1958 .), a ae oo pyoo poaoo coa, pe opo eec a pax ove-the-coute, .e. c oo eeoa eeca, o, o e ceaco, opaae cepy pa. eac aca epcx ceo c a, eo, aao-oa (aao ec oeo opo a cea-o pe Stichtig Cocateijaket), ooc pepaea epca opo co.

Ha opaoao Acepae 1978 , Euopeai Optios Exchage aac ooe ce a ooo (c 1980 .) a cepepo (c 1983 .).

B Aepee, e, oeo epcx ce ec epc; a axoc 4 ( 13 pe) p . Ce a x aa-c a pax ove-the-coute, cyecea ac ooopo ocyaec aepcx po.

p epa, apep epoe p opye, ycype, paype, ccee, xooa peee e oa xapaep. oea epo epco opo ec ayp. Ha ayp-co pe opyc e co a pac epaoaepac oe Poycy.

BAHEE TOBAPHE P B OCTAHX CTPAHAX

B Acpa aoee ao ec pa Sydey Futues Exchage (o eaeo pee Sydey Geasy Wool Futues Exchage). a oeo oopoa ( ce epcoo) ec eoea . Oe peo appa pooc ec c ooo H-opo, Acpace opo, a ae oeecee apyee po-oe, oopx epc ec cpe, aa a o pe ce c e xepoa. Ha o pe pooc ae epce oepa co coo, oope a, ooo, cepepo, a ae ocee o aco . B 1985 . ee ooe ce a ooo cepepo.

B o ecye oeco p ecoo ae. Appa ocyecec ooe ax oapo, a caxap, ceea co epc, xc oeo eyapoo opo. aac ae -epce ce c oa, cop xoo, xooo pe, apoe paxao, cp cycce eo, apo, caxapo ceo, ayyo paxao. Opeeeoe eyapooe aee ee epc po ooa a pe Too.

a aa ec pye pe pooee ooa ae ocao aypaoo ayya. ooy ec coc a po peax epcx ceo a ooo ae. Ha pe Kyaa-yyp (K.L. Coodity Exchage) poo ae epce oepa c ayyo ao aco,

Cayp poo epce ce a ayy. ae ap-pa c ayyo ooo ocyecec ey ooo pa aa Caype. oppoae e eepa peyeo a pax aa Caypa oaae e a cya a oocx pax ceyeo .

ocaxc p eoxoo yoy py Ca-ayy pa, a oopo eyc epce oepa c oe, coo, coe epo, a ae ooo, Coepaa c e pa Po-e-aepo ocyece acoee pe oo epce ce c ooo, xo apyec eee epcx ceo a aao oe,

OHOBE P Coeuee a Aepuu

pea ccea Coeex ao ec pyee cao paeeo pe. Capee oox p a eppop CA ec aeca, ecya (xo aa epo c e-pepa) c 1754 .

B oe XVIII aae XIX . CA aac epo oppoa poax p, cyx po yca ex ya ecx oa.

oce o CA yepac oe peoax p (egioal exchages), ocyax ee peo aoa oo po. aeca pa ooa p aopa Baoa, cece eo caa pee o paepy pe ocooo oepe CA. B 1949 . a opaoaa pa Cpeeo aaa a ce oee paee caocoex p eaoca, Kea, Ce-oa, Ce-yca Hooo Opeaa. B oe 50-x oo peyae oee p Ca-paco oc-Aeeca oac Txooeaca ooa pa. Kpoe oo, peoae ooe p, ooae oep-a oy oc aoaoo oooo pa, ecy oc-oe, Coae, Co-e-c .

epoaao peoae p c a pa e-x ya, ycaex e oa, pa po cooaex po a pyx oa, opyxc a H-opco Aepaco oox pax. Ho o po peoae p e 1971 peyae ooe cce HAAK, cocae ocoy aepacoo epeoo oopoa.

Coae HAAK (ASDAQ) Aoapoaa ccea opo aoao accoa oox epo aeo ypoco oeo aee epex ceo. aoap oepo exe cao oo cpoe ycaoee oao ey ceapyc a opoe e yaa pa, a ae aepecoa aa.

ep ypoe cce copae opo cex yaco pa, opo e cy pee ceo pa, poeyecoao aac opoe e yaa, a ae py aa. Haae o a oopax oo eeeo oy ae o pax opoax. Tpe ypoe oeae eeoc poeccoax ocpeo, .e. ooe o opo ccey.

Topoe ccee HAAK poeccoao aac ooo 400 p, a poa cooc a, xc peeo o opo, peae 200 p o.

Kpoe HAAK epeo po ae a aaee pik sheets aket (pooe c) pae cce opo, papaoae ec cya Istiet, Lattice, Cato Fitzgeald p. B 90-e o ae cce oaa opoe e poca oopoa, xo eo x o oe oee opo e a ea o cpae c HAAK.

Oco eo peo ccee CA ec H-opca ooa pa (ew-Yok Stock Exchage). Oa ee co cop c 1792 ., oa 24 poepa oca epoe poepcoe coaee e ca- coa ep opaoa po ex ya H-ope. B ape 1817 , papaoa yca p, o ope opaa ec opopae, axoec coceoc ee eo, coppoa Coe peopo p ycaoe peype ac ee pao.

B 1863 , pa cea coe aae a ew-Yok Stock Exchage.

H-opca ooa pa e ec ocyapce ypeee, oae. C 1972 , pa eoepeca opopa, oea oee 1300 eo. ea p oy oo -ece a (idividuals), o ec e p coaee p, c pa caec eo p.

eca (seats) a pe poac a, oea cpoo opeee opa peoa. pepo 1/3 ec a pe apeoaa. B eo oe eo p xapaepyec caoc, o cococye cooy caycy p a ooo apx cyo CA.

H-opca ooa pa ypaec pae Coeo ypax (Boad ofGoveos). o 1972 . Coe coco 33 ypax, oce peopaa 21:10 pecaee p (exchage ebes), 10 eacx pecaee (puic) peceae, oocyeo cyae, oa ooca pacpeec opoy.

Ha pe opaac ee ya, oeae py peoa (listig eguieets). Tpeoa ca a H-opco ooo pe cac o cax ecx pe:

oa oa e e oee 2000 aoepo 1 a opae;

poa cooc paeex a oa e eee 16 o. CA;

p oa o a aoo (pe-tax eaigs) a oce aco o oa coca e eee 2,5 o. CA a a yx peecyx e eee 2 o. CA.

Ha H-opco ooo pe paa ceye aeop eo:

1) poep occox oo (coissio house bokes).

e p e e paa ec oepa a co ce oo oca opye e oepao a (floo) a aae ceaca.

2) Ceac (specialists).

ae e ocyec oepa oepaoo ae, ecy oopeeo aece epo (deales) aece aeo (okes), .e., c oo copo, o ecy a co coce ce o ye-poae ex ya, a c pyo c poepa poepo. Oa ax x y oecea c a cyae oa , .

3) poep opooo aa yxoapoe poep (floo bokes o Two Dolla Bokes).

o e p, oe opye pyx poepo, ec e cy ax-o p e oy o pa coeo ea. Oo o a occoe a ay cey (paee x caa cocaa 2 o. a o o, oya oo x apooe aae).

4) pee aep apecppoae aep (copetitive tades o egisteed tades).

aa pya eo p ocyece oepa a co ce oe opye, oopx oa ee o yac.

5) Oaoe poep (bod bokes, bod ebes), e p aa ce ceo c oa.

6) Accopoae e (allied ebes).

K oocc a, oycaec oepao a p, o e ee paa coepa ce (peopa, ypae pye pecae p eo p).

Topo a ooo pe coeopa oo ayo. e peaac pacea a oy a, o aco oepaoo ee -ec o o 100 a,

o ce ce ocyecc a a pace. Oao o e eae poo oepa e op a ce cooa pea. Ce c pe a H-opco ooo pe eca cpo -o coca eee 1\% ceo oopoa a o Cp.

Ocoeoc aepaco p ec pae coepeco-ae cce epea aao opa. oco poepcx p p e a cox pecaee a pae, oece-a e ca oepaoc oe aao eo.

Bopo o ee pe H-ope CA ec Aepaca ooa pa (Aeica Stock Exchage), aec coppoaac 1921 ., oao o aae copeey cpyypy popea 1945 .

Aepaca ooa pa pee e co cepee peoa cae c oyco ex ya pecpa a pe, a a H-opco ooo pe, ooy oa ec epa p-o ex ya oee ex pep. Kpoe oo, oa oe-ppye oopo ocpa e yaa, e opx e oy e xo o peoa H-opco ooo p.

aaa Epoa

K xapaep epa oox p aao Epo oo oec x paooc oooc. oceee, oao, coae cepey poey oopa x eeoc, eo ooy opoc ceo poe coa yepcao oeepoeco p. oa poecc ya pex oepa Epoe e eeo oeeo.

Epoece cce, oe o ceepoaepacx, e a cce a aaex ceaco, ooopyx oepa c e yaa opeo oa. B Epoe coyc pye oe peoo pa paoa ayoa oeao Epoe epca Beopa.

ae ecye a a pe epo oe ocpe oppy ee e, o op eee oe peaoaa ocoa acca ceax aao.

Cy epco oe: poaa oya ee ya opeo oa a co cpeca oy ecoo oyppyx epo. Cooeceo ypc ex ya oy oeac eee .

Ee oa ocoeoc epoecx p x oa a epa-oaa pa ex ya a poecc e o y apae: ye poa ec a epoecx pax ocpa poepc pa ye ece cco apecppoax a pe pep ocpax oa.

o oe ec, peocaex a pax ocpa pa, cao epaoao ocaec capea pe Acepaca ooa pa. Ho o oecy oepa c a ocpax oa oa aeo ycyae po. ooy po acooo epa pa epea ooy, eyey ceo opy a y po c epoec po pe pa.

Au

Xapaepo epo paco cce oox p ec ee coa cee . B Beopa yopy 22 p, pacooee ooe, Aepe, eace, pee, pcoe, ype, ao, epye, aecepe pyx opoax. Kaa x p ee co yca, cco apecppoax . Heoope x coy ccey accecoo ayoa, a e epc po a a epao pe ooe.

26 apa 1973 ec peoax oox p ooa pa ooe, aaa coe cyecoae ee XVII ., oec oy oy py The Stock Exchage ofGeat Bitai ad Ielad c oepao aa ooe, pee, ye, ao, epye aecepe. e p ec a e aeop poepo opo, a oopx o cya oo coe po.

poep ae, ecye o e , e xc ea p. x aae o oee opye a poay oyy ex ya, a o o oya occoe.

oep oya poaa ee ya a coce ce, aa ce oo c poepa c py oepa (sigle capacity syste),

aa ccea po, yopoaa, o cyecy, eeo e c 1911 ., oepac aeo epecpoe 1986 . Peopa pacoo peoo paa oea a coo pye ee a ooo pe, oye aae Big Bag, oo p, Peya x peoox epee oea cpoax occox o cea c e yaa a ooo pe, oea ee eo p a poepo oepo. p e p ca yacoa opoe e yaa oo po: a oyae, a poae ee ya a yo coce ce (dual capacity syste).

C op 1986 . ooca ooa pa o ope ec aco oae (pivate liited copay). Paee e oa a accoae.

Cepee ee poo eax opo e yaa. Beee oo opaoo cce pex opoo The Stock Exchage Autoated Quotatios (SEAQ) oeo a coo epeoc po c apea p a pa oopo paec a cex acx pax p.

B 1986 p ao o acox ycyax, oe eccope peyeca cce caopeypoa, ae, a cpoa oc ec c paoo a yax ecopo. B c c ooca ooa pa aa coaee c The Iteatioal Secuities egulatoy Ogaizatio o ocoax coa coeco caopeypye opaa, a ae coeco pao ecoo p (JE). B peyae ooe oa pa -The Iteatioal Stock Exchage of the Uited Kigdo ad the epublic of Ielad Liited.

e ooco eyapoo ooo p e a 4 py:

poepco-epce p (boke-deales), ocoa y oopx coee opye ecopo a y-poay ex ya, xo o coepa ce a coce ce;

ape-ep (aket-akes) e p, opye opeeee ee ya eee paoeo ;

poep epo (ite deale bokes) cya ocpea ey ape-eepa o a;

eee poep ooo p (stock exchage oey bokes), ee pao peoca a py ea p eee cpeca ee ya.

Ha ao pe opo ocyecec a epex pax:

ypex a;

ocpax a;

pacx paecex oa, a ae ypex oc-pax ya c cpoa poeo;

poax .

Po vpex a (The Doestic Equity aket) eo ec a p ceea.

ep cee po ypex a, oyex oao opoe, acoc o aoc pex oopoo ec a p py: aa, ea aa.

pya aa - a, ec oeo cao oeo opo a pe, ce c oop pecppyc oc y-o eee 5 epe pey ccey eoeca (TOPIC).

pya ea - a aoo peoo oopoa, opa o aex ceax c oop e aec eeeo.

pya aa - a, oope c oeo aeee o-eo peo opo.

Bopo cee pa ypex a cocae po ex y-a, e oyex oao poe (The Ulisted Secuities aket). Oao a ao pe pocxo oopo a ex oa, oope ocyec co eeoc o pae epe eee pex e e l0\%-oe yace oeceoc oce a a.

Tpeu cee pa ypex a coa oo, o a oooc e oa, e oea yco oyca l- 2- cee pa, oy ocy peypyeoy py ex ya

Bo cex ceeax pa ypex a poo peec op-aoa ccea o pex opoax SEAQ. Ha pe e eyapox a (The Iteatioal Equities aket) ycy peoca c oo pyo opaoo cce p SEAQ ITEATIOAL.

Tpe cee ooo p The Gilt-Edged aket oxaae oopo pac paece oa, a ae oopo py e yaa c cpoa poeo, ye p-ac ocpa pep. a po ae oooc paecy opopoa poee ca eey accy a pe. o po peypyec a ao A, a cao pe.

oce po p po poax ooo (The Taded Optios aket) oeppye opo oo opaa a a pacx paycx pep, paecee oa, a p. B oe o pyx acx po The Iteaatioal Stock Exchage, opo a ao pe pocxo oepaoo ae p, a peoe o ye poae oaac ooco (ope OUTCRY).

Ce c e yaa, aee a ooco eyapoo ooo pe, o epy oepe peeo pa, aaeoc coocae ooao coacoa copoa yco ce, a ae peeo pacea. aa pa acyae y e oce ae ce. Pace e pocxo paoe pe acoc o oea po, Pace aeo epe ypoa-c oeppoao cceo TALISAϻ.

a, oo oyc yepee, o ooa pa ooe ec oo aoee oaox oox p pe.

pau

apca ooa pa (Societe des Bouses Facaises Pais Bouse), coae opo oocc aay XV ., ec oco eco opaoao po e yaa o p. Ha ee pxoc p-eo ooo 97\% cex ceo c e yaa, aaex a 7 o-ox pax pa ( ape, e, oe, opo, apcee, Hac Hae); ocec e ao, o ee ya, opyec a pe ape, e oy oeo opo a pyx paycx pax.

Peopa peoo paa ape 1988 . oea a coo poecc e-e ccee po e yaa. B poo cyecoaa cea oo aepo (agets de chage), xc ocyapce- aea cepe oopoa ex ya ycaoe x ypco, o o e pe aep o oea epeao co poeccoa peoa, o oye peo opoe. Bce aep oee Copagie atioale des Agets de Chage (CAC) ec coapy eceoc a peaa opye eo.

Pocyc CAC 1988 , epeeoae agets de chage a aaeoe societes de bouse coao peoc aex ee a pe ex ya o pa, Societes de bouse ye e o coxpa- cayc eacoc o pyx acox ypee oy poaa coe yace ocpa apepa.

Ha pe cyecy p acx pa ex ya:

oa po (ache Officielle);

epeo coo po (ache Hos-Cote);

op po (Secode ache),

ep cee peoo pa peaae pyx pep. co oyca ex ya opoe ec ocao ecce:

pepe oo e eee pex e paoa c p, ooe aa e;

peca pacopee oeceoc eee 25\% ee ocoo aaa;

o pee peoea ceao Kocc pex oepa Coea p ex ya p,

B paax ouuaoo pa ce aac a accoo pe, a cpoo pe c ec cpoo a ceo, pe aaa aepo peae opoc o o, ae ya ao ceee pa oy oeo oaoo opa.

a cpoo pe pocxo oepa oopoa ex ya aex paycx ocpax . Oaa opo oca e yaa ocyecec a accoo pe.

Bopu po apco p coa 1983 , pee ceo opo e yaa ax cpex pep, oope e cooecy yco oyca a oa po. Ha opo pe aac oo accoe ce.

ee ya, e oyee opoe a oao p-o pax, c oeo opo a epeo cooo pe, ec oe aac oo accoe ce.

pea opo eec ape c oeea o y c 11.30 o 14.30. B eee yx epx aco pao peeo oopoa c ye ace oa, a o pe ocoo cecc opo oeppyec a paycx ocpax ax.

Cyecy p pax eoa opeee ypca eo ya.

1) Haoee aco yopee eoo p opoe oca ex ya ec a aae eo e. Aget de chage copae opye a oyy poay, coee cooe-cye e. ae o aopo pecae pae p o ocae ypc ex ya oaae eo.

2) p ycaoe ypca cpox ceo eoocex ceax, peeo oopx c oype oa ao, coyc, a pxe, eo ciee.

3) oce eo aaec pa boite. O oxo a e e, o opye a oyy poay ex ya copac e y ooo ceaca, a e (oco epeo) aao aepo, opa ae ycaaae ypc. a eo peec cex cyax, oa ocaoa a pe e ae oooc opee ypc o eoo.

Oopo a pe yaa eec o paycx paax a ep, a oopo payc y aa poeax o oao cooc e ocea apapoax poeo. B accoo opoe ocycye aa oa ce, cpoo e opoe y cocae oo 25 epo,

epau

B oe o CA Beopa, epa e co eoo ee a epay ece p, xo eoao acoo epooe cpa caec paypca ooa pa (a e ocyecec ooo 3/4 oepa c a epacx oa). Kpoe ee eepa eex oox p xo ee 7: ooa pa Ceepoo Pea Beca cceope, aapca xee, aeca aype, ooa pa ae-Bpeepa yape, epca, pa He Caco aoepe peeca ooa pa.

aa ocoeoc epaco peo cce o opy-a po, oopy eee ye ca e pa e a, ec ea p.

pa o paype-a-ae oa XVI ., ey cococoaa eca papa. B oe XVIII . ec ye ocyecac peypa po oa poc ece. epa opoa apoaa 1828 . ooa pa paypa-a-ae (Fakfiite Wetpapiebose) -o pyea p epa. B 1994 a payp pxooc 75\% ceo epacoo peoo oopoa o a 74\% peoo oopoa o oa.

B copeeo e opaaoa cpyypa p ypeee yoo paa eoepeca opaa cyecye c 1 ap 1993 . py coa, paypca ooa pa o coey caycy ec aocyapceo opaae. B poo opaaopo p ac paypca poeo-opoa aaa, Ho oce peopaa, poeeo 1992 ., pa caa apy oc A/0 Heea pa (Deutsche Bose AG).

Heea pa aoepoe oeco opoo a, 81\% a oopoo paea aa, 10\% peoa pa 9\% aepa. Heea pa ypae paypco ooo pe Heo pe cpox opao (DTB Deutsche Teibose).

Pyooco pe ocyece Coe ypax cocae 20-22 eoe, aaaex a p oa. e Coea pecae ao, cpaxox oa, aepo, pao .

aa aoo opaa coco ceye:

ce a coee pa peo eeoc;

peoca pao ocyece oepa a pe;

oecea opaoe yopoae p;

paoe opeeee ya opoo;

papeee copo c c pe oepa p.

Ocae peypye opa peo appa, Coe o cy aaa ypcox aepo, coaa oo, o opee paa op poepcx oepa, ocyec aop a eeoc aepo, opopoa poecc oppoa opoo p.

exa peoo pa epa, a oce cpa o-eao Epo, e paooy ayoy.

e p ec a p aeop:

a, ec oco poa a pe;


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