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oppoae oapx po a ycoe eeoc oapx p
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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 oro 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. Kx cy oocc eoc ceea (oeco e x cooca oe poa; co oeax opeee eppopx 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 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.