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Cpo ce
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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-o31-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 paox 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, poaxepoaao 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 .