Произво7ные финансовые инструменты: новые и7еи в

advertisement
1234563789ABC48D8E369AB
48EF2A8F9B8369AB47A4B6B
D2AF48AB4B2D6A844B
DF46D4
12342567849A8
B2CD6E FD2D9
A8A2D56F485D92629D6E 4822
6A9A846246 !"
A6DB47A
#464A46652D94$2%66AA&3'
( D6D54926)9&*%6AA&D6D+6
A85D8AD92,
( D6D9-2%6AA&D6A926$A-6FA42,
( D6D5492D6FA426.26D9-26946
A85D8AD92D62$D99A6.23690
1 FA$A2+ 3244 ! 4 456789:F79;
/
E3536D84AB48EF2A8F36BE23833B298D
35383EF4
32369A
<AF9& 9A8&D 4D-22 2 A$294C22 29$D9A8
3A8&=D92D .>>D289A2 F485D92 FA>D5$2
D2AF48369A
<AF9& 9A8&D FA& )4=2D92D FAA8A? 529D?2*
3A8&=D92D CD99A2 4&3" FAA8
<AF 9A8&$ 52D92$ D-$D94$
484A 8D D2AF48 )8 A5=D? $DD*
1D8 D2AF48D !" 3AE D2AF48D !"
A84% FA82D92D% FDA945% FACD
@
E3536D84AB48EF2A8F36BE23833B298D
#A$DA9A 5D7D4
1246AA84A 8369% 4A8F36&
'7A2D84A (EFD29%) 4A8F36&
'2D6A84A 736A24A 4A8F36*
8
+362AA889ABFA87A8,44B2D564F4BE4B
736A24FA833B2D6A84
'2D6-4A 3D844 %37F 3F DF46833 2D6A84 E2A7EF6D4 4A8F36
8 AA9 A492 FAA8 2 29$D9A8% AA&D 5D+ 4 452A9&$2
2924A4$2 $292$459&$2 A5A9D92$20
B42A5=D? FAF59A+ 298DAA8 FA5+ 29$D9& 2F4 CDE% 2
FDDD492D 8 923 52829A2 2 452A9&3 4949&3 >2949A8&3
29$D9A8 )4C22% A52-4C22% D28428& 2 00*0
BD .A F28A2 A$% AA A8D$D994 2D6-D 3D84 2A62D-DAFE
45 F2A.7A2D 6 38EF2F32D% AA&? A5D9 2 $9AD84 5A9&3 29$D9A8
A4 FA&D FA& FA99A? >9C2D? 2$D9D92 A2$A2 298D2C220
3A5D A-A% 4 A5=4 A4 298DAA8 AA-54% 4A-A A9A4 A59A
& 8 4D945D FD5AD92D /486AEF4,44 0A5 3FA2/0
9
+362AA88DB042DB305D8DB2A73EFD64F
142$459&?694A629$D9A86>A9A8A-A%6D9D9A-A626
A849A-A6&9A86)FA626D28428&*0
#4AD8D99&D6D82&626D39A5A-22656&A-A645+AD926
D5A626$42$459A6D=D8A-A6>A92A84926.236D5A0
B&A+652829A6A-D$&3629$D9A80
142$459+64222G99A6D8652D9A86
F485+2D-A64284$20
F
133A84AB3B24ED%B1BFA54E36
2* #D52A$A83B3F296DFB74889AB354,44B8DB7A246DF46D%B6AEF3B0D53633B
DF46D
<367 A&46529946FA2C26FA6D284284$
<36FA6>+AD62526AFC2A96A24D6FA6CD9D64A8A-A64284
<36FA629D9&$6>+AD4$626)252*6AFC2A94$69D6$AD6FD8&=46A5DD6@5H6
A2$A26428A86>A94
I4F2D96.>>D6F5DA4"'6D8468AA9&D6A6J64$D24+686D2A8&D6
428&
KD2A8&D6428&6A59&6&69D6$D9DD6$$&68D52A296<3
3A&2D6E $$468D52A2964A8A-A64284626<3
3*B#D52A$A83B3F296DFB323F4AB354,44
#367 A&46AA46FA2C26FA6D284284$
#369D6$AD6FD8&=46<3
326AFDD5D9226FA&26563D2+2D?6FA2C2269DA3A2$A6A2&846D56
AFC2A94
L
133A84AB3B24ED%B1BFA54E36
4* #D52A$A83B%A74236D84A
C22626D28428&69464C2264D=D9A63D2A846A5A6D284284$269464C22
K2D8&D6A84&626D28428&6946A84&64D=D9A63D2A846A5A6
D284284$26946A84&
79A499+6845+626D28428&694629A499+6845+64D=D9A63D2A846
A5A6D284284$26946845+
5*B#D52A$A83B23EEB6 %A74236D84A
#A.>>2C2D96AD5C226$D64A8&$264284$269D6$D9DD65%L%6D526FA2C2269D6
$D9D%6A65%9
BD52A2946FA&26AD2D6)$9A4D*6946A.>>2C2D96D4"%69A69D6A5DD6
N%/
1*B#D52A$A83B4E3536DFBF33B042A69AB234563789AB48EF2A8F9*
M
7E836DB7BE357D84B8369%B237F36B4B
EF2DFA4.
7E836DB6 30484236D84AB2D5489%B
48EF2A8F36B4B4%BE63.EF6
7FA5A8492D 29$D9A8 AA9A-A &94
)>+ADA8 2 AFC2A9A8* A8$D9A 4C2$2%
A52-4C2$2% AFD4C2$2 DFA 2 8AF4$2
FA8A5D A484 4AD8D99A 9A8&D 4D-22%
A544+22D 449DD 4499&$2 8A?84$20
B A9A8D 423 4D-2? E 99AD 52D9 )298DA*
AA9A=D92D 27A3A9A" 7 29D240 4A? FA
94D5D 8A?84$2% AA&$2 9D A544D 92 A29 2
4949&3 29$D9A80
6
83EF89ABF32369ABEF2DFA44
+F2DFA449 8D2D6A889A 8D 23EF 298D
3AF4 >+AD4 94 4C2+ 252 29D 8$DA FAF2 4C22,
1AD52A8492D FA>D5 4C2? FA$A2+ FAF2 >+AD4 94 29D,
3AF4 OPQQ7AFC2A94 8$DA FAF2 4C22,
3A44 RST7AFC2A94 8$DA FAF2 4C220
+F2DFA44 %A74236D84
3AF4 4C22 2 FAF4 AFC2A94 RUD CD5+ 3D2A8492 4C22,
3A44 >+AD4 94 4C2+% 2$D+2+ 8 FA>D5D,
VD2A8492D 2$D+2D-A FA>D5 4C2? FD$ FA42 >+AD4 94 29D,
3AF4 OPQQ7AFC2A94 8$DA FAF2 4C22 2 FAF2 AFC2A94 RUD0
:204F2D89A EF2DFA44
3AF4 4C22 2 FA44 >+AD4 94 43AD922 F.4 $D 92$2% 4 4D$% A8D=D92D
FA28AFA5A9&3 AFD4C2? 94 3AD922 F.4,
3AF4 4C22 2 FA44 >+AD4 94 29D 94 43AD922 F.4 $D FA>D5D$ 4C2? 2
>+ADA$ 94 29D% 4 4D$% A8D=D92D FA28AFA5A9&3 AFD4C2?0
+F2DFA449 8D2D6A889A 8D (03363A) 764A84A 298D
+F2DFA44 E 5D-4F3. D4FDD
+F2DFA44 746A2E4C4D,44 486AEF4,4.
+F2DFA449 8D2D6A889A 8D 45A8A84A 63DF483EF4 298D
N5
#DE$42A84AB8D032DB486AEF4,43889%BEF2DFA4.
+F2DFA449 8D2D6A889A 8D 23EF 298D
8D52AD92D6.>>D289A26F485D92
+F2DFA44 %A74236D84
8A68D$6$2D6AFC2A9&6E -5489&?6
29$D965643A849262A86
FA>D5D?6CD99&36$4:204F2D89A EF2DFA44
FA5AD92D68A?8629D2ADA?6
A52-4C22
+F2DFA44 E 5D-4F3. D4FDD
-44926A3499A264F245466
8A$A9A+644A46946
94F485D99A$:AA8A$"682D9226&94
846A2E4C4D,4 486AEF4,4.
$D455&%69D>DFA&%6D53AA84&%6
845+4
70AEAA84AB
24AA3.B73%3783EF4B
7BD.-436
70AEAA84AB73%3783EF4B
69$AB298383.
48445D,4B09F36B6B
E364%B(033633)B44B
D7D-A3B298D
NN
;29B4A8F36
+-AEF6-4A 4A8F9
34D8&D 298D2C2A99&D >A9&,
BD-A48D99&D FD92A99&D >A9&,
#542ADAD A8D2D59AD F485D92D,
K492,
W+2 2 A-4924C22,
<
'84D83AB2A73A84AB6B
237F363.B48A.AB
88DD92D68ADA8499&36
FAA8%6AA&D6
F42AD26A8+6946
&9D
9%37B6B4A8FE4.BEAA8FB
23CDEF8436B
A9D994645D942846
542AD2$6FAA4$6
1246AA84A 4A8F36 45 (4%)
298D2A8492
EAA8F36
3A-4$$& RXYZPT[ \P]^Y]_,
#542ADAD A8D2D59AD F485D92D,
KADAD A528492D,
<DFA2&:29D2D$&D DFA2&,
<
7E836DB2AD89%B4B
384D,43889%B
38,A,4.
+D0DB382A8F8DBE2A7D<B
3D
N/
1377A2DB2D6-4%B3D84.B=42A.B
#+
8 69%37-4% 8D 2984 =424 #+
79282459&D 2 A55D289&D D$294&% A954C22 FA 89DD92+
FAA8 2 4D-2? F285DAD92D$ A-A8&3 DA8,
#A954C2A994 FAD4 FA 8D$ 8AFA4$ 4A& F485+2D? A$F4922
94 &943 E`aDb 2 aDb bTP]cPXc,
3AD4 8 44AD 2 89DD922 FA-4$$9&3 FAA80
8 2D03FD-4% 8D 298D% =424 #+
3DA9459&? 52D92? $D9DD,
AD92D FDC2452A8 2 dPQ[dE$D9DDA8,
3A8DD92D A8$D9&3 $DAF22? 5 52D9A8 2 FAD9C2459&3 52D9A8,
3AD4 8 44AD $4D245A8 29>A$4C2A99A-A 344D4 5 52D9A8,
3A8DD92D A8$D9&3 A9>DD9C2?% -5&3 A5A8 2 -23 RaE4C2?0
N@
7>:?B@ABCD
1#E :EBF>EBGBGHHB1HHHB3HH
7:7B(I38736DB042DB#+)
'2D6A84AB0458AEB6 2D564F4
231HHJ9B* 3E6D9B*35764A8D9B7*5KL9BEF2*2*
ABMLBN5J1OBLH1PJHP42K439B730*B3QH1J
RSTBUUU*VWX*VY
RSTBUUU*Z[VWX*VY
\P]^_`B]_a^b[acVWX*VY
A%84AEDB377A2DBN5J1OBL44PJ1HL9B1HHP45P5G
dS`ecVWX*VYB
!684D92D$%
12342567849A8
N8
Download