(Galanov B.A. (Red.), Basov A.I. (Red.) ) Birzhevoe

POCCHIICKAA IKOHOMHYECKAS AKATEMUA VIMEHH IB [UIEXAHOBA. Tloa penaxuneit Bupstceeoe deo B.A.[ananosa, A.1.Bacosa Pessytentzonano peTHoM oGmtero M npopecenonanNoro oGpaxonanit Poceiickoli Peiepaiuin 8 xayectne yueOuK MOCKBA «@HHAHCHI HM CTATHCTHKA» 1998, YUK 339.1720758) ist ABTOPBI: B.A.Paztanon, mpop., ap 90H, way (61.1; r9, 28 2.1,2.2,2.5; ra, 3 §$3.1,3.3;r04$4.15 ra, 10; ra, 13; c3, 14; cxonape Oupacan TepauHos; MOET Hei Ha OCHOBHBe ToBApH H OCKOBHLIE PABeHICTBA, HCNO.TEAYEAE & Gup-xeBO!t TOProBse); AHL Bacon, x01, Kart 2KoH. say (73, 2 § 2.2; 3.7) E.B. Adanacnen (ra. 3 § 3.4: 1a. 4 $4.3: ra, 11 § 114); AST, Bastonmt, 2-p 960, Hayk (Fa. 6); 3K. Tota, zou, Kawa. 2Kom. wave (ra. 2 § 23,24; ra, 5 § S.lyra. 6 ra, 7; ra, 8 ra. 9; caoRaph GupaceMEX ‘repamios): a AOU, KAKLL. 9KOH, HAY K(ET3); 0, AOU, KANT. TEXH, Hay (FA 12); T.B, Kysnenon (171.5 § 5.3.) HB. Poasxona, zou, xinta oKou, ways (F3. 4 § 4.2); A.B. Phoxakona, OU. KAHL, TEXH. Hayk (rt, 3 § 3.2): kona, npoop.. KAKA 9KOH. HaYK (F, 3 § 5.1.5.2; ra. 8 ra. 95 ea, 1 § LI T-L13), KA. Xavarypan (Bezyimte Gupasn wpa); CP. UlnGacs (ra. 8 § 8.1.8.2) A.B. @po.tona, kav 9KoH, Hays (Pocealicnne Gp) PEMEH3EHTBI: Kadeapa onsonoro paunsaBuicwelt uikosbt 9kOHOMHKH (rocyaapeTBEHKBAll YHHBEpeHTET): H.C. Tema, 2aMeCTHTesTb NPCACCAATEA KOMIICCHB MO TORAPHBIM GuprKAN pH FOcy.APCTBCHHOM AHTEMOHONOABHOM KOMIETETC a ofsioKe, YaeGubie saaHns Poccutickolt 2koHOMMUECKOH akautenHU HM, TB, TLiexanowa: crea — verneprisii yucGuuait xopnyc, Toerpoeu #1905 r, Apxurtexropurmoxcuepst H, JL, Lessxor ut TB. Uhranaess: ‘rpasa — nepesii yseOuBsit Kopnye. Tloctpocw 8 1905 r, Apxarektop C. ¥ 3e1eHKo, ISpII .279-01728 @xrextn aeropon, 1998 Ospamenue urate K 90-veruro paicuiero @unancoporo odpazonanust B Poccuu Yao6uux «Bupxenoe ¢10» wamucat KoateKrusoM apropos PocculicKoii aKoHoMUveCKOli aKageMUM UM. TB. Taexawosa, Koropar Guta ocowaHa 19 diespaia 1907 r. u uMeHoBAac «KoustepyecKuil uncruryT MackoscKoro ‘oGecTwa pacnpocrpaxenust KOMMEpHeCKOrO OGP:Iv0BRNHED> (B AALTBNeliMeM MockoBCKuit KOMMepYecKUlt HNCTUTyT). Poxxeno mepaoro BMICUICrO YUeGHOTO 3ABEIeHUN KOMMEPYCCKOTO Mpo*piLAN MpeaMIecTRORAIO MHOrOACTHES oGeyavieue stor sompoca 6 Tocygaperseunolt Alyse Poccu asyx cossos. CryaeHvecTBo AKTUBHO yMACTBOEAIO B npeasmiGopaoit Kannan 8 Tocyzaperscuayio jlyy, arurupys sa KAMAUAATOR, NOAACpARUBAFOUIUN BBICMICE KONNICPYCCKOC oOpmonaue 8 Poccww. Orsparue UNCTUTyTa CraTO BOIMOAKHO O1ArOTAPA OOREAUNCKUIO CILIA KPYMHBIX npeanpusunatereli, oGuecrsemniocru uw cryaenvecrsa Poccust. OcuonaTerem usicrutyta spraicx Anexceit CeMewonus, Buuusxos ~ mpeacerarem OSuiecrsa pacnpocrpanenus komMepyecKoro oGpasonain, KyneH 1 rumkqUU, Kpynmeitunit Gaucup. npeaceaaret, Mockosckoro Kylteweckoro oGulecr#a BXIUNKOTO KpeAUTA, lacMbili opoICKOHt AYA Tpeacexarenen noneurensckoro coneta Gkir uoGpax C. 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Ha QKOHOMUYECKOM OTACTEHUM —B TO BPE cYIlIeCTBOBATO ETHIE MUKI: OCHOBHO!, KOMMEpYeCKO-(pNKANCOBEI AIMUKUCTpATUBHO-pUREIHCOBEA uw MpoMBIMLTeHHEA, CryzenTM IV Kypea KowMepYecko-*uKAHCOROTO MUKTA UNE BOIMOAMOCTE NOAY'UTE He TOILKO CHEMUATAHOCTS, HO U BLIGpaTE cremamUsaMWO. Ha TOT MOMENT EpeMenU cyuteCTBOEAIO age crieuuamusauuu: GaHKOBCKOe eT U CTpaXoBoe sexo. Ha Bropos sane oGyveruN usGpasuiue ¢puKaHcosyto CHEMUIRNOCTE CrYZEHTA! MOOT UIYATs MOMTEKOHOMUO (CHELUATEAKIA KypC), MpaBo (pAxTUsKBIE ero OTpac:m), Yeumusarach MaTeMaTuveckas nogroTosKa (husaucucTos. Ox usywaIu BHICUIVIO MaTeMaTuKy (sacs 11), TeopwNo epostruocreit, lAMUMECKYIO U SLA APYTUN OTPACTEBLAX CTATUCTUK, GAHKOBCKUC BRAMCTCHH KaK npasusto, va IIT xypee suraucs oOuue Kypest, a a TV xypee -creuuatbabie: vecrume dpunaNeel, dunaness LUHOCTpAHKGIN FOCyaAPCTB, MEAKUM KPEAUT, CTPANOBOE U GaKKOBCKOE AAeNO (NO ABA FOAUYHBIX KYPCA), OUeHOYHOE AeA0, cuetoseaesue UT. 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Mexaywapoamnie —Oupaat HoapaxiesHOTes Ha TOBAPHBIE, POHLIOBLIC I BAHOTHBIC Meacdynapoonsie moeapnsie Gupoen 8 OCHOBHOM CocpeOTONeHBL B TpeX crpavkax: Aur, CLA w SInownn, Ha AOI 9THX crpaw B 90-X FOAX MpHNOALIOC 98% Boro MExIYKApOAHOrO OupAeEOrO OGopOTA, K Me>KIVHAPOHBIM ‘ToBapHaA Gupacit oTHoCaT: 5 Aura ~ Tlonzoucey10 Gupay OKC (siowepe 214 Onune axcuetin rs), JTowzoucry10 Gupay weraios map: e CLIA ~ Gupan. pacnoroxenniie 8 Haio-Hiopse 1 Unxaro; » Stnoxm ~ Guan, conepunuouste Cue:ma ¢ TORApaNiH, OGPAUIAIOUIINHES Ha MUpOBOM pSIHKE. MexKIYHAPO.IABIMH TORAPHBINIE OHPrKAME CHHCTAKOT H HEKOTOPBIC OnPAM, OGCTYANBAIOUINE PETHONATBHDIE PMINKH, Ha KOTOPHIN COBEPUIIOTCA CAETKH MO OTACTHNBI BALAAM TOBIPOB, anpiavep, Biunusmerckas (CLA), Haproxcas, Cuanelicras, Caurancias (Fonxourcras) Gupact K exedynapoony ondoseiy Ouprcan ornocnt Hito-Hlopxckyi0, JTOROHCKY1O, TOKHIicKYKO (horzonbte OuprxH. 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Camoit cymiecrseHHOit ‘veproli OupsH pes.teHoro ToRApA sRAMOTCA OGHIITEABHAK MOCTABKA H MOAYYEHME TOBAPA OCC MpOBeAeHIN TOPIOR. T.e. aicriseckast ewesa coOcrBeHHIKKA H MepeMeuleHHe MposIaHKOrO TOBA OT MposLaBlia K NOKYMITEO, B macrosmee speus sa pyGexow Gupaat peatsoro TORApA COXPAMILIMCE JUMLL B MEKOTOPSIX CrpaKaN 1 HMeIOT Hesaunresbiie oGoporst. Ouse npeacraBMOT COOoIT, 12x MpaBHLTO, O-MY 13 ShoPAt OnTTOBO! TOproB.IH ToRAPAMHE MeCTHOFO {waNCHOIA, PHINKIE XOTOPHIX OTTINOTCH HONK NOMUCHTpAIDIe MporrtROACTRA, cBa M noTpeG.CHIUE HEM cOz:HOTER PAVBHBAOMNCA CIPAKAN B NOMITKE MUTI HOMOMALTBHEME HHTTEpeCKE MPH IKCHOPTE RA-KHeUNKN {LIA ITHX rocy:zaperR Topapos. C¥INTaIOT, TO B IKOHOMIMECKH PAYBHTEIX CTpAKAN GHP PeAMMOTO TORAPA MONTHE He OCTAIOCK, NOTH BO BEX samaauoesponeiickitx rocyaapersax 10 CHX Nop CyMIeCTEyIOT TOBAPHLIE GupAs, OCGLemMsOMNE TOPrOBUIEB, TOCpeIMKOB, ‘pancnopranie nepepaGarstmaroumte Gupunt. Ceroani 31 GHPAM YAHMMaKOTCA B OCHOBHOM paxpadorkoli TINTORBIX KOHTpakroB, a raloke COOPOM HH popMaluNlt 0 PHINKAX PeALIBHBIX TOBAPOR, Pacuumpenue Gupsxesoit ToproBAH MpuBer0 K COMAMINO Cup HOBOTO THN doiowepcHNNe Gupae. Hx opasosaNHe Onpaxaer mpespamicnie Ouprkw Hs PAINKA PeaTBHOrO TOBAPA B PAIHOK Mas ta TOBA, OcHOBKEIM MpHTHAKAMHT (hBIOYepCHOT ‘Topronam sRasiorcs: © qhuucrupasi xaparrep cxe10%: ‘© coase c paikow peasnoro ToRapa Yepes crpaxonante (NezPKNpOBANHE), a He Hepes NOCTABKY ToBApA; * sapanee crporo onpeaesemrat m yHMtpHINposamnas, smMICHHAN KAKHX-1NGO MHANBHAVAABHBX ocoeHHOCTCIt NOTPeOHTEAbHAA CTOHMOCT® TORAPA, COFAACORAHHOE KOAINECTBO KOTOPOTO OTpWAAETCA B GUpAKCBOM. 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Tipswoe, wm aannuuictparusHoe, yrpassicHue ocyulecrBaKeToH nyTeMt NPHHSTH FOCYAPCTHOM COOTBETETEYFOMIS 7AKOHOAATEATBKEIN AKTOD: peruicrpamn yacranexos parsxa: THMeHAMPOBAKIL NPO*PECCHOKATEHO AeTE-MBHOCTH Ha OHPAEBOM PHIKKE: OGecrtevewnt rancHOcTH H pasuoit mauhopMupoBAKKOCTH BCeX yuACTHNKOB PAIK; noaacpcariet mparomopsaKa Ha pesrKe. KocaeHHoe, it 3KOHOMMMECKOC, YMPABLTEHHE GUpHREBKIM PHIHKOM BEACTEA FOCY.AAPeTBOM Hep HANOANIINCCH B CFO Dacniopsokerii KOHOMMMECKHE PHIMAIFH KAMIETAH ‘* cuctemy wazorooGaomenus (craskat na10r08, seroTEt H OcBOGOXKTeHEEIe OT MIEN): ‘© AeHeAHYKO MOmTHIKY (TPOUHTHBIE CTABKI, MHIEMALTAHBL prrMep “apadorHoll TLAATH HAP.) ‘¢rocyaapcrecimbie KanHTa.th (rocyaapcTECHMD GlomACET, BHeGIOsDKETHBIE (HOH pHHAHCOBBIX PECYPCOB H -Ap.); ‘¢rocyaaperscrmyt0 coGcrscHHocTS # pecypes! (FocysApeTBCHHBIC MpCANPHATI, NPHPOAMBIC PecyPCBI H Cat). ‘Ochosuie rocy:tapeTBeHHbie opravist HenocpesicTBeKHOrO pery.AMPOBAUTIA GuprkeBOtl exTeBHOCTH ¢ @erepampiaa KoMecHE nO UEKI GyMarayt Ht pOHIOBOMY PEI ¢ erepaapxat Koncert no ToRApHBia Gupaant '¢ Mutsncreperso ¢pinaxcos Po: © Levrpameunuit Gans Poccuiicxoit bexepamun ‘@ezepamias KoMNCCHS HO UeHoNEI Gy warant H pOHIOBOMY PEI HApsNy1O peryaupyeT jesTeALHOCTE POHIOBLIX Supa, Deacpamsxas KoMuCcHA no TOBApHUIM GupaAM OcymIeCTBAKET PerysmpyIOMIN PPYHEANH NO OTHOMICHIGO K TOBAPHEAN upaant x dpetovepcuolt ropronne. Llewrpansabil Gauk perysINpyeT AeATEABNOCTH BALMOTHEAX OUP. Musuncreperso (biHaHcoB YeraKaBaubaer npaBiiia GyXT2uTepCKOrO YHETA, OCYLIECTBAIET BBIMYCK POCY.AAPCTBCHHBN ema Oy ar u peryampyer Hx OGpamenne Ha Gupaca, Octonibte takonoireabiise KTH, KOTOpRIM peryampyercs poccwiicKnii GupaceBoit PAIHOK:Ociionss epancdauexoeo saxonodamexscmea, Yacmu Iu 1 (1995-1996 22); Baron «0 Ganka u BauKoackon deamessnocmu» (1990 2.) axon «0 Lenmparenon Banke Poceuticxon Dedepayuu (Bawxe Poceuu)» (1995 2) axon «0 mosapnone upsicax u Supsrceaot mopeoese» (1992 2): Baron «0 aarnomnom pezvmposanuu w eanomuo xoumpase» (1992 2.) akon «0 coeyOapemaennoxs ansnipennest do.tce Poccuitexoit Bedepayuns (1992 2, 3axo1 06 axyuonepuere obiyecmaar (1996 2.) Saxon 0 pamxe yennerx Bymae (1996 2), Vkazbe [pesudeuma no paseumuo pom yennex 6ysae Tocmanoareuust Hpacumenscmea Poccutckol Dedepayuu, ommocauuecs & pezvauposaiuo pouuka cocyoapemacuneee yenweas Gye. KJOYEBBIE CIOBA Gupoca edynxyus Gupoen ‘erciaceudpuxayus: Bupoe ‘¢unuppacmpyxmypa posix: ‘peaymupoeanue bupaceeol deamensuocmt KOHTPOABHBIE BOTPOCKI 1a 2. Oxapaxrepirylire Cocrapible 2aeweHrs HoHstris Opal, 3. Oxapakrepiyifte OcHOBHBIe 3TaMBt 2BOTHOUNH GHA 4. re onperetemme Cupar. Tlepeuucaure ocuosmnte dpynxuuu Gupase Alaitre onpeaercnue TosapHoii, posa08oi H pamoTHoil Spans 6. Yew ormsmorer sactaBtc Oupaxn oT rocyzapcracHHN? K sak GupKAM nO MpHAUNIMY opranaume cxcayer omer pocenticxie Gupixit? 7. Kakyio opranisaunonno-npasopyro (bopMy MoryT uMers Oupakte B Pocemm? 8. Yro nowntaior nox oTKpurroit H saxpsrroii Gupaxeit? 9. Uro ormvacr creumaueuposaneyio Gupasy oF yauBepca.tsHoit? 10, Tlepesntesire OcHOBKBe NepTé, NPHCYMIME MEACIYHAPOAHBIM H HALWOKLIBHBIM OMPACN. 11. Oxapaxtepinyiine Oupact peamuoro Tosapa, (buovepcmBLe H ONHOHEEIC, 12, Kro moser seicrynars 5 xaNecTse oprairiaropa Toprogan uewna Gymarann? B ex sak HONMOTCH OCHOBHEIE ‘TpeGosanua, npeaeanasesuie x opramiaTopaM? 13. Jlatine xapaxrepucruny aenoswrapHott zesressHocTH Mm aenosHTapwo, 14, Oxapaxtepinyline OcHOBHBle BHLIs pAGOT, BHINOAIEMle AepACITEAANIK PeecTpOB, 15, JJaw wero cymectayior pacuerwo-kmNpuroRLie oprase LH? 16. Kaxne uesm npecacayer peryamposanne Gupacesoit xesTe-HocTH? 17. Kew stoxser ocymtecraaaraca peryanporanne Oupxcpoil esTectbHOCTH? DIABA IIL BHPXKEBOII TOBAP 3.1, HOHSATHE H COCTAB BHP2KEBOTO TOBAPA Bupxcsoit Tosap — 90 ToBap, sBamouutiica OEeKTOM GuprKEBOH TOprOBATH, He sOGoIt 1 HIIA CyMIECTRY OMS B SKOHOMIKE TOBAPOS MOXKET MpowaBATLCH M MOKYNATECS 11 GupAae, A sue TOT, KOTOpMlli oTBeYAeT onpereTeMMEI rpeGoBanii, Kaku nen? JLis Toro 410GM OTReTHTS Ha 3TOT BONDOC, BCHOMHIIM ONHICAHHAIE PAKEE NAPLKTEPHBE HepTBL Gupaesoii roporon.it Bo-nepasex, Onpxewat TOPFORIA BEAETCH B OTCYTCTANE TopApa, CaeORATENBHO, NPOsAABENBIM H_NOKYMAeMBI Het Supa ronap AozcKeH OUITe CTAWAAPTHBN, T.2, OTRCMATH YCTANORICHHLNG TPeGORANGIAN NO KAVECTRY HIM HapaMeTpaM, npeayemorpenmu —acifcrsyromun = uKOHOmaTeascTeoM. —Craxaaprinamit —Gupwemnix TORapos —aemer ux BUANMOWAMCHIEMBIMH B Npee-IAN OMpe-tesAeHMBIX FYI H BILIOB TOBAPOB. Bo-amopore, va OMPKAS TOPTYHOT KPYNIHBIMH MapTHANK ToBApoB, 10 ostAYaer, 4TO OuPKeBO! TOBAP NapaKtepwsyETEH AEICCOBOCTHO: BAINYCIGLeTCH GomRMIOM OGREMe GoaLMMM HuCIOM NpOWSBOAMTeTel H MpemAsHANACTCR 24 umtpoxoro xpyra notpeGureeit, - _ - Bempemoex, Onpxesaxt Toprona XApaxrepisycTeH cBOGOAHEN HeHOOSpasosanHe. FlosToMy x GHPACBBIN ToBApAM. MoryT OBIT OTHECCH! IHU Te TOBADKI, UCHH Ha KOTOPHE CBOOOAIHO VCTANABIIUBAOTON B COOTBETCTBHH CO CHpOCON 1 Npeaorkennen H rere! MecTO KONKYPeNNET B smposoit npaxtuxe siureamoros creayioue ocHosutie KCC GuprxeBErx TOBAPOS‘© pemecrsenbie ToBapet, © uenmete Gyatarn: ‘¢mocrpannas saora. B RAACIOM 1 HAWAKHBIN KIACCOB TAIOKE He BEA ACCA NPOHTIBOAMEIS TOBIPOB MOKET CATs OBKEKTOM GurprseBOI ‘Topron.m, a sm Te ToBApe, KOTOPHE OTBeMAIOT NepeNItCTeMMEI BuALe TpeGORAINAN ‘© spamotes waccopsast © cTaiaaprii 1 paamoxanensener, ‘¢ ewer 1a xoTopsie (popampy1ores cBoGoaH0. C pasnuriest Gupacesoit Toprosan nepevens Gupaesuix ToBApoR YcIOANAETCH 1 MMOAUITEA, B NEpByIO O¥ePEAD ITO omwocieren i Kaztccy eHMIX GyMtar. C nomBcHHteN dpbIoUepCHBIN KOMTPAKTOS Ha WHLIeKCS! (OHIOBOTO PHIAKA H NPOLCHTHBIN. (psioepcoe nepesesb KiACCOB GHP-ACBLIX TOBAPOB NOrKHO Obi0 OHI YBEANMIT Ha Bs, a HMEHHO 00a 8H8: © cooamme mugexch! Gupacesiis ue ‘© mpouenribie craBsn no rocy aperseHtiiast OGanrauub. 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TL 1 apaxropmbin crucutioro Gupakenoro Toapa sp.wOTCs: accossiit NapaKrep mpowsBoxeTBa H noTpeS.TeHI ccrawraprusupyewocrs: opoutit COxpatie MoCTR: “rpancnopraGemsHocTs: - HexABCHMOCTR KAYECTBEHHBIX NaPAKTEPHCTHK TOBAPA OT KOHKPETHOTO HloTpeOHTEAA, KoseGsleMOCTS HEH OA BAMAMNEM TPHEPOAHLEX, CETOININ, HOUITHMECKHS H HES )aITOpOS B mposoit npacruxe wa rosaprarx Gupacix oGpaucyores mpraicpxo 70 suA08 Tosapos. 310 — ToRAps, mpoueauNe Tt NepBIEIHyIO NepepAGOTKY, Tc, CHIPHE H NO-YthaOpiKarsL, OnM EAATCA HA-ABC KPYNHBIC FPS TIL a) ComBCKONOSMIICTBCHIE H AeCHBE TOBAPHI H NPOAYKTEL HX nepepadorent (nopaaKa SO BHIOB): ¢ sepossie (mucHa, KYKyPY3a, OBCC, AHMEHD, pox): ‘© Macaocenena (abitaHoe, XOMKoBOe CeMs, COM, GOOKI, COCHOE MACAO, 1IPOT): (¢akunuic asumorise H Maco (KpytuHti poraTull CKOT, CRIHLHL, MACO OKOPOKA): ‘TeKCTIEIDHBIC ToBApE! 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K 1997 r OCHOBIAM OuprxeREIM TovApOM CATH Hes)Te M NpOAYKTSL Ce MepepaGOTKH, MEPHBIE M UBETHBIE MEANT, NPOAYKUNIA arpoMpowstUTeHMOTO K orawarreanxnin cnojicraan rosapa, npoxasaeworo Ha ToRapHBIN GMPAAX, HApHAY C MACCOBKI XapaKrepoM ero ponssoacrsa u norpeGacwis, cBoGoaHEIM YCTAMOBACHHEM HEH, OTHOCHTCH cro KasecT#O. K xasecrBY Gupxesoro TowApa npeatsinatores OcoOHe TPEOORAHII apaxne, KouueHrpaT 26Kak srapecrHo, Ka¥ecT#0 poaY KUM ~ 370 COBOKYMHOCTS NapakTEpHCTHK OGHEKTA, OTHOCAIMLINEH K eFO CHOCOGHOCTH \Yaosaersopare ycTawos.zemuule H npeamiosaraeatnte HoTpeGHOCTHL Kaviecrao Tonapa ‘aBHcitr OT (IraH4eckHN, NHMIICCKIES H GHOAOTHECKEX CROIICTR, A TAKE OT COOTRCTCTANA TORAPA YHRIIORAARHBM, SCTETHMECKHM, 9PFOHOMIMECKHM, IKOHOMIMECKHM H ApYTHM TpeGOBAKHAN, KaxcIbll BILL TORAPA MOxKHO Xapaxtepinosars ¢ TOYKH speHHA ero caolicrs, KaYeCTBA H MoKasaTeTeli KavecTBA. OaKaKO TOBAP MoxKeT OO.TaATS oaeWEIMI CBOHICTRAMH, HO HE HMETE BKICOKOTO KaNecTHA, B cRATIM C 3THM GupAKEHAL TOPrOBIA MPesTRABAKET 2ECTRHE ‘TpeGosanu « nmpopmauint 0 xavectse Tosapa. Taina TpeGonanmiant samamoTes © oswora wepopwauun ‘© ce.aocropepwocrs: ‘¢cammcrso B oucuxe savecrsa ToRapa Bcex yHacrHHKOS Ouprxenoii Topros.m B nacrommce spent cyuccTaYeT MHOAECTHO HCTOUHNKOB MApopMAUNH o KAYECTBE NpOAyKUINH, HO waNGoxIee ynorpeOavienble sax OupACBO! 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Tloa TepMaHoo «paznoTar MOHUNAIOTE OGKIHO BCC HHOCTPAKHBIC ACHCARHBIC CINAHL, BHIPAKCHHBIC B HH UCHHBIC Oynarn, cpeacrea naaTexA, a TaKKE APATOUCHNBIE MeTaALI, BAOTA HMCHYCTCA MO KAIBANHIM TCHEKHBIX EAHA: AOTAP CHUA, mpeituapersit dypaie, ascrpuiiceait mex, neweusas sapxa, mBeTCKAS KpowA 17.2, Ba:nora spaseres cBocoGpasabis ToBApOM. ‘las onepauli KynLIB-NpOAAK BaIHOTH HEOOXOANMO HOE HETKOE NpeACTABNCHHE 0 BALIOTHOM KY, Bamoruniit xype onpere set COoTHOMIeHHE MEKAY BYE BALTOTAMHE, C MOMOUIBIO KOTOPOTO MpOUCXOANT OGMEH OaMOH RAMOTH Ha apyryfo, Te. 370 ucHA, mo KOTOPO!L MoxCT GsIT» nposaHa WAH KYN-ICHA sAmOTA OAMO!t crpaNBL BHIpAACHHA B BANOTE ApyToli crpansl. BaOTHBLt KYPC MOKET ONpeaeANTHCK cHpocOM H MPeALTOKCMICEM BAZNOTHL Ha OTRDAITOM HEOrpAHUMEHHOM pHllKe HAH ake MonKET OktTb YCTAHORLIEH FOcy!aApCTBOM (B Poccint ~ LlesrpastbHIo GaHKKOM PO), Yaute cero KypE BELIKITSI ONPEAIAETCH B XABHCHMOCTH OT COOTHOUIEHHA CHPOCA H TIpeALIOKEHNA NO To! WAM HHO} BuMOTe, NOBTOMY OH HE Moker GbiTk BEMIMUIO!! NOCTOMIOH, TAK KAK MOCTOANBIO MEILUOTEA CHPOC H MIpeAAOACHUE H sauoTHom puimke. Kype sa.noTss, npeaioxcHe KoTOpolt OrpaxieHO, NOBBMIACTCH, TOFA KAK KYPC BA:NOTH C HSOMTONMBIA, npeaokeHnen naaner Tpit onpeaeaeHiit xypea BamIOTS CIEAYET HMETE B BILAY, TO MOAET NPHMCHEITECH MpsIMaN It OOPATHAM KOTHPOBKH, (Onn amorea ¢ Towtocri4o 20 weTLipes siaKOB Tlocze sansToli, HanGozee pacnpocrpanena mpsaiat KoTHpOBKA, osiaaNOMs, TO OnpeacieHNa CyMMA MHOCTPAHKO! BAMOTH, KAK MpasiLT 100 caMMIML, cAYKHT OCHOBAMMEM IN BLIpAPKeHILA KoueGuouielion Beams! cooTscTCTBYIOMIcH cyMMBI HauHOMAMSHOlt BaOTsL. HanpuMep. Kype uiBeliuapeKoro “ppaaka 72,5508 2a rosviaRLICkMe FyaheH OBHANANT, 470 7 100 FyaReHOR JAKOT 72,5505 mmeliuApCKOrO (ppaKKA Pexe mpnenserca oOparias xoTuposka, Fe ocwosolt smseTes TREpAAd CyMMa HaLKONATBNON samorsi. OOparHas KoTHponka ~ 970 nema, OGpariaa mpavoii KorHponKe, Ova pacnpoctparicna B ocHonHiOM B AxanH, 310 oGwaCHACTCR Tem, “70 20 1971 FB aeHeaHo-rpeauTHO!t cipepe ANTM OTCYTeTBOBALTA ACCATINIHAN CHICTeMa, OsTOMY —OOparHyIO KOTHPODKY ObIN0 Jere NeNIOABIOBATA Ha MpaKTuke, Ee COSpANHLAM H NocTe BEOAA secsTHYHOIK cHcTeMEL, KoTHpoBKABuIAAAIET cxeAyKOMN OGpAvOM: I dh.cr, paweH 1,8260 sos.a. CLA, Bo sxytpenHen oGopore CLA oGparkast KoTHpoBKA Bannorunic Kypeer pas.amaroTos H B 3aBHICHMOCTH OF TOrO, COBEpUKACTCH NOKYIKA HAH MpOAKA BAMIOTBL 1. Tlo kypey moxynares Gank mpuodperact wamory. Hanpunep. xype 72,5305 umetiuapexoro ¢ppaaka 32 100 FORAHACKHN FYABACHOB OIHANGET, TO GAH rOTOR KyItKTb 100 ry:TRACHOR, MpeAIOANB 72,5305 uMBeliuapcKOrO ppaLKa, Takin O6pavoM, “A evMHMY MHOCTPANHOlK BANOTH MpeararaeTeR ONPEAeACHHOE KOTHMECTBO HIUHOKAMENOH BAAOTEI estiunsia KoTopOli nocrosuO MeHACTeS, 2. Bask npoaaer samory no xypey npoaasua. Hanpunep, xype nposasua 72,5505 mscituaperoro ¢ppanxa sa 100 FyARIeHOB ODHANAeT, 4TO GAHK FOTOB MpO:LATs 100 rOATAKCKX ryctkeHOR %a 72,5505 umBeliuapeKOro ¢ppakka, Paya MeaSIY KYPCAMME MPoxABUIA H TOKYNaTexa HCHOATBIYETCS JAN NOKPHITHEL IAEpAeK Gastka H COACPANET GauKOBCKYIO MpHORAE, Touo yeranonseHtoit nemmmin Tol pasmnuBs, HMeHYeMOl Mapai, wer. Jaa KDKIOH KOMKPCTHOH RIMOTHOH CACTKH OF: SaBUCHT OT BPeMEHU H MfecTa ce OcyMIeCTBeMN B noccCAHME FOB! PaSHHIUA MeaKIY KYpCAMM MOKYTATE:LA IE NpOAABLA HO BeayMuIM BauoTaM coKparuaacs. HsepKKH, CBNAAMHBIC C OCYMICCTBICHHEM BANOTHBIX OnlepANIt, CHIEMLUICS 3a CHET BHEAPEHHA KOMIIAIOTEPHOII TENHHKH i "HAHETEAIHOTO POCTA OGOpOTOR ITOH TOprOBAK 3. lax onpeaesemms cpeaueli apuipaeruveckoli wexay xypcuMM noKynareaL w MpogasiKl HCHOaBsyI0T cpeswUtlt Kype, MpeaMasHacHHt aax SKOHOMMCCKH COMOCTABACHHIL 3a ZLINTeABHBIE MpOMCAYTRH BpeMcHHL TaKorO KYpea B aclicreirenbHocTH Me cyLeCTBYCT. OHAKO ero REATIIMA cokEAHEBHO COOBUIACTEH cPeacTBAMH NaccOBO! MAE opMALHTL 4, Lllnpoxoe pacnpocrparenue mpi MpOBeAeHHN BaMOTHBIX OnepaLNt’ NOAYYNAM KPOCC-KYPee, MpecICTaBAMHOME coGoii KoTuposky -ByX muocrpamnx sastor. [Tpit 97M Wnt OHA If MIX He aBAseTCH HaMHONABNOH BAMOTO! yuacrHNK Ccae.ma, yoranas.tuzaiouiero Kype. Hanpuntep. kype uiseliuapexoro Gawka -24,0735 cr 3a 100 stapox PT: kype Ganka DPT = 37.7324 (ppannyzcKoro ¢ppanka 3a 100 umeiiuapcxnx (pasion C 50-x rogop neaeacraHe MpesaIpyiomtero HOTOAEHHA sOsapa CLA Ka RAOTHOM PRINKE KYPC HANHOHATEHOIL ‘sauoTa JAMHOH CTpAML pACCMITMMBAETCA HeXOAM HE KYpCA K AOaTApy CILA, Kypew MaNOWATAMBE RAMOT yCTANABTMBA ores, KK mpasiiao, « nocaeaHe Ecau, manpunep, uipeliuapcKiti Gank Xover noay'INTs KYPC BeliuapeKOrO pparka K uNBEICKOL KPOHE, TO OH HeXOAIET If KYPCOB OGENX BaHOT K AOsLTApY CILIA H xATEN BHIBOAIET KPOCC-KyPC INBEliAPCKOFO (ppaHka K LUBEACKOH KPOHE X ipeituapciex ppakos = 100 uise.tcxue KPO! 3,7946 utscaacxoit xponst = | aoa.n. CLA: 1, 9872 umeituapoxoro para = I gona. 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AKOHOAATEMLCTDY HE MOrYT eYMWECTRAATe MpeanpHNaTEABCKYIO esreablocrs Yupeaureansu dprizosoii Gupaut soxer niicry mrs ToxbKo nposbeccHona.zbNbit ysacrHNK pana HeNMAS Gysar, vastorioli Gupsst ~ KoMMepseckutt Gait HLH (puatConoe yspencIeNe, KOTOOR HONE -MMEIE INO HA NpaBO OCYULeCTRACHIA onepaunti © mamoroit TLaa Gupx, xoropite sospoxczannce » Poceum » 1990-1991 rr, Xapasrepuuist anzLt0cs GoaMoe pirNoOSpAe cocraa Yupeanreei. ZLa oats Gupx YupeaHTeNI ARMLINCH CKMOWTeABHO rocsAApeTBENHKE opravi, Vupeat- ‘ecu, amprotep, Pocarpooupxn bicrynian Muce-txo3, Muxasrocearaul, MocropuenoakoM, Pocnorpesco1o. 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PHINKA, OPM OpraKINALNI GNPACPOH TOprORIH aaBHCAT m Ccwosniow oF coctostits oHIOBOTO PHIKA, a HMCHHO OF ero F=AyONH, LIpHHI H ypoBHA ConporuBaxe\ocrH, Hew GO: oGveM cnpoca m mpeanoxrcein sh ucHUNe GYMArH, TEM PSIOK mNpe, eM KPYMHCE OGLEMBI “AHBOX MHDCCTOPOD OMUCHTPHPOBAMECE CHOC H Npe-IOKTHHE, Te FIyOKE BTOPHKIT PHINOK. CoNPOTHBAEMOCTS CBATANA C -MAIKASOHON HEH B ROTOPOM JACTHNH PHIHKA FOTOBKL MOXY HK NpOsEIBITe HeHHE Oy tara, ECM YCIOBIN (pyHEUNOKHPOsAHI PHIKka WAMeKMOTEA, CYMIECTAYET paRPHIB MEKAY CHPOCOM I NPEAOKEHHEM NEHA NOABEPACHA RANLHIHO NOTH kTOpOB, TO Supacnas Topronas oprauunyerca 8 ope ayrauiona. Hx kxaccudpuxauust mpuerexa xa pyc. 11.1 Tipu neGommow oSsewe cnpoca itm mpestzexeHns Topron: opraxmtsyeTex B OpME npocmaco AyRUMOKA (CM. 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Wa TOOCOBBIN PRINKAN, ‘TpyaNo copuewTuposatica, He mpuGeray x OMpeAeTeMMBIM -XECTAM, KOTOPHE GMA BLIpAGOTAKML UCTOpHell GupaeBE AYKUMOMOB, HANpUNCP, OCYMIECTRAMOTEX HECKOTBKO pas B TECHIE Oupacsoro ans, Kpynvelimne aamonsie psikkH — 970 Guan Ancrpii, Benbran, Tepwaxnn Hopancts, Yacrete samt CBILIeTeAICTBYIOT 0 HANH MOCTORHHOTO CHpOcA H NpeOACHHA HA NeHMBIe OyAArH, O ANKEHLAHOCTH pHIKKA, NOIBOAMOT nopeitrn x nenpepeianony ayxyuony, RovOpuli B CROHO OvepeaD HMCET TpH BILL (CM. put. 1.1) Tlepasii us wx — ucmoatbsosane KHUTH saKAnOB (CM. pHlc. 11.1), B KOTOPYIO “aHOcHTEA YerHO NepesaBaewtIe Gpoxepanur saiBkH, saTeM KtepK (YHOAMOMOMeMMBAT GuprxH!) eMOMMWIET ux, CAMAN OGBEMEL HH eH HO Mepe 1K noctyn.tenis Taxww oGpasom ocymiecrsasercs nosGop saxasos, Gaaroskip KOTOpOMY KOMKPerHMIe HOKYNATeA TopryIoT © onpeaeacHepiie MpoAABUANNH MpHNIEM B CACAKE MOTYT Y4ACTROBATS HeCKOABKO Sarco. TAK, KPYMMBI “AKAs a MOKYMKY MOET HCMOAHSTTRCH HECKOABKHMH “AKANE HA MPOSLPKY’ H HAOGOPOT. 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Mpoaraatsuposas cHryaumo, GpoKepsl CaMH BBOAAT UCHBI Ha TAG.IO, KOTOpEIC BILINBI BCeM TpelltepaN., aXOAMIIUIMCH B TOPFOBOM Ne, 3UKC3HE PAIMELIHOTER Ha TAGAO B XPOHOAOTHMECKOM MOPSLIKE, OSTOMY NPHOPITET BpeNeH urpaer onpeaeasoutyi0 pots. 3aKcts MOxET Goin He BLINOMEH, eC: a ash Ha TY ake MeMY MpueNO.ZIT pase M MoraoumNOT saKasK1 MporuBonOAOAHOH crOpoHB! paIKka. pHMNKO! HeBBMOANCHHS aAKNOrO TANKASA, TAKION OOpAOM. MoxeT Gers conepexcHHe> sasBKit Ha ARUN. ECAH aMAMaGON LICH, KOTOpBil, KAK AKC OTMCYATOCS, XAPAKTEpHEYET YPORCHE CConporipisieMOcTit PBIHKA BCAINK, MAK:IeP MoxKET BHCCTH KOPPCKTHPOBKII B XOXC OHPAACBOM TOPrOB.IH, HCKIOMHB %AABKIL CAMWIKOM OTpHIBRIOUUNE OT LIEK cMpoca H NpesToxeHH, Cava OpraKinALH Oupxenolt TOproBAH MOBOTIT NOBBICHTE MUKBHAWOCTE PUK MyTeM YoraHOBAeHIL Mpe-remLHOrO «cmp20a>. ‘Tperuit sia HenpepsiBHoro aykunora — « T 0 a Ma » (CM. pwc. 11.1). 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TouHOe SHAMEHHE CHL, KAK MpaBivto, we YeTawaBAMBAeTes, a aAeTCA NUE YRAIANHC, B Coorsercrsist ¢ KOTOpBAT eH onpereateT Gpoxep B XoIe GupaxesEE Topros. TIpw wcroaNeHHH ToprOBEIN nopy‘ieuit Gpoxep AOTACH PyKOBOACTBOBATECH NPABKIANNL OUPACBO! ToproBaH, aelicraYIOULENK Ha AAKHOH Gupase. B wuepopoit pakrike HeMOBAYIOTCK pAsHOOGPAHBIE BILIS| TOPFOBBIX MOpySEKHE, TTpit OPraHHEALNH dpB4ONePCHEIS TOPIOB HAH pHMeHeHue uateIor caeayIoMLNe BILAL TOPrOBBIX Hopy ven © symm 114 nposars no Gupaesoit (puNownoii) yewe, Ha Gaauxe jasBKH yen He craBHTCs: © KVMs 1H npoaTs no wHalLAysMel UeHe AHO) — NeNOAHAeTCA MO cAMOlK HUNIKOI! 2248 NOKYNIKH H CAMO BBICOKOIL LIN POsLWKH HEHE No pexY.aBTATAM ceccHil OHpAREBOTO ANA (KAK MpABHLTO, NOC XABEPUIEHHA GHpHREBOTO TOA); ¢ ym, uu npoxrr no onpeseneuwoit uewe. Bunoausetex Gpoxepom cpasy ae NOCHE TOAYYENLA HAL B TOT MOMENT, OPE MCHA AOCTHTHET 3a1aHHOTO ypOBH ye aKa JAK BKIMOTHAETEH AHO B MpoUeCce TOPKA Ha OUprRE, NGO BO BPENL MeHKA’ OHPACCBBINIH coconut (kep6). 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Ha Goxsmmncrse Gupa MpoTABeH MOXKCT MOCTABHET® ToxSKO TORAP, HANOAMUiICN HA OfMMIATBMEN Ce CKIAIAN, B celia 2aperuCTPHPOBAHABIX GAHKOB, C “ABOIOR, NOTYYNBIIMX COOTRETCTRYOUML cepruipuKaT. KaYecTBO TAKOTO TORAPA -O.TKHO Gui yaocToREpeHO CHEUNAABHAIM CeprHpHKATOM 1 COOTRETCTHORATE TPEOGOBIHNAM, YCTAKOBTCHHIM B GHPCBOM mee 124owrpakre. K nocraske paspeuiena oOst44o AM ‘Toprosau, Kpowe Toro, nposaseu z0.0KeH peaCT ‘¢ sit tpaxcnopra, wa KoTopow aocras:teH Tosap, © crpawa mponcxoactentis, ‘© uies0 MeumkoR, rain, KopOGOK 7. ‘© yrmepacxennbsit Guprscit cka.a xpavien ToBapa: ‘© ara mocrapxn Tosapa na eka, Macrs CoproR TOBAPOB, MOCTYAKOUUN B KAATAL MeoKAyHApOAWOH TL CBeENNA O NOCTaBAXEMOit HapTIME TOBApa: ‘oGumti Be naprun; aaa nepesenmesanns Mowtep nappaxa’ ‘Aaa Bsus OGpasuos HT. ‘Taixe mpogaseu so2aeH ocTars moKynaTemo wepes PacueTHyIO MAIaTy HoTHC, Te. mEpeMIeHe O nocTasKe. B K@KIOM HOTHCE COOSUAIOTeA UMA, JATA KOHTPAKTA, BPeML HO:IVYeHHIT HoTHCA pacteTHO!t naxATO! W Bpestx ero nepeARH NoKynaresW0 Gupaxeporo KoMrpakra, Tlocse MpesXPABTeHHA HOTHCA B PaCHETHy}O MALLATY eFO VAKE HEMI HM ICRA, HL saMeMtt» Ge3 Coraacus NOKyMaTe=s HAM peuesNs apOurtpaxworo KOMMTeTA. Boe HOTUCH, Mpouteamue PacueTHyO Masry, B OGrareABHOM NOPAAKE MPHHIIGHOTCA NOKYNATEARMI K HCKLOCHIMO, BATE NlOayYaTEAS OOWAH B TEMEHNE OMpeAeAeHHOTO BPEMCHIE OMLIATETE TOBAP HATICHBINIE B ToAHOM paswepe. TIpH BHECEHMM nuAaTe:KA B PacweTHYIO naxaTy loKynaresns HOAYSACT BAPPANeT, HIN CKIAACKOC CBILTETEATACTHO, — AOKYMENT, sAaIOMIN MpABO COOCTBEHHOCTH Ka TOBAP Ha GUp-kCBOM cxstaae, MIporasen AODKeH OMLTITHETE BCE PACXO-M, COOTRETETBYIOUIKIE YETOBHIM NOCTABKH B TeMEHHE YCTAMOBACHHOTO nepuoza ¢ 13.6. XEUKHPOBAHHE HBUPKEBAA CHEKY AHA B npaxruxe Gupaesoii toprosan paxtesior xerauposamme u cnexyamiio, Xexauposaune ~ 370 Gupaenoe CcTpaxonanite OF HeGAATONpHATHOTO HAICHCHH HICHBL, OCHORBIBAFONICCOH Ha PAALTIIURX B ANHANIIKE LICH PeaBHBEN TOBAPOB H HoH (htoviepeHBIX KOHTPAKTOR Ha 9TOT ‘KC TOBAP HAN HCH Ht «apIPAPTECKOND? Ht APIONEPCHOM PHTKAS. Bupaxesas_cuexyamuua — 310 crtocoS nosy'eHuA mpuGbLIH B mpouccce GupKeBoll Mpstoyepexiolt ropros:m, SaMupyroMUNTiCN Ha PAINS B ANKAMHKE eH ()BOYEPCHEIS KONTPAKTOB BO BPEMEHHL, MPOCTPANCTHC 1k HA PAIKKE BHT ‘ronapor. B rosiruko-2KoHOMINCCKON CMBICIE 1H XC-DKMPOBAHHIC, H OHPHERAL CHEKYANMILT MpeacraROT COBO! MpocTo Cchekynauuto, T.¢, cn0co8 MOcTY4eHHA NPHOLIN, OCHOBKIBAHONUHICK HE HA NPOIMBOACTAC, a Ha PMIHMILE B HleHAX, XesrkHpORA- HM H GupAcHaK CrleKyAIAUNA ~ sI8e (OPM! CTEKY.AUHN Ha GUI, COCYMIECTEYIONINE H AOTOAMAMOUINE APYT APYTA, HO B TO 2ke BpeAbH H OTAIMOUINeCH MeACIy COGolt, ITO ae cTOPOHLI OHO! steaaaH. XewAUpOBANME HeBO;MOAHO Ges GupaseBoit ‘cnexyaaunan 1 wa0Gopor. ‘XewaNpORAHHe Ha GHPARE OCYWLECTBAMOT, KAK MPABILIO, NPCAMPHLATIEL, OPFAKIEILI, MACTHMIE AML, KOTOPKIE CAMOBPeMeHHO SBILHOTCH VSACTHIKANH PSIHKA PeATMBIX TORAPOB: NPOIRBOUITE:TH, NepepaGOTHHKKH, TOPFOBUBL Bupaceoii cnexyaauscit 0OwNO 3aMIAIOTCA Wie GHPAN H TE, KTO 2KeTACT (OOMUNO MACTHMIC AHA) CHEAT H atone 8 anmanuKe eH dpsrovepeHBIx KoFTpAKTOR. Ha npaxruxe et crpororo pwnrpaKINeHWA MexcIy CYOUEKTAMH, XMIMAONUIIICH NE=DKHPOBANHEM, H CyOKEKTANIL AesTeABHOCTS KOTOPHIN CHsTAIKA C ONPHKEBOM CTKYAAIANE!, TAK KAK YMACTHHKM PHIHKA PELTBMBIN TOBAPOB TOKE ZAMIMGHOTCS Supacauiun cnexyamuunun, 150 8 pool xouiicrae raaguoe ~ 9T0 MOAyHeNE MpuuaN NesaBUCIONO OF TOrO, 3a CHET akuex Guposenstx ontepauutl 9Ta ems ocrTuraeTCs. cwPANPOBAHNIC MpeCTeAVeT Ue ~ KOMMICHCMpORATE 34 CHET MpHOMLAM YORTRH, OA patie peartsHoro ToBapa B ucsow Gupaenas ToproBA ALTA BOX OPraINSAM HAMM, YHACTAyIOMNN B 9TH TOproBAe, MpeacraBaser COBO! oco6y10 (poputy KoMMtepHecKoli aerTeHOCTH ¢ HemIO MOAY‘eHHUA HaNGomMelt MpHOELAM Hapaay ¢ apyrus cyuIecTBy10~ ont hopstasit KovtMepuiH. XeaAupoBanue 8 CBABH C ABOTICTBCHHBIM SAPAKTepOM, T.€. OAMOBPeMCHHO! ONOPEI Ha LeHY PCAABHOFO TOBAPA M Ha UCHY *PbIONCPCHOFO KOHTPAKTA Ha ITOT *KC TOBAP, HMCET BUKHOC NpAKTHMECKOe sHANeHHe, OHO (OGecrleMBACT KOCREHHYIO CRAIK GUPAEROTO PHIHKA (pMOePCHBIX KOHTTPAKTOR C PHINKOM peartAHOTO TORAPA ‘Xeswauposaune siinoauster pYHKUO OMPACKOTO CrPANOBANHE OT HEHOBLX MOTEPE Ha PEINKE PeamBHOrO TORAPA H oGccnesmmacT KOMIMCHCAINHO HeKOTOPEIX PACNOOB (HAMPINIEP, Ha XPaHeHHe TORAPOR). TextiKA XezrAMIPORAKI COCTOUT B cueqytoures. Tpoaaseu mamesMoro ToBapa, CrpeMsice SacrpaxoBars ceGx OT npexmoarae Moro CHIOKEHULN LEH, NPOMACT Ha OupAe dporovepeubili KOHTpAKT HA AHHH TOBAP (NEIDKNPOBAKNE NposAxciH), B cay'ae CHIOKEHA eH OH BBIKYTIAeT (eovepcuuit KoWpaxr, ueHa a KOTOPHI TOxE yaa, M MOAY‘KIET MpHOBEM 1a qhetovepCHOM psuAKe, KOTOPAH JO.DAGI KOMMCHCHpORATD HETONOIYSCHAYIO HM BLIPYUKY Ha pEIAKE PeaTBHOrO TOBApA (CM. YoatosMB MproKep 1). “nbc OF peaatrauant HaYenonnuaii npustep 1 Uewa | tena | Bupysxa wa | na, or o1.ot | 0103 | onepansit Putniok peaneuoro toxapa | 100 80 ‘@sroepcusil psHoK 120 20 (apo- | (noxy- | (120-100) aaet) | naer) Beero = : 100 TIposaseu s KoneMHOM wrore noay'aer OF nposAH ToRApa (80 eau) H oF dpsto¥epcHOrO prt (20 e-MEHN), Te. ‘Ty cYMMY BRIPYRH, KoTOpyi0 OH PaccuITANBAN MoAy"HTS Ho CoCTomEIAO Ha 1 suBApH (100 cast) Tloxynareste HasiHsHOro ToRApA “ANKTEPECORAK B TOM, MTOOb! HE MOTEPNETs YORITKOB OT NOBKILICHH HH Ha TORAP. Tlostomy, nosaras, To WeHBt Gy.ayT pacTH, OM MoKyMaeT q>MtONEpCHHAT KONTPAKT Wa AMHMBAHi TORAP (Ne-PKHPOBANHE noxynkoii). B caywae ecau TeNIeMMs yraguuK, MOKYNATeM. MpoaeT cBoit puoepCHEIT KONTpAKT, UeHA KOTOPOO TOxE Bospocsla 8 CBHSH C POCTOM LICH Ha PBIAKe PeaAsHOTO TOBAPA, H TM CAMBIMT KOMIIEHCHPYET CBOHK AOMOAMIITEABHBIC PacNOLIBL No NOKYMKe HALHHOTO Towapa (CM. YeaOBHBIH MpHMEP 2) ‘Yenoputait mpumep 2 | - + ) ena ena ] a va | Sapam | Jloxoa ol. | oles | Fusoxpamuoroweape | | ia] Pe uiovepensi prox 10 Mo - | » (140- | “t29) Beero : . wm =| | (120 | 20) Sarparst noKynareas Ha pbInKe peameworo ToBApa (120 e-iK) GxaroxApA MoAYeRKOMY AONOAY oT dhrOYEPCHOT ‘oprosau (20 emus) He NPeBLICHAN CYMAIK KITPAT, HLELUMpyeMLAX Int nO CocTOsLNO Ha 1 auBaps (100 eau) (06a npuseacumsx mputepa pacKpHIBAIOT CYTE crpaxosoit dpyuKAN XeaApOBAM TIpuseaewt emte aa npuepa (eM. yeconine mpoitepot 34), 1ELUOCTPHPYHOUIX TEXHIKY NE-PANPORAH, ‘Yesonuesit upumep 3.Xexruponanne uporaceit drsorepcnoro xowrparra («acoporkmii vex») TIpeanpusrue npoussoaur Tosap (Hanpuep, amonuiAnii) w mpoaaer ero. TexyMlaX ucHA Ma HaAINHOM poIKKe YaopserBopseT NpeaNpHNTHE, HO MpeaMoaraeTes, TO Yeper 3 MECsIA NEHA MOKET CHIBHTKEA M -TOFaA ToRAP Craer yOurrownin, UroGue sactpaxouaTecs OF BOSMOAHOTO TAAeMIUA HEH, MpeAMpusTHe MporaeT Tpexecsubt PpIo¥epcHEslt KOHTpaKT Ma nocTaBKY amowmnt, [Ipeanosoxun, “TO MporHos onpassa.acs, Liew Ha HEL INHOM Ht ipbOMePCHOM PHIEKe cuniemice, Yepes 3 mecaua mpeanpwsrrHe nposaer cBolt ToBAP Ha KAINYHOM PHINKE H BLIKYTAeT CBOIt (pbiOYePCHBA KONTpAKT Ha oupae, Hane poor lena wa 1 vias ~ 1000-ratc, py6. 20 eaMHMUy ToRApA. Jousa ua 25 sioas ~ 800 ruc, py6. ° exmtimy ToRapa, 1. Tlpeanpusrrue npozaer wiroToBTeHUBIi K 3TOMY BpeMeHH TOBAP No HeHe 800 TH, py, va eaMMHUY ToBApA. Prouepensstt poauox lena ua 1 was dpetouepcuoro Kowrpaxra ~ 1050 rc, py6. a Cammy Toapa. 1. Tpeampusrue mpoxaer tpexMecstinbiitipsOMepCHBT KOHTPAKT Ho HeHE 1050 THC, pyO. 3a ExNHNUY TOBApA, Leva nia 25 mons ~ ipsioyepenoro Korpakra ~ 850 THe, py6. 30 exunHUy TOBApA 2, Tipeanpworrne noxynaer axatornuntaiiTpexwecastntt(pbtosepeubsit KON-TpaKT %a $50 PYG. 4a eantUHY ToBApA Pegunemames xedoiupocanus 126Buipyska Ha ppisike HatH4Horo Tosapa papwa 800 THIC, PYG. 4a ea TowApA. TipuGuiw 1 duuiowepcuom puke pasia 200 rac. py. (1050 Tate. py6. = 850 Tate. py6.) ma kaacayio eauuony ‘ronapa. Comox siupwsKa npeanprurri passa 1000 rac, py6. (800 THIC. p16. + 200 THC, pyO.) 2a KaxCIyIO exIAHHY ToBApA, Butnox. Heootpa Ha cHICKCHHe pBIMOMHOMi UeHBI Ha TOBAP. MpeANPHATHE, OcyMIECTBNE XesDKNpOBAHIKE Ha OupACBOM hIOYEPCHOM PEINKE, BUIPY'ILTO 7A KAAAVIO EIHHHNY TOBAPA NO 1 000 TBC, PYG., Te, NOAYYHAO HeKY, KOTOPA yerpaumaer mpeanprsruc, ‘Yeon upunep 4. Xexxupowat Geoepenoro Komrpanra (L 04) TykoMombHoe MpeANpHsTHE NOKYaeT 4epHO H MPOIEIBOAKT 3 HErO MYKY. TeKYIUAN MHA Ha HANIHNHOM PAIAKE 2epHa YaOBACTEOPSET MyKOMOABHOE MPpeaMpusTHe, HO Mpeamosaracres, WTO Wepes 3 MECALA UeHA MA JepHO MOET NOBLICUTECH It Foraa Mpomisoacrao MyKH craHeT yOnTOwIM. UTOOM “RICTPANOBATKCX OT BOIMOAHOTO YECUICHIA UCHR HA PHO, peanpiurrve noKynact Tpexvteca¥Hsii (psIovepCHBI KONTPAKT Ha epHo, TTpeMOTOAKN, 470 MpOrHo3 onpaButates. Liew Ha, MaawsHoM W ¢bsOo¥epcHOM PHINKAX TloBWcHLAHCD, Yepes 3 MecsuA MpeAMpHATHE TIOKYNACT SePHO Na KATHYHOM PAINKE MO oBoii uewe # mpomer cEoit (psto¥epcussit KowrpaKr. Hasna pesor lena wa 1 beepas ~ 1000 raic. py6. 2a emmy ToRape. leva Ha 25 anpens ~ 1100 atc. py6. 2 eamHuy ToBApa, 1 Tpeanpusrue noxynaer sepHo nto uewe 1100 Tse, py6. sa earuumy ToBApa, Porowepenett pastor Jouia ua 1 dbeupans ¢hutouepcuoro xowrpaxra = 1050 ruc, py6. 3a eamHHuy TORApa, 1, Tpeanpusrue noxynaer Tpexwecasbit usouepcuntii KoHTpaKT no ene 1050 Tuc. py6, 3a eM TORApA, ‘cua Ha 25 anpeas ¢psronepcnoro Korrpaxra =1150-rHtc. py®. 1 CAMA ToRApA. 2. Tipeanpwsrrne npoaaer 37or (psovepeHstl KOHTpAKT Ho UeHE 1150 THIC. py. sa CxNTAMUY ToBApa. Sarparir ta pene peamworo ToBapa = 1100 TBKC.. pyO. 7A eAMHMy TORAPA, TipuGuias wa (purovepcwou pauexe cocranaser 100 Tate. py6. (1150 ric. py6. ~ 1050 ue. py6.) Ha karxayt0 eamny ‘Tosapa. Qouure sarpars Ha oKyMKy sepKA pastAt 1000 TBIC, py, (1100 1 yO. ~- 100 Tate. py.) 20 KaxayHO eH ‘ronapa, Buinox, Hecworpa ma yscuiscime punownoli yews Ha sepHo, yxOMOmBHOe mpeanpuTue, ocyuiecTaND NCOKMPoBAHC 1) OupaCnOM (pSOYLPCHOM PANNE, ATPANLIO HA KURIVIO CAM TOBApA no 1000 THE. PYO., TE. oeeneut0 ceGe HopsraripHB ypopett arpa Heenoassosaune aexausiava spsosepewoli ToproBal, KAK CACAVET H2 NPHBEACHHBIS YCOBHIX MPHEEpOR, NoIO:AIET HpOXABAM. LIANMpORATS CBOIO BMPYYKY, a HAW, H MPHOKLA, a HOKYNATeAAN ~ sarparbl, Ha MpaxtuKe TpyANO MpeaV TOAATD WMCHCHICG UCH Ha AZUITETRHBA CpOR. JJNKANGIKHE CH PHIKOR PEAHOTO TORAH (pKKOYePCHOTO He COBNALTAT. TO>TOMY, KAK MPABIEIO, NCDKHPOBAKHE He ONRATHIRAET BCC MACCHI NPOIABCACHHBX OUPAEBKIN TORAPOR, ‘Cymecrayior panic hope (cnoco6ss) Ne-PRHPOBAHT D YABKEHMOCTH OF TOTO, KTO SBIACTEN CFO Y'ACTHIROM HC axoii nebo O10 ocymecraeTes, XezIpOBAKNE MOAT NPOBOAITHCS: HA Beck HANH TOBA HAN Ha CTO SCT: Ha myctoumiica maeunii Topap iI Tonap, OTCYTCTEyIOMUMi B MOMENT saruO¥eMN dsOvepeHOTO KONTpIKTA, 1 NouGnnanuuo passa 27 NOCTaBKH PeABHOFO TODApA H MBIMOAHEHHE SpexO¥epCHOTO KOHTPAKTA HT. Xewasponainie nowower MO:y HET H AOKOAMUITEARKYIO MpHGHL, CHEW PARMA MERAY HeHOH KaMEHOFO ‘napa x ¢pslosepcuoro xorpaxTa Ha CoOTRCTCTayoMIH Mecs4| MocTaBKH MpeacranseT coBoit "GaN" w saBHCIT OT pac= No10D 1 Xpantumte m apyrux tpyznoMpornompyemrs (kuxTopos. B Cayuse Xe-PKHNPORIME NpOAMBCK TOBIpA, 2CxAKOUMT NOAyHTS AONOAIKNETEDHYIO NPHGBLD, OTKEH CrpeMITKCA NposAT (PsIOvEPCHE KONTAKT Hk CBOH TOBAP NO UeHE: npepsiuavouielt zeHicTEYIOMIyH0 PHOSKYIO He PeaGHOTO TORADA Ha BEANSHMAY Ga2wca, CaM w sa.tHeHuIeM Gane Oyster YMenbLaTKCs, TO XearKEP (Te, TOT, KTO OCYUIECTALMCT NEsEAMIPOBANNE) BKITPHIBACT. TAK KAK AGO POCT eH Ha (pHAOEPCHON DPAINKE oTCracT OF pocTa ueH Ha pEAZIHOM PHINKe, NGO CHIDSCHINC YEH Ha dpONPKOM PAINKE ONPEAACT CHIDKEHME HEH HEA Peanom pase. B cxyae yacsmem Gasca Xexrxep-npoxancu npoxpstsact. Tloxynarens Tosapa, sCHOUNHE Noy ONOTHITENSHYKO MPHOSLIS, OCHOBHIRAETER B CBOIKX NPOTHOHIX HA HOM HBMEHEHHEK GanHCa, Te. pH ero BOXpACTaML Ne-DKEp DBITp'BACT, a MpH_YMeKBMCHI Gaatea ~ nponrpstBAeT. BB yxaianmors napmeurrax ROMCWHAS HoH 3M NezaRepa papua Cro NeeROT ueue T-HOC HaMteneMe Gama, U, =, +5, me Il ~ xoxewsas nena ana xemxepa; 1 ~ nenenan wena aun xenxepa; can Xewkep smaseTex MpoaBioM., TO y Hero Oyler AOMOAMHTETBHAA NHOBLA B CHy'AC, KOFAA KOMCMHAN UeHA oxoxeTeH BuIMe He-TeBOIK, ITO BOAMOHO MpHt YMeHBILEHHH Gara Yuacrimust Gupxesoit Toprosan OcyiNeCTBAMOT CBOIO AesTEmBHOCTE cpayy NO MOTH HAMpABTEMA, WeNOTAAY ce HAICIOMULECH BiLAK (bIOYEPCHAL KOMTPIKTOS, ONUKOHOG 1 HX KOMGHAMK. TIpH 9TOM NPONCXOAT GupAEBOe UeHOBOE Cctpaxonanite sooGule, T.¢. cTpaXOBAHe OF 1GMCHCHH eH Ha dpBO4ePCHEIC KOMTPAKTHI, OMUMOMDI H T.aL, a He CTAXoBANuc, CBRKAMHOC C HOMEHEHHEN HICH Ha PSIHKE PeambHOrO TORAPA B 3TOM CMBICHE NEKMPORANHEN HANUTHIOT TAHIMATKCR He 127‘TOKO RIKLIETBLUK PesLTBHOTO TORAPA, HO M OHPAKEBKIE CTIEKYANHTH, a NOJTOMY CTHPAKOTCA MpAKlK MERAY NEAKPOBAHEN Gupacsoit cnexy.ammell, Xexauposaume ocyulecrsaseTea ¢ yesMo OGecHeYENNA HOAYNeMM ZoNOMUTEABHOIL NPHOLLI OT Gupacsssx cact0K, a Gupxenas crexyammia mpespamacres 8 bopaty XewAMIpOBAKIE 13.7, IEHOOBPA30BAHHE HA ®bIOUEPCHBIE KOTPAKTbI Osun w Torxe OupxeBO!t AKTHB, KaK MPABHLTO, HMEET PAINE Ha HEHMECKON (HAAHNHOM, PeATBHOM) PHINKE HHA (esrovepeuoa panuxe, 310 caeayer 165 Tor, “TO pedaBiaN KyNAK ~ Mosk axrupa ne duEHNIECKOM PoUUKE MpOUENOIHT B AaHbill MOMEHT, a Ha dpsHONEPCHOM COCTOUTEA ePe? KAKOII-TO NPOMEAVTOK BPEMEHH — OT HECKOABKHN AHCIK 0 HECKONBKHN eoames nun anvxe er. B chow ovepests, Kak HOGAN PHIHOSHAN leHa, HeHA dpbIOYePCHOTO KOHTpAKTA IMceT OOKEKTHBHYI OCHORY — cromiocrs, Lena MoxeT OTKIONATECH OT CTO-UMOCTH MO BANAMNEM CMpoca H MperIoxeHIs, TloxTOMY & OOMIEM BHAE Mogeab wens (pexouepcHoro Korrpaxra Tpasuunora (putcro 13.2) crpoe, | Cromwocts ene quevepenaro |-——»]_ goovepenoro konpa voxparra Tpeanoxenve Pre. 13.2. Baxropis, easwtonnte Hu ueny KossrpANia ‘Pachoawzodna kax noxynka cae akmuaa Ha qpusu4eexou pride u nociedyiowee eo xpanenue do MoMenma uenabso@anuia tw nomena doxoda no Het, max u noKynka iboso¥epenozo KoMpaxma na nom ax mua. jeicTBHTEABHO, MOKYTIA Axrupa. Yapanee, 20 MOMEHTa NOAyICH BSFOA OT Hero, OHANACT, YO HUBCCTOP, BIOATHD CBOM ACHOAHBIC CpeaCTHA B 3TOT AKTHB, HexOMOIY'HT ONO NO HEMY B BiLAE GaHKOBCKOH NpOUeHTHOH CTaBKH MO AeMOMETY. MONET GAIT BAI) AIEH HECTH aKHeTO AONOTHUTEsBKE ACNOA, CRANE C NpAHEHUEN AKTHER, FO CTPANOBAKHEM IT. negoBaTeBHO, CTOUMOCTS (pMOYCPCHOTO KONPAXTA ONPCACCTEL TAKIN OCHODHDIMIE GAKTOPAMIE, KAK: UH axruna. na. NEHPICCKOM POMC, CPOx AcicrBHX )MONEPCHOTO KONTPARTA, NPOUCHTHAN CTABKE, PICXOIE, CBAKHBE © B12- AACHEN. akTiBa (NpaHeHHe, crpaxonaaite), K THM (RAKTOPAM ¢ YHETOM KOHKPETHOM cMNHUpHIKM PHA H. CTPA! MOryT AAOGABAUTECN CTCAYIONUIE PALAUNIDT, B KOMIICCHOHNN PACNOAAN Ha AAHVHON H *PHONEPSHON. PHIKAX: B HLTOFOOBIO- 2x, B BANHOTIBAN KYPEAX H AP. HTAK, NOs CTONMOCTH PbHO-ePCHOTO KOHTPAKTA MOHO MPCACTABHTb B BIL CCMBI, B oropoii nepewtexeumsic aKTOPM cIpyMNpSeM Ha NOCTOMMe, KOTOPHE BCerIa NpUCyTCTESIOT B MOxeAH, HH Ceuninecxne, nasuine KOTOpHIX SABHCHT OF BILE CaMorO GupACBOrO AKTUA, CrpAHeL, BHAA OMepaust w'T.2. (pu. 13.3) TTarenarieckiit pacer cronwocri psO¥epeHOrO KOHTPAKTA 2ABHCHT OF TOTO, KAKHE (PAKTOPH! Y'ITHRAHOTER Hanpnwep, yer nocrosimbrx axTopos onker Ok OcyecTBAICH No ‘bopuy-te +1L-11 Sat ak rae C, ~ crouocrs (puiovepenoro Kourpanta na Gupaesoit axru A; T,—psimownan wena axrusa A wa (puesecKoat poiske: TT GaxikoBckil mpoueH no slenoviraM (IOC MPOLEHT ACXOAIOB HE XPaAKEHUIe, TPAKCMOPrAPOBKY M XpaHEHHe AIA ccayuas peamsnoro Tosapa), AL smcro aneii 10 oxoranis cpoxa aeiicrans (joovepeHoro KorrpaKra Ham ero saKperHNocraanne Cheungmuecene aerops axrops Paccoan va xpanenme ena a eowvecrom eee oinee ‘Spon pencrenn Cromoore Komuccnonnie Geetepowore f ~~] demeanor a areal rontpacra lanorooBnoxenwe Banerweih aye Fpouanrnas us crane aaa Pac. 13.3. Daxvopia, navmomae 12 eroinsocTs Kowrpaxra Ecam Gupxesoit axrus mpusocur onpesesxeHMbili 20X02, NaNpiep ANBILICHA MO AKINN HLM MpoueT no OGAMTAMH, TO 3TOT AOSOT CAeAET BLMCCTS 1 GAK-KOBCKOM MpOUeHTHOMK CTABKH NM NpeawLAVUIAR hopy;za MAMET caeay rome su a © =1k sil dian 13.3 aT th 566 ) je TL, —epesmll penvep sponge Ho akagae Yd uponetra no oCuaraLpa anpuwep, LL= 100py6, TT= 20%roxoRnrs, Th= 10% rox) A= 60aneit Tloxcranaaa 9rit guavetnia w dopayay (13.2), puccurummes cromMocTh movepeHOr KONTpaKra Ha NOKYREY oaMoit aku ¢ TeKy melt pamOuNO! uewolt 100 py6. H exeroaMEIM pasMepos auBHAeHLA # 10% c nocraBKOit Hepes 60 ane TNpH cpeanem patosHoM mpouestre 20% roaoBBt: 100 py6.~100 py6. - (0.21.0) 2. 100 py6.+1,67 pyt.= 101,67 py6. Punowas uera Texymero ana a sToT dhetoyepeuniit KoMTpaxr Gyaer KoseGaTxea moa BamHeM cMpoca 1 npeautorkexut BoKpyr aTolt pacueTHoli ero crouocrH. TlockoabkY 10a BIIAKEM cCHpoca M MpecLIOKEHNA UeHA (psOYEPCHOTO KOHTPAKTa MOAT OTKIOHATECH OF ero CcTomiocrH, noxBaxeTea BosMoaOcTE Haye MpHORLAL, MenOaRIys pasIMMAY B LeEHAX 1a dpUsHeCKON H spAso¥ePCHOM pul ax, Taxute onepanit noay¥eT4 rarssaHe apOHTparxeAN. - Ecam cromwocts ()etovepcHoro KOHTpakTa OKAMLTACB BBIINE Cro PAIHONHO! LEME, TO 370 OMANACT cr HeDOMEHKY ACHICBISHY MO CpABHeHIHO ¢ HEH! HA (pHEHEIECKON PHINKe, OSTOMY MOAWO AKTHB KYTUETS TaN, FC AeMIeBTe, Te. Ha (eIONEPCHOM PAINKE, MH MpOATS TAM, FAL ON CTONT zOPOAC, Te, Ha qiNMVECKOM pHIHKE, PaKHNKA B eKAN cocTaBHT apSurpaxyio npx6tiab, Jelicrsurremsi, mpoxts, tampuvep, cero CBOM AKIN H NOOARHE BUupyueMM cpeacTaa B Ga a acnosit apurpaxxep “epes. mpeamoaoAu, TpHt Mecauia Gyzer mers cyanMy 8 pasmepe C, hopuy.ze (13.2). C apyroit CTOpOH, peamInoBAB Boll TpeXMeCHHBIl (pHIONePCHBII KOHTPAKT, Te, KYNMB NO HEMY ARMM MO LIEHE 3TOFO KOH-rpAKra, Koropat no Yexosiio Guiza MemBiue, vent C, apOUTPwXKEP He TONKKO CHOEA HMICET B MATHMHH CBOM AKU, HO 1 MOAyHLA Saaroaapa 3T0H onepamun MpHOLIAD B pasmepe TP = C,~ Uy, (13.3) rae TIP — npuGoit, C,-cromwocrs dhusovepcuoro Komrpaxra Ue tena dhsroxepenoro xowrpaxa CoormercrseHHo cost cTOMMOCTS (pbIoYepcHOTO KOHTpAKTA MO KAKIM GO MpHHHAM cTAMeT MeHBUIe ero PHIOMHOM HeNEs, TO apGrETpaDkHAM ONepalUA ONATE CBOAMTCA K TOMY, MTOM! KYMHTE TaN, Fae ACUEBA, T.e, B AAHHOM caysae Ha iGIMECKOM PHIHKE, HM MPOAITs TM, FAC eH BAIMIE, T:e, Ha dbHIOYePCHOM pHIHKE. APOINpAKep KIKYKAET, HAMPHMEP AKMIO Ha uEMECKOM PAINKE, AePAHT 1 Y CeGA 0 MOMENTA HEX NOCTABKIE TO (pLIOEPCHOMY KOHTpaKy, MpOsaeT HX B COOT BETCTBHN C 3TH KOHTPAKTOM H CHOBA TloxIy4ACT MPHOBLAB, HO Yae B panscepe TP =1,,-C, (13.4) Brarosaps noxoSHbiM apOrrparkHBIN OnePAIULIN NPONCXOsINT NOCTOSHHOE NPHBEACHHE HEH Ha dpAONEPCHOM PHIHKE K MX cTOMMOcTIM, C OAMOM! CTOPONE, a c APyTO!L ~ OGecneuNBAeTCA TecHAs cB dbeioNepcHOrO pala c dpTHECKIE 129patnKow Ha npaxruxe ena 1 croustocrs (puiovepenoro KoWpaxra imikoraa Me PAB Me HoTOMy, TO HeBOsMoAH apGurrpark, a noToMy, “To mocacaAMit SKOMOMHCCKH HeMeACCOOGpAxCH B OMPeACACHMBIX FpAMHUAN KOACOAMA UCHBL BOKPYT cromocru, HanpuMep, coat npiGsum oT apOwrparxwoit onepauu He NOKPHIBACT HAM PaBHA paaMepaM GHPACBBIN H KOMMCCHOMHBIX COOPOB, HE MOKPBIBACT HALTOFOB H7.M Axasin, opwya (13.1) m (13.2) nomoaser caemaTs eme oan nxxKsit npaKriveckiit Bipot, B MOMENT enoameu ;puiovepenoro xourpasra, 7c, xoraa J[= 0, cronocrs ero panita uene 1a dusmuecKoM pune, A nocKOabKy B MOMCHT HICHOAKEHIUL KOANMECTEO MPOIABUOB I HOKYNATEACit OAMO M TO 2e, T-. CHPOC PARCH npe-LIOKCHIHO, TO, “HAUT, uueHa ¢pstosepcHoro KONTpakra paBHa ero cromMocTH, Orcioua cleaVer, TO B MOMeMT HCHOseHINA ¢psiONepCHOrO KOHTPAKTA pox ero cymecrsosaHHs OKOHMAICS: a, rte Uys tena psouepettoro Komrpaxta i axram A; Cy —cronoersdisosepcione KorrpaKta Tate axrima A na dseiecko pase, c-Uy. (13.5) Blo rex nop, noxa cpox aeciicrsns dpstoxepeKOrO KONTpAKTa HE OKOHILICS, HMCCT MeCTO PALME MEATY cro UeHOK W ucMofi cro aKTiBA Ha QIEIMECKOM PKIAKE, a PASHHUA MEACIY YRAYAMHBIM LENA HAdHIBACTOK GasHCOM dpsrOepCHOrO Kowrpaxca: B=U,.-U, (13.6) rae B- Gane Poinounbie CHTyALUN MOFYT GbiTb canbie pasHble. HopMaTsHoll, KaK cHeayeT Ws Shopwyst (13.1)a(13.2), mBaaeTeR caeaytoulas, Kora UeKA Ha ¢betoNepCHBIT KONTPAKT NpeBEIMaeT HEHY Ha M>uEIHECKOM pemHKe, OsTKAKO ec.aH CHOC Ha Mpb40- MepCHOM PBIHKE CHLTLHO OTCTACT OT MPeATOKCHHS, TO HleHa Ha HEM MOKET OKAZATKCS HIDKE, YEM HAL (pIONMECKOM PEIHKe Aaaorwuas curyauus Gyzer WET. MeCTO, ecm Ma (pIEHWECKOM PHUKE cHPOC CHAO npeBLUMeT npeAIO-ENHe. Conyaumo, noraa Uy.> Ll, wacro raasisaior «xonranTo>, a ciryamino, Kora Ly. Hiawcevene Ganca BO BpeMeHH CBHAHO ¢ PALIN B CKOPOCTH IGNEHEHIOL HEH HA SPbHOMEPCHOM 1 pIOHIECKON patna, Anau; anueunn Gassica neoGxoamse ana npwieris pemtcnnii mo xynte-mposKe (esovepcHEES KOHTpARTOS yeuiKe ¢ 2elicrailaNit npoxaBuos H noKynaTe.ell GupkeBOrO ATH Ha *pIAAMIECKOM PHIHKe, 13.8. DHHAHCOBBbIE PACYETbI BO ®bIOUEPCHOMi TOPFOBIE ‘Toprosaas iovepcumisn KouTpaxTaMH OcKOBLIBACTCA Ha CxeAyIOMIHN MpaBiUa: ‘¢mpoaseu KoHTpakra Bceraa UrpaeT Ha HOKICKCHHC HOH! KOHTPAKTa, Te. Y Hero GYET MPUGBLA TOABKO B Caly'ae, ec: (OW KYMIT KOHTPAKT No Goctee HIEKOH NeHe, eM FO MORAL, ‘+ noxynatea, xonrpaxra acer‘ urpacr ma noBLieNte West KONTPAN coat ox mpoacr KOHTpaKT mo Go.rce BRICOKOH HEHE, Hem CTO KY B cnoio ovepecte, piHaHcopbie pacveTsi Bo dpBloepCHOM TOPFOBe HENOABT HO BY TABHBIX OAuIAHCOBBIX paBeHCTR: (CCA BAAFPHIBACT NOKYMATeAD KONTPAKTa, TO OOMATEABMO MPOWIPHIBACT NPOAABEIK KOHTAKTA, H HAOGOPOT: Cyn suerpauuelt y oaMHNX Yaewos PacueTHO! nasaris (1 Hs KIMEHTOS) paBiE CyMME MpOUrpHMIelt y APYTHN seHOS Pacwermoit na.tarst (it wx KaneHTOB), Srambi pacseros 10 KyTLIC-nposaDKe (pbrOYePCHOTO KONTPAKTA BILONAIOT [CHB (MOMEHT) 3AKINOMCHI KOHTpAKTA: epwod, B TeYeHHe KOTOPOFO KOHTPAKT OCTACTCH HEXIKPITKI HIKE HENCHOANCHHDIM, H JCM (MOMENT) SIKPAITIAL KOHTPAKTA 4am ero wenioauews. Paccworpin, kaxe jumtanconute npoueaypHt CoBepuLaOTCH Ha ONHCAMNS TAMAN Te. y Mero Gyaer MpuGuian TOABKO B cay, Taman eH aK MONEHIEA KOHTpAKTa (OTKPEITHE NOMI); peruicrpauus xownpaxra 8 Pacueruoit nasare: {yiuiara rapasruitvoro Bswoca (nepsovaa.nsHoll Mapas) 3a KOHTpAKT: ‘yntxara cGopa va perucrpausno KOHTpaKTa, 11 aman acs (nicpno.2) coxpanenms orxpsrroit nom pacuersi mo nepeenHolt mapxe: pacers no neprowavagawoi! Mapa, ccm Pacterwas naxaTa HSMCHILIA HX CTABKHIl man ‘¢ zen saxpnimis xourpaxta mytext conepuremus oOparwoi, nam orpceruoii, caeamu Ham aeML HeTOAMEMIEL KOvTpaKTa (sem ‘oxorantta cpoxa ero sciicrsu) acer npHOBLIN (VOBITKa) No YaKpsIrOHK Nos; ynuxara cGopa sa perucrpauino oparuoii cae. ACCT CYMMBI AeHer, BLITMMBLEMDIX PacterHolL mataTO! ey PacwerHolt matarbt (KAMEHTY) HAM yIKOHBAEMBIN Pacuerwolt nasare wiewoM PacuerHoit na.tarts (kameHroM): ‘¢ neperava (nosy'ieHne) GupskeBoro aKTHBA, TexKAMerO B OCHOBE (bbIO¥epCHOTO KONTPAKTA, ‘Kak siamo ws nepewteaewntx 3ranos, (pyiiuuit PacverHolt nastanit cpoasTes & ce -aytoute My pacuers1 nepsorasansHoit mapa OneaesenHe cyMM BAIEPEALIeT H NPOHTPHILIEH NO xAKpEETEAM TOU: YET OTKPHITHN nos H pacers nepeseHHOl! Mapaat, TIpocteiimue hopwy.aM pacuera MapaceELIx CGopow ueIOT Ccueaytouuelt iLL M=IL.-IT,: 100, rae T= cywna nepsorasamuoit apace IL.- ena mpnodperentoro dpsioveperioro Korrpaxra Ha GupaeROM Pome: Tl, ~ mpouewtHaa craska nepBoxaya.tsHoll MapsKH CCrapka neppoxavcambHolt MaprkH OOuIHHO COCTABIAET HECKOTEKO NpOUeHTOB (1-10%) H KoTeGzeTEA B saBNEHMOCTH or nica duiovepenoro xoxrpaxTa w Texyimeit pomosmoti xomonsrypet. OOuemo yposems crapkn nepaowaNi.zKoft apa COOTRCTCTSYET MAKCHMALIBHO BOSMOAHOMY IBAICHCHINO PAIMOMHOH UeHBL poOePCHOTO KONTPAKTA B TeCHNe O-AHOrO OupaeBoro roproworo ss Pacuer nepeaeniofi wait no oTKpITOii How B eH ce OTKpHITHA M,~ a (It, = U,), eyviva nepe enol Mapa 1, ecam Kontpagr 6601 KYNTCN 1 ecam xonmparr Out pom KoTUPoBOUHAN YeHA TOTO ‘Ke (pHONePCHOTO KOHTpaKTa (2aHHOrO AH) LU, — eva orkpsrroro d)stovepeHoro KOMTpAKTA, rae Ecan T,> 0, To mxatesen OTKPAITO! HoIMUI Heer HOTEHUKATEHYKO MpHORLT, Eoaw T,<0, 10 saazeseu oTkpsrToil nosiapiN uMeer NOTeMIHKA TAMA yOUTOK, Pacer nepementoiit wapasn no parice orxperrofi moan, we waxperroii w gambit ACH: M, = a+ (Oy, ~ H)s rae a = Heo Konrpakr 6b11 KynLteH, a =-1, ecaM KoHTpaKr Ob1a MposAH; Uy Koruposowtas uesia anstoro ¢putouepcuoro Kowrpaxra Ka TeKywuit a Uo -Kormposourast uexa zannoro dpsronepcHoro KOHTpaKTa 8 mpe-bLymlat eH, acter put (mia) No aKpAT 8 Ae Aes HOM A=, ~, rae JI npuOpiab 1a yOurrox no aaKpsrroH Mow: Uo) wena noxymeit dptoxepcnoro KOHTpaKTa; lo uewa nposinxn piouepeHoro Koutrpakra. Pacver mpnOwa (sObrKa) no NOTH, saKDHITOM vepes onpereneHHATL CpoK nOCTe ee OTKpEITIEE, HAH np onoawesui KoHTp: A=a (.-U) +My rae a= H.ecam npH orkpsrrinr nosmtuKi KOHTpaKT GLA KYA, a= —Lecam np orkpurrint nota KoHTaKT Gxt mposart Uy, Koruposasbwa ueHa Gupasi 8 ACME SaKpBITHX KOMTPakTa ILI ero HeHOANEHUS Lh uexa saxpsrrist OTkpHITOlL MO3IIUKH NO KONTPAKTY HIK KOTHPOBONKAS ueHA OMPPKH MpeaBLAYUNErO AKA B cay'ae macryntewta cpoxa ucmosMess KowTpaKTa; Ty maxontenHaa nepeeMras Mapsxa 10 aaKKO! OTKpErTO‘ MOSH JO ANA ce SAKpSITH HUME HeNOAHCHHA Oxowvarenbuetit pacer mevory Pacserwoit ma ocymecraasetes no cxesyouieltpopuy.e: WOH M eC SLIEHOM (KINEH-TOM) HO AKPHITHIM OHMB=1-C+Il rae B — seHexHaa cyMMa, NOAy'aeMaN KINEHTOM OT PacteTHOlL NAAT IM YiLtaHMRAEMAN HM PacHeTHOH na.naTe, No wroray saKpAETHA TosMU ‘AL npuGseae sian yOurrox (co saaxom xotayc) no saxpssroit noms, —cGop. wuuaenibili PacterHolt natarolt sa perucrpaumo ipstouepoHssx KOHTpaKOs: T1—neppoxasianbHax wapska no (pbioNepcHBIM KOHTpAKTAN, Tepnonasiasnas wapasa — aeHexias cysna, KoTOpyH0 Mepesmicavier “uIeH PacseTHol| aATbI CO cHOErO cHETA HA ccuer PacveTHofi maaTet a KaACTY1O OTKPBIFYIO TO sHUHO, Tepememas mapaca ~ aewexuas cyanra, KoTopyto nepermeaser xen Pacwerwolt naiarst (Ie B CHET CYMMIBI HepSOHAMAAIBHOTL MapAH) MPH HALIM OTKPBITO! HOSMIULH B CayNAe, CCAM HEH HA (psiosepcusiit KOTpaKr soMeHAETCR B HeG:AFONPHATHOM JUIN HeFO WAMpABLIeHH 13.9. OCOBEHHOCTH ®bIOYEPCHOI TOPPOBJIH B POCCH 3a MHOrHe rom YeneMIHOrO (bYHRIMOKNPOBAKHEX (psOYePCHON ToproBAK B MMpoBOIK npaKTiKe GupAEBO! AeATeBHOCTH HaKOMIEN OrpoMt OMT, BecEN Hoses Ceroau aaa Poccuut. HasatoM passuTus dpsiovepcHOrO PHIKKA B waueli crpaxe cxcayer currare cepeammy 1992 r. K orowy epe-MeHit OTHOCHTCA nepsNe marie pocciticKHN GupA no BHEAPEHIMO (PBHONEPCHBIN KOHTPAKTOB. BAaMeAIEHHO® PAXBHTHE IpMOYEPCHOTO PAIIKA CBATAHO CO CHOAWEIMIE YCAOBILANK CTAKOBTEHIT PHIHOYNOI sxonoMuH Pocciat, ¢ oTcyTCTEMEM HeOGXOAHNOl meppactpyxTypst dusovepCHOMi Toros, KBamMIpuuNpoBAINEI KAIpOB >KOHOMIICTOB-GupakeBHIKOB, CHOCOOHBIN opranHLZ0RATS OUpAKEBVIO seHTe-IBHOCTS, MAIpAMUE, C KPHEMCOM MpoIsBOACTBA, Thaskast npisuina, veumaouas passimrivo dpuoxepcHoil Topros.an 8 Poccu, -370 c:1aGoe pasBiTHe CAMS PBIHONABIX COTHOUICHH, —PHIHONHO' cen. PoccHiCKAX PSIHOYHA CTPYKTYPA IKOHOMIKM HANOANTES elle TOKO B CrAMMH soxpoxcaenna ‘CaaGoparerrras mppacrpyxrypa dpsoveperioro panika n Hamil CrpAHe NpensATCTAYET RORAICHCHINO Ro dpoovePCHYTO Topros.o THOR MpeaNpIUTH, opraguEMICT H WMpOKE cHOM HaceACHHA. Ha GombuNeTBe PoccuticKN mpeanpusxTat COpranicxALil HeT CTeMIATHICTOD, HNEKOULEX KEOGXOAHMEA YPOBeH HANH 1 NOMIEANNA BAKHOCTH (bbIOepCHO! TOprOBAK. Kak mpasio, 4a npeanpusTusx ¥ 6 OprUCAWU NOTHOCTHIO OTCYTCTEYIOT KALIpHI IKOHOMMCTOE-OuprAEBIKOE, CHOCOGUBE YMacTBOBATS B Gupacessrx eax. Tipouece passierus (ppouepeHoii Topros.in x poccuiicKoil skKoMoMMKe aaiiwer put zcT H GyzeT were CBOrO HCTOPINO H 3TaMB! CTAHOBICHHLA, BBITCKAIOUINE 1 PeaTbHO!t OGCTAHOBKN. 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WTPASAEN 4YETBEPTbIV Bupweeaa anyuKnone ounBedyumue 6up:xu mMupa Ta6auua | Baxsetimme uewrpit sorpovoll Gupxesol ropros.at ‘no pavireutin nanpanenaMtcnelianicaninh Baa warepwana Mectonaxonctene Gxpmat Upersmie werent Tlow201, Hiso-Piope, Tisaur ‘Harypassansit xayayx ‘Cumranyp, Manafisux, JTouzon, Hsto-Hopx Kaxao-606u1 Huo-Hop, JTonaon, Tlapioe, ANcTepaan Sepniomiie ‘Yiraro, Mineanonnec, Kareac-Cier, Buen, Jona, Jimeprys, Miran, AiTREpIEH, Portepaam, Kobe (EE eee Caxap “onan, Tapio, Hiwo-Hlopx Koge Hu1o-Hopx,Jonaon, Tnmepryas,Tlapix, Porrepaaw, Taap, TavOypr, Awctepsane Xnono Hiio-Hopr, Haio-Opnean, Himaro,Jbmepmyn, Aaexcanapna, Cax-Iaysry, BomGei, Cuanelt Xaonxosoe waco Hiio-Flopr, Towion, Awctepaan Tat Karsxyrra, Kapaa, Jlonaort da leper Hso-Hopx,llonzon, Arreepnen, Py6e, Menu6ypn, Crate Pe “Maran, Awetepaam, Porrepzan (Coenoe H noxconvewiioe waco _Towzon lemenpent Kobe ‘TOBAPHBIE BHPOKH CUA H KAHA,IbI Anepuxaucxwe Tosapuiie ups npescrasimoT coboll ACTHMe OpramaNNH, yupexTeMHE H pyKOBOAUNNIE sacnanm Gupaat, KoTopsNMt MoryT GxiTs moGwIe opHAMecKHE amma (GpoKepeKNe (upwes, GaNKM, HABCCTHINONNEIC KOM HaHMH Hp.) H oTAeRBHE rparkaHe Otol 1m HanGonee cyMecTReHIMBIX XApAKTEpHBIX Nepr ANEPHKANCKHN Oupak sBIETEA IHAITENDHO Gombe, HEM rte-aG0 eUle, HiKC«IO TOBAPOR, OXBANEHHBIX CPOE CaeTKAMH, TAKHX TOKAPOB OKOIO 40, NPHYEM HX HHKEIO IEMEHAETCA onpeaeaeuunie npeaMerst nepecraoT Oufre OGKEKTAMH CPOMHLIX CIC0K Ht OAHOBPEMEHHO OTKPHIBAKOTCA CpO¥HME KOTPAKTEL a HORBIe TORAH, B CUIAB noctenice spew HaGmotcTeH TeHICHIMA K KOHICHTpaNIL OGopoTOR Ha OHPxAX, uMCIOUNX HanGOABUIIO ANKBHANOCTS, B PeIASTATe AKTHBNBIE ONPAK PAYBHBAIOTEX HANGONEE ANKAMHNHO, A MeHeS AKTHBMBIE Yipanaror cooe siarieune B cpornaas 1 >)hOKTHBHBIX OBOpOTAS. ‘Konuexrpauiet oGoporos ssauieres c:cacrBileM OcrpOll KOHKYPeHUMH MesKAY CUprAAMI a V4ACTHINKOB CETOK, Tlo \HoruM TosapaNt KONKYpeHIBOL MexIY GupAAMM AepAUTEA B TeMEHUC -LUMTeAbHOrO BpeMeHit. CoxpaneHno OTAENBHBIX CAETOK Ha PARIIHKIX OHPAAX CHOCOOCTAYET OnPeaCeNHAA UHppepEHIVALLL TORAPOB, NPHBOAMIAL K TOMY \Uro KOHKYpeM He HOCK Npsworo xapaxTepa. Xopounit npuntep TOMY ~ aMepuRANCKIE pAAWOK MUCH Cpounste caeskit na muewny peamsytores 6 CIA na veruipex Gupaax. Ha Gossummncrse Gupx exntmueit cacn0K spamores 5000 Gyuenell, 2a uckoseHnen Tid-Arerican Comunodity Exchange. rae 1 pasiia 1000 Gyweseli, Gxaroanpa YeMy 97a OMPAKI MpHBICKATENBHA ALIX KIMEHTOB C MeHbuMIeH MOKYHATeABHOH cHocoOHOCTHHO MAM —¢ MeMDuIMHL BomMoawOCTaMH npesLtoacena. Ha kiKaolt Gua TOPrYIOT HECKOABKO OTANMEBINIE APYF OT APYFA COPTAMIE sepia, NOTE 9TH Copra MoryT GMb "KIMEHEHSI OAH COpTOM, ONPCACTCHHBIM RO ECEX CPOMHSIN KOHTpaKTaX. Caeayiouui ¢hKropoM. OcaaGAMOU KONKYPCHUNMO HM MOSBOAMOUUIM PASBMBATECH BCCM METMPEM PHIHKAM MUICHHUB, sBAKCTeA HX reorpalit- Meckast OTAAIeHHOCTH, Ele OHHM cCnOCOGOM CONpAHCHIML OTHOCHTE:TBHO CHLTKHBIX PHINONHKIN. Movs, KOKKYPHPYKOUN. Oupx sBAseTCH HECOBMAACHHE CPOKOB, B KOTOPHIE MOAT NPOHCNOAIHTE BEINOTHEHHE C:CT0K, Crpemsice yenaemno caous most, amore amepuxancKHe OupacH mpeaNpimEMKIOT B MOCTeAHee BpeMs HeKOTOPMIE UHATH K KOOMEPHPOBAKUIO, TO B OVAVUIEM MOAT MpuBeCTH K CAILARIHO Ouprs. HanGoxee HeTKO AAR TEHACHIUX MpOCTeAUBAETCH Ha _KBIO-HOPRCKIN OuprRAN, Hanpunep, Hbi0-HopkcKax Komepyeckas Bupaca (IYTEX) 149saknoim corsauexne © Heio-Hoprcxoit Gupxeit xaomka (TTYCE), wa ocHowaKint xoroporo surewbi TIYTEX ory ‘oprosars 24004 nponauos wa ITYCE, a waewes ITYCE ~ saxowars wene-vicume caeaKu wa kaproypese a TTY TEX. UHKALCKAS TOPTOBAS BHPIA (CHICAGO BOATD OF TTADE) TpamumoxHo YuKaro mBARrOCe OCHOBHBIM MECTOM, KYRA seTOM cHEDKAAICE epueps Cpesmero Sanam sue nposivxs ypoxkas YepHODLIN. Unsarcras Topronas Bupaa (HTB), ocuosamuas 1848 r rpynnoii ws $2 mpeampummsx ToproaueD 2°pHoN, crapelinmas 1 oxi 12 xpymacinms w supe Gupas dprosepexO roproa.t, B pycexon sanike serpevaerea H apyroe naasawiie Chicago Board of Trade (CBT) ~ Yuwarcxas Toprowas Mlaxara, coornercrayiouee ce AocOBHOMY NepeBOAY ¢ aKFAMiicKOrO 7B Unxarcras Toprosax Bupaa (HTB) apssevex pero ommoxion dpaiowepcux KOHTpaxron na CeabcxoNoualicrnesyi0 MpoaykuMo, MeTaALIsI M QuANCOBKIE cpexcTEa OxpHNKATEHO BpeMeHeM nloxBTeXNA nepporo Quiovepeworo xourpaxra cumracron 1865 1, roraa Unxarceax Toprovax Bupa npeampuws.ta caolt nepssit caopery.anpy tout war no ynopsosewivo Toprosak 2epwoBsiNH~ paronbte (ptoxepeHe KONTAKT! Ha 2epHOBHIE ‘Tlesreanwocrs WTB co upenesest wews.xick: Bnepsble B HcTOpHUE dsiovePCHN Sup Ka ueit GALA OprauEIORAHA AONOAHNTEMHBIC BCYEPHNE CMEHD, TC. PACUIPCHD! HACOBDIE MOKA Ix OHIREDAN ONepau€ pouKANI CrpaH JaHETO Bocroxa: orxporrst rowropst » Amr, Sinowu w wKOrHx apyrix erpawax. Bee 31H acierBux yay-uiamt >ypeKriBHiocTs ANNO! ONAN 2A MpeacTaBHTeH AenOBOTO MIApa PaSHtIX CTPAN Kpowe dtovepenoii roproaan ncmmiei, coemsrnt GoGant, xYKYPY2O!, OBCOM, coemEI MEACIOM H COCBolE MY KO cepedpou, sororos, ITB sBiveTox MecTOM TOpropsIn AOATOCpONAEINI UeHHBINH OyMarasiH npasierenscrea CILLA (00- suramiontn, GOxaMH Hn), CaHKOBCKIN ZEMOSITANM, HNOTEKO!, MHACKCANH KYPCOB AKUI M_AyHILNNA.TBNBAIE oG:mrauns ‘YuacrponaTs n copepuleHIIH cACOK Ha GuPHRE MOrYT MY:ASHNEM Crapue 21 roma, ¢ XopoM PenyTaUNCi 1 BHOBE npimurrse » eo "eM No pexKoMeHAMIEH aByX apsTHX ‘WneHOR Supa. B ToxexNe 30 aN MocTe cpocro INOPAANEL HOB “nes OHprKH AOWDAEH KYAT CBOE MLIEHCTBO Ht BNECTH BCTYMUTENbHEIA B2HOC B NUKAFCKYIO ACCOMUIALNHO TOPFOBLAN xekansn Gupysn seastores OrAemBKAE AMA, NOTH d>Hp\Kbl MOrYT GBT YaperwerpHPOBRNA AH COREPUTEHHA C-e-10K ‘wepes suieHos Gupass. Hanpuruep, duupsia MoxeT CoDepuTS CICK OF EBOETO HACK, ECA AeA PYKOBOAUTEA SD.I-OTCS sues Gupaa He tapervierpapoBanes OF Accum avo pM B 2anicnocrn Or KATErOpNH “eHCTAA HICH ONPIKH MOAT TOPFORATS BCCMIF TENE OT-CAIBHBINI BILAN TORAOR CoornercraciHo aTowy’ Mecra Ha GiprRe PAIAHOTCA No CTONNOCTH H KOMHNECTAY ronoCoR. KaK MaBILTO, NOTHOE NeC-T0, Tonponontee OcYMIeCTaT OnepA Ha BOE MITAN GHDARK, AOPOAE NM HMeET GO-TBUIEE KOANYECTHO TONOCOB MO panstenmo c mectoxt « orpantmvenis mpocrpanicrao selicrans), OcwoBie Keropiti ‘LreerBA Ha Supa’ Cxey TON FULL. AT. GIT, COT, IDET u CTCE. TIpmaxicawocts K Toi Wm HOH RTETOpIOK AeHCTBA NOXkHO Ones no oAWolt 8 TABU, MpKPeTLACKHN Ha paGosnt MHLPARK eva GPA HO BPE TOPrOBLI Jesremsuocrs YTB xowrpomupyetex x peryaupyetes Yuxarcoli accoumauueli Topronam, pmpaGarnisavouttt npapiim i yexosn Topronam na Gxpac. AccouMUIN OcyIICCTBAACT cROI JOATETBHOCTD Noa pyKoRO.crBoM Concra -MCK- ‘pox Gupaat,cocromutero 18 24 scH00. B roprovow xe Oupaw Kans paGowml newb 214 CopepuIeILN CxeH0K COOHPHOTEH HECKONKO COTEH *IEHOD Gupan, biosepeva TOproRAA NPONCXOAUM B TAK HAIIBACWIX “MANY, OTREICKHN AL OTACAHBIX TOBAPOR, HautGoxee AKTHBHME «QIK» OTREACHBL 24 TOpronsi Cou-GoSaMMH, MCHMLH, KYEYPSIOH, OBCOM, coemBAL AACAOM H MVROH. Kaa ‘orgy ~ cepm CIYMeHeK, CHYCRIOUNINCA BHIE JO ypoBHiN Toproporo “aiza. BepXHsK CTYTCHBKA JARUMACTER CxYACNHN Ouppasl, B OGHMAKHOCTHE ROTOPKIN BNOAUT CACAUTK 2a IHAHEHHEM eH Ha ONPAC M MepeAARATE ITH CREEK BUCH KOTHpODoK, cOoGINOWUNiE ITH AAKHBS Ha OnE, C Goree NOVIININN MeCmLANH MocTABKH TOBAPOB TOprOBL Dacnosaraorea Ha MINKE CrYMMDRAX, & GESKEDIN ~ RpXHTEX, BamDKe K TeAe(POHEM. Tipearoxcmea na Oupac ConepuuoTes MeToAOM mBIKpH (Open Oulcry). COMposoxctOMHNeR NOxAYel CHTHELIOD yxaun, Caen, 2aHONCHBIC B 4sNK2X>, JO:URHOL OATH CREPEHDI CropoHAdtH B-TexeHNE 15 MMH MHKAICKAS KOTTEPYECKASI BHPIKA (CLICAGO TECCATITILE EXCHATIGE) Toxo ocHosanit Unwarckoii Koumepccxoii Bupa (4KB) cumracren 1874 5, kort rpynna auaepo CembcKoNorlicrseHHoro mpopiuis oGparona.m UnKarcKyio TIpoaykrosyio Bupky KAK OpraKINORAKKBIll PHIHOK MACHA, AM Apytux npoayros. B 1898 r anaepon, cncumasmMMpyrouNXe Ha TOprORAC CABO MACTON HT sfiMANE, BREAN H aToMK rpyL H coum oraeabititit UukarcKitt Coner no Macy w su, B KoHeYHoM Tore Gupaa Masia TOprowaTe Crom pxsHooSpaxwolt npoayKunel, sro B 1919 F Ox peopramionaica u nepeuwenonaia & Uuxarckyio Komwepueckyi0 Bupa B wacrommiee apenst sat UnuxarcKoli Kouaepueckoli Bupae ocyuecraaserca ropronas , 1) dhutovepewsamnt KoHTpAKraNt MHOrIEX CemBCKONOIAHICTACHHIX TORAPOR (POFATHMt CKOT, CRIMI CRNA rPy-AIHKA uonp. 2) uennbin Gywaravit (psto¥epcnse KOHTpAKTHH Ha 90 pexmecaummie aenioeTss enpoao.amapos): 3) Poloepeanit Ha MMOcTpANHyIo BaMOTY (aMRAMliCKHe QyHTL, KAMICKHE ONAApHL, dypaKuyscKHe dpanie, TepMAHCRHE MADKH, SOHCKHE HeHBI H mp.). B 1972 r OsL10 OBparowaHo cneMIRALTAHOE OTAEEHHE GupoKH — TekstyHapomH Banorunit Pusmox (Interational Tonetary Tarket); 4) muaexcanu Oupxenstx kypcos 500 axiuit Standard and Poor's (S&P-500) oraestenue Supa ~ PLnox Muzexcos ¥ Onunoxos (Index and Option Tarket) Guano orxpsrro s 1982 r. fepnbie OGanrauun cbeaepanbnoro Kaswaveticrsa CLA 150Pykopoaauusii oprax Gupku — CoBer anppexTopos, cocrosmui 1 25 sesoBeK H EGuPAeMI IEHANN GMP, Boo uncut UKB uneior coormercraylouiue 3uaKit paxaiwuis, NORBOAAMOUINE ONPEACAMETE, KTO HX OBALITEAL H HEME fonm woryr toprosars. Urewcrso wa Gupxc ager cacayioumte mpasa: ywacruot 8 TOpraX mB ACHTCTBHOCTH pasmHHABT KowNTeTOB OMP:KH, TONOCOBAKHA Ha COOPANIEAN, NPOCAYLINBAAHA KYPCOB NOBKIMICHNA KBAUKDIKAUIN, peAoCTABLTeHIIA aipopwai wa paxmnebie Tet Ht mp, Ha YKB 2724 wena w cyuiecrayer Tpexyponsenoe "s1eHcTB0: noawoe “eHcr8o (paso ToprosaTs BCeAtH KOHTPAKTAM, yOMERY TBI B MpasHAa Gupte); “ueHeTBo 8 cexTOpe TexkayHapoaHoro BastorHoro PsiHKa (npaBo TOprOB.IK BasHOTHBIMH (pstO4ePoHBIMH KOHTPAKTaMH): ‘uaeHeTBO B ceKTope Pamka Hivtekcos 1 OnuwoHos (Mpaso TOproB.AN dpsIOvePCHBINH KOKTPAKTAMH. a HHLAeKCM. AKU 500 xpynmetiauny xostnaeusit x paxanamesnnt onmuowases Ko¥TpAKTOS). Saxmovente (PbiONepCHBIX CACIOK BEACTCH B CHEMIKLIBHBIS MECTAX ONEepALHOHHOFO axa ~ aad. KK HE HIN AeAITCA Ha Goslee NesIKHE CErNEHTA!, PALIMIOUIMECH NO MECAIEIM KOHTPAKTHBIX NlOcTABOK, HaMGosBUee MpocrpaKcrBO AMET CrMeNT BEAVWIEO Mecaua (lead), OauDKAMiuIeTO K HCTEMCHIUO CPOKA, Hk EPeMA KOTOPOTO NPHXOAATCA HaGo-ICe aKrnmete OPT, Kax mpaaiio, w onepannionnion ane UKE no mpews Gupssenoii cecum axozurrex 3-4 -Nel0. seaonex (Gpoxepst rpelitepsi, paccsutbable, Guprkcebie penloprepst M HAGmOMATe=). ThiuvsakH — ocHOBKOH 3neMeHT OnpezeseHH porn TansTHi HK Ha Onpae, HampuNep, pIaxeAbIEM KpACHBIX MILEAKOB — mMOaHOMpaBHBe “ENDL GupAs, ToayGUN ~ Gupasese penoprepel, eaeMUN — KICpKIL, suMEANOUECA yperyamposarmtem ayrrpeiiaa Kanewiapias .11Ta M TeKYIce PEMA BAICBESEAIOTCA Ha IeKTPOHHOM TaGIO, Kook we MomacA pavaercK ‘ByKOBOH CHTHAN HOBOTO TPHATINUMYTHOTO MHTEPBAAA, B paNKAX KOTOPOTO OyayT TaKMOWATECA cremKa, HaywaNeNIe ‘TaKoit Har-uLamoil cricTems — nOwOUM s TO¥HoM OMpesTeeHIH BPEMCH COBEPUICHIEE CxeAOK B CAYYAC BOMHKKOBEHIL KAKHN- suo sarpyanenutt TIpouece BbitosseHitx nopy'enutit a Gupae vader OKONO 2-3 se opysenne nocrynaer B onepaunontetl a OHHH: pacceumanar ono a0craaeres 8 cooTBeTcTEyIOMUKi y*ACTOK ToprOBOit «AME, GupAeBolt Gpoxep NpHINNKIET Ha COX OTRETCTBCHHOCTH 2 BMINOAKEHME MOPYYEHNA H NOATBEPKALET CPOKH, UeHY H aaMepor KORTpAKTE: Gupacsoit penoprep peructpupyer ueHy na sso. B KoMIMMOTepHytO cucTeMY coobuleMs KypcoB UKB; KIMEHT noy"aeT HO-ATBEpACIEHUNE HCITOIHeHH CBOCTO HOpYeHUA, (CPEZHEATEPHIKAHCK ASI TOBAPHASI BHPIKA (TID-ATETICAM COTTODITY EXCHATIGE) ‘Tperes xpymuiag, Nor M MemBuas nO cpaBieMMO C AByMS MpeaayMUNH, wuKarcKAa Oupaa — Tid-Arerican Corrodity Exchange, 20% xoropoii no dpsionepeusix oGoporax CLA cocraraser oxo0 2%. Bupxa Giza ockonanta » 1868 rn 2apernerpmponaia KaK Unxarckuit Orxporraili Concr no Toprone. B 1986 r. YuKarckas Toprosax Bupa oGxe-mmictacs co CpeameamepukaxcKolt Toraproit Bupxcii, Y aux oOune aomaan m nepconaa, Ha Cpeaneanepnkanckoit Tosapnoit Bupaxe ocytecraseTes (pmovepenas H peaTsNas TOproBA unennueli, KyKYpYS0H, OBCOM, Coeii, pucoM, padhumNPosauN caXApOM, TOBSAMNO!, AMBLIM KpyMHNA POraTeIM CKOTOM Ht CRIM, cepeOpOM, YOOTOM, RAHOTAN 1 HHAACOBBIMIL HACTPY MEHTANEL ParovepcuBie caesKH IaRMOAOTCA B HMKArO TawKE Ha pHICOBO! HM xaOMKOBOK GuprKe (Chicago Tice and Cotton Exchange), wo wacurraGst srw caea0K Tax Heseaunat (0,1% oGutero swc:Ta dpovepcHre caen0K & CLA). Jaws Gupac, 6 pono Tonapsax Buprka Honoro Opzcana, » 1983 r. nepewecriimack & Unkaro w Kavecre (picm.ia CpeseaMepuKancxoit ‘Tonapuoii Bupoxu. Xora tharo spseres naxwtctiumi ueHrpoM dpbtoyepewbix cxesoK B CLIIA W aocraroHHo XopoIlO HaG.no.taeTeA ‘TeHACHIUI PACHINPEHIA MEKAYHAPOAKBIN CAEHOK Ma OHPACIX ITOFO TOposA, OANAKO *DKIONEPCHBIE PHINKH His0-HopKa urpaior Gomtunylo poss & Mexcay wapoauoit roproBae. HbIO-HOPKCKAS TOBAPHAS BHPYKA (COTTODITY EXCHATIGE ITIC, (COTEX)) COTEX Gpina OOparosaKa 8 1933 FB Hito-Hopke nyrem IUIKyANI, KOSAMH, HIesIKOM-CHIPHOM, KAYMYYKOM 1 METALTIAMI, COTEX ~ xpymueiimax 5 supe Gupaa no coca ¢ aparoucnment tcratax, sBaserea cawoympasastemoit CcaMoperyampyeMoii sacrHoli opramcauutel, dy HKWOKNpyioUIei ox HaG.NOeHHEM MpaBitTebcTEa ‘AanmnuicrpariieHoe PYKOBOACTBO Gupxkelt OcyMlecTaAXeT 1OMpAeMbAH ee HeHaNH Cover JUPeKTOPOB, B COCTAB Koroporo sxoasr 25 veaosex, npedCraBAMHOUIHTX 4 KATEFOpME WAIEHOB: TOPFOBUES PeALTBHLIM TOBAPOM, GPOKEPOE B GUprKeBOM KOABUC, «KOMMCCHONHBIE JOM» (CCOORKIt BALL MocpeaHMKOS BO dpstoNepCHO!t Toproste) M MyGzuKy. Tlepseie TPH Pym HMcior mo cee Mec. seTReprax'— Tp. Kpone Toro, cawocrosreasHo iGHpacres Mpercearems ConeTa AMpeKTOpOR. COTEX — Gupaa wetartos, wa Heli ocymecraasores dpsioKepeHBIe CHEIKH: ¢ 0x1OTOM, cepeSpov., Mex, AmOMMHeM, A TaroKe Hal Hel COREPUIAIOTER CAeAKH C KAMAMEHICKININ BeKCeAsMH (T-bills) H AOATOBEIN PacmHcKANE (T= notes). ania 4 HeSOABIUNX Sup, ReayMUN ToproRAIO HbIO-HOPKCKAS KOMMEPUECKAS BHPOKA (TIEW-YOK TETKATTILE EXCHATIGE (IIYTEX)) TIYTEX ssaxerea xpynueiiuelt w annayino paxsusaromiciicn Ompxcit w Histo aK paiHOK AACE, cEspA HL, Moa Hepes 10 ser CBOE HEAMEUINE HAN BANNC Breacunic B Kone 70-x roIOB HaMIerO croacTHA (pbIOYEPCHEES KONTpAKTOB HA CMIpyIO Here MW -ApyrH fopre, Ona sia ocwonana 8 1872oHeprowocitresit mpiseso K OypHOMY pavBitivo OMpA a TIYTEX mpeaneraum dhiovepcuoli u peaeuoil roprosau ssasores maria, nastuit, cepeGpaumle mowers kaproipest, nespr», auseasHoc Tomaso, nponax GcccemAMoBErt GeHsItH Alana Ouprka no,rrsep.uLIA CBOIO Bey UIyI0 Poss BO (PBIOEPCHEIX CAEMKAX C HOCKTE:IANI 3HEPTHH, TO CBA-AKO C pacuimpenniew (psro4eponsix oGoporos c Hedprs0 H HeTeMpo.tyKTaDH HbIO-HOPKCKAA BHPIKA KO®E, CAXAPA H KAKAO (IIEW-YOrK COFFEE, SUGET ATID COCOA EXCHAIIGE (CSCE)) Ochopantia » 1882 r. rpynnofi Toprosues Koibe H repBonava.TEHO InpecTHAA KaK Bupa Korpe, B 1916 r. ona craa mvcuonariea Bupatell xoobe, caxapa 1 KAKA. Ha neit ocymtecrsaserex Toprosiis xaxao-GoGanm, Kobe, caxapon-coipuow., parhummposarein caxapox. HbIO-HOPKCKAS BHPXKA [lo XJIOMKY HM LMTPYCOBBIT (MEW-YOrK COTTON, CITTUS AND PETTOLEUT EXCHANGE INC. (IIYCE)) TIYCE Guiza o6parosaii 8 1870 r. 106 Toprosuawn xtomKa, B 1966 r. nla Oupae Oot OGparonan qhusKAN To uerpycossin (Citrus Associates of the Mlew- York Cotton Exchange Inc.), 8 xoTopow seaercs (pstouepcnas Topronas %awopo~ ‘KeHHBIM KOMLICETPATOM amteTHCHHOBOTO COKA B pamkax Oupant 2elicrayer 1 d)skovepcHbill psivoK, opraxirvonanHbtl Petroleur Associates of Tlew-York Cotton Exchange Inc., oGxexrou caea0x Ha KoTOpOM sAKETEs AcHAKIE mon B 1985 r, Gia comand Gupan no ucuHBns Gywarant ox Hasopa 4a sHeApCHHeM dhmARCOBEIX dpero¥epCHEN KOHTpAKTOR 1 OMIEIOHOR. : Kpowe mepeseseHMbix Toxapos Ha KpyTHeTinits GupaKax He1o-HlopKa Topryior TaKKe KOXel, Kay'tYKOM, pHIGHOlt MYKOHl, MIepCTHIO H pacrHTemBHENI Mactan. XapakrepHoit vepToil ITHX OHPHK ABIKIETCH TO, HTO Hl HHKX CopEpUKHOTC apGurpakuie creaKH Mery mbIO-itopKcKHME HM eEponeiicKMMH, OCOGeHHO zONAONCKHMHL, GupaanH, TO sBaseToH BupaxcHNeM OOuIeii TeHICHNNN K pASBITINO OpramiGauONNEN CERI MeAIY —GupaaMM pasHeAN —CrpaH, QYHRIUIOHNPYIONUNNE B PANTISIHBIX BPEMEHHBIN MONCAX, C NeMBIO PACUTUPEHIM d)MONEPCHOF PHINKA B MEACIYHAPOHON acuase. Tlowmo nepewescnmrs, 5 CUA Qyuxunonnpyer pax apyrix Tosapmnrx Gupa, cpea KoTOpE HanGominee sutanenme mcior XepHORBIe Gupte ‘© p Kanac-Cirru (Kansas City Board of Trade), va xoropoit kpowe muuevmu, simouiclicn rapabist OSueKToM OGopora, copepuiaiores TaroKe (psiovePcHBe CaesKH Ha (pHKAKCOBBIe HHCTPYMeHT ‘¢ p Tummcanozuce (Tinmeapolis Grain Exchange), rae seaeres Toprosas nuscrameli m cuponannt ¢ suicoKu comepaciatest KyKypY3HOl pyxrosBt ‘* p Hopow Opeane, Ha KoTOpoit mpovoasres (bstovepcHLe OnepALIH C CEIPBIM Ht ONHMIEHHBIM PHICOM, NTOMKOM, a TAKE Ccoeehint 3epH0M, Cpean Tosapaerx Guprx Kanaan HeoGxoauao mpercate wcero ynowanyrs Winnipeg Corrodity Exchange, na xoropoii LAKMONRHOTCH PEALTBHBIE H-APMONEPCHBIE CCTKH HA MIEHHLY, AHMEHD, ORCC, POAK, PAC, CEMEHEA TAHA, a TAWKE O0TO (B 1972 r, 910 Guiza Kpynetiumax Ouprsa B MMe, OCYWIECTBAABUIAA (IONePCHBIE CA.TKHE Ha IO:OTO), a B MOCACAHHE FOB eUte H armavefickne Gow, Ha KaNAacKHX Gupacix HirTeNCHBHINE dhssoNepCHIe onepanuHt MpoBoKT cbupwst CLA, TOBAPHBIE BHPKbI B BEJIMKOBPHTAHHH Tlowjou 8 reveute croseruit Guid m ocraeTex BUKHAIMG MUpOBLIM (huMANCOBLIM UeHTpOM, re pactlonoxkeHM MHorowtescHmbte (PupMB YCAYT, TARHC, KAK GAHKH, CTPASOBKIC KOMMAKI, IKCHCALIOHHC H (pPAXTOBHIC YUPCARACHIEA, TO 0 \HOTOM OGsIerwAeT OpraHEnAIo NeACTyHapo.AHOrO OGopoTa, Bo spent TOPO! MmpOBOMT BOFINKL GKLAO “AKPHITO GOABIIHNCTBO JONAOHEKHN TOBAPHBNX OHPrK, KOTOPHIE MOCTE oxoHEUNEE soitHE sKIATH MOCTeNeHHO Bo}OGHOBASTE cEoIO aesTemuocTs. Ho B cB CO sHMITERLGIM Maremest oxonoMnevecKoit pos BeamxoGpirranm 8 \mpe, 9xKoNOMMNNECKHONN TpyaWocTaMM| sTofi crpamms, cHHEKeHNEM sue Gpuraxcxoit sammoret & amposoit samoTHoit cucTese, a TaKKE NO BANLMHHTeM apyrHtX GhAKTOPOB, PAO BOwAICTICTBY IONE Ha OupAeByt0 TOPrOB!O, HACTR TOBAPHAIX Opa B BecINKOOpHFTAKIOL NepekHBIET B HACTORICE BPEMA KPINC, BAIPAACHOUHICH B Ccoxpamenat OGopoTOS H OTHOCITesIsMOM OcAG.zeNHH NO HH OpHTAHCKIEX Gupac HO CpaBHeMNO ¢ AMEPHKANCKHA JIOHOHCKAS @bIOYEPCHAS H OFILIMOHHAS BHPXKA (THE LOMO ITTEFTIATIONAL FITALICIAL FUTUFES & OPTIONS EXCHANGE) K Gupsane amposoro suasenus oruocurea Slonzouckas uiovepeuas m Onuonnas Bupact, noayunsuias cBoe uicumnee masnanate 8 cexTaGpe 1982 r. (parce ona Haxeima.tace JloxaoncKoit Tosapsoit Bupxci Tipeaeto oGopota Ha 2TOll OMpAS ARAMOTCH CABCKONORICTBCHHBIC MpOAyKTM. MOANOASUINIL ALIA KaKIOrO ‘Topapa cnlocos *aKMOYEHI H PeaTICNALI CeTOK ONpeeTeH B MPABILIS KONKPETHOFO OTaeAeKHE, [opTOMY ONH BRUTE sores Kak oTaemune opatambate PAIK, OSnexroMt cosepulcHie cxe10K Ha pea.tbHON H dppiovepeHOM PRINKE HBLLAOTEH cae-HOUIHE TOBA ‘© Kode — oGopor, opraxitonannsit Coffee Terrinal Tarket Association (mpeaeToM TOProBsM sRAKETCH FEIBHEIM OOP:TIOM «Pobycra); ‘+ Raxao ~ npanimtenss ropronan onpe-terent London Cocoa Terrinal Tarket: ‘© Ges caxap m caxap-cuspet-oSopor ocymtecTasiieres nog arHoli United Terrinal Tarket Association:ay4yK — mpurens Toprosau onpeaesest London Fubber Terrinal Tarket Association aproipems — puisiox opraxnonant The London Potato Futures Association: CCeMeHa MACITIMHBIX KYZIBTYD 1 Mtacsa (COLBO. KOKOCOBOR, PANICOBOC, MOLICOTMCHHOL, THHAHOC H ApAXHCOROe) — ANH sIKOK opraxnonan London Vegetable Oil Tarket Association; ‘© cocsat zeprs ~ mpunuum Topros.a onpezeserst Soya Bean Teal Fullres Association, ‘CueakH © NepesHICAeHHBIMH TOBAPAMH YAKMOYAOTCA B NOTE YIPEHHEN H MOCACOGEAEKUBIX CeCCHI, 410 Aer BO:MO-KHOCTS NpOBOALTS OMlepaL BO BPEMA dHYHKUBOHMPOBAKIEN MUKALCKHN 1 HAIO-HIOPKCKIS Gua, 8 TOM MMEAIC HO ApGUT= DikHBIN caesKAN, Tlowjouckas Gupaa Guiza nepsoii 8 Espone, wavasmas c 1987 r npuvenenue oaekrpomnoii cuctewm npu Cconcpmieram Kowntepyeckx onepanstit, C mons: 1990 F. Ha Gupace OTKPAIT PBIHOK NO ipblONiepeHEIM cAe-TKAN Ha CneIpHeCKEHT TORAP — HELAEKC BETH MeTAAIOB ¢ PACNETOM HATICNGINE, OTPAAKUOUHT OGMICe ABIOKEHE HEN Ha HUN, HWTEKC COCTABARETCA HT MIECTH UBETHEIS i MINKK, CBMHEN, Mea, MIKKEL, 01080), TOprOBAK KOTOpLMK BezeTCa Ha TlonONCKO!t Bupae Tera.208. TloIOH mBAKCTCR TAKAC REKHBIN UCHTPOM TOPrORIH 2epHON, OCOGeHHO MNCHIUEH HM sEMeHEM, PeaBHBIe Gmiosepenmie cacaxH saKHOMMOTER HA pHAUHNAS, OMpereseHHBIX OSeaMMeHnem Toprossm 3epwow at Kopatanat (Grain and Feed Trade Association - GAFTA), B Jlowtowe waxoasres apa uertpa OHpAeBOM ToprOBAH sepHOM. Ito GuprsH «TapK Jefe» W «BartrHKe), Bupa «Tapx JTeiam, na xoropoit nporaetea 8 ocHOBKOM 3epHo MecTHOTO NpowisoacTEA, Guita opramNosaia B 1928 r, Ona xapakrepinyerca CpaRHiresBHO HeGOABUNM OOBEMON TOprOBAK %epHOBBIMI, Kpymieliurax 8 supe TosapHo-bpaxrosax Oupaci — BasTulickas Oupaxa ® Slonowe (The Baltic Exchange), o6parosannas 6 1903 r. as Toprosaut co crpaxanm BaruiicKoro mop Cpeam cups pactiressHoro mt skHBOTHOTO MpoueXoNICHIEA, sBAAOMICTOCH OGRcKTOM GupAcsOrO OGopoTa 8 Tlowsone, cxeayer Takxe YnOMAHYTS pT (roprosax oprammonaxia London and Tew Zealand Futures Association), INPHNpABH, KOTPY, -EKYTOROE H CHATBHOE BOTOKHO, PHIGHYIO MYky H GeKOH (The London Teat Futures Association), JIOHJJOHCKAS BHPXCA METAJUIOB (THE LOTIDOM TETAL EXCHATIGE) Tloxsoncxas Bupaca Merasitoe 6sta opranirzonaria 81882 r, xovmanuicit «Tetal Tarket & Exchange Co.Ltd B nepnoa nepaolt spool polis Gupaca we paGorana, Ee se#TembHOCTS Obia BOLOGHOBLTCHA B ZIeKAGpE 1918 r Bo Bpeva Bropoit smposoit sofinst Supa GevieticTaoRATA HM BHOBE WavATa dbyHKUNIOKNpOBATS B 1945 6B coorrercrain c paspemicumtent npastrrestecra ABH. ‘The London Tetal Exchange asaserca TpaxnuwoHHo wey 8 \Ipe ¢POpMaLTbHBIM PHIHKOM UBETHBIX MeTa.L108, BICTYIaer GapoMerpoM eH B \INPOBOHK TOPFOBLIE UBETHBINIE METAILTANM, HCHOAKIVETCA ALIA NEcDKMPOBANI, parypagaratBAct Ccrawaaprasie yea0nii8 OnpACBIIX KOUTpaKTOB. Odsextow OGopora ua >To! Gupac aBAMOTeH: Mes, amowmMKl, HUNK, cBHNEH, O2080 (20 1985 4), maKeM H coped po. 3ec sakmouMOTeR KAK q)MOMEPCHC, TAK H PEATBHMIC CICK, NpHYEM AOIL BTOPM saBAseTCR aciicTsHTEALHO BHICOKO!. BHAYITEBHYIO ACT OGoporos cocTaBMUOT CACIKM APAHHBIN KOHTpAreHTOB, B TOM “Mle IQINOCBPOTRTICKHX, AMEPHKANCKHN M_ SMOHCKHN, a TAK-KE BOCTONNOEBPONEliCKHN (B YaCTHOCTH, NombcKOl CIE «lapesretab»), Exxeanceusie KoTupoBsit 9THX MeTazLI0B Ha GupoKe (ilo Kpalinteli wepe GOaBUUICTRO Ht HH) ABAALOTCA OANA. sancreitunes Ko3(ppmuIcHTOS AmpoROl ucHEL, MpIMUTTOIT 8 sMexayHapoaNBIX OGOpOTAX. Ynens! JTowtoneKoit Gupacn Teracuios xeswTox Ha BE KATCTOPINC HHCINBILAVALTBMBIC MICH OMpoKw (mprANUTAT), WNCIOUIE MpABO TAKTONATE CAeAKH Ha GHPAC OT CBOCTO HMEHH, H SEIEHBIeMpesICTABHTeAH (YNOAHOMONEHHGIE), AKITONE- ou creme Ha Gupace OF ment dhupat Ht KOMTIAWNL, MPeACTABHTEAAMHT KOTOPEIX OHH ABASHOTES HeSombuiax rpynina WAMBHLIVATENBIX 4AEHOB HANOAHTCA 8 MPHBHLAErHpOBARNOM TOJOACHHK, TAK KAK HM Paspemmuorex jakKMOWITE CZeAKH HeTIOCPCACTECHHO & KOTBUC (a CBO‘ CHET, BEINOAKEHE 3AKOB HeMpHBIEICTMPOBANNEI. ‘aenos Gupadt 1 TperbuX MM a BOMMArpanKcteMNe). ro TAK HasMIBeNIE MPUBHLTerHpoBaaN “AEM Gua. HenpHBILAerHporanHbIM “LIEKAN GHP PAYpEMNETCA MPHCYTCTRORETE MPH COREPUICHINL CAEAIKM HM AaBAS opysewita Opokepam B HAaNGosee BHITOAHBAIT MOMEHT. Bupxesnie ceccum mpoxoasr 8 GomIlIOM L2e, § UeHTpe KOTOPOTO PACHOTOAEHAL CKANMH, MpeAMASHANEMMBE As ‘sacHos Gupact. 370 1 Cors pr — GuprKeBoe KO.TBUO, TC TARKMOMAIOTCH CoTeTRH Caeakit a Gupake sarcnoHatOTex B NepHOL GHPHKEBEIX CecctTi, KOTOPKIC MpOHEXOALET TBA pata B AEH (KPO cyG5OT ocKpeceHit H MparLARIIHGIN AHH, Kaacium Mera1i0M 3aece Topryior oreo, B OnpereteMHOi! mocaerOBATEMBMOCTH, ABA PAA MO MAT, sMNEyT (ucksuowenme coctasaseT Meas, Topros:1s KOTOpoOll BesCTCS ABY MA PUSHAIE CTaNLTAPTAaMH) BO Bpedts YIPeMMeH aL Odpt= aasHoit Ceccim, nocae Koropoit or.auncres o*pmuansHast KoTupOsKa, HasmeaoURACs # 11.50 1 saKamMBaIOMAC B 13.05, TlocacoGeatewnas cocci ase HasMNaeTes 15,20 1 raKaRUHBAETCR B 16,35, Tlocae yrpenneli w aNesioit ceccuit c paspemenns Bupkenoro KoMMTeTa nposoanrres MeodpmmaToMBKit TOpr, HH ‘Tax masuipaeattit xep6 (Kerb), koran meaay sutenannt Gupacesoro KoaBA sakMONUOTOH Heo(pHMNEATEMIe Ce, HOBO. Me BENOIT HOSAMME saKAsKL JOT TOpr NpoHeNOUET cpasy rke MO BCEM METALLIAM H HUIKAKHONH MpaBILTANM KPOME IHMIETA BO BPeNeRH He OrpaKMBACTC Jlowsou amuieres Taroke uewTpoM psiovepcHoro M peamsHoro OGopora soz0TA, peasursyeworo London Gold Futures ‘Tarket. ro yupeaciensic oprasinoraKo aOHz0NCKIH GpOKSpCKNME dpupMAMH HMM aE Ht dhnkaKCHPyeTeS, a TAKE JON aOncKoit Bupacit Mctaaios. Cacakn saxnowmores 8 Gropo oaHoit ms ups wexay 8.30n 19.30.npnest wert YeraHazsmsarores Mewry 10.30 1 15.00. JloHIONCKUIi pBINOK 3o.10TA YoTyNACT No HHTEHCHBHOCTH ANePHKANCKHM PBIHKAM. Oat Momoab1x oHAOHCKHX Oupac sB.UAeTCR CosaAHHAK B 1980 r, Interational Petroleur Exchange oflondon, xa Koropoil oGuerrow qhusovepcHMN cAeI0K aBIMOTES HeIjTE, MAS) aWGeBHOE TonANO, OxHaKO AKTUBHOCTS 3TOI Gupac 153MeHbIIE, HEM COOTBETCTBYIOUUNX AMepHKANCKHN Oupsk, ocOGeHHO ITYTEX. Kpome Jlowtowa s BeamxoOpuramm cyuectsyior 4 apyrue Tosapise Gupa, 6 OcHOBHOM MecrHOrO swaYeHUs, Ccpeam KoToperx HanGomsuntit Bcc H MeACIYHApOAHOE BANAHNC HOIeeT pBIHOK X=OMKA B JTuBepMy.te. ‘TOBAPHDIE BHP?KbI B JJPYTHX EBPOMEHCKHX CTPAHAX B ronrmesransnoit ‘icra Enponss winSozeinyio poms urparor Guprsn no Dparum, Hiaepranaax, Berar 1 Fepwaxin, Xora GonUMHHCTBO 1 HH HOCH TOKALTAHBAI NapaIEp. Cpean dpanuyrcKnx GupA H Supa Boel KONTHNEHTATHON Exponbt HANGONbUIee IHANCHHE MEET napHAKcKAA upasa ~ Paris Bourse de Correrce, a xoropoli ocymiecTaaseTes Toprosat parpaKMpoBAKHEIM CaxApOM, KOIpe B 3epHAX (KoK>e «Pobycra>) mt axao-GoGanm, a TaKKe B OOmBINS patMepar cocsoit xCprato. ro eAMACTRCHHAN B MMPe GMpAA padiuposatoro caxapa MexyHApOTHOTO MACKITAGA, NOTOMY OKA NPIETATHBET NezARCOR NPAKTHNECKHE CO RCETO Mpa Ha sror Bia caxapa Xora napieKckas OuPrka He MPHNAAICANT K MUPOBBIM ZILIEpAM *PMOYEPCHBIX CIEIOK, HO B MOCTeAKHE roxKt saMeTeH pocT ee sHRNeMEL B sexIyHapoaHO!t Toprosze. Kax dppauuyscKoe mpasuerescrBo, Tak H NOsHlicTBeHDE KPyTH 2amnTepeconAN B pasBitTHN OHPrRCHOH TOPrORAN, B COSLARHM MPOTHBORECA AH-IO-CAKCONCKHM GuprKAM. IO HALTO CBOC OnpivxeHe » YCORepUICHCTHORAHIIN CHCTEMB! ONPPACBAIX PACKETOR, OPFANITAILI KOMICCHIK, KOKTPOMIAPYIOMe dy HKINO- Hposane naprexcRAX ¢bopMactTIX PAIK, B Hnzepazanaax na Oupaax 8 AMcrepaante axTHpHain 8 HACTOSMNCE BPeMs sm.ICTeS dhoIoNEPCHBA PHIHOK kapropeas (¢ 1958 1), a Take ANBOrO KPYTHOTO poraToro CKOTA, MpHsieM Toprop.as BeeTes Ha NpHMLUATAX cover-the-counter», 1.e, ¢ NOMOMIbIO Teae*hOHa H TexeKCa, HTO, MO MHEHHIO criewHaIHcToB, orpannsneaer cibepy Dailka, YaeHbURHOTEH MACHITAGH (PHOMEPCHBN CxETOK C AMEN, TEADTTAKOK, KaKIO-TOOAN (KAKO KBAMETCA OGREKTOM Topronan 1a cHeimams-voit Oupac «Stichting CocaterrijntarkeD>), nOKOCTSHO NpeKpameNa ipsovepcHat Topronat Ha opranmonannoit » Aucrepxine » 1978 r, Europeari Options Exchange ‘armowaroren OMMNONEe CACTKH Het osoro (¢ 1980 r.) 1 Ha cepedpo (© 1983 r.), B Anrpepnenc, » Bereriin, oStekTom ¢pbiovepcHrs CxeMOK sMUeTEH MepeTH; TAM HaNoaTTeA 4 (in 13 B MMpe) Supa Opramantos. 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Kaas #5 anux Gupac meer cooii yeras, cmmcox 2aperucTpHPORLHADIX KAMMIKUNT, HeKOTOPHE 1 HX HCTOAIyHOT CHCTEMY KKACCHMECKOTO AYKUWOHA, HE JULIEPCKHIK PHLAOK ak Ha ues TpaztbHoll Oupase B JToH.IOHE, 26 mapra 1973 F mecrs perwonamsusrx owrosEN Gupa u honrosax Gupaa 8 JlowIoNe, wavasuiax coe cymecrsosanme cme 8 XVII 8. oGxcammnancs Boxy OGuyI0 Guay ~ The Stock Exchange ofGreat Britain and Ireland ¢ onepauionmsinn satan 8 JloH0He, Bupyanurente JyGaune, Faasro, Fusepnyze a Tawuectepe. Yew Guat aeanLUIC® Ha abe KaTeropHit— GpoKepon Ht AOOGEPOB, KVKABIl 1 KOTOPBIN MOT BBICTSTATS TOABKO B CBOE POT. Bpokepit ~ areno, AeicTByHOULNE OT HNEHH JL, He ABLIAKOWUNER SENN OMAK, FX 7 opyvewuii wa mpoawKy WIM HOKYHRY UeNIMI GyMAr, a 470 OHNE MO.ySAAIH KOMHCCHOMI. 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BueeHHe HOBO HUopMaLMOH HOt cucrema Gupaeaux xorupowox ~ «The Stock Exchange Autorated Quotation» (SEAQ) — noasex10 3a coGoit nepewoc ‘Topron.i «¢ napKeTa> OupraH Ha 2kpaHt MONIETOPOR MPAKTHECKI Ha ACEX HACTHMEBIX PHIHKAS OHHH, B 1986 Fr OkIA MpHHT 3aKOH O PHHAHCOBKNX YCIYTAN, OOBeAMHUBMN GeccMOPHHIE npewyuecTBA cHCTesN CcaMoperyaimposanns, TaKie, Kak GbicrpoTa Ht THGKOCTS AeHiCTBIO C MpaBoBOlt SaMUTO! HHINBILIVALTBHEIX MABCTOPOB. B coat ¢ sTHM JlonaoNcKaX PonaonAN Bupa sakemowN7a corsamenne ¢ «The Intetational Securities Tegulatory Organizatiom 06 ocuosax coyaanus cosvecrHoit camoperyampyiomtelt opramiaum, a TarcKe CoBMeCTHOH MpusHaNHOi Well Guu10 BHINOANEHE 136MxBecrHuHOHHO! Gupkn (JE). B peryabtare B JlooHe BoaKItKa OMpsa ~PAMUYICKHN HMKOCTPAMHBIN oauirenTos. 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(Galanov B.A. (Red.), Basov A.I. (Red.) ) Birzhevoe

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(Galanov B.A. (Red.), Basov A.I. (Red.) ) Birzhevoe

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