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ÖçäÇ= ÑìíìêÉë= çå= íÜÉ= `_lq= Ü~îÉ= ëçãÉíáãÉë=ÉñÅÉÉÇÉÇ= íÜçëÉ=
~åÇ= íÜÉ= k~íáçå~ä= `çããçÇáíó= ~åÇ= aÉêáî~íáîÉ= bñÅÜ~åÖÉ=
çå= íÜÉ= `ljbuK= qÜÉ= `ÜáÅ~Öç= jÉêÅ~åíáäÉ= bñÅÜ~åÖÉ= çê= `jb=
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=
Gold Futures Exchanges
j`u= ëÉí= áíëÉäÑ= ìé= ~ë= ~å=
Outright Initial
Price Nature áåÇÉéÉåÇÉåí= ÉäÉÅíêçåáÅ=
Exchange Contract size Start date margin (April
quotation of trading
06)
íê~ÇáåÖ= éä~íÑçêã= íç= ëÉêîáÅÉ=
Clearing
member; åçí= àìëí= ÖçäÇ= Äìí= íÜÉ= ãìäíáJ
member &
100 oz
31
US$/
Continuous open
hedge customer;
Ñ~ÅÉíÉÇ= ~Öê~êá~å= ÉÅçåçãó= áå=
NYMEX Dec outcry plus electronic
99.5% purity oz $2,000 Non- fåÇá~K= pÜ~êÉÜçäÇÉêë= áåÅäìÇÉ= ~=
74 trading via ACCESS
member
speculative ä~êÖÉ=åìãÄÉê=çÑ=fåÇá~å=Ä~åâë=
$2,700
~åÇ=íÜÉ=çêÖ~åáë~íáçå=áë=êìå=çå=
100g,1 kilo, 23 ¥90,000
TOCOM 99.99% Mar
Yen/ Continuous
(¥12,000 for the ~= ÇÉãìíì~äáëÉÇ= Ä~ëáëI= ëç= íÜ~í=
gramme computerised
purity 82 100g contract) çïåÉêëÜáé= çÑ= íÜÉ= ÉñÅÜ~åÖÉ=
100g 1kilo, 3 Continuous 4% (5% for the çéÉê~íáçåë= áë= ëÉé~ê~íÉ= Ñêçã=
MCX 10 Nov 2003 Rp/10g
kg computerised 100g contract)
áíë= ã~å~ÖÉãÉåíK= fí= çéÉê~íÉë=
100g, 1 kilo, Membership fee:
Continuous
NCDEX 99.99% 15 Dec 2003 Rp/10g
computerised
as a cash free ïáíÜ= ëíê~íÉÖáÅ= ~ääá~åÅÉë= ïáíÜ=
purity security deposit
ã ~ à ç ê = Å ç ã ã ç Ç á í á É ë=
Per 100 oz
contract: ÉñÅÜ~åÖÉë= áåÅäìÇáåÖ= íÜÉ=
100 oz $1,500 (initial);
(Full-sized),
20 Feb 1979
$1,500
_çãÄ~ó= _ìääáçå= ^ëëçÅá~íáçåX=
33.2 oz US$/ Continuous (maintenance). íÉÅÜåçäçÖáÅ~ä= Ä~ÅâJìé= áë=
CBOT (a 3 kilo contract was
(Mini-sized), oz computerised Per 33.2 oz
launched on 31 Dec
not less than
1974)
contract: éêçîáÇÉÇ= Äó= cáå~åÅá~ä=
99.5% purity $500(initial);
$500 qÉÅÜåçäçÖáÉë= EfåÇá~F= iíÇKI=
(maintenance) ïÜáÅÜ= Ü~ë= íÜÉ= íÉÅÜåçäçÖó= íç=
Initial margin:
250
éêçîáÇÉ=~=îÉêíáÅ~ääó=áåíÉÖê~íÉÇ=
Turkish Lira per ëÉêîáÅÉK=
Turkish Continuous
contract;
TurkDEX 100g 4 Feb 2005 Lira/ computerised
Maintenance =
gramme 'auction'
margin: 187,5
Turkish Lira per k`abu=êìåë=çå=~=ëáãáä~ê=Ä~ëáëI=
contract çÑÑÉêáåÖ=~å=ÉäÉÅíêçåáÅ=íê~ÇáåÖ=
1Kilo 99.5% US$/ Continuous US$ 850 per éä~íÑçêã=~Åêçëë=íÜÉ=Ü~êÇ=~åÇ=
DGCX June 2005
purity oz computerised contract
ëçÑí= ÅçããçÇáíáÉëK= mêÉÅáçìë=

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Ñçêï~êÇ=ê~íÉ=Ñçê=ÖçäÇ=áë=íÜÉ=éêÉî~áäáåÖ=Ççää~ê=áåíÉêÉëí=ê~íÉ=áå=
íÜÉ= Ñáå~åÅá~ä= ã~êâÉíëI= äÉëë= íÜÉ= áåíÉêÉëí= ê~íÉ= íÜ~í= ÖçäÇ= ïáää=
~ÅÜáÉîÉ= áÑ= äç~åÉÇ= çìí= çîÉê= íÜÉ= éÉêáçÇ= çÑ= íÜÉ= Ñçêï~êÇ=
íê~åë~ÅíáçåK=
=
The “buy” leg
_ìóáåÖ= Ñçêï~êÇ= ÉÑÑÉÅíáîÉäó= ïçêâë= ~ë= ÑçääçïëW= ~= ÇÉ~äÉê= ëÉääë=
ëéçí=ãÉí~äI=~åÇ=ê~áëÉë=Ççää~êë=~ë=~=êÉëìäí=çÑ=íÜÉ=íê~åë~ÅíáçåK=
qÜÉëÉ=Ççää~êë=ïáää=ÄÉ=ìëÉÇ=íç=Äìó=Ñçêï~êÇ=ãÉí~äK=qÜáë=Ñçêï~êÇ=
éìêÅÜ~ëÉ= çÑ= ÖçäÇ= ïáää= åçí= ~Åíì~ääó= ÄÉ= ëÉííäÉÇ= EáKÉK= íÜÉ= ÖçäÇ=
~åÇ= íÜÉ=Ççää~êë= ïáää= åçí= ÅÜ~åÖÉ= Ü~åÇëF= ìåíáä= íÜÉ= ëÉííäÉãÉåí=
EÑçêï~êÇF=Ç~íÉX=íÜÉêÉÑçêÉ=íÜÉ=Ççää~êë=ê~áëÉÇ=íÜêçìÖÜ=íÜÉ=ëéçí=
ë~äÉ=çÑ=ÖçäÇ=~êÉ=éìí=çå=ÇÉéçëáí=íç=É~êå=áåíÉêÉëí=ìåíáä=íÜÉó=~êÉ=
åÉÉÇÉÇ= Ñçê= é~óãÉåíK= bèì~ääóI= íÜÉ= ÇÉ~äÉê= ïáää= é~ó= ~= Ñçêï~êÇ=
éêÉãáìã=Ñçê=íÜÉ=ÖçäÇ=íÜ~í=ÜÉ=áë=ÄìóáåÖK=
= m~êí= çÑ= íÜáë= êáëâ= áë= íÜÉêÉÑçêÉ= Äìáäí= áåíç= íÜÉ= éêáÅáåÖ= çÑ= íÜÉ=
_ó= ëÉääáåÖ= ÖçäÇ= ëéçí= ~åÇ= ÄìóáåÖ= Ñçêï~êÇI= íÜÉ= ÇÉ~äÉê= áë=
ÉÑÑÉÅíáîÉäó= äÉåÇáåÖ= ÖçäÇ= íç= íÜÉ= ã~êâÉíK= qÜÉ= ÖçäÇ= íÜ~í= íÜÉ=
ÇÉ~äÉê= ëÉääë= áåíç= íÜÉ= ëéçí= ã~êâÉí= ïáää= éêçÄ~ÄäóI= Äìí= åçí=
åÉÅÉëë~êáäóI= Ü~îÉ= áíëÉäÑ= ÄÉÉå= ÄçêêçïÉÇ= Ñêçã= íÜÉ= çÑÑáÅá~ä=
ëÉÅíçêX=áí=áë=åçí=ìåâåçïå=Ñçê=áåîÉëíãÉåí=ÑìåÇë=íç=äÉåÇ=ãÉí~ä=
íç= íÜÉ= ã~êâÉí= áÑ= áí= ÑáåÇë= íÜ~í= íÜÉ= ÅáêÅìãëí~åÅÉë= ~êÉ=
~ííê~ÅíáîÉK=
= ãÉí~ä= çê= ÅìêêÉåÅó= íê~åë~Åíáçå= íÜ~í= ÜÉ= Ü~ë= íç= ìåÇÉêí~âÉ= áå=
The “sell” leg
bèì~ääóI= áÑ= ~= ÇÉ~äÉê= áë= íç= ëÉää= Ñçêï~êÇI= ÜÉ= áë= ÉÑÑÉÅíáîÉäó=
ÄçêêçïáåÖ=ÖçäÇK=eÉ=ïçìäÇ=Äìó=ãÉí~ä=Ñêçã=íÜÉ=ëéçí=ã~êâÉíI=
íÜÉå=ëÉää=áí=Ñçêï~êÇK=qÜÉ=Ççää~êë=Ñçê=ÄìóáåÖ=íÜÉ=ëéçí=ÖçäÇ=~êÉ=
ÄçêêçïÉÇ= Ñêçã= íÜÉ= Ççää~ê= áåíÉêÉëí= ê~íÉ= ã~êâÉí=~åÇ= ~êÉ=ÇìÉ=
íç=ÄÉ=êÉé~áÇ=çå=íÜÉ=Ç~ó=íÜ~í=íÜÉ=ÖçäÇ=íê~åë~Åíáçå=ÅäçëÉëK=qÜÉ=
ÇÉ~äÉê=íÜìë=áåÅìêë=~=Ççää~êJÄçêêçïáåÖ=ÅçëíK=eÉ=íÜÉêÉÑçêÉ=~ÇÇë=
~å=áåíÉêÉëí=ê~íÉ=íç=Üáë=ÄáÇ=éêáÅÉ=~åÇ=~=EÜáÖÜÉêF=áåíÉêÉëí=ê~íÉ=
íç=Üáë=ëÉääáåÖ=éêáÅÉK=
Example of a forward price
lå=j~êÅÜ=PNëí=OMMSI=ëéçí=ÖçäÇ=ï~ë=ÑáñÉÇ=áå=íÜÉ=~ÑíÉêåççå=~í=
ARUOKMMLçìåÅÉK=
=
qÜÉ=Ñçêï~êÇ=ê~íÉ=íÜ~í=~=ÇÉ~äÉê=ãáÖÜí=Ü~îÉ=ÄÉÉå=éêÉé~êÉÇ=íç=
ï~ë= MKUMBK= ^= ëéçí= ã~êâÉí= ÖçäÇ= éêáÅÉ= çÑI= Ñçê= Éñ~ãéäÉI= A=
RUNKRMJRUOKMMI=ïçìäÇ=êÉëìäí=áå=~=Ñçêï~êÇ=éêáÅÉ=Ñçê=çåÉJóÉ~ê=
ÖçäÇ= çÑ= ~êçìåÇ= A= RURKNMJRUSKTMI= ~= Åçåí~åÖç= çÑ=
~ééêçñáã~íÉäó= A= PKSMJQKTMK= qÜáë= áë= Å~äÅìä~íÉÇ= ~ë= A=
RUNKRMGNKMMT=EÄáÇF=~åÇ=A=RUOKMMGNKMMU=EçÑÑÉêFK=
=
cçê=éÉêáçÇë=ÇáÑÑÉêÉåí=Ñêçã=~=óÉ~êI=íÜÉ=áåíÉêÉëí=ê~íÉ=èìçíÉÇ=áë=
íÜÉ=~ååì~äáëÉÇ=ê~íÉ=~åÇ=íÜáë=áë=íÜÉå=~ÇàìëíÉÇ=Äó=íÜÉ=åìãÄÉê=
çÑ=Ç~óë=ÄÉíïÉÉå=ëéçí=~åÇ=íÜÉ=ã~íìêáíó=çÑ=íÜÉ=Åçåíê~ÅíK=qÜÉ=
içåÇçå=ã~êâÉí=ïçêâë=çå=íÜÉ=Ä~ëáë=çÑ=PSM=Ç~óë=áå=íÜÉ=óÉ~êK=
=
Options trade and pricing
qÜÉ= éìêÅÜ~ëÉê= çÑ= ~å= çéíáçå= Ü~ë= íÜÉ= êáÖÜí= Äìí= åçí= íÜÉ=
çÄäáÖ~íáçå= íç= ÉñÉêÅáëÉ= íÜ~í= çéíáçåK= qÜÉ= éêáÅÉ= é~áÇ= Ñçê= ~å=
çéíáçå=áë=âåçïå=~ë=íÜÉ=éêÉãáìãX=íÜÉ=ëíêáâÉ=éêáÅÉ=áë=íÜÉ=éêÉJ
ÇÉíÉêãáåÉÇ= éêáÅÉ= ~ë= ïÜáÅÜ= ~å= çéíáçå= ã~ó= ÄÉ= ÉñÉêÅáëÉÇK=
tÜáäÉ=íÜÉ=éìêÅÜ~ëÉê=çÑ=íÜÉ=çéíáçå=áë=íÜÉêÉÑçêÉ=êÉä~íáîÉäó=ïÉää=
éêçíÉÅíÉÇI= áå= íÜ~í= Üáë= çåäó= êáëâ= áë= íÜÉ= éêÉãáìã= íÜ~í= ÜÉ= Ü~ë=
~äêÉ~Çó=é~áÇ=EáÑ=íÜÉ=ã~êâÉí=ÖçÉë=Ä~Çäó=~Ö~áåëí=Üáã=Üáë=çéíáçå=
ïáää=ÉñéáêÉ=ïçêíÜäÉëëFI=íÜÉ=ïêáíÉê=çê=Öê~åíçê=çÑ=íÜÉ=çéíáçå=~Üë=
êáëâ=~Ö~áåëí=Üáã=íÜêçìÖÜçìí=íÜÉ=äáÑÉ=çÑ=íÜÉ=áåëíêìãÉåíK=
=
éêÉãáìã=~í=íÜÉ=çìíëÉíK=
=
qÜÉêÉ= ~êÉ= åìãÉêçìë= ãçÇÉäë= çÑ= î~êóáåÖ= ÇÉÖêÉÉë= çÑ=
ëçéÜáëíáÅ~íáçå= Ñçê= éêáÅáåÖ= ãçÇÉäëI= Äìí= íÜÉ= ÉëëÉåíá~ä=
ÅçãéçåÉåíë= íÜ~í= Ü~îÉ= íç= ÄÉ= ~ëëÉëëÉÇ= E~é~êí= Ñêçã= íÜÉ=
éêÉî~áäáåÖ= éêáÅÉ= ~åÇ= íÜÉ= ëíêáâÉ= éêáÅÉF= ~êÉW= íáãÉ= íç= ÉñéáêóX=
éçíÉåíá~ä= Åçëíë= íç= íÜÉ= Öê~åíçê= áå= íÉêãë= çÑ= Ñáå~åÅáåÖ= ~åó=
çêÇÉê= íç= ÜÉÇÖÉ= Üáë= ÉñéçëìêÉX= ~åÇ= éêáÅÉ= îçä~íáäáíóK= tÜÉå=
éêáÅÉë=~êÉ=îçä~íáäÉI=çéíáçå=éêÉãá~=íÉåÇ=íç=áåÅêÉ~ëÉ=~ë=íÜÉ=êáëâ=
íç=íÜÉ=Öê~åíçê=áë=íÜ~í=ãìÅÜ=ÖêÉ~íÉê=íÜ~å=ïÜÉå=íÜÉ=ã~êâÉí=áë=
Ñä~íK=
=
qÜÉ= ÇÉäí~= áë= íÜÉ= ÇÉÖêÉÉ= çÑ= ÅÜ~åÖÉ= áå= ~å= çéíáçåÛë= éêÉãáìã=
Ñçê=~=ÖáîÉå=ÅÜ~åÖÉ=áå=íÜÉ=éêáÅÉ=çÑ=íÜÉ=ìåÇÉêäóáåÖ=~ëëÉí=~åÇ=áë=
ìåÇÉêí~âÉå= Äó= íÜÉ= Öê~åíçê= çÑ= íÜÉ= çéíáçåK= qÜÉ= Öê~åíçê= çÑ= ~=
Å~ää=áëI=íÉÅÜåáÅ~ääóI=éçíÉåíá~ääó=ëÜçêí=çÑ=íÜÉ=ã~êâÉí=~ë=ÜÉ=ã~ó=
åÉÉÇ=íç=ëÉííäÉ=ïáíÜ=ãÉí~ä=áÑ=ÜÉ=áë=Å~ääÉÇ=~ï~ó=EáKÉK=íÜÉ=ÄìóÉê=
=T=
çÑ= íÜÉ= çéíáçå= ÅÜççëÉë= íç= ÉñÉêÅáëÉFK= ^ë= íÜÉ= íáãÉ= íç= Éñéáêó=
ÇÉÅêÉ~ëÉëI=çê=íÜÉ=çéíáçå=ÖçÉë=ÑìêíÜÉê=áåíç=íÜÉ=ãçåÉóI=çê=~ë=
îçä~íáäáíó= áåÅêÉ~ëÉëI= íÜÉ= Öê~åíçê= ïáää= Eáå= íÜáë= Å~ëÉF= ÉåíÉê= íÜÉ=
ìåÇÉêäóáåÖ= ã~êâÉí= ~ë= ~= ÄìóÉê= íç= ÅçîÉê= ~= é~êí= çÑ= Üáë= êáëâK= få=
íÜÉ=Ñáêëí=çÑ=íÜÉëÉ=áåëí~åÅÉë=íÜÉ=ÅÜ~åÖÉ=áå=éêáÅÉ=çÑ=íÜÉ=çéíáçå=
ïáää= áåÅêÉ~ëÉ= ~ë= ã~íìêáíó= ~ééêç~ÅÜÉë= ÄÉÅ~ìëÉ= íÜÉêÉ= áë= äÉëë=
íáãÉ=ÇÉÅ~ó=~íí~ÅÜÉÇ=íç=íÜÉ=íê~åë~ÅíáçåX=áå=íÜÉ=ëÉÅçåÇ=Å~ëÉ=
íÜÉ= éêçÄ~Äáäáíó= áåÅêÉ~ëÉë= íÜ~í= íÜÉ= çéíáçå= ïáää= ÄÉ= ÉñÉêÅáëÉÇX=
~åÇ= áå= íÜÉ= íÜáêÇ= Å~ëÉ= ÜáÖÜ= îçä~íáäáíó= Åçãã~åÇë= Éñíê~=
éêçíÉÅíáçåK=
= bñÅÜ~åÖÉK=
qÜÉ=îçäìãÉ=çÑ=íÜÉ=ãÉí~ä=íÜ~í=ÜÉ=Å~êêáÉë=~Ö~áåëí=íÜÉ=çéíáçåI=
~ë= ~= éêçéçêíáçå= çÑ= íÜÉ= íçí~ä= îçäìãÉ= êÉéêÉëÉåíÉÇ= Äó= íÜÉ=
çéíáçåI= áë= íÜÉ= ÇÉäí~K= qÜÉ= ë~ãÉ= ïçêâë= áå= êÉîÉêëÉ= ïáíÜ= íÜÉ=
ëÉääÉê=çÑ=~=éìíI=ïÜç=ã~ó=åÉÉÇ=íç=ëÉää=ãÉí~ä=~Ö~áåëí=Üáë=ëÜçêí=
éìí=éçëáíáçå=áÑ=éêáÅÉë=~êÉ=Ñ~ääáåÖK=
= ÇÉéçëáíáåÖ= Üáë= fåáíá~ä= j~êÖáåI= ÜÉ= ãìëí= íÜÉå= ã~áåí~áå= ~=
Futures and their adjuncts
cìíìêÉë= Åçåíê~ÅíëI= ~ë= çìíäáåÉÇ= ~ÄçîÉI= ~êÉ= ëí~åÇ~êÇáëÉÇ= ëç=
íÜ~í= É~ÅÜ= Åçåíê~Åí= íê~ÇÉÇ= çå= ~å= ÉñÅÜ~åÖÉ= áë= çÑ= íÜÉ= ë~ãÉ=
ëáòÉ= ~åÇ= éìêáíó= çÑ= ãÉí~ä= ~ë= ~ää= íÜÉ= çíÜÉê= Åçåíê~Åíë= áå= íÜ~í=
ÅçããçÇáíó= íê~ÇÉÇ= çå= íÜ~í= ÉñÅÜ~åÖÉX= ~äëç= íÜÉ= éçáåí= çÑ=
ÇÉäáîÉêó=EëÜçìäÇ=ÇÉäáîÉêó=ÄÉ=ã~ÇÉF=áë=éêÉÅáëÉäó=ëéÉÅáÑáÉÇI=~ë=áë=
íÜÉ= éÉêáçÇ= çÑ= íáãÉ= ïáíÜáå= ïÜáÅÜ= ÇÉäáîÉêó= ãìëí= ÄÉ= ã~ÇÉK= få=
éê~ÅíáÅÉI= ÖÉåÉê~ääó= äÉëë= íÜ~å= NB= çÑ= ÑìíìêÉë= Åçåíê~Åíë= ÅçãÉ=
íç=ÇÉäáîÉêó=~ë=íÜÉ=ã~àçêáíó=çÑ=íÜÉ=ÅäáÉåíë=ïáíÜ=éÜóëáÅ~ä=ãÉí~ä=
ÅÜççëÉ=íç=ÇÉäáîÉê=íÜêçìÖÜ=íÜÉ=åçêã~ä=ÅÜ~ååÉäë=Äìí=ìëÉ=íÜÉ=
ÑìíìêÉë=íç=ÜÉÇÖÉ=íÜÉáê=éêáÅÉ=êáëâK=cçê=ÇÉí~áäë=çÑ=íÜÉ=Åçåíê~Åíë=
áå=ÖçäÇI=ëÉÉ=íÜÉ=dçäÇ=j~êâÉíë=~åÇ=cìíìêÉë=bñÅÜ~åÖÉë=ëÉÅíáçå=
~ÄçîÉK=
= éêáÅÉ= Ñçê= íÜÉ= Ç~íÉ= çÑ= ÇÉäáîÉêó= çÑ= íÜÉ= ãÉí~ä= ãÉ~åë= íÜ~í= íÜÉ=
qê~ÇáåÖ=íÜêçìÖÜ=~å=ÉñÅÜ~åÖÉ=ëìÅÜ=~ë=íÜÉ=`ljbu=Çáîáëáçå=çÑ=
kvjbu= áë= ÉÑÑÉÅíÉÇ= íÜçìÖÜ= ÑìíìêÉë= ÄêçâÉêë= ïÜç= ~Åí= ~ë=
áåÇÉéÉåÇÉåí=~ÖÉåíëK= qÜÉ=ëçìêÅÉ= çÑ= íÜÉ= ÇÉ~ä= ã~ó= íÜÉêÉÑçêÉ=
êÉã~áå= ~åçåóãçìëK= `ljbu= íê~ÇáåÖ= áë= ÅÉåíê~ääóJÅäÉ~êÉÇI=
ïÜáÅÜ= íÉÅÜåáÅ~ääó= Éäáãáå~íÉë= ÅçìåíÉêJé~êíó= êáëâ= ~ë= íÜÉ= ÅäáÉåí=
áë= íê~ÇáåÖ= ïáíÜ= íÜÉ= bñÅÜ~åÖÉI= ïÜáÅÜ= Ü~ë= ã~íÅÜÉÇ= Üáã= ïáíÜ=
~å=Éèì~ä=~åÇ=çééçëáíÉ=íê~ÇÉ=Ñêçã=~å=çíÜÉê=ÅçìåíÉêJé~êíóK=
= Åçåíê~ÅíëI=çéíáçåë=~åÇ=ãçêÉ=ÅçãéäáÅ~íÉÇ=ëíêìÅíìêÉë=ëéêÉ~Ç=
^``bpp= áë= íÜÉ= `ljbu= ~ÑíÉêJÜçìêë= ÉäÉÅíêçåáÅ= íê~ÇáåÖ=
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bcm= EbñÅÜ~åÖÉ= Ñçê= mÜóëáÅ~äF= áë= íÜÉ= ÉñÅÜ~åÖÉ= çÑ= ~= ÑìíìêÉë=
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“bcmÒ= áë= ~äëç= íÜÉ= éêáÅÉ= èìçí~íáçå= ëéÉÅáÑóáåÖ= íÜÉ= éêáÅÉ=
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