You are on page 1of 184

%QWTUG%QFG&/$#//

+PVGTPCVKQPCN $WUKPGUU /CPCIGOGPV

$XWKRU
3URI-D\DQW7LZDUL
1HKD$JDUZDO

6HI)LQDQFHG8QLYHUVLW\XQGHU6HF I RI8*&$FWDQG$FFUHGLWHGE\1$$&
$GYLVRU\&RPPLWWHH

3URI5DP5DWWDQ3UR3UHVLGHQW-(&5&8QLYHUVLW\
3URI:LGKL'XEH\'LUHFWRU''(
3URI$YLUHQL6ULQLYDVXOX'LUHFWRU $FDGHPLFV ''(
3URI5DMHHY-DLQ'HDQ)DFXOW\RI0DQDJHPHQW
3URI'HHSDN'HPEOD+R')DFXOW\RI,7 &$

¤ #NNTKIJVUTGUGTXGF0QRCTVQHVJKUDQQMOC[DGTGRTQFWEGFUVQTGFKPCTGVTKGXCNU[UVGOQT
EQRKGF KP CP[ HQTO QT D[ CP[ OGCPU GNGEVTQPKE OGEJCPKECN RJQVQITCRJKE QT QVJGTYKUG
YKVJQWV VJG RTKQT YTKVVGP RGTOKUUKQP QH VJG CWVJQT CPF VJG RWDNKUJGT

6/05HYLHZ&RPPLWWHH

'U6XPDQ%KDWQDJDU$VVRF3URIHVVRU %&$ 0&$ ''(


'U5XFKL*R\DO$VVRF3URIHVVRU %%$ ''(
'U$QDPLND8SDGK\D\$VVRF3URIHVVRU %&RP 0%$ ''(
'U*DXUDY'HHS$VVRF3URIHVVRU (QJOLVK ''(
'U%KDYWRVK$ZDVWKL$VVRF3URIHVVRU 0DWKHPDWLFV ''(

3XEOLVKHG 3ULQWHG%\
36TXDUH6ROXWLRQV+,QGXVWULDO$UHD6LWH%1HDU+3&/'HSRW%DUDUL0DWKXUD
0DWKXUD 83 (PDLOTXHU\#SUDJ\DRQOLQHFRP
)RU-(&5(8QLYHUVLW\'LUHFWRUDWHRI'LVWDQFH(GXFDWLRQ

'LVFODLPHU ± 3XEOLVKHU RI WKLV SULQWLQJ PDWHULDO LV QRW UHVSRQVLEOH IRU DQ\ HUURUV RU GLVSXWHV IURP FRQWHQWV RI WKLV FRXUVH
PDWHULDO WKLV PDWHULDO FRPSOHWHO\ GHSHQGV RQ $87+25¶6 0$186&5,37
6\OODEXV

8QLW,
,QWHUQDWLRQDO0DUNHWLQJ ,QWURGXFWLRQWR,QWHUQDWLRQDO0DUNHWLQJ1HHGRILQWHUQDWLRQDOPDUNHWLQJPHDQLQJRI
LQWHUQDWLRQDOPDUNHWLQJGLIIHUHQFHEHWZHHQGRPHVWLFPDUNHWLQJDQGLQWHUQDWLRQDOPDUNHWLQJG\QDPLFVRILQWHUQDWLRQDO
PDUNHWLQJPDUNHWJOREDOL]DWLRQGULYHUVFRVWJOREDOL]DWLRQGULYHUVJRYHUQPHQWJOREDOL]DWLRQGULYHUVFRPSHWLWLYHJOREDO
L]DWLRQGULYHUVRWKHUHQYLURQPHQWDOGULYHUVLQWHUQDWLRQDOPDUNHWLQJSURFHVVLQWHUQDWLRQDOL]DWLRQVWDJHVLQWHUQDWLRQDO
PDUNHWLQJRULHQWDWLRQRIILUPVFKDOOHQJHVRILQWHUQDWLRQDOPDUNHWLQJ

8QLW,,
,QWHUQDWLRQDO0DUNHWLQJ5HVHDUFK,QWURGXFWLRQWR,QWHUQDWLRQDO0DUNHWLQJ5HVHDUFK(QJDJLQJLQLQWHUQDWLRQDO
PDUNHWV LQWHUQDWLRQDO PDUNHWLQJ UHVHDUFK SURFHVV PRGHV RI HQWU\ LQWR LQWHUQDWLRQDO PDUNHWV H[SRUWLQJ OLFHQVLQJ
IUDQFKLVLQJFRXQWHUWUDGHVSHFLDOL]HGPRGHVDQGGLUHFWLQYHVWPHQWIRUHLJQGLUHFWLQYHVWPHQW-RLQW9HQWXUH&KRRVLQJ
DPRGHRIHQWU\LQLQWHUQDWLRQDOPDUNHWVLQWHUQDWLRQDOVWUDWHJLFDOOLDQFHVLQWHUQDWLRQDOFRQVXPHUPDUNHWV

8QLW,,,
,QWHUQDWLRQDO0DUNHW6HJPHQWDWLRQ,QWURGXFWLRQWR,QWHUQDWLRQDOPDUNHWVHJPHQWDWLRQ,QWHUQDWLRQDOPDUNHWLQJ
VWUDWHJLHVLQWHUQDWLRQDOSURGXFWVWUDWHJLHVSULFLQJLQLQWHUQDWLRQDOPDUNHWVLQWHUQDWLRQDOPDUNHWLQJFKDQQHOVSURPRWLQJ
LQLQWHUQDWLRQDOPDUNHWV

8QLW,9
([SRUWLQJ,QWURGXFWLRQWRH[SRUWLQJW\SHVRIIRUHLJQLQWHUPHGLDULHVIRUHLJQGLUHFWLQYHVWPHQWZK\LV)',LPSRUWDQW
IRUDQ\FRQVLGHUDWLRQRIJRLQJJOREDO"*OREDOPDUNHWWUHQGVLQ,QVXUDQFH6HUYLFHV6RPHNH\GULYHUVRIPDUNHWWUHQGV
VFRSHIRUJURZWK LQLQVXUDQFHPDUNHWVWKH UROHRILQVXUDQFHLQHFRQRPLFGHYHORSPHQWOLQNEHWZHHQ PDUNHWWUHQGV
DQG WKH FDVH IRU OLEHUDOL]DWLRQ *HQHUDO FKDUDFWHULVWLFV RI LQVXUDQFH PDUNHWV LQ HPHUJLQJ HFRQRPLFV PDUNHWLQJ LQ
DYLDWLRQWKHLQWHUQDWLRQDOEDQNLQJPDUNHW

8QLW9
,QWHUQDWLRQDOPDUNHWLQJVWUDWHJLHV ,QWURGXFWLRQWR,QWHUQDWLRQDOPDUNHWLQJVWUDWHJLHVJOREDOSURGXFWFDWHJRU\
VWUDWHJ\PDUNHWLQJPL[RI3(36,&2WRKRVWFRXQWULHV 3V 3(67/(DQDO\VLVLPSDFWRIJOREDOL]DWLRQWRLQWHUQD
WLRQDOPDUNHWLQJVWUDWHJ\RI3(36,&R5HYORQ*OREDOL]DWLRQJOREDOPDUNHWLQJEUDQGLQJ+LQGXVWDQ8QLOHYHU1RNLD
6LQJDSRUHDLUOLQHV$QH[FHOOHQW$VLDQEUDQG0DUNHWLQJVWUDWHJLHVRI,QIRV\V,QWURGXFWLRQWR,QWHUQDWLRQDOILQDQFLDO
LQVWLWXWLRQV,QWHUQDWLRQDOPRQHWDU\IXQGLQWHUQDWLRQDOEDQNIRUUHFRQVWUXFWLRQDQGGHYHORSPHQWLQWHUQDWLRQDOILQDQFH
FRUSRUDWLRQ$VLDQ'HYHORSPHQW%DQNRUJDQL]DWLRQ$'%
VHIIHFWLYHQHVV,QWHUQDWLRQDO'HYHORSPHQW$VVRFLDWLRQ
&RQWHQWV

 ,QWHUQDWLRQDO0DUNHWLQJ  

 ,QWHUQDWLRQDO0DUNHWLQJ5HVHDUFK 

 ,QWHUQDWLRQDO0DUNHW6HJPHQWDWLRQ 

 ([SRUWLQJ  

 ,QWHUQDWLRQDO0DUNHWLQJ6WUDWHJLHV  




,QWHUQDWLRQDO
0DUNHWLQJ

„
„
„
„
0DQDJHPHQW 6WDJH RQH 6WDJH WZR 6WDJH WKUHH 6WDJHIRXU*OREDO
HPSKDVLV 'RPHVWLF ,QWHUQDWLRQDO 0XOWLQDWLRQDO

)RFXV 'RPHVWLF (WKQRFHQWULF 3RO\FHQWULF *HRFHQWULF

0DUNHWLQJ 'RPHVWLF ([WHQVLRQ $GDSWLRQ ([WHQVLRQ


VWUDWHJ\

6WUXFWXUH 'RPHVWLF ,QWHUQDWLRQDO :RUOGZLGHDUHD $GDSWLRQ FUHDWLRQ


PDWUL[PL[HG

0DQDJHPHQW 'RPHVWLF &HQWUDOL]HG WRS 'HFHQWUDOL]HG ,QWHJUDWHG


VW\OH GRZQ ERWWRPXS

0DQXIDFWXULQJ 0DLQO\ 0DLQO\GRPHVWLF +RVWFRXQWU\ /RZHVW FRVW


VWDQFH GRPHVWLF ZRUOGZLGH

,QYHVWPHQWSROLF\ 'RPHVWLF 'RPHVWLF XVHG 0DLQO\LQ HDFKKRVW &URVVVXEVLGL]DWLRQ


ZRUOGZLGH FRXQWU\

3HUIRUPDQFH 'RPHVWLF $JDLQVW KRPH (DFK KRVW FRXQWU\ :RUOGZLGH


HYDOXDWLRQ PDUNHWVKDUH FRXQWU\PDUNHWVKDUH PDUNHWVKDUH


3URGXFW 6RXWK$IULFD (XURSH

3URGXFWLRQ,PSRUWV&RQVXPHUV3URGXFWLRQ,PSRUWV&RQVXPHUV

$SSOHV 
V       

2UDQJHV 
V      
,QWHUQDWLRQDOL]DWLRQ RI ,QWHUQDWLRQDOFRPPHUFLDORSHUDWLRQV
PDUNHWLQJ
H[SRUWLPSRUWRIJRRGV

,QWHUQDWLRQDOL]DWLRQ RI $OOLDQFHVDQGLQWHUQDWLRQDOFRRSHUDWLRQ


SURGXFWLRQ
OLFHQVLQJXQGHUSURGXFWLRQMRLQWVRFLHWLHV

,QWHUQDWLRQDOL]DWLRQ RI ,PSOHPHQWDEURDG


HQWHUSULVH
GLUHFWLQYHVWPHQWVLQSURGXFWLRQDQGPDUNHWLQJ


,QWHUQDWLRQDO
0DUNHWLQJ5HVHDUFK

„
„
„
„


,QWHUQDWLRQDO
0DUNHW6HJPHQWDWLRQ

„
„
„

„


([SRUWLQJ

„
„
„
„
z

z


¬,QWHUQDWLRQDO
0DUNHWLQJ6WUDWHJLHV

„
„
„
„
„
„
„
z

z
z

You might also like