You are on page 1of 5

0RGXODWLRQ5HFRJQLWLRQRI8QPDQQHG$HULDO9HKLFOH

&RQWURO6LJQDOVXVLQJ6RIWZDUH'HILQHG5DGLR


-XULMV6DGRYVNLV $UWXUV$EROWLQV -DQLV(LGDNV


,QVWLWXWHRI5DGLRHOHFWURQLFV ,QVWLWXWHRI5DGLRHOHFWURQLFV ,QVWLWXWHRI5DGLRHOHFWURQLFV
5LJD7HFKQLFDO8QLYHUVLW\ 5LJD7HFKQLFDO8QLYHUVLW\ 5LJD7HFKQLFDO8QLYHUVLW\
5LJD/DWYLD 5LJD/DWYLD 5LJD/DWYLD
MXULMVVDGRYVNLV#UWXOY DEROWLQV#UWXOY MDQLVHLGDNV#UWXOY

$EVWUDFW²8QPDQQHGDHULDOYHKLFOHV 8$9 DUHXVHGLQDZLGH XVHGZLWKRXWREVHUYLQJWKHUHJXODWLRQ


UDQJHRIWDVNV0DQ\8$9RZQHUVXVHWKHVHDSSOLDQFHVIRUSULYDWH
SXUSRVHV,QWKHVHFDVHVLWRIWHQPHDQVQRQDXWKRUL]HGIOLJKWVRYHU 8$9V DUH ZLGHO\ XVHG DW SXEOLF HYHQWV ZLWKRXW WKH
SXEOLFRUSULYDWHDUHDVRUHYHQWV0DQ\IOLJKWVDOVRWDNHSODFHRYHU DJUHHPHQW RI ORFDO VWDWH DXWKRULWLHV 7KH H[SDQVLRQ RI 8$9V
QRIOLJKW]RQHV7KHVHFDVHVFRXOGEHFRQVLGHUHGDVPDOLFLRXVHYHQ DQGWKHLUXVHLQWKHGDLO\FLWL]HQV¶OLIHDOVRUHSUHVHQWDWKUHDWWR
LI 8$9 RSHUDWRUV DUH QRW LQIRUPHG WKDW IOLJKWV DUH IRUELGGHQ LQ SULYDF\ULJKWV,QUHFHQW \HDUVWKHQXPEHURIFDVHV ZKHQ WKH
WKHVH DUHDV 7KLV DUWLFOH SUHVHQWV WKH UHVXOWV RI VHULHV RI JDGJHWV DUH XVHG ZLWKRXW ZDUQLQJ WR HYHQW SDUWLFLSDQWV KDV
H[SHULPHQWVGHYRWHGWRWKHGHWHUPLQDWLRQRIPRGXODWLRQRIFRQWURO
VLJQDOV XVHG E\ VHYHUDO FRPPHUFLDOO\ DYDLODEOH 8$9V XVLQJ D
LQFUHDVHG VLJQLILFDQWO\ 0RVW UHFHQWO\ WKLV KDSSHQHG DW WKH
VRIWZDUHGHILQHGUDGLR 6'5 7KHXOWLPDWHJRDORIWKHUHVHDUFKLV KLJKO\ DWWHQGHG /DWYLDQ 6RQJ DQG 'DQFH )HVWLYDO ZLWK WZR
WKHGHYHORSPHQWRIDVROXWLRQWKDWZRXOGKHOSWRLGHQWLI\8$9VE\ LGHQWLILHGFDVHVRIXQVDQFWLRQHGXVDJHRI8$9V
GHFRGLQJRIWKHFRQWUROVLJQDOV
)XUWKHUPRUH WKRVH FDVHV DOVR VKRZ WKDW /DWYLDQ VWDWH
.H\ZRUGV² 2)'0 UDGLR FRQWURO XQPDQQHG DHULDO YHKLFOHV VHFXULW\VHUYLFHVGRQRWKDYHDGHTXDWHWHFKQLFDOVROXWLRQVWKDW
VRIWZDUHGHILQHGUDGLRVLJQDOLGHQWLILFDWLRQ ZRXOG DOORZ FRQWUROOLQJ WKH DLUVSDFH RYHU SXEOLF HYHQWV $W
SUHVHQW WKLV WDVN LV VROYHG E\ FRQGXFWLQJ YLVXDO DLUVSDFH
, ,1752'8&7,21 REVHUYDWLRQXVLQJRSWLFDOGHYLFHVDQGKXPDQVHQVHV7KHUHDUH
8QPDQQHG DHULDO YHKLFOHV 8$9V  FRPPRQO\ FDOOHG QXPHURXVFDVHVZKHQ8$9VIO\LQWRWKHDLUVSDFHRIFLYLOLDQRU
³GURQHV´ FDQ EH GLYLGHG LQWR WZR JURXSV PLQL 8$9V DQG PLOLWDU\ REMHFWV 7KH PDOLFLRXV FDVHV DV ZHOO DV WKRVH ZKHQ
PLFUR 8$9V GHSHQGLQJ RQ WKH VL]H 0LQL 8$9V DUH PDLQO\ 8$9RSHUDWRUVZHUHQRWLQIRUPHGDERXWDSSOLFDEOHUHJXODWLRQV
XVHGIRUWDVNVZKHQDORQJHUXQLQWHUUXSWHG8$9SUHVHQFHLQWKH FOHDUO\ GHPRQVWUDWH WKH QHHG IRU D WHFKQLFDO VROXWLRQ ZKLFK
DLULVUHTXLUHG)RUH[DPSOHUDGLRUHWUDQVPLVVLRQSRLQWVDVZHOO ZRXOGKHOSWRGHWHFWDQGLGHQWLI\8$9V
DV WUDIILF REVHUYDWLRQ RU ODUJH DJULFXOWXUH ODQG LQVSHFWLRQ $ VROXWLRQ SURSRVHG LQ WKLV SDSHU LV WR XVH D UHFHLYHRQO\
0HDQZKLOHPLFUR8$9VDUHZLGHO\XVHGLQVKRUWWHUPWDVNV 6RIWZDUH'HILQHG5DGLR 6'5 IRUVLJQDOSURFHVVLQJRI8$9
VXFKDVSXEOLFHYHQWREVHUYDWLRQVHFXULW\VXUYHLOODQFHDWODUJH FRQWUROVLJQDOV7DNLQJLQWRDFFRXQWDYDLODEOHLQIRUPDWLRQLWLV
HYHQWVRUFORVHUHFRQQDLVVDQFHLQPLOLWDU\RSHUDWLRQVHWF QHFHVVDU\WRFKRRVHDQ6'5ZKRVHZRUNIUHTXHQF\VSHFWUXPLV
0LFUR8$9VDUHZLGHO\XVHGLQ/DWYLD0DQ\ORFDOVKRSVDUH LQ WKH 6EDQG  WR  *+]  7KH PDLQO\ XVHG 8$9 FRQWURO
SURYLGLQJ GLIIHUHQW 8$9V DQG WKHLU XSJUDGH SDUWV 0RUH DQG VLJQDOIUHTXHQF\LVWKH*+] LQGXVWULDOVFLHQWLILFPHGLFDO
PRUH 8$9 XVHUV XSJUDGH WKHLU JDGJHWV ZLWKRXW DQ\ ,60  EDQG >@ >@ ZKLFK RFFXSLHV IUHTXHQFLHV IURP  WR
VXSHUYLVLRQ7KHUHDUHPDQ\GLIIHUHQW8$9VDOVRDYDLODEOHIRU *+],WVKRXOGEHWDNHQLQWRDFFRXQWWKDWVRPHJDGJHWV
SXUFKDVH RQOLQH IURP DEURDG 7KLV VLWXDWLRQ OHDGV WR DQ DUHDOVRRSHUDWLRQDOLQWR*+]IUHTXHQF\EDQG
XQFRQWUROOHGXVDJHRI8$9VZLWKRXWDQ\VXSHUYLVLRQIURPWKH 7KHUHPDLQLQJSDUWRIWKLVDUWLFOHLVVWUXFWXUHGDVIROORZV7KH
VWDWH VHFXULW\ VHUYLFHV 7KLV SRVHV VHULRXV VHFXULW\ ULVNV WR RYHUYLHZ RI WKH DYDLODEOH FRPPHUFLDO WHFKQLFDO VROXWLRQV LV
SHRSOHDQGLQIUDVWUXFWXUH>@ SUHVHQWHG LQ WKH VHFRQG VHFWLRQ RI WKH DUWLFOH 8$9 FRQWURO
/LNH LQ RWKHU FRXQWULHV WKH OHJDO UHJXODWLRQ RI 8$9V LQ PHWKRGV DUH GHVFULEHG LQ WKH WKLUG VHFWLRQ 5HVXOWV RI 6'5
/DWYLDLVFDUULHGRXWE\WKH&DELQHW5HJXODWLRQ1R>@7KH EDVHGH[SHULPHQWDUHRIIHUHGLQWKHIRXUWKVHFWLRQ)LQDOO\LQ
UXOHV GHVFULEHG LQ WKLV UHJXODWLRQ DUH UHODWHG WR VHFXULW\ WKHODVWVHFWLRQWKHFRQFOXVLRQVDUH GUDZQDQGWKHRXWOLQHRI
FRPSOLDQFH RI 8$9V WHFKQLFDO SDUDPHWHUV VXFK DV HQJLQH IXWXUHZRUNLVEULHIO\SUHVHQWHG
SRZHUDQGWKHIO\LQJKHLJKW7KHUHDUHDOVRQXPHURXVWHUULWRULDO
OLPLWDWLRQVRQZKHUH8$9VFDQEHXVHG,WLVDOVRLPSRUWDQWWR ,, $9$,/$%/(7(&+1,&$/62/87,216
WDNHLQWRDFFRXQWWKDWWKLVOHJLVODWLRQZDVDFFHSWHGLQODWH 7KH SUREOHP RI XQFRQWUROOHG XVDJH RI 8$9V DV GHVFULEHG
DQGFDPHLQWRIRUFHLQ8$9XVHUVDUHRIWHQQRWLQIRUPHG SUHYLRXVO\ LV SUHVHQW QRW RQO\ LQ /DWYLD EXW DOVR LQ RWKHU
DERXW LWV H[LVWHQFH 7KLV OHDGV WR VLWXDWLRQV ZKHQ JDGJHWV DUH FRXQWULHV 7KLV LV ZK\ WKH ZRUOG¶V ELJJHVW PHDVXUHPHQW

‹,(((
HTXLSPHQWFRPSDQLHVRIIHUVHYHUDOVROXWLRQVWKDWDUHEDVHGRQ VSHHG 5$7(UHTXHVW XVHG7KHIUHTXHQF\VSHFWUXPLVGLYLGHG
GLIIHUHQW8$9GHWHFWLRQWHFKQLTXHV LQWRIRXUFKDQQHOV
$ 6ROXWLRQE\5RKGH 6FKZDU] % E
5RKGH  6FKZDU]¶V 5 6  SUHVHQWHG VROXWLRQ >@ ZKLFK LV 7KLVOHJDF\FRPPXQLFDWLRQSURWRFRO>@RSHUDWHVLQWKH
DEOHWRFRYHUZLGHEDQGRIIUHTXHQF\VSHFWUXPZKLFKLVXVHGWR *+] IUHTXHQF\ EDQG DQG XVHV WKH 'LUHFW 6HTXHQFH 6SUHDG
FRQWURO 8$9V 7KH PDLQ WDVN RI WKLV VROXWLRQ LV WR GHWHFW 6SHFWUXP '666  PHWKRG ZLWK '436. PRGXODWLRQ 7KH
LGHQWLI\ DQG MDP DQ 8$9 FRQWURO VLJQDOV ,W FDQ GHWHFW IUHTXHQF\VSHFWUXPLVGLYLGHGLQWRRSHUDWLRQDOFKDQQHOV
)UHTXHQF\+RSSLQJ6SUHDG6SHFWUXP )+66 VLJQDOVDVZHOODV & J
:/$1VLJQDOV7KLVVROXWLRQGHWHFWV8$9VRYHUUDGLRVLJQDO 6LPLODUO\ WR D WKLV FRPPXQLFDWLRQ SURWRFRO >@
XVLQJGLUHFWLRQILQGHUDQWHQQD RSHUDWHVLQWKH*+]DQG*+]IUHTXHQF\EDQGVDQGXVHV
% 6ROXWLRQE\.H\VLJKW WKH 2)'0 PHWKRG &RQVLGHULQJ DGYDQFHG PRGXODWLRQ
WHFKQLTXHVLWFDQDFKLHYHKLJKHUWUDQVPLVVLRQVSHHGDQGUDQJH
$VROXWLRQE\.H\VLJKW>@VLPLODUO\WRWKH5 6¶VVROXWLRQ
7KH XVHG PRGXODWLRQ WHFKQLTXH GHSHQGV RQ WKH UHTXLUHG
LV DEOH WR FRYHU D ZLGH IUHTXHQF\ EDQG 7KH PDLQ GLIIHUHQFH
QHWZRUNVSHHG8QOLNHWKHDSURWRFROZKLFKRSHUDWHVLQ
FRPSDUHGWRWKHVROXWLRQGHVFULEHGLQ6HFWLRQ,,$LVWKHXVDJH
WKH  *+] EDQG DQG KDV IRXU FKDQQHOV RQO\ WKLV SURWRFRO
RIDQRSWLFDOFDPHUD7KLVVROXWLRQLVDEOHWRGHWHFWD8$9UDGLR RSHUDWHV LQ RQH RI  RYHUODSSLQJ 0+] FKDQQHOV )LJ 
VLJQDODQGEHVLGHVWKDWDQRSWLFDOV\VWHPLVDGGHGIRUWKHYLVXDO LOOXVWUDWHV OD\RXW RI  IUHTXHQF\ FKDQQHOV LQ  *+]
GHWHFWLRQRI8$97KLVVROXWLRQKHOSVWRWUDFNDGHWHFWHG8$9 EDQG7KHUHLVDWKFKDQQHOXVHGDVZHOODVVKRZQRQ)LJ
YLVXDOO\ DQG FDOFXODWH LWV VSHHG DQG GLUHFWLRQ 9LVXDOL]DWLRQ 7KLVFKDQQHOLVQRWXVHGLQ(XURSH
KHOSVWRGLVWLQJXLVKWKH8$9IURPQHDUE\REMHFWV
7KH PHQWLRQHG WHFKQLFDO VROXWLRQV SURSRVHG E\ 5RKGH 
6FKZDU]DQG.H\VLJKWDUHYHU\FRVWO\7KH\LQFOXGHVSHFWUXP
DQDO\VLV HTXLSPHQW DQWHQQD DUUD\V DQG RSWLFDO GHYLFHV 7KH
GHVFULEHG HTXLSPHQW LV EXON\ DQG KDV OLPLWHG PRELOLW\ ,W 
)LJ,((( :L)L IUHTXHQF\FKDQQHOVLQ*+]IUHTXHQF\EDQG 
VKRXOG DOVR EH WDNHQ LQWR DFFRXQW WKDW D VNLOOHG RSHUDWRU LV
UHTXLUHGWRZRUNZLWKVXFKHTXLSPHQW ' Q
7KLVFRPPXQLFDWLRQSURWRFRO>@>@RSHUDWHVLQWKH
,,, 8$9&21752/0(7+2'6 *+] DQG  *+] IUHTXHQF\ EDQGV ,W XVHV WKH PXOWLSOH ,QSXW
0XOWLSOH 2XWSXW 0,02  WHFKQLTXH LQ FRQMXQFWLRQ ZLWK
7KHUHDUHVHYHUDOPHWKRGVWRFRQWURO8$9V7KHPDMRULW\RI
2)'07KHPHWKRGSURYLGHVDFKRLFHEHWZHHQ0+]DQG
8$9UHPRWHFRQWURO 5& WUDQVFHLYHUVDUHGHVLJQHGIRUWKH6 0+] FKDQQHO EDQGZLGWK 7KLV SURWRFRO XVHV XS WR 
EDQGDQGRSHUDWHLQWKH,60EDQGVFRPSULVLQJWR*+] RYHUODSSLQJIUHTXHQF\FKDQQHOV
DQG  WR  *+] IUHTXHQFLHV +RZHYHU RWKHU 5&
IUHTXHQFLHVDUHDOVRXVHG6RPHIUHTXHQFLHVDUHIRUFRPPHUFLDO ( DF
DQGDPDWHXUZRUOGZLGHXVHDQGVRPHRIWKHPDUHXVHGRQO\LQ /LNHDWKLVFRPPXQLFDWLRQSURWRFRO>@RSHUDWHVLQ
WKH$VLDQUHJLRQ)RUVPDOO5&FRQWUROOHGGURQHVDQGWR\V WKH*+]IUHTXHQF\EDQG7KHGLIIHUHQFHLVWKHPRGXODWLRQ
0+]DQG0+]IUHTXHQFLHVDUHPDLQO\XVHG7KH0+] IRUPDW DQG D PXFK KLJKHU WUDQVPLVVLRQ VSHHG 7KLV SURWRFRO
IUHTXHQF\EDQGLVXVHGE\VPDOOYHKLFOHGURQHVDQGWKH0+] XVHVWKH0,022)'0PHWKRGZLWK%36.436.DQGWR
IUHTXHQF\EDQGLVXVHGE\VPDOODHULDOGURQHVRSHUDWLQJLQWKH 4$0PRGXODWLRQV7KHXVHGPRGXODWLRQWHFKQLTXHLVVHW
WR\ HQWHUWDLQPHQW LQGXVWU\ 7KH  0+] IUHTXHQF\ EDQG LV DXWRPDWLFDOO\ GHSHQGLQJ RQ WKH 5$7( UHTXHVW 7KH XVHU FDQ
DOVRXVHGLQ8$9RSHUDWLRQEXWYHU\UDUHO\>@)LQDOO\WKH XWLOL]HXSWR0+]FKDQQHOEDQGZLGWK
0+]IUHTXHQF\EDQGLVXVHGRQO\LQ-DSDQIRUFRPPHUFLDODQG ) 3URSULHWDU\PHWKRG
LQGXVWULDO8$9VZLWKORQJGLVWDQFHRSHUDWLRQ
7KHSURSULHWDU\ PHWKRGRUWKH VRFDOOHG ³5HPRWHFRQWURO´
7KHPDMRULW\RI8$9VHPSOR\HLWKHU,(((DEJQDF SURWRFROLVWKHPRVWFRPPRQO\XVHGPHWKRGIRU8$9FRQWURO
FRPPXQLFDWLRQ SURWRFRO WKH VDPH WKDW LV XVHG LQ :L)L 7KLVFRPPXQLFDWLRQSURWRFROPDLQO\RSHUDWHVLQWKH*+]
QHWZRUNV RU WKH VRFDOOHG ³5HPRWH &RQWURO´ 5&  SURWRFRO DQG*+]IUHTXHQF\EDQGVDQGXVHVIUHTXHQF\KRSSLQJ LQ
'LIIHUHQW PRGXODWLRQ W\SHV DUH DSSOLHG WR FRQWURO VLJQDOV $ FRQMXQFWLRQ ZLWK RUWKRJRQDO IUHTXHQF\ GLYLVLRQ PXOWLSOH[LQJ
VKRUWGHVFULSWLRQRIWKHPDLQO\XVHGWHFKQLTXHVIROORZV 2)'0 VSUHDGVSHFWUXPRUVLQJOH FDUULHUWUDQVPLVVLRQ7KH
5&FRQWUROPHWKRGSURYLGHVXSWRNPORQJFRQWUROGLVWDQFH
$ D LQ(XURSH &(DOORZHGUDGLDWHGSRZHULVİG%P DQGXSWR
,QWKHFDVHRI8$9FRQWUROWKLVFRPPXQLFDWLRQSURWRFRO>@ NPGLVWDQFHLQWKH 8QLWHG6WDWHVRI$PHULFD )&&DOORZHG
RSHUDWHVLQWKH*+]IUHTXHQF\EDQG,WHPSOR\V2UWKRJRQDO UDGLDWHGSRZHULVİG%P 7KLVPHWKRGLVW\SLFDOO\XVHGLQ
)UHTXHQF\ 'LYLVLRQ 0XOWLSOH[LQJ 2)'0  IRU WUDQVPLVVLRQ KLJKSULFH8$9FRQWUROV\VWHPV ZKHUHDVWKHIDPLO\RI
2)'0 VXEFDUULHUV DUH XVXDOO\ PRGXODWHG E\ %36. 436. SURWRFROVDUHHPSOR\HGLQPRVWRIORZFRVW8$9V\VWHPV >@
4$0 RU 4$0 7KH 2)'0 VXEFDUULHU PRGXODWLRQ 7KLVPHWKRGGLYLGHVWKHIUHTXHQF\VSHFWUXPLQWRFKDQQHOV
WHFKQLTXH LV FKRVHQ DXWRPDWLFDOO\ GHSHQGLQJ RQ WKH WUDQVIHU >@ 6LQFHKLJKUREXVWQHVVRIWKH FRPPXQLFDWLRQLVUHTXLUHG
PDLQO\%36.PRGXODWLRQLVXVHGIRUVLJQDOWUDQVPLVVLRQ8SWR
0+]FKDQQHOEDQGZLGWKFDQEHXVHG



)LJ:RUNVWDWLRQZLWK6LPXOLQNVRIWZDUHSURFHVVLQJWKH8$9FRQWUROVLJQDO
UHFHLYHGE\8653% 
)LJ'-,0DYLF352VSHFWURJUDPFRUUHVSRQGVWR0+]

,9 8$9¶6&21752/6,*1$/02'8/$7,215(&2*1,7,21
)UHV N+]

$OO GHVFULEHG 8$9 FRQWURO PHWKRGV KDYH GLIIHUHQW
PRGXODWLRQ WHFKQLTXHV $IWHU UHFHLYLQJ WKH VLJQDO LW LV
QHFHVVDU\WRGHWHFWLWVPRGXODWLRQPHWKRG 
$ 8VHGHTXLSPHQW
3RZHU6SHFWUXP G%

7KHHTXLSPHQWXVHGWRFDUU\RXWWKHH[SHULPHQWVGHVFULEHG
LQWKLVSDSHULVDVIROORZV 

x 1,8653%6'5ZLWKRSHUDWLQJIUHTXHQF\UDQJHRI
0+]WR*+]DQGEDQGZLGWKXSWR0+]

x '-,0DYLF352KLJKFRVW8$9ZKRVHFRQWURO
WHFKQLTXHVDUH5&DQGRSWLRQDO:L)L JQ 
x ,WV,PDJLFDOORZFRVW8$9 
      
6LJQDO SURFHVVLQJ ZDV SHUIRUPHG XVLQJ 0$7/$% DQG )UHTXHQF\ 0+] 
6LPXOLQNVRIWZDUH7KHZRUNVWDWLRQLVVKRZQLQ)LJ )LJ  '-, 0DYLF  352 XVHG FKDQQHO¶V SRZHU VSHFWUXP  FRUUHVSRQGV WR
% ([SHULPHQWDOHQYLURQPHQWDQGXVHGVRIWZDUH 0+]
)RU H[SHULPHQWDO PHDVXUHPHQWV 0$7/$%6LPXOLQN ZDV 
XVHG $OO PHDVXUHPHQWV ZHUH WDNHQ LQ :L)L IUHH RIILFH & &RQWUROVLJQDOPHDVXUHPHQWV
HQYLURQPHQW 7KH SRSXODU *45; WRRO DQ RSHQVRXUFH 6'5
$V PHQWLRQHG DERYH '-, 0DYLF  352 DQG ,WV,PDJLFDO
UHFHLYHUDQGVSHFWUXPDQDO\]HUVRIWZDUH ZDVXVHGWRILQGWKH
8$9V ZHUH XVHG LQ WKH H[SHULPHQWV )LUVW LV VPDOO 8$9
FHQWHUIUHTXHQF\RIWKH8$9FRQWUROVLJQDO
VXLWDEOH IRU HQWHUWDLQPHQW SXUSRVHV RQO\ ZKHUHDV VHFRQG
DSSOLDQFHLVKLJKFRVW8$9
,Q ILUVW H[SHULPHQW ZH FDSWXUHG ZDYHIRUP RI WKH FRQWURO
VLJQDO VHQW IURP WKH UHPRWH FRQWURO XQLW WR WKH GURQH 5DGLR
FRPPXQLFDWLRQ LV XQLGLUHFWLRQDO VLQFH 8$9 FRQWDLQV RQO\ D
UHFHLYHU $ VSHFWURJUDP FDOFXODWHG IURP ,WV,PDJLFDO 8$9
ZDYHIRUPLVVKRZQLQ)LJ
7KHH[SHULPHQWVZLWK'-,0DYLFVKRZWKDW5&RSHUDWHVLQ
WKH  *+] ,60 IUHTXHQF\ EDQG LQ WKH UDQJH RI  WR
*+]0HDVXUHPHQWVZLWK*45;FRQILUPVWKDWFHQWHU
IUHTXHQFLHVRIWKHFRQWUROVLJQDOFKDQQHOVKDYHDFRQVWDQW
N+]RIIVHWIURP:L)LFKDQQHOIUHTXHQFLHV $VVKRZQRQWKH
VSHFWURJUDPRQ)LJWKHFHQWHUIUHTXHQF\RIWKH8$9FRQWURO
VLJQDOFKDQQHOLV*+])URPWKHSRZHUVSHFWUXPRIWKH
FRQWURO VLJQDO VKRZQ LQ )LJ  KRSSLQJ RI FRQWURO VLJQDO
IUHTXHQF\RYHU0+]EDQGLVHYLGHQW+RZHYHUIUHTXHQF\
 KRSSLQJKDVDQXQNQRZQVHTXHQFHSDWWHUQZKLFKLVW\SLFDOIRU
)LJ,WV,PDJLFDOVSHFWURJUDPFRUUHVSRQGVWR0+]
WKH)+665)WUDQVPLVVLRQPHWKRG
)UHV N+]







3RZHU6SHFWUXP G%






       


)UHTXHQF\ 0+]

)LJ  3RZHU VSHFWUXP RI ZDYHIRUP ZLWKLQ VLQJOH IUHTXHQF\ KRS 
 FRUUHVSRQGVWR0+]
)LJ:DYHIRUPRIZLWKLQVLQJOHKRS5HGOLQHVVHSDUDWHXQLTXHSDUWRI2)'0 
V\PEROIURPLWV&3
$QRWKHUFRQILUPDWLRQRIWKH2)'0PRGXODWLRQXVHGIRUWKH
 DXWRFRUUHODWLRQIXQFWLRQ


8$9FRQWUROVLJQDOLVWKHSRZHUVSHFWUXPSORWRIDVLQJOHKRS
 $V VKRZQ LQ )LJ  WKH VKDSH RI WKH VSHFWUXP UHVHPEOHV D
 W\SLFDO 2)'0 PRGXODWHG VLJQDO ,W KDV  0+] IUHTXHQF\

EDQGZLGWKZLWKVXSSUHVVHGGLUHFWFRPSRQHQW '& IUHTXHQF\
 3UHOLPLQDU\ PHDVXUHPHQWV ZLWK *45; UHYHDOHG WKDW

KRSSLQJRFFXUVLQVLGH0+]FKDQQHOEDQGZLGWK%\8653

PHDVXUHPHQWV D  0+] FKDQQHO EDQGZLGWK ZDV HPSOR\HG
ZKLFK DV VHHQ IURP WKH VSHFWURJUDP LQ )LJ  LV FRPSOHWHO\

RFFXSLHG E\ WKH '-, 0DYLF FRQWURO VLJQDO 7KLV LV EHFDXVH

LQVXIILFLHQW EDQGZLGWK GXULQJ WKH ZDYHIRUP FDSWXUH FDXVHG

DOLDVLQJLQWKHVSHFWUXPFDOFXODWLRQV

           '-, 0DYLF HPSOR\V ELGLUHFWLRQDO FRPPXQLFDWLRQ ZLWK WKH
2IIVHW> V@
 UHPRWHFRQWUROXQLWDQGWUDQVPLVVLRQVIURP8$9DUHXVHGIRU
)LJ$XWRFRUUHODWLRQIXQFWLRQRIZDYHIRUPZLWKLQRQHIUHTXHQF\KRS
YLGHRDQGWHOHPHWU\6HOHFWLQJRIWKHFKDQQHOFHQWHUIUHTXHQF\
GHSHQGVRQWKHLQWHUIHUHQFHOHYHOLQWKH*+]EDQG)URPWKH
7KH DXWRFRUUHODWLRQ IXQFWLRQ VKRZQ LQ )LJ FRQILUPV WKH
H[SHULPHQWVLWFDQEHVHHQWKDWFHQWHUIUHTXHQFLHVRIEDQGVGR
F\FOLFQDWXUHRIWKHFRQWUROVLJQDO ZLWKUHSHDWLQJWLPHRI
QRW FRLQFLGH ZLWK :L)L FKDQQHO IUHTXHQFLHV VKRZQ LQ )LJ 
PV/LQHVLQ)LJDUHDGGHGWRVHSDUDWHWKHXQLTXHSDUWRIWKH EXW LQVWHDG KDYH D FRQVWDQW  N+] RIIVHW ,W LV ZRUWK WR
2)'0V\PEROIURPLWV&3 PHQWLRQ WKDW VRPH RI WKH KLJKFRVW 8$9V DOORZ VHOHFWLQJ RI
FKDQQHOIUHTXHQFLHVDQGWKHLUEDQGZLGWKVPDQXDOO\
$Q HQODUJHG VSHFWURJUDP IURP VLQJOH IUHTXHQF\ KRS
WUDQVPLVVLRQLVVKRZQLQ)LJ$VVKRZQRQWKHVSHFWURJUDP
9 &21&/86,216$1')8785(:25.
WKHGXUDWLRQRIWKHWUDQVPLVVLRQLV—V
,Q WKLV DUWLFOH WKH SUREOHP RI XQFRQWUROOHG H[SDQVLRQ RI
XQPDQQHG DHULDO YHKLFOHV LV DGGUHVVHG DQG SRVVLEOH
FRPPHUFLDOO\DYDLODEOH WHFKQLFDO VROXWLRQV DUH RXWOLQHG
%HFDXVH WKH DYDLODEOH VROXWLRQV IRU 8$9 GHWHFWLRQ DUH
H[SHQVLYH XQKDQG\ DQG UHTXLUH VXEVWDQWLDO WUDLQLQJ RI
RSHUDWRUVWKHGHYHORSPHQWRIVLPSOHUWRROVIRUUDSLGGHWHFWLRQ
RI8$9VLVKLJKO\ZHOFRPHG,QWKHSDSHUZHUHYLHZHGW\SLFDO
WHFKQLTXHV IRU 8$9 FRQWURO WKHLU FDUULHU IUHTXHQFLHV DQG
PRGXODWLRQ WHFKQLTXHV ,Q WKH H[SHULPHQWDO SDUW WKH
H[SHULPHQWV ZLWK WZR FRPPHUFLDOO\ DYDLODEOH 8$9V KDYH
FRQILUPHG WKH YLDELOLW\ RI WKH LGHD WR XVH DQ LQH[SHQVLYH
VRIWZDUHGHILQHG UDGLR IRU 8$9 LGHQWLILFDWLRQ 7KH
H[SHULPHQWV ZHUH PDGH LQ 5)LQWHUIHUHQFHIUHH HQYLURQPHQW
DQG LQYROYHG 8653 % 6'5 DQG 0$7/$%6LPXOLQN
6LQJOHIUHTXHQF\)6.PRGXODWLRQZDVGHWHFWHGLQWKHFRQWURO
VLJQDORIWKHORZFRVW8$97KHH[SHULPHQWVZLWKWKHKLJKFRVW
 8$9 UHYHDOHG WKDW LW XVHV IUHTXHQF\ KRSSLQJ DQG LWV
)LJ6SHFWURJUDPRIVLQJOHKRS
PRGXODWLRQ WHFKQLTXH LV 2)'0 ZLWK  0+] EDQGZLGWK
'HWHFWLRQ RI FRQWURO VLJQDOV ZDV WLPH FRQVXPLQJ DV LW ZDV >@    5) WHFKQLTXHV IRU GHWHFWLRQ FODVVLILFDWLRQ DQG ORFDWLRQ RI
FRPPHUFLDO GURQH FRQWUROOHUV .H\VLJKW >2QOLQH@ $YDLODEOH
QHFHVVDU\WRVFDQWKHZKROH*+],60IUHTXHQF\EDQG KWWSVWHNPDUNJURXSFRPHVKRSLPDJHFDWDORJ$SSOLFDWLRQ$(5263$
7KHQH[WUHVHDUFKVWHSVZLOOEHGHYRWHGWRWKHGHWHUPLQDWLRQ &(3DSHUB7HFKQLTXHVIRU'HWHFWLRQ/RFDWLRQRI&RPPHUFLDO'URQH
&RQWUROOHUVB0DOD\VLD$'6\PSRVLXPSGI
RIWKHIUHTXHQF\KRSSLQJVHTXHQFHLQWKHUHFHLYHGZDYHIRUP
>@ ³:LUHOHVV /$1 0HGLXP $FFHVV &RQWURO 0$&  DQG 3K\VLFDO /D\HU
7KLVZLOOKHOSWRGHPRGXODWHWKHZKROHFRQWUROVLJQDODQGXVLQJ 3+<  6SHFLILFDWLRQV +LJK 6SHHG 3K\VLFDO /D\HU LQ WKH  *+] %DQG
2)'0 GHPRGXODWRU WR REWDLQ ELQDU\ V\PEROV LQ WKH FRQWURO ,(((6WDQGDUGD´
VWUHDPZKLFKZLOODOORZWRLGHQWLI\8$9 >@ ³:LUHOHVV /$1 0HGLXP $FFHVV &RQWURO 0$&  DQG 3K\VLFDO /D\HU
3+< 6SHFLILFDWLRQV+LJKHU6SHHG3K\VLFDO/D\HU 3+< ([WHQVLRQLQ
WKH*+]%DQG,(((6WDQGDUGE´
5()(5(1&(6 >@ J ± ³,((( 6WDQGDUG IRU ,QIRUPDWLRQ 7HFKQRORJ\
7HOHFRPPXQLFDWLRQVDQG,QIRUPDWLRQ([FKDQJH%HWZHHQ6\VWHPV/RFDO
>@ 5RPDQRYV$  ,QYLWHGVSHHFKVHFXULW\LQWKH(UDRI,QGXVWU\
DQG0HWURSROLWDQ$UHD1HWZRUNV6SHFLILF5HTXLUHPHQWV3DUW,L:LUHOHVV
,Q  2SHQ &RQIHUHQFH RI (OHFWULFDO (OHFWURQLF DQG ,QIRUPDWLRQ
/$1 0HGLXP $FFHVV &RQWURO 0$&  DQG 3K\VLFDO /D\HU 3+< 
6FLHQFHV H6WUHDP  S KWWSGRLRUJH6WUHDP
6SHFLILFDWLRQV´
>@ .ƗUWƯEDNƗGƗYHLFDPLEH]SLORWDJDLVDNXƧXXQWƗGXFLWDYHLGDOLGDSDUƗWX
>@ 73DXO72JXQIXQPL:LUHOHVV/$1&RPHVRI$JH8QGHUVWDQGLQJWKH
OLGRMXPL NXUL QDY NYDOLILFƝMDPL NƗ JDLVD NXƧL 0. 127 1U 
,((( Q $PHQGPHQW &LUFXLWV DQG 6\VWHPV 0DJD]LQH YRO 

,(((ILUVWTXDUWHUSS
>@ +0D]DU 0DGMDU  -XQ ,78:RUNVKRSRQ6KRUW5DQJH
>@ -DQVRQV - 'RULã 7 $QDO\]LQJ ,((( Q 6WDQGDUG 2XWGRRU
'HYLFHV 65'V DQG8OWU:LGH%DQG 8:% ,78>2QOLQH@$YDLODEOH
3HUIRUPDQFH 7KH 6HFRQG ,QWHUQDWLRQDO &RQIHUHQFH RQ 'LJLWDO
KWWSVZZZLWXLQWHQ,785VWXG\JURXSVZRUNVKRSV5:3%65'
,QIRUPDWLRQ 3URFHVVLQJ DQG &RPPXQLFDWLRQV ,&',3& 
8:%3UHVHQWDWLRQV,QWHUQDWLRQDOUHJLRQDODQGQDWLRQDO
3URFHHGLQJV/LWKXDQLD.ODLSHGDSS
UHJXODWLRQRI65'VSGI
>@ ,(((DF,(((6WDQGDUGIRU,QIRUPDWLRQ7HFKQRORJ\²3DUW
>@ 0/R\5.DULQJDWWLO/:LOOLDPV 0D\ ,60%DQGDQG
:LUHOHVV /$10HGLXP$FFHVV&RQWURO 0$& DQG3K\VLFDO/D\HU
6KRUW 5DQJH 'HYLFH 5HJXODWRU\ &RPSOLDQFH 5HYLHZ 7, 7; >2QOLQH@
3+< 6SHFLILFDWLRQV
$YDLODEOHKWWSZZZWLFRPOLWDQVZUDVZUDSGI
>@ ,%LVLR&*DULERWWR)/DYDJHWWRDWDO³8QDXWKRUL]HG$PDWHXU8$9
>@ 2FW3URWHFWLQJWKH6N\6LJQDO0RQLWRULQJRI5DGLR&RQWUROOHG
'HWHFWLRQ %DVHG RQ :L)L 6WDWLVWLFDO )LQJHUSULQW $QDO\VLV´ LQ ,(((
&LYLO 8QPDQQHG $HULDO 9HKLFOHV DQG 3RVVLEOH &RXQWHUPHDVXUHV 5 6
&RPPXQ0DJYROQR$SUSS±
0QFKHQ >2QOLQH@ $YDLODEOH KWWSZZZURKGHVFKZDU]
XVDFRPUV89+LPDJHV'URQHB0RQLWRULQJB:KLWHSDSHUSGI >@ <.LP6HFXULW\DQDO\VLVRI)+66W\SHGURQHFRQWUROOHU3URF6SULQJHU
,QW:RUNVKRSRQ,QIRUPDWLRQ6HFXULW\$SSOLFDWLRQVYROSS
$XJ


You might also like