Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

TU3UMCU3 pUCK – arperHpJl aH TywyHYa 6yJlH6, y3H)l, MOJlH51 6O3OpH pHcKJlapHHHHr 6apYa TypJl pHHH My accaMJl wTHpa)l,H. y pHcK MOJlH51 HHcTpyMeHTJl pHHHHr y eKH 6y TypHHH KOHKpeT wap- wapOHTJl )l, H KeJl YHl\H6 TaHJlaw acOcH)l, )l, pcHcpHKau,H51Jl HHwH, nacai1 HJlHwH MyMKHH.
yH)l,ai1 pHcKa l\yi1 )l, Jl KHpa)l, : MaMJl aT)l, H pHcK, TapMOl\)l, pHcK, perHOH)l, pHcK, HHBecTHu,H51Jl w O6beKTJl pH pHcKJl H (Bal\T pHcKH, nOpTcpeJl pHcKH, TyJlOB Ba KJlHpHHr pHcKH, Onepau, OH pHcK, eTKa3H6 6epHw pHcKH, nyJl KyYHpHw pHcKH, 6H3Hec pHcK, MOJlH51 pHcKH, KOpXOHa pHcKH, KaTacTpOcp pHcK, 6Owl\ pyB pHcKH, Jl BH)l,JlHJl pHcKH, Kpe)l,HT pHcKH, BaJl Ta pHcKH, caHOaT pHcKH, KOHBepTau,H51Jl HyBYH pHcK, )l,HBH)l,eH)l, TyJlaHMacJl pHcKH).
TH3HMJl Ba TH3HMcH3 pHcKJl Ma3MyHHHH MaB y)l, a)l,a6HeT)l,aH ⁴⁰ Yyl\yppOl\ ypraHHw TaBcH51



3THJla)l,H.
Ce!l pUCK – nOpTcpeJl waKJlJl HpHJlHwH YOFH)l, MOJlH51 i1 HHcTpyMeHTJl pHH HOTyFpH TaHJl w 6HJl H 6OFJlHl\ pHcK.
PHcKJl HH MHl\)l,OpHi1 Ba cHcpaTHi1 Tax,JlHJl l\HJlHw MyMKHH (Tax,JlHJl ycyJlJl H Ba MO)l, JlJl pH TerHwJlH a)l,a6HeTJlap)l, KeHr epHTHJl aH).

Caao!l!lap

1. 
   PHcK MyaMMOcH l\aH)l,ai1 TaBcHcpJl a)l, ?
   
2. 
   PHcKHHHr Ta6HaTH l\aH)l,ai1 6yJl )l, ?
   
3. 
   X,apKaTJlap pHcKcH3Jl H HHMa?
   
4. 
   MK , PM Ba PP HHMaHH aHrJl Ta)l,H?
   
5. 
   P Ba Tawl\H OMHJlJl p OpacH)l,arH l\aH)l,ai1 6OFJl l\JlHK 6Op?
   

⁴⁰ PIHOK u, HIX 6yMar: YYe6HHK/nO)l, pe)l,. B.A.raJl HOBa, A.VI acOBa.-M.: HcI H cTaTHcTHKa, 1996.-cc.311-319.

6. 
   PHcKJl H 6Owl\ l\aH)l,ai1 MO)l,eJl)l, TawKHJlJl THpHJla)l, ?
   
7. 
   VIHcpOpMau,H51 TyJl l\JlHrHHHHr HeYTa )l, pa acH 6Op? 8.PHcKJl HHHr l\ai1 H TypJl 6HJlacH3?
   

Tonmupu !l

1. 
   MOJlH51 6O3OpH pHcKJl pH TyFpHcH)l, 3Jl TpOH npe3eHTau,H51 Tai1epJl Hr.
   
2. 
   TepMHHJl p Jl FaTHHH Ty3HHr.
   

2. I>Hp1Ka pHcKrapH

H)l, 6Hp acH)l, caB)l, areHTJl H )l, KeJl )l, raH pHcKJlap Ta6HaTHHH H)l,pOK l\HJl w yYyH 6Hp a ayKu,HOHJl apaeHHHH KypH6 YHl\aHw Mal\ca)l, MyBOcpHl\ (7.1 Ba 7.2 naparpacpJl pra l\ paJl ). X,O3Hp)l, 6yH)l, i1 caB)l, apaeHHHHHr HKKH TypH MaB y)l,. HpHHYHcHHH 6Hp a MaKJl 6Owl\ a)l, (6pOKepJlap TOnwHpHl\Jl H acOcH)l,a), HKKHHYHcH 3ca 6Hp aBHi1 3Jl TpOH caB)l, TH3HMH TOMOHH)l, aBTOMaTHK Tap3)l, OJl 6OpHJla)l, ayKu, H caB)l, apaeHH (6yH)l, acOcaH )l,aBJl
l\Hcl\ My)l,)l,aTJl O6Jl u,H51Jl 6HJl H 6OFJlHl\ caB)l,OJl aMaJlra OwHpHJl )l,H).
Hp a)l,arH ayKu, H caB)l, HHr 6HpHHYH TypH)l, rH apaeHHH KypaMH3.
COTyBYH 6pOKep (Tpei1)l, p) MaKJl aTra MabJlyM 6Hp Typ)l, , MHl\)l,Op)l, H Ba Hapx,)l, H l\ TJl l\ 3Jl HHH cOTHw TyFpHcH)l, rH apH3aBHi1 TOnwHpHFHHH (TaJla6HH) Tal\)l,HM 3Ta)l, . CaB)l,
apaeHH)l, cOTyBYHHHHr HaB6aTH KeJl aY, MaKJl 6y TaJla6HH 3bJl H l\HJla)l, . yH)l, HKKH x,OJl T By y)l,ra KeJlHwH MyMKHH:

1. 
   HpaMacHra 6Hp HeYTa nOTeHu,HaJl x,apH)l, (cOTH6 OJlyBYH 6pOKep) MaB y)l, 6yJl . y x,OJl )l, caB)l, OJl 6OpyBYH MaKJlep TOKH 6HprHHa TaJla6rOp x,apH)l, l\OJl yHHYa Hapx,HH MabJl M 6Hp l\ )l, )l, KyTapH6 6Opa)l, ;
   
2. 
   K, YOHKH TaJl rOp x, H)l, 6yJl , yH)l, 6HpHHYH x,OJl )l, rHcHra TecKapH ayKu,
   

6yJl MyMKHH. yH)l, cOTyBYHHHHr x,Ox, Hra l\ pa6 yHHHr l\ TJl l\OFO3Jl Hapx,H nOTeHu, Jl x,apH)l, l\OHHl\ )l, H MHl\)l,OpHraYa nacai1 HJl MyMKHH. Arap ayKu,HOH)l, Ox, rH TaKJlHcp l\HJlHHraH Hapx, x, 6Hp x,apH)l, l\OHHl\ ca, yH)l, cOTyBYH l\ 3JlapHHH caB)l,O)l, H YHl\apa)l, .
Yw6y apaeHra )l,Hl\l\ T l\HJl , yH)l, l\ i1H)l, pHcKJl HaMOeH 6yJl wHHH KypHw MyMKHH.
Ke!lUiuU!l GT- T- )fG!lO!l OnepGlfUR!l 6yUUlf pUCK!lGp. Hp OnepaTOpra (O)l, T)l, 51 rH Hw 6OwJl H 6pOKepra) 6Hp Bal\THHHr y3H)l, 6Hp HeYTa (KaMH)l, HKKHTacH) 6Hp 6HpH 6HJl rypyx,ra TawKHJlJlawraH 6pOKepJlapra l\ HwJl aHYa MywKyJl 6yJla)l, . yH)l, 6yH)l,ai1 rypyx, 6Hp 6pOKepHH ap3OHpOl\ cOTHwra eKH l\ TpOl\ cOTH6 OJl Ma 6yp l\HJla)l, x,OJl KeJl YHl\ MyMKHH.
yH)l, rypyx,)l,arH 6pOKepJl p)l,aH 6HpH 6Owl\ cH 6HJl OJl)l, )l, KeJl raH Tap3)l, cOTyBYH eKH x, H)l, OnepaTOpHHHr (6pOKepHHHr) caB)l, apaeHHra l\ wHJl , caB)l, OwH6 eKH nacai1 6OpyBYH ayKu, ai1Jl HTHpa)l, , HaTH a)l, OnepaTOpHH ap3OHpOl\ cOTHwra eKH l\ TpOl\ cOTH6 OJl Ma 6yp l\HJl )l,H. yH)l,ai1 yi1 OJl)l,HH)l,aH nai1l\ w y)l, l\Hi1 6yJlraHJlHrH ca6aJlH, OnepaTOp yYyH ayKu, H)l, 51l\l\OJl pHcK By y)l, KeJla)l, . Ai1 KepaKKH, yi1 6OwJlaHHwH)l,aH OJl)l,HHpOl\ TawKHJlJlawraH rypyx, 6pOKepJlapH y3 Mal\ a)l,JlapHHH aMaJlra OwHpHw yYyH (OnepaTOpra HHc6aTaH) OJl)l,HH)l,aH x,y6cpH51BHi1 paBHw)l,a 6Hp 6HpJl 6HJl cp THB 6HTHwyBJlap Ty3H6 OJla)l,HJlap Ba caB)l,
apaeHH)l, cp THB (OJl)l, )l, H KeJlHwHJl nacT eKH ol\ ) Hapx,Jlap)l, x,ap 6Hp Jl 6yi1 Onepau,H51Jl p 6a apH6, OnepaTOpHHHr HaB6aTH KeJl yHYa yHH YaJl , 6epa)l, Hapx,HHH Ha3OpaT l\HJlH6 6Opa)l,HJlap, HaTH a)l, yHH y3 Mal\ca)l,Jl 6yi1cyH)l,Hpa)l,HJlap. Arap 6yH)l, rypyx, 6pOKepJlapH OnepaTOp)l,aH aKu, 51Jl H nacTpOl\ Hapx,)l, cOTH6 OJl Ol\ 6yJlcaJlap, yH)l,a 6O3Op)l, cyHbHi1 paBHw)l, “wTHJl ” (cOKHHJl ) x,OJl (51 , x,apH)l,OpJl KaMe6Jl ) x,OcHJl l\HJla)l,HJl . Arap y3
aKu, 51JlapHHH OnepaTOpra l\ MaTpOl\l\ cOTMOl\ 6yJlcaJlap – 6O3Op)l, cyHbHi1 “cpaOJlJl K” x,OJlaTHHH cO)l, p l\HJla)l,HJl p.
TawKHJlJl rypyx, cp OJlH51TH)l, KypHHH6 TypH6)l, , rypyx, 6pOKepJl y3apO OJl)l,HH)l,aH cp THB 6HTHwyBJlap Ty3H6, 6Hp a)l, e!l2OT- (cp 6HTHwyBra acOcJl ) OnepGlfUR!lGp GMG!l G OiuUpUiu pUCKUT- KeJl pH6 YHl\ap)l, Jl p. y pHcK 3ca HaTH a)l, OnepaTOp 3HMMacHra yT)l,H.
51 wyHH x,aM ce3Hw MyMKHHKH, rypyx, 6pOKepJl 6Hp Bal\THHHr y3H)l, 6O3Op)l,arH Hapx,Jl 6yi1 MaHHnyJl51u,H51 l\HJl)l,HJl , HaTH a)l, 6O3OpT-U MGT-UnY!lRlfUR �U!lUiu pUCKU By y)l, KeJl)l,H.
TawKHJlJlawraH rypyx, x, KaTJlapHHHHr 6apYacH)l,aH, y3 HaB6aTH)l,a, 6apYa 6Owl\ 6Hp a l\ THawYHJl yYyH e!l2OT- UT-rjJOpMGlfUR pUCKU x, M KeJl YHl\ wHHH nai1l\ l\Hi1 3Mac.
IOl\ pH)l, KypcaTHJl aH 6Hp a caB)l, cH)l, yYpawH MyMKHH 6yJl aH pHcKJlap)l, Tawl\ yH)l,a (6O3OpHHHr x,HcO6 KHTO6 Ba )l, nO3HTapHi1 TH3HMJl H 51 wH pHBO Jl raH 6yJl ) KJlHpHHr Ba l\ MaTJl l\ 3Jl 6HJl 6OFJlHl\ x,HcO6 KHTO6Jl apaeHH)l, By y)l, KeJlyBYH pHcKJlap x,aM MaB y)l, 6yJl MyMKHH. yH)l, i1 pHcKJl ra (yJl HHHr KeJl YHl\Hw MaH6aJl pHra l\ pa6) l\ i1H)l, rHJl KHpHTHw MyMKHH.
JlUKeUo!lU!lUK pUCKU (HHrJl, liquidity risk) – l\ TJl l\OFO3Jl cHcpaTHHH 6ax,OJlaw)l, rH y3rapHwH Tycp i1Jl yJl HH cOTHw YOFH)l, nai1)l,O 6yJl BYH i1yl\OTHwJl 6HJlaH 6OFJlHl\ pHcK. XycycHi1 x,OJl)l, , 6y pHcK caB)l,O)l, H Kei1 x,apH)l,Op eKH cOTyBYH TOMOHH)l,aH TyJlOB Ma 6ypH51 Bal\THHYaJl
6a apMacJlHrH Tycpai1JlH x,aM By y)l,ra KeJlHwH MyMKHH.

EmKG3U6 6epU!lUiuU pUCKU – caB)l,	cO)l,	6yJl H)l, H Kei1	cOTyBYH)l,arH l\	TJl l\OFO3Jl
x,apH)l, pra y3 Bal\ H)l, eTKa3H6 6epMacJl	pHcKH.

OnepGlfUOT- pUCK – caB)l, Bal\ H)l, KOMnboTep TH3HMH)l, H HOcO3Jl KJl eKH 6Hp a nepcOHaJl HwHHH nacT cHcpaTH 3Ba3Hra cO)l, 6yJl )l,HraH i1 l\ wJl 6HJl H 6OFJlHl\ pHcK.
K!lUpUT- pUCKU – caB)l,O Bal\TH)l,a KJlHpHHr TH3HMH)l, rH KaMYHJl Jl Ba x,HcO6 KHTO6 TeXHOJlOrH51 HHH 6y3Hw 3Ba3Hra cO)l, 6yJl )l,HraH i1yl\OTHwJlap 6HJl H 6OFJlHl\ pHcK.
I(On!lGiu 6yUUlf 3GpGp KypUiu pUCKU (HHrJl, replacement cost risk) – yYHHYH waXcJl OJl)l,H)l, H Ma 6ypH51TJl HH caB)l, apaeHH)l, cOTyBYHra TerHwJl nyJl Ma6Jl Jl H OJlOJl araHJl rH 3Ba3Hra l\OnJlai1 OJlMacJl pHcKH.
I(Gp3T-UT- GCOCUU CYMMGCUT- Uy�OmUiu pUCKU (HHrJl, principal risk) – caB)l, HaTH acH 6yi1 Ya 6Hp Bal\THHHr y3H)l,a cOTHJl l\ TJl l\OFO3Jl 6yi1 nyJl TyJl Ba yJl HH x,apH)l, eTKa3H6 6epHJlMacJl 3Ba3Hra cO)l, 6yJlyBYH i1yl\OTHwJl 6HJlaH 6OFJlHl\ pHcK. yH)l, i1 pHcK cOTyBYHHHHr TyJl l\O6HJlH51THHH i1yl\OTHwH x,OJlaTH)l, pyi1 6epHwH MyMKHH. y pHcK “TyJl HaTH acHra Kypa eTKa3Hw” TaMOi1HJl acOcH)l,a i1 l\OTHJl MyMKHH.

Caao!l!lap

1. 
   AyKu, pHcKJl H l\ H)l, i1 TaBcHcpJl )l, ?
   
2. 
   3Jl H caB)l, pHcKJlapH l\aH)l,ai1 TaBcHcpJl a)l, ?
   
3. 
   0nepau, OH Ba cOx, a 6HTHwyB pHcKJlapH HHMa?
   
4. 
   O3Op)l, MaHHnyJl51u,H51 pHcKH HHMaHH aHrJl )l, ?
   
5. 
   K,ai1 pHcKJl H 6apTapacp l\HJl w MyMKHH?
   

Tonmupu !l

1. 
   Hp a pHcKJl H TyFpHcH)l,a 3Jl TpOH npe3eHTau,H51 Tai1epJlaHr.
   
2. 
   TepMHHJl p Jl FaTHHH Ty3HHr.
   

3.