Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

)/{GoeG!l 8.5.1. ll mrjJe!lT- oUeepCUrjJ KGlfUR!l iu T-GmU:J1G!lGpU

Ta6HaT wapOHTJl	1 aKu,H51- Jl 6yi1 Ya )l, - pOMa)l, HOpMacH, %, E0	2 aKu,H51- Jl 6yi1 Ya )l, - pOMa)l, HOpMacH, %, E3	nOpTcpeJl 6yi1 Ya )l, Ma)l, HOpMacH En=0,5E0+0,5E3
MFHpJl	0	20	10
HOpMaJl	10	10	10
K, ewJlH	20	0	10

KypHHH6 TypH6)l, (8.5.1 a)l,BaJl), TypJl TOBap YHl\ yBYH cp aJl aKu,H51Jl pH)l, (O6Jl u,H51JlapH)l,aH) H6OpaT nOpTcpeJl 6apl\ H O6Hi1 HaTH a OJl TabMHHJl i1)l,H.

4. 
   HBH)l, H)l,Jl , 6eJlrHJlaHraH cpOH3Jl p, Kypc Tacp ByTH KypHHHwH)l, OJl )l, pOMa)l, KypcaTKHYH 6yi1 Ya nOpTcpeJl y3JlyKcH3 Tax,JlHJl l\HJl i1yJl 6HJlaH 6HpHHYH 6aH)l,)l, (nyHKT)l, ) KeJlTHpHJl H HwHH l\ai1 Hw.
   

KeJlTHpHJlraH MHcOJl acOcH)l, l\ i1H)l, KypcaTKHYJl pHH x,HcO6Jl 6 TOnHw MyMKHH.

1. 
   EYmYT- nOpmrjJe!lT-UT- oGpOMGo T-OpMGCU:
   

P_n = ₁P₁ + ₂P₂ + …+ _nP_n, (8.5.1)
6yH)l,a: P₁ , P₂ , P_n – aJl x,H)l, aKTHBJl )l, Ma)l,Jl Jl H HOpMaJl H; ₁ , ₂ , _n – nOpTcpeJl)l, aKTHBJl pHHHr yJl .

2. 
   llOpmrjJe!loGT- �GUmUM T-OpMGCU:
   

p
_{R }MV₁ MV₀  D
MV₀
(8.5.2)

6yH)l, : R_p – x,HcO6OT )l, )l, nOpTcpeJl)l, l\ai1 M HOpMacH; MV₁ – 6ax,OJl Ox, rH )l, BpH)l,a nOpTcpeJl Hr 6O3Op 6ax,OcH; MV₀ – 6ax,OJl HHHr 6OwJlaHFHY )l, )l, nOpTcpeJl HHr 6O3Op 6ax,OcH; D –

HHBecTOpra 6ax,OJl	)l, )l, TyJlaHraH )l,apOMa)l, TyJlOBJlapH.
Yw6y cp	Jl cO)l,)l,aJlawraH 6yJl 6, yH)l,a l\ i1H)l, KaMYHJl	Jl pHH x,HcO6ra OJl w JlO3HM:
- nOpTcp Jl	MOJlH51Jl wTHpHw 6ax,OcH (Hapx,H) i1yl\;

• 
  )l, Ma)l, TyJlOBJlapH MOMeHTH Ba yJl H MOJlH51JlawTHpHw 6ax,OcHra TabcHpH x,HcO6ra OJl raH;
  
• 
  x,HcO6 )l, BpH Bal\TH)l,a MOJlH51BHi1 HwTHpOK cyMMacHHH OwHpHw (eKH nacai1 Hw) HMKOHH51
  

i1yl\.

3. 
   I(GUmUMT-UT- ypmGlfG GpUrjJMemUK T-OpMGCU R_a :
   

_{R }R_P1 R_{P 2} ... R_PN A _N
(8.5.3)

6yH)l, : R_pk – k (k=1,…,N) KHYHK Bal\T)l,arH nOpTcpeJl x,HcO6Hra 3pHwHJlraH l\ i1 HOpMacH; N – 6ax, Jlaw
)l,aBpH)l,arH KHYHK (OpaJlHl\) Bal\TJl p cOHH.

4. 
   llOpmrjJe!loGT- Ke!lYelfU mYiuYM!lGp MU�oOpU:
   

P_p = P_r – L_u + P_u – C_c (8.5.4)


6yH)l,a: P_p – nOpTcpeJl)l, OJl aH cp i1)l, ; P_r – aMaJl OwHpHJlraH (peaJlH3au,H51 l\HJlHHraH) cp i1)l, ; L_u –
aMaJlra OwMaraH i1 l\OTHw; P_u – aMaJlra OwMaraH cpOi1)l, ; C_c – nO3Hu, 51HH MOJlH51Jl wTHpHw 6ax,OcH.
VI THu, OH nOpTcpeJl x,apa aTJl pHHH aHHl\Jl w, 6ax,OJl Ba KaMai1 Hw l\ i1H)l, rH HwJl y3 HYHra OJla)l, :

1. 
   nOpTcp Jl Hr MOHHTOpHHrHHH yTKa3Hw.
   
2. 
   nOpTcpeJl napaMeTpJl pHHH 8.5.1-8.5.4 cpOpMyJlaJl p ep)l,aMH)l,a x,HcO6Jlaw.
   
3. 
   nOpTcpeJl x,apa aTJlapHHH KypcaTyBYH nOpTcpeJl napaMeTpJl 6yi1 cpapl\Jl aHHl\Jl .
   

yH)l, TpaHcaKu, OH x,apa aTJl HH y3rapMac )l, x,HcO6Jl MyMKHH.
X, aTJl HH x,HcO6ra OJlraH x,OJl)l, nOpcpeJl yYyH aKu, 51Jl Ba O6Jl au, 51Jl TaHJl w 6yi1 Ya l\ i1H)l,arH HwJl pHH 6a apHw JlO3HM.
K, TJl l\OFO3Jl pHH TaHJlaw)l,a 6HTHwyBJl (Onepau,H51Jl p) Ty3HJl HHH TaKJlHcp Ba yHH y3rapHwH HHc6aTH 6HJlaH cOJlHwTHpHw, 6HTHwyBJl Ba TaKJlHcpJl Ty3HJlMaJlapH ypTacH)l,arH HHc6aTHHHr y3rapHwHHH aHHl\Jl w JlO3HM.
HTHwyBJl Ty3HJl H Ba TaKJlHcpJl Ty3HJl l\HMMaTJlH l\OFO3Jl HHHr l\ i1H)l, rH rypyx,Jl H 6yi1 Ta)l,l\Hl\ l\HJlHHa)l,H: aKu,H51Jl p, O6JlHrau,H51Jlap, cepTHcpHKaTJl p, )l, pHBaTHBJl (KynHHYa Onu,HOHJl ).
AKu,H51Jl Ba O6JlHrau,H51Jl p rypyx,H)l, 3MHTeHTJl pHHHr TapMOl\ rypyx,JlapH a paTH6 OJlHHa)l, : 6Hp aJl , caB)l, yi1Jl H Ba caB)l, KOMnaHH51Jl , HHBecTHu,H51 KOMnaHH51Jl Ba cp H)l,Jl , 6aHKJl , HwJl 6 YHl\apHw KOMnaHH51JlapH Ba x,.K.
VI TOpJl MOi1HJlJl rH HHBecTHu,HOH MOi1 JlJl KO3cpcpHu, HTH (VI K=A/B) ep)l, MH)l, 6ax,OJlaHa)l,H. yH)l, : A – Oi1Jl 6HTHwyBJl Ty3HJl H)l, l\ TJl l\OFO3Jl HHr Ma3Kyp rypyx,H yJlywH; B – cOTyBra 6yJl TaKJlHcpJl HHHr Oi1Jl Ty3HJl H)l, rH l\ TJlH l\OFO3Jl pHHHr Ma3Kyp rypyx, yJlywH.
VI TOpJl MOi1HJlJl HHH y3rapHwH HHBecTHu, MOi1HJlJl Jl KO3cpcpHu, HTJl pH HH)l, KcH ep)l,aMH)l,a 6ax,OJl )l, . y HH)l, Kc TypJl Bal\T )l, BpJl pH VI KJlapHHHHr HHc6aTHHH HcpO)l,aJl i1)l, .
CTaTHcTHK HHcpOpMau, OH 6a3a cHcpaTH)l,a caB)l, TH3HMJl H)l, rH l\ MMaTJl l\ FO3Jl (cepTHcp Jlap)l, Tawl\ ) 6yi1 Ya caB)l, HaTH aJl TaHJl OJlHHa)l, . y 3ca HKKH OMHJl)l, KeJl YHl\a)l,H: Ma3Kyp caB)l, TH3HMJl pHHHHr TaKJlHcpJlapH Ty3HJl H KynpOl\ penpe3eHTaTHB 6yJla)l,H, caB)l,OJl HaTH acH 3ca 3x,THMOJlHi1 Ba peKJl aBHi1 6HTHwyBJlap 6HJl KaMpOl\ oKJl aH. 0nu,HOHJl Ba cepTHcpHKaTJl 6yi1HYa 6Hp a)l, Tawl\ 6O3Op caB)l, Jl HaTH aJl HHH x, 6ra OJl MyMKHH.
VI TOpHHHr y eKH 6y l\ TJl l\OFO3HH TaHJlawra MOi1HJlJlHrHHH aHHl\Jlaw)l,a Ba l\OFO3Jl p MOHHTOpHHrHHH yTKa3Hw)l,a 8.5.1-8.5.4 cpOpMyJlaJl p)l,aH cpOi1)l, Jl MyMKHH. nOpTcp Jl aMaJl H)l, 6eTa KO3cpcpHu, x,aM l\ JlJl w MyMKHH (TerHwJl a)l,a6HeTJlap)l,a KeHr epHTHJl ).

Caao!l!lap

1. 
   nOpTcpeJlHH waKJlJl HpHw )l, raH)l,a HHMa TywyHHJla)l,H Ba yHra l\ H)l, i1 HwJl TapTH6H KHpa)l, ?
   
2. 
   nOpTcpeJl H waKJlJl THpHw)l, l\aH)l,ai1 TaMOi1HJlJl a pHO51 l\HJl a)l, ?
   
3. 
   nOpTcpeJl TapKH6Hra HeYTa aKTHB KHpHwH Mal\ca)l,ra MyBOcpHl\?
   
4. 
   nOpTcpeJl H waKJlJl THpHw)l, l\aH)l,ai1 KypcaTKHYJl x,HcO6JlaHa)l, ?
   
5. 
   nOpTcpeJl H waKJlJl THpHw)l, l\aH)l,ai1 HwJl 6a apHJla)l, ?
   

Tonmupu !l

1. 
   VI u, H nOpTcpeJl H waKJlJl THpHw MeTO)l, H aMaJlHi1 MacaJla)l, l\yJlJl r.
   
2. 
   TepMHHJl p Jl FaTHHH Ty3HHr.
   

5. 11HBecTHu, nopTerHH 6ax,orarn Ba 6ornKapHrn acocrapH

TabKH)l,Jl w OH3KH, nOpTcp Jl 6ax,OJl , MOHHTOpHHrHHH yTKa3H, OnTHMaJlJl wTHpHw, yMyMaH OJlraH)l, 6Owl\ – npOcp JlJl p cp OJlH51TH)l, , 51 Ty3HJl nOpTcpeJl 3ca – Max, TOBap 6yJl , TyJlaJl Ya (MeHe ep y3H 3HMMacHra nOpTcpeJl H 6Owl\ Hw Mex, HH OJlraHH)l, ) eKH l\ aH (nOpTcpeJl)l, x,ap 6Hp HHBecTOp yYyH yJlywJlap) cOTHJl H MyMKHH. X, l\aH)l,ai1 TOBap TapHl\acH)l, MabJlyM HHBecTHu,HOH x,OccaJl a 3ra 6yJl aH nOpTcpeJl cp H)l, 6O3OpH)l, TaJl l\HJl HHwH MyMKHH.
X, p l\ H)l, i1 HHBecTOp y3 nOpTcpeJl HHBecTHu, H cTpaTerH51 MOc paBHw)l,a 6O3Op x,OJl ra l\ pa6, l\ MaTJl l\ FO3Jl 6HJlaH HwJlawHHHr OJl H l\ H)l, a acOcaH (8.4 naparpacp a l\ paJlcHH) 3-5 i1HJl)l,a 6Hp MapTa)l, H KaM 6yJl H )l, Bp)l,a “YaHrHHH l\Ol\a)l,H” (51 H TapKH6HHHHr MabJl M l\ MHHH HHBecTHu, OH Mal\ca)l, MOc paBHw)l,a 51 rHJlai1)l,H, TapKH6HHH l\ i1 KypH6 YHl\ )l, ). 3cJl Hw OH3KH, x,a)l,)l, Tawl\apH KaTTa (TapKH6H 15 Typ)l, l\ MaTJl l\ FO3Jl )l, OpTHl\ 6yJl , OpTl\Ya )l,HBepcHcpHKau,H51Jl ) nOpTcpeJl 6Owl\ Hw)l, yHHHr )l, pOMa)l,JlHJl K
)l, pa acHHH OwHwH cypbaTH KeTa)l, x,apa aTJl p MHl\)l,OpH)l, yHYaJl K Kyn ycMai1)l, . yH)l, rH x, aTJl pHH 8.5.1-8.5.4 cp yJl Jl ep)l, )l, 6ax,OJl MyMKHH.
nOpTcpeJlHH 6ax,OJl l\ i1H)l, TapTH6)l,a aMaJlra OwHpHJlHwH MyMKHH.
O3Op Hapx,HHH (6ax,OcHHH) aHHl\Jl w (fixing):

• 
  6Hp a Hapx,Jl HHH (enHJlHwH 6yi1 );
  
• 
  6Hp a)l,aH Tawl\ 6O3Op OnepaTOpJl HHHr Hapx,Jl ;
  
• 
  6O3Op aHHMaTOpJl (MapKeT Mei1KepJl ) eKH 6pOKepJl HHr Hapx,Jl :
  
  • 
    MHHHMyM 5 MaH6a)l,aH;
    
  • 
    O)l,)l,Hi1 ypTaYaJl pH;
    
  • 
    ypTaYa KBOTHpJl 6 Ba3HJl THpHJl aHJl H.
    

nOpTcp JlJl pHH 6Owl\ pHw)l, yJl HH MOHHTOpHHrHHH yTKa3Hw KaTTa ax,aMH51 3ra. YHH yTKa3HwHHHr TapTH6H l\ i1H)l, rHJlap)l,aH H6OpaT:

1. 
   npOcp ccHOHaJl HHcTHTyT (6Owl\ yBYH) 6HJlaH MOHHTOpHHr yTKa3Hw TyFpHcH)l, wapTHOMa Ty3Hw.
   

nOpTcpeJl H aKTHB (cpaOJl) 6Owl\ Hw 6yi1 Ya MOHHTOpHHr wapTHOMacH KaTTa x,apa aTJlH 6yJl , nOpTcpeJlHH 6Owl\ pyBYH x,HcO6H)l, H Tax,JlHJlHi1 waKJlJl H6 6Owl\ y3 HYHra OJla)l,H.
Owl\ BYHHHHr KOMHccHOH paF6aT nyJl MHl\)l,OpH nOpTcpeJl)l, p OJlHHa)l,HraH )l, pOMa)l, MabJl M cp TawKHJl 3Ta)l,H. yH)l, i1 x,H3MaT TypH «Investment portfolio management treaty», eKH nOpmrjJe!lT- 6Oiu GpUiu my2pUCUoG U iuGpmT- (KOT-mpGKm) )l, 6 opHTHJl )l, .
nOpTcp Jl naccHB 6Owl\ Hw 6yi1 MOHHTOpHHr wapTHOMacH y3 HYHra MH O3 TOnwHpHFHra accOcaH Ba x,HcO6H)l, nOpTcpeJl Tax,JlHJlHi1 waKJlJl HpH6 6Owl\ HwHH OJla)l,H.
Owl\ BYH y3 x,H3MaTH yYyH KOMHccHOH paF6aT nyJlHHH MH O3 6HJlaH KeJlHwHJl MHl\)l,OpH)l,a OJla)l,H. yH)l, i1 x,H3MaT TypHHH «Private banking», eKH HwOHYJlH 6Owl\apHw (TpacT) )l,e6 opHTHJla)l, .

2. 
   Y3Jl KcH3 Tax,JlHJl H l\ i1H)l,arHJlap 6yi1 aMaJlra OwHpHw:
   

• 
  cpOH)l, 6O3OpHHH, yHHHr cerMeHTJl Ba pHBO Jl TeH)l,eHu,H51Jl ;
  
• 
  3MHTeHTJlapHHHr MOJlH51BHi1 Hl\THcO)l,Hi1 KypcaTKHYJl ;
  

l\	TJl l\ 3Jl HHHr HHBecTHu,	cHcp TJlapHHH.