Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

CaBorrap

1. 
   MOJlH51 6O3OpH l\ H)l,ai1 Ty3HJl wra 3ra?
   
2. 
   1.2.1 paM)l, MO)l,eJl)l, MOJlH51 6O3OpH yHcypJl HHH (l\ YHJl HHH) l\aH)l,ai1 Hcp )l,aJl MyMKHH?
   
3. 
   MOJlH51 6O3OpH HHcp aTy3HJl H Ba yHHHr TapKH6Hi1 l\ MJl H (cp HKu,HOHaJl Ba HHcTHTyu, OHaJl) 1.2.1 pacM)l, H MO)l,eJl acOcH)l, l\aH)l,ai1 Hcp )l,aJlaHa)l, ?
   

TonrnHpHKrap

1. 
   MOJlH51 6O3OpH Ty3HJl BHi1 MO)l,eJlHHH TywyHTHpHHr.
   
2. 
   HKu, OHaJl Ba HHcTHTyu,HOHaJl Ty3HJl Jl pHHH TywyHTHpHHr.
   
3. 
   TepMHHJl p 6yi1 a JlyFaT Ty3HHr.
   

3. MorHH 6o opH TacHHH Ba T prapH TaBcHH

3aMOHaBHi1 MOJlH51 6O3OpH Kyn l\ paJlHJlHrH 6HJlaH Hl\ O)l,HeT)l,a aJlOx,H)l, ypHHra 3ra.
K,HppaJlapHHH H)l, K 3THw yYyH yHH TacHHcpJl w KaTTa ax,aMH51 a 3ra. 4yHKH TacHHcpJl y x,al\)l, TywyHYaJlapHH y3apO 6OFJlHl\Jl rHHH, yHHHr x,OccaJl pH Ba x, cycH51TJl pHHH, yHH TawKHJlHi1 acOcJl pHHH, yH)l, rH apaeHJl p Ba l\ HH51TJl pHH Hl\ O)l, 6HJlaH 6OFJlHl\Jl rHHH Yyl\ ppOl\ OYH6 6epHwra Ba TywyHHwra x,H3MaT l\ Jl )l,H.
Yw6y 6O6HHHr 1.1 Ba 1.2 naparpacpJl H)l, ai1THJlraHJl p)l,aH KeJl YHl\l\ H x,OJl)l, MOJlH51 6O3OpHHH l\ i1H)l,arH 6eJlrHJl p acOcH)l,a TacHHcpJl w Ba TaBcHcpJl w MyMKHH.

1. 
   TapKH6H 6yi1 Ya (1.1.3-pacMra l\ aJl ):
   

• 
  K, A – l\ l\ My)l,)l, TJl (1 i1HJlraYa) MOHeTH3au,H51JlawraH MOJlH51BHi1 aKTHBJl (l\ TJlH l\OFO3Jl p)l,aH Tawl\apH) 6O3OpH;
  
• 
  YMA – ypTa (1-5 i1HJlraYa) Ba y3Ol\ (5 i1HJl)l,aH OpTHl\, O)l,aT)l,a 30 i1HJlraYa) My)l,)l,aTJlH MOHeTH3au,H51JlawraH MOJlH51BHi1 aKTHBJl p 6O3OpH;
  
• 
  K, K, – K, A ra MOc l\ l\ My)l,)l, TJl l\HMMaTJl l\OFO3Jl HHHr 6Hp a)l,aH Tawl\ pH 6O3OpH;
  
• 
  YMK, – YMA ra MOc ypTa Ba y3Ol\ My)l,)l,aTJlH l\HMMaTJlH l\OFO3JlapHHHr 6Hp a)l,aH Tawl\apH 6O3OpH;
  
• 
  – l\ MMaTJl l\OFO3Jl HHHr 6Hp a 6O3OpH.
  

TabKH)l,Jlaw OH3KH, MOJlH51 6O3OpHHHHr K, A Ba YMA l\ MJl H)l, MOJlH51 HHcTHTyTJl pHra OH)l, nyJl, BaJloTa, Kpe)l, BOcHTaJl Ba cyFypTa HHcTpyMeHTJl MyOMaJla)l, 6yJla)l, .

2. 
   CerMeHTJl 6yi1 Ya:
   

• 
  nyJl pe)l,HT (6aHK Ba 6Owl\ Kpe)l,HT, Jl 3HHr TawKHJlOTJl H KanHTaJlJl pH) 6O3OpH;
  
• 
  l\ MMaTJl l\OFO3Jl (cpOH)l,, KanHTaJlJl p) 6O3OpH;
  
• 
  BaJloTa Ba yHra TeHrJlawTHpHJl aH aByapJl (l\ MaT6ax,O MeTaJlJl , KaMe6 3Jl TJl , caHbaT acapJl pH Ba x,.K.) 6O3OpH;
  
• 
  cyFypTa Ba neHcH51 cpOH)l,JlapH 6O3OpH, JlOTepe51 yi1HHJl H HHcTpyMeHTJl pH.
  

3. 
   My)l,)l,aTJlHJlHrH 6yi1 a:
   

• 
  l\Hcl\ My)l,)l, Jl Onepau,H51Jlap 6O3OpH (1 i1HJl aYa);
  
• 
  ypTa My)l,)l,aTJlH Onepau,H51Jl p (1 i1HJl)l,aH 5 i1HJl Ya);
  
• 
  y3Ol\ My)l,)l,aTJl Onepau,H51Jlap (5 i1HJl)l,aH OpTHl\, O)l, T)l,a TO 30 i1HJlraYa).
  

4. 
   MOJlH51BHi1 HHcTpyMeHTJl pHHHr 3MHTeHTJl pH 6yi1 :
   

• 
  )l, BJl r (MapKa3Hi1 6aHK, MOJlH51 Ba3HpJlHrH, Fa3Ha Ka6HJlap) MOJlH51BHi1 HHcTpyMeHTJl pH 6O3OpH;
  
• 
  Max,aJlJlHi1 XOKHMH51 OpraHJl HHHHr (MyHHu,HnaJlHTeT, M3pH51, XOKHMH51 ) MOJlH51BHi1
  

HHcTpyMeHTJl pH;

• 
  KOpnOpaTHB MOJlH51BHi1 HHcTpyMeHTJl (KOMnaHH51Jl , cpHpMaJl pHHKH);
  
• 
  MOJlH51 HHcTHTyTJl pHHHHr (6aHKJlap, cyFypTa Ba Kpe)l,HT TawKHJlOTJlapH, HHBecTHu,H51 HHcTHTyTJl pH, cpOH)l,Jlap) MOJlH51BHi1 HHcTpyMeHTJl ;
  
• 
  JlOTepe51 yi1HHJl pH HHcTpyMeHTJl pH (6yJl MOJlH51BHi1 HHcTpyMeHTJl p 6yJl , l\ TJl l\ Jl x,HcO6Jl HMai1)l,H).
  

5. 
   TapTH6Jl wTHpHw (MyBOcpHl\Jl wTHpHw Ba Ha3OpaT l\HJlHw) ycyJl 6yi1 a:
   

• 
  TapTH6Jl wraH 6O3Op;
  
• 
  TapTH6Jl aH (eKH “KyYa”) 6O3Op.
  

TabKH)l,Jlaw OH3KH, yJl HHHr x,ap 6HpH)l, x,aM 6apYa Onepau,H51Jlap l\OHyHHi1 Tap3)l, perJl eHTJl THpHJl aH Ba MebepJlawTHpHJl aH 6yJla)l, .

6. 
   K, THawYHJlapHHHr MaHcpaaTJl pHHH TabMHHJl HraHJl rH XapaKTepH 6yi1 :
   

• 
  3MHTeHTJl pHHHr MaHcpaaTJl pHra i1yHaJl HpHJl H 6O3Op;
  
• 
  HHBecTOpJl MaHcpaaTJl ra i1yHaJlTHpHJl aH 6O3Op;
  
• 
  npOcp aJl HHcTHTyTJl MaHcpaaTJlapHra i1yHaJlTHpHJlraH 6O3Op.
  

7. 
   MOJlH51BHi1 HHcTpyMeHTJl pHH eTKa3Hw XapaKTepH 6yi1 :
   

• 
  cnOT (KaccaBHi1) 6O3OpH, yH)l, x,apH)l, p Ba cOTyBYH ypTacH)l, y3apO x,HcO6 KHTO6 1-3 KyH HYH)l, TyFpH)l, TyFpH (51 “TyJlOB acOcH)l, eTKa3Hw” TaMOi1 Jl acOcH)l, ) aMaJlra OwHpHJla)l, ;
  
• 
  My)l,)l, TJl 6O3Op, yH)l,a x,HcO6 KHTO6 Onepau,H51 wapTHOMa)l, (O)l,aT)l, , )l, aTHBJlapHHHr napaMeTpJlapH 6yi1 Ya) 6eJlrHJl raH My)l,)l, )l, 6a apHJla)l, .
  

8. 
   MacwTa6H 6yi1 Ya:
   

• 
  MHJlJlHi1 6O3Op (MaMJl KaT HYH)l,a cpaOJlH51 KypcaTHBYH);
  
• 
  perHOHaJl (x, )l, )l,Hi1, TeppHTOpHaJl) 6O3Op (MacaJl H, eBpO6O3Op, EBpA33C 6O3OpH);
  
• 
  MOJlH51 Hi1 rJlO6aJlJl ax, (XaJll\ ) 6O3OpH.
  

9. 
   TOBap x,ycycH51TH 6yi1HYa:
   

• 
  nyJl Ba nyJl acOcJl HHcTpyMeHTJl (BaJloTJl p, C P⁷ , cc)l, )l, , Kpe)l, , 6aHK KapTOYKaJl ,
  

Jl pe51Jlap Ba x,.K.) 6O3OpH;

• 
  cyFypTa HHcTpyMeHTJl H (nOJlHcJl ) 6O3OpH;
  
• 
  6a3aBHi1 l\ Jl l\ 3Jl (aKu, 51 Ba O6Jl u, 51Jl , cepTHcpHKaTJl Ba x,.K.), 51 H yJlyw Ba l\ MyHOca6aTJl ra acOcJl aH l\ 3Jl , 6O3OpH;
  
• 
  l\ Jl l\ 3Jl HHHr x,OcHJlaJlapH ()l, BJlap: Onu,HOH, cp , cBOn, cp pBap)l,,
  

)l, nO3HTap THJlx,aTJlap, )l, nO3HTap aKu, 51Jl p) 6O3OpH.

10. 
    VIHcppaTy3HJl 6yi1 :
    

• 
  cp HKu,HOHaJl Ty3HJl cH, 6O3OpHH (cerMeHTJlapH, TypJl pHHH) y3 cpyHKu,H51Jl pHHH 6a apHwH;
  
• 
  HHcTHTyu, HaJl (Onepau, OH) Ty3HJl H, 6O3Op l\aTHawYHJl pHHHHr cpaOJlH51 TypJl pHHH aMaJl OwHpHwH.
  

11. 
    MOJlH51 6O3OpHHHH 3Hr KaTTa cerMeHTH 6yJl l\ MaTJl l\ FO3Jl 6O3OpHHH ol\OpH)l, H 6eJlrHJl pra l\ywHMYa Tap3)l,a l\yi1H)l,arHYa TacHHcpJl w MyMKHH.
    
    1. 
       TypH 6yi1 :
       

• 
  6HpJl H 6O3Op, yH)l, , O)l,aT)l,a, 6Hp i1HJl HYH)l,a 3MHccH51 l\HJlHHraH l\OFO3Jl 3MHTeHT TOMOHH)l, H TyFpH)l, H TyFpH eKH BOcHTaYH ep)l,aMH)l,a 6HpHHYH HHBecTOpJl ypTacH)l,a 6eJlrHJlaHraH
  

TapTH6)l,	Ba wapTJlap)l, Oi1Jl HpHJla)l, ;
-	HKKHJlaMYH (cneKyJl51 HB) 6O3Op, yH)l,	l\ FO3Jl	YeKJl	araH My)l,)l, HYH)l,	HHBecTOpJl

ypTacH)l, YeKJl araH MapOTa6a 6O3Op KOHboHKTypacHra 6OFJlHl\ x,OJl)l, l\ai1 l\ai1 OJl)l, THcH aMaJlra OwHpHJl )l, .

2. 
   K, THawHw Xyl\ l\ HH YeKJlaHraHJl 6yi1 Ya:
   

• 
  OJl)l, )l, 6eJl Jl l\ HawYHJlap Ba (eKH) l\HMMaTJl l\ 3Jl pyx,caT 6epHJl aH 6O3Op;
  
• 
  OYHl\ 6O3Op, yH)l,a l\ YHJl HwTHpOKHra Ba l\ Jl l\ 3Jl TypJl ra x,eY l\aH)l, i1 YeKJlawJl p l\ i1HJlMai1)l,H.
  

1. 
   X, KypcaTHw x, cycH51 6yi1 :
   

• 
  K, A ra x,H3MaT KypcaTyBYH l\HMMaTJl l\OFO3Jlap 6O3OpH;
  
• 
  YMA ra x,H3MaT KypcaTyBYH l\HMMaTJlH l\OFO3Jlap 6O3OpH.
  

1. 
   aBOMHi1Jl H 6yi1 :
   

• 
  MabJlyM 6Hp )l,aBpJlap)l,a Yal\HpHJl )l,HraH 6O3OpJl p (call markets);
  
• 
  y3Jl KcH3 cpaOJlH51 KypcaTyBYH 6O3OpJl p (continuous markets).
  

5. 
   KaTerOpH51 6yi1 :
   

⁷ C P (Special Drawing Rights – l\ap3 OJlHwHHHr Max,cyc Xyl\yl\H) cTaH)l,apTH – 3aMOHaBHi1 BaJloTa TH3HMH 6a3acH Ba BaJl aBHi1 npHOpHTeT acOcH. ABBaJl C P KypcH AK, )l,OJlJl pHra TeHrJlawTHpHJl aH pacMHi1 OJl TabMHHOTH 6HJl H 6eJl HJl HraH, Kei1 Jl 3ca, aBBaJl 16 BaJloTa)l, H H6OpaT «BaJloTa caBaTH» 6yi1 a, 1990-i1HJlJl p OXHpHra KeJl – 6ewTa 6a3aBHi1 BaJloTa (AK, )l,OJlJl pH, cp HT cTepJlHHr, wBei1u, pH51 cp aHKH, i1 , eBpO) 6yi1 a 6eJl HJl HraH. 1999 i1HJl)l, H 6OwJl 6 C P KypcH l\yi1H)l,arHYa 6eJlrHJlaHa 6OwJlaHraH: AK,W )l,OJlJlapH – 39%, i1eHa – 18%, eBpO – 32%, cpyHT cTepJlHHr – 11%. C P XaJll\ pO TyJlOB 6HpJlHrH x,al\Hl\Hi1 ax, BaJloTacH (nyJl ) cHcp TH)l, waKJlJl Ha OJl )l, . yHra l\yi1H)l, rHJlap 6HJl H 6OFJl l\ MyaMMOJl p x,aJlal\HT 6ep)l, : yHH 3MHccH51 , Tal\ Jl w Ba TabMHHJl w, KypcHHH 6eJl HJl w MeTO)l, Ba l\yJlJl HHJl H cOx, Jl pH. E3C Ba 51nOHH51 MaMJl TJl HHHHr BaJl Hi1 Hl\ HcO)l,Hi1 nO3Hu,H51JlapHHH MycTax, MJl acTa ceKHH C P cTaH)l,apTH)l,aH Kyn BaJl Ta cTaH)l,apTHra (6a3aBHi1 BaJl TaJl acOcH)l,a) yTHwra OJl 6 KeJl)l,H. YMyMaH OJl aH)l,a, OJl HHHH
)l, OHOnOJl au,H51 H HHx,O51 a eTKa3HJl)l, (51 HH, OJl H MOJlH51 Hi1 aKTHB cHcp TH)l, H TOBap cHcp THra ai1Jl HTHpHJl MyHOca6aTH 6HJl H OJl nyJl cpyHKu,H51cHHH i1yl\ Ta 6OwJl )l, ), 6y 3ca OJl 6yi1 a 6eJl HJl HraH Hapx,HH 6eKOp l\HJl H 6HJl H HcpO)l,aJlaH)l, Ba yHra 6Hp a caB)l,OJl pH)l, cy3yBYaH KypcHH KHpHTHJlHwHra x, )l, BaJloTaBHi1 npHOpHTeTJl pHH 6eKOp l\HJl Hra OJl KeJl)l, .

• 
  yYHHYH 6O3Op (third market), yH)l, 6Hp a Jl HHrHra KHpHJlHJlraH l\ MMaTJl l\ FO3Jl 6eJl Jl araH Bal\ )l, 6Hp a)l, eKH 6Hp a)l, Tawl\ caB)l, )l, OJl)l, TTH l\HJlHHa)l, ;
  
• 
  TypTHHYH 6O3Op (fourth market), yH)l, HHcTHTyu, HaJl HHBecTOpJl l\ MaTJl l\ FO3Jl H 6Hp acH3 Ba BOcHTaYHJl cH3 y3apO TyFpH)l, TyFpH caB)l, HH aMaJlra OwHpa)l,HJl . AK,W)l, 6yH)l,ai1
  

  6O3Op KOMnboTepJl THpHJl	, MacaJlaH, POSIT H Crossing Network caB)l, TH3HMJl	ep)l,	)l, .
  11.6. CaB)l, Mal\ca)l,Jl	6yi1 Ya:

• 
  « yl\ Jl » 6O3OpH, yH)l, BOcHTaYHJl p l\ TJl l\OFO3Jl KypcHHH 6Hp a)l,a pyx,caT 3THJl
  

)l,OHpa)l,a OwHpHJl H x,HcO6Hra cneKyJl51 yi1 HH aMaJlra OwHpa)l,HJl ;

• 
  «Ai1Hl\Jlap» 6O3OpH, yH)l, BOcHTaYHJlap l\ TJl l\OFO3Jl p KypcHHH 6Hp a)l,a pyx,caT 3THJl
  

)l,OHpa)l,a nacai1 Hw x,HcO6Hra cneKyJl51 yi1 HH aMaJlra OwHpa)l,HJl ;

• 
  «K,yeHJlap» 6O3OpH («KyYa 6O3OpH» x,aM )l,e6 opHTHJla)l,H), yH)l,a ol\OpH pHcKJlH 6Hp a Jl HHrHra KHpHTHJlMaraH l\ Jl l\OFO3Jl 6HJl 6OFJlHl\ 6Hp a)l, Tawl\ Onepau,H51Jlap 6a apHJla)l, .
  

11.7. K, MaTJl l\OFO3Jl 6O3OpH l\HMMaTJlH l\OFO3Jl HHHr x,ap 6Hp TypH 6yi1 a x,aM aJlOx,H)l, TacHHcpJl HHwH MyMKHH.
TabKH)l,Jlaw OH3KH, yw6y TacHHcp wapTJlH)l,Hp, HHx,O51 eTMaraH, YyHKH MOJlH51 6O3OpHHHHr y3JlyKcH3 pHBO Jl wH MyHOca6aTH 6HJlaH 6y TacHHcp TyJl)l,HpHJl )l, Ba TaKOMHJlJl wTHpHJl )l, .

Caao!l!lap

1. 
   MOJlH51 6O3OpHHH TacHHcpJl w HHMa yYyH 3apyp?
   
2. 
   MOJlH51 6O3OpHHH l\ai1 H 6eJlrHJl p 6yi1 a TacHHcpJl w MyMKHH?