commodities exchange: options for addressing price risk and price volatility in rice

7/23/2019 Commodities Exchange: Options for Addressing Price Risk and Price Volatility in Rice

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Hfnnfgotocs Cxha`dbc: Fptofds lfr @ggrcssodb]rohc Uosk `dg ]rohc \fi`toioty od Uohc

Lr`nrfzc ]fha`r`

Df. 53 | @ubust 5=05

@GE Xust od`eicGcvcifpncdt Rfrkodb ]`pcr Xcrocs



@GE Xustòdèic Gcvcifpncdt Rfrkodb ]`pcr Xcrocs

Hfnnfgotocs Cxha`dbc: Fptofds lfr @ggrcssodb

]rohc Uosk `dg ]rohc \fi`toio ty od Uohc

Lr`nrfzc ]fha`r`

Df. 53 | @ubust 5=05

Wac ùtafr os tac n`d`bodb gorchtfr fl @ro`dLod`dhoì @ssfho`tcs `dg tac lfrncr cxchutovcgorchtfr fl tac Xodb`pfrc Ncrh`dtoic Cxha`dbc`dg haocl cxchutovc fllohcr fl tac Gueò Bfig `dgHfnnfgotocs Cxha`dbc.



@so`d Gcvcifpncdt E`dk< @GE @vcduc, N`dgìuyfdb Hoty033= Nctrf N`doi`, ]aoioppodcswww.`ge.frb

© 5=05 ey @so`d Gcvcifpncdt E`dk @ubust 5=05

]ueioh`tofd Xtfhk Df. R]X057?3?-8

Wac vocws cxprcsscg od taos p`pcr `rc tafsc fl tac ùtafr `dg gf dft dchcss`roiy rclicht tac vocws `dg pfiohocs fl tac @so`d Gcvcifpncdt E`dk (@GE) fr ots Ef`rg fl Bfvcrdfrs fr tac bfvcrdncdts tacy rcprcscdt, fr fl tac odstotutofds `twaoha tac ùtafr wfrks.

@GE gfcs dft bu`r`dtcc tac `hhur`hy fl tac g`t` odhiugcg od taos pueioh`tofd `dg `hhcpts df rcspfdsoeoioty lfr `dyhfdscqucdhc fl tacor usc.

Ey n`kodb `dy gcsobd`tofd fl fr rclcrcdhc tf ` p`rtohui`r tcrrotfry fr bcfbr`paoh `rc`, fr ey usodb tac tcrn "hfudtry"od taos gfhuncdt, @GE gfcs dft odtcdg tf n`kc `dy jugbncdts `s tf tac icbì fr ftacr st`tus fl `dy tcrrotfry fr `rc`.

Sdicss ftacrwosc dftcg, ’$„ rclcrs tf SX gfii`rs.

Waos wfrkodb p`pcr scrocs os nòdtòdcg ey tac Ucbofdì `dg Xustòdèic Gcvcifpncdt Gcp`rtncdt. Ftacr @GEwfrkodb p`pcr scrocs `rc fd chfdfnohs, rcbofdì hffpcr`tofd, `dg tac @GEO Rfrkodb ]`pcr Xcrocs. Ftacr @GEpueioh`tofds h`d ec lfudg `t www.`ge.frb/]ueioh`tofds/. Wac purpfsc fl tac scrocs os tf gosscnod`tc tac lodgodbs flwfrk od prfbrcss tf cdhfur`bc tac cxha`dbc fl ogc`s. Wac cnpa`sos os fd bcttodb lodgodbs fut quohkiy cvcd ol tacprcscdt`tofd fl tac wfrk os icss ta`d luiiy pfiosacg.

]rodtcg fd rchyhicg p`pcr



Hfdtcdts

@eercvo`tofds ............................................................................................................................. ov

Cxchutovc Xunn`ry ....................................................................................................................v

0. Odtrfguhtofd ......................................................................................................................... 0

5. @XC@D Uohc Luturcs .............................................................................................................. 5

8. Ucì-Iolc Cx`npics fl N`rkct Odstruncdts Sscg lfr ]rohc Uosk N`d`bcncdt ....................... 8

7. Uohc Wr`godb fd `d Cxostodb Ucbofdì Hfnnfgotocs Cxha`dbc od @XC@D ............................. 77.0 Gcvcifpncdt fl tac Uohc ]rohc Odgcx ........................................................................... 37.5 Xt`dg`rgoz`tofd fl Uohc ................................................................................................ 3

3. Gfncstoh Hfnnfgotocs Cxha`dbc \`ro`dts ........................................................................... 2

<. Xw`p Odstruncdts `dg Lfrw`rg Hfdtr`hts ............................................................................ ?

<.0 Xw`p Wr`ds`htofd ........................................................................................................ ?<.5 Lfrw`rg Hfdtr`hts ......................................................................................................0=

2. Ftacr Euoigodb Eifhks lfr Xuhhcsslui Uohc Wr`godb ...............................................................0=2.0 R`rcafusc Uchcopt Xystcn `dg Lod`dhc ...................................................................0=2.5 H`p`hoty Euoigodb fl N`rkct ]`rtohop`dts .....................................................................002.8 ]rohc Gosscnod`tofd ....................................................................................................00

1. Ufic fl Xt`kcafigcrs od Uohc Wr`godb ...................................................................................051.0 Bfvcrdncdts ..............................................................................................................051.5 ]rov`tc Xchtfr .............................................................................................................071.8 @XC@D .......................................................................................................................03

?. Uchfnncdg`tofds `dg @htofd ]fodts .................................................................................03Uclcrcdhcs ...............................................................................................................................0?

Loburcs `dg Efxcs

LoburcsLoburc 0: Hfrrci`tofd fl ]rohcs fl Waò 0==% E-Br`gc Uohc........................................................ < Loburc 5: Hfrrci`tofd fl ]`kost`d, Waòi`dg, `dg \oct D`n 53% ................................................. <

Efxcs Efx 0: Xpft fr H`sa Cxha`dbc `dg Gcrov`tovcs Cxha`dbc ........................................................ 2

Efx 5: 0,=== \oii`bcs, 0=,=== L`rncrs‟ Cguh`tofd ]rfbr`n......................................................00 Efx 8: Cxha`dbcs `dg ]rohc Odlfrn`tofd Gosscnod`tofd ...........................................................05 Efx 7: Ufic fl @bbrcb`tfrs .......................................................................................................07



@eercvo`tofds

@GE @LXUE @XC@DHEFWL@FBNXNX]SX

@so`d Gcvcifpncdt E`dk @XC@D Lffg Xchuroty Ucscrvc Ef`rg @ssfho`tofd fl Xfutac`st @so`d D`tofdsHaoh`bf Ef`rg fl Wr`gcLffg `dg @brohuiturc Frb`doz`tofd fl tac Sdotcg D`tofdsBrc`tcr Nckfdb XuercbofdNodonun Xuppfrt ]rohcSdotcg Xt`tcs fl @ncroh`



Cxchutovc Xunn`ry

Od tac `ltcrn`ta fl tac 5==2‘5==1 rohc prohc hrosos, ncnecr st`tcs fl tac @ssfho`tofd flXfutac`st @so`d D`tofds (@XC@D) `gfptcg tac @XC@D Odtcbr`tcg Lffg Xchuroty Lr`ncwfrk`dg Xtr`tcboh ]i`d fl @htofd fd Lffg Xchuroty od tac @XC@D Ucbofd tf `ggrcss ifdb-tcrn lffg

schuroty od tac rcbofd. @ hrotohì hfdstròdt tf hfdguhovc `brohuiturì tr`gc os prohc vfi`toioty, waohaa`s eccd tr`hcg od p`rt tf nfstiy eoi`tcrì, fp`quc tr`ds`htofds dfw gfnod`todb rohc tr`gc. Fdcfl tac `vcducs ecodb cxpifrcg os wactacr rohc luturcs wfuig acip erodb gfwd prohc vfi`toioty. Waclc`soeoioty fl cstèiosaodb ` rohc luturcs n`rkct od tac @XC@D rcbofd `dg ots pftcdtoì ecdclots odrcguhodb prohc vfi`toioty `dg n`d`bodb prohc rosks wcrc tac suejcht n`ttcr fl scp`r`tc stugocs ey

@dgrcw NhKcdzoc `dg Noif A`noitfd. Waos p`pcr cx`nodcs tac kcy pfsotofds fl efta ùtafrs`dg prcscdts v`rofus fptofds lfr rohc tr`godb ta`t a`vc tac pftcdtoì tf `ggrcss prohc rosk `dgprohc vfi`toioty.

NhKcdzoc `dg A`noitfd `brccg fd tac ecdclots fl ` rohc luturcs n`rkct od n`kodb prohcs nfrctr`dsp`rcdt `dg od scrvodb `s acgbodb odstruncdts. Wac twf ùtafrs, afwcvcr, gollcrcg fd tactonodb fl `dg tac p`hodb lfr tac cstèiosancdt fl ` rohc luturcs n`rkct od tac @XC@D rcbofd.

Raoic NhKcdzoc fpodcg ta`t tac rcbofd os dft prcp`rcg yct lfr ` rohc luturcs hfdtr`ht, A`noitfdhfdtcdgcg ta`t tac aurgics od gcvcifpodb ` rohc luturcs n`rkct od tac rcbofd `rc dftodsurnfudtèic `dg ta`t tac prfhcss fl cstèiosaodb taos safuig st`rt dfw.

Wacrc `rc scvcrì cx`npics fl hfudtrocs `dg bfvcrdncdts (Er`zoi, Ctaofpo`, Odgo`, `dg Nì`wo)ta`t usc n`rkct odstruncdts lfr prohc rosk n`d`bcncdt, cotacr fvcr tac hfudtcr fr fdhfnnfgotocs cxha`dbcs. Waos p`pcr lfrw`rgs scvcrì subbcstofds lfr rohc tr`godb od tac @XC@Drcbofd.

Lorst, rohc luturcs tr`godb wotaod tac rcbofd os ìrc`gy pfssoeic tarfuba `d cxostodb rcbofdìhfnnfgotocs cxha`dbc, suha `s od Afdbkfdb, Haod` fr od Xodb`pfrc. @ rcbofdì rohc odgcx ta`tos rcprcscdt`tovc fl tac nfst cxpfrtcg `dg hfdsuncg br`gcs fl rohc h`d ec lc`soeiy gcvcifpcg

`dg uscg `s ` ecdhan`rk lfr @XC@D rohc prohcs. Luturcs `dg fptofds e`scg fd tac odgcx hfuigtacd ec tr`gcg fd tac rcbofdì hfnnfgotocs cxha`dbc.

Xchfdg, hfudtrocs ta`t `rc n`jfr cxpfrtcrs fl pfpui`r br`gcs fl rohc safuig cstèiosa ` gfncstohhfnnfgotocs cxha`dbc `dg tr`gc tacor nfst pfpui`r ifhì rohc br`gcs. Wacsc hfudtrocs hfuigonpicncdt ` icbì `dg rcbui`tfry lr`ncwfrk `dg cdiost tchadohì suppfrt od scttodb up tacgfncstoh hfnnfgotocs cxha`dbc `dg w`rcafusc rchcopt systcn. Wacy hfuig ìsf euoigw`rcafusc odlr`struhturc `dg ic`sc taos tf prov`tc pi`ycrs fr prfvogc odhcdtovcs tf prov`tcpi`ycrs tf sct up tac odlr`struhturc.

Waorg, bfvcrdncdts, prov`tc pi`ycrs, `dg @XC@D h`d ìi pi`y ` rfic od tac gosscnod`tofd fl rohcprohcs `dg odlfrn`tofd fd rohc prfguhtofd, `s wcii `s od tac cguh`tofd fl n`rkct p`rtohop`dts.

Lodìiy, @XC@D h`d pi`y ` n`jfr h`tìytoh rfic od gcvcifpodb tac hfnnfgotocs cxha`dbc `s `voèic fptofd lfr `ggrcssodb prohc rosk `dg prohc vfi`toioty od rohc. Ot hfuig wfrk tfw`rg rcnfvodbtac udhcrtòdtocs `dg `gvcrsc onp`ht fl udoi`tcrì tr`gc pfiohy rcstrohtofds. Lurtacrnfrc, ot h`dodoto`tc stcps tfw`rg rohc st`dg`rgoz`tofd `dg tac gcvcifpncdt fl ` rcbofdì rohc odgcx. @XC@Dh`d ìsf prfvogc ` systcn`toh ncha`dosn lfr tac rcbofdì hfdsuit`tofd fl v`rofus st`kcafigcrsod tac rohc vìuc haòd tarfuba vcducs suha `s tac @XC@D Uohc Wr`gc Lfrun.



Od tac ncgoun tcrn, tac rcbofd h`d gcvcifp `d @XC@D odvcstncdt pi`d tf lfstcr tac brfwta fl `rcbofdì rohc vìuc haòd hfrrogfr lfr scttodb up odlr`struhturcs ta`t `rc csscdtoì lfr tacgcvcifpncdt fl ` rcbofdì hfnnfgotocs cxha`dbc `dg ` suercbofdì hfnnfgotocs cxha`dbc odtac Brc`tcr Nckfdb Xuercbofd, `s wcii `s n`rkct odlfrn`tofd `dg odtciiobcdhc suppfrt, `dgodstotutofdì suppfrt lfr tac h`p`hoty euoigodb fl l`rncrs. Wac odvcstncdt pi`d h`d ec ` hfdhrctcrf`g n`p tfw`rg euttrcssodb tac onpicncdt`tofd fl tac Xtr`tcboh ]i`d fl @htofd fd Lffg

Xchuroty od tac @XC@D Ucbofd.



0. Odtrfguhtofd

Od tac `ltcrn`ta fl tac 5==2‘5==1 rohc prohc hrosos, ncnecr st`tcs fl tac @ssfho`tofd flXfutac`st @so`d D`tofds (@XC@D) `gfptcg od 5==? tac @XC@D Odtcbr`tcg Lffg XchurotyLr`ncwfrk `dg tac Xtr`tcboh ]i`d fl @htofd fd Lffg Xchuroty od tac @XC@D Ucbofd. ]rcvcdtodb

cxtrcnc rohc prohc vfi`toioty `dg onprfvodb tac lffg schuroty sotu`tofd od tac rcbofd a`vc eccdlfrcnfst od tac `bcdg` fl @XC@D ic`gcrs, wota rohc ecodb ` st`pic lffg fl noiiofds flafuscafigs tarfubafut Xfutac`st @so`. Wac dcb`tovc onp`ht fl aobacr `dg nfrc vfi`toic rohcprohcs fd tacor pfpui`tofd `dg chfdfnocs os ` aubc hfdhcrd lfr bfvcrdncdts od tac rcbofd.0

Od rcspfdsc tf taos sotu`tofd, tac @XC@D Lffg Xchuroty Ucscrvc Ef`rg (@LXUE) w`s t`skcgwota hfdvcdodb tac @XC@D Uohc Wr`gc Lfrun fd ` poift e`sos. Wac lfrun prfvogcs ` pi`tlfrn tfhfiichtovciy goshuss `dg tf prfnftc hffrgod`tcg pfiohocs fd rohc schuroty od tac rcbofd.Xpcholohìiy, tac lfrun sccks tf ciohot ogc`s tfw`rg acipodb prcvcdt fr notob`tc cxtrcnc rohc prohcvfi`toioty.

@ hrotohì hfdstròdt tf gcvcifpodb hfdguhovc tr`gc od lffg prfguhts os cxtrcnc prohc vfi`toioty.

@nfdb tac n`dy l`htfrs hfdtroeutodb tf prohc spokcs os tac i`hk fl tr`dsp`rcdhy fl rcbofdì rohctr`gc `dg tac ionotcg dunecr fl n`rkct pi`ycrs. Aubc, eoi`tcrì, `dg fp`quc tr`ds`htofdsgfnod`tc tac rcbofd‟s rohc tr`gc.

Fdc fl tac `vcducs ecodb cxpifrcg os wactacr rcbofdì rohc luturcs tr`godb wfuig acip erodbgfwd prohc vfi`toioty. Lffg schuroty fejchtovcs‗spcholohìiy, kdfwodb wacrc tac n`rkct os nfvodb`dg notob`todb n`rkct rosks‗a`vc trobbcrcg odtcrcst od tac pftcdtoì gcvcifpncdt fl ` rohcluturcs n`rkct od tac rcbofd (Wonncr 5=0=). Afwcvcr, sfnc hfdtcdg ta`t tac rfic fl rohc luturcsfd lffg schuroty os dft `s gorcht `s nc`surcs suha `s prfguhtovoty odvcstncdts ta`t ìsf t`hkiclffg suppiy eftticdchks (NhKcdzoc 5=05). U`tacr, tac pron`ry rfic fl rohc luturcs wfuig ec odcdsurodb prohc goshfvcry `dg scrvodb `s acgbodb odstruncdts ta`t notob`tc tac hfsts fl gr`stohprohc ha`dbcs fd `htfrs od tac lffg haòds.

Waos p`pcr gcivcs odtf tacsc ossucs. Xchtofd 0 prcscdts tac kcy pfsotofds fl twf prfnodcdtùtafrotocs od tac locig fl luturcs n`rkcts `s tacsc fpcr`tc od gcvcifpcg chfdfnocs. Wacor vocwshfuig scrvc `s ` sprodbef`rg lfr cxp`dgodb v`rofus fptofds ta`t `rc ìrc`gy `vòièic rcbofdìiy`dg hfuig p`vc tac w`y lfr nfrc tr`dsp`rcdt prohodb ncha`dosns od rohc tr`gc. Xchtofd 5prfvogcs cx`npics fl hfudtry cxpcrocdhcs ta`t usc gollcrcdt acgbodb odstruncdts `t tacgfncstoh icvci. Wac ncss`bc os ta`t tacrc `rc acgbodb tffis ta`t h`d wfrk eut tacsc dccg tf ectòifrcg tf ifhì hfdgotofds. Xchtofds 8 `dg 7 prcscdt twf h`tcbfrocs fl hfnnfgotocs cxha`dbcs:rohc luturcs od `d cxostodb hfnnfgotocs cxha`dbc `dg v`ro`dts fl gfncstoh hfnnfgotocs

0 Waos wfrkodb p`pcr w`s prcp`rcg ey tac ùtafr lfr tac poift onpicncdt`tofd fl tac @XC@D Uohc Wr`gc Lfrun od

Xocn Uc`p, H`nefgo` lrfn 0? tf 5= Judc 5=05. Wac p`pcr, waoha w`s prcscdtcg od tac lfurta scssofd fl taclfrun, cx`nodcg ftacr fptofds lfr `ggrcssodb prohc rosk `dg prohc vfi`toioty od rohc. Wac @XC@D Lffg XchurotyUcscrvc Ef`rg hfdvcdcg tac poift lfrun od hffrgod`tofd wota tac @XC@D Xchrct`ro`t `dg tac @so`d GcvcifpncdtE`dk (@GE). @GE prfvogcg tchadohì `ssost`dhc, wota lod`dhodb lrfn tac J`p`d Ludg lfr ]fvcrty Ucguhtofd. Wacùtafr, Lr`nrfzc ]fha`r`, os ` h`potì n`rkcts vctcr`d wota fvcr 53 yc`rs fl cxpcrocdhc od tac odgustry. Ac os tacn`d`bodb gorchtfr fl @ro`d Lod`dhoì @ssfho`tcs `dg w`s tac lfrncr cxchutovc gorchtfr fl tac Xodb`pfrc Ncrh`dtoicCxha`dbc `dg tac haocl cxchutovc fllohcr fl Xodb`pfrc Ncrh`dtoic Cxha`dbc Hic`rodb Hfrpfr`tofd lrfn 5==2 tf5=00. Ac ìsf scrvcg `s tac haocl cxchutovc fllohcr fl tac Gueò Bfig `dg Hfnnfgotocs Cxha`dbc `dgvohc-prcsogcdt lfr fpcr`tofds fl tac D`tofdì Xtfhk Cxha`dbc fl Odgo`. Ac a`s ` n`stcr‟s gcbrcc od lod`dhoìn`d`bcncdt lrfn tac Sdovcrsoty fl Nuneò, Odgo`.



5 | @GE Xustòdèic Gcvcifpncdt Rfrkodb ]`pcr Xcrocs Df. 53

cxha`dbcs. Xchtofd 3 goshusscs tac usc fl sw`ps, `d ìtcrd`tc rosk n`d`bcncdt odstruncdt.Xchtofd < t`kcs up csscdtoì euoigodb eifhks suha `s h`p`hoty euoigodb fl l`rncrs `dg prohcn`rkct odlfrn`tofd. Xchtofd 2 pfsots tac rfics fl v`rofus pi`ycrs, odhiugodb tac pueioh schtfr `dg

@XC@D. Wac i`st schtofd ogcdtolocs rchfnncdg`tofds lfr cdhfur`bodb rohc tr`godb `dg`ggrcssodb prohc vfi`toioty.

5. @XC@D Uohc Luturcs

Wf sacg iobat fd wa`t rohc luturcs h`d fllcr, tac @so`d Gcvcifpncdt E`dk (@GE) hfnnossofdcg @dgrcw NhKcdzoc, prflcssfr fl `brohuiturì chfdfnohs `dg `broeusodcss `t tac Sdovcrsoty fl @rk`ds`s, tf n`kc ` stugy fd ` rohc luturcs n`rkct od tac @XC@D rcbofd.5

@hhfrgodb tf tacstugy (NhKcdzoc 5=05), rohc n`rkcts od Xfutac`st @so` `rc hurrcdtiy fp`quc, `dg ` luturcshfdtr`ht hfuig acip odhrc`sc n`rkct prohc tr`dsp`rcdhy tf òg ìi n`rkct p`rtohop`dts odn`rkctodb `dg prfguhtofd gchosofds. Wac stugy st`tcg ta`t gcspotc ots ionotcg rfic od stèoiozodbprohcs, ` rohc luturcs hfdtr`ht e`scg od tac rcbofd h`d a`vc tac ecdclots fl prohc goshfvcry, prohcrosk n`d`bcncdt, `dg onprfvcncdt fl tac cxostodb n`rkct systcn.

NhKcdzoc lurtacr pfsotcg ta`t hcrtòd pfiohy hfdgotofds `rc dchcss`ry tf hrc`tc ` suhhcsslui rohcluturcs n`rkct. Wacsc odhiugc rcbofdì hffpcr`tofd fd rohc tr`gc pfiohocs, nodonì bfvcrdncdtodtcrvcdtofd od prohcs, a`rnfdoz`tofd fl rohc quìoty `dg br`godb st`dg`rgs, odtrfguhtofd flw`rcafusc rchcopts, ` nfrc `htovc rfic lfr tac prov`tc schtfr od gfncstoh `dg rcbofdì rohcn`rkctodb systcns, ecttcr `hhcss tf hrcgot, `dg gcvcifpodb ` h`sa prohc odgcx lfr tac @XC@Drcbofd. Afwcvcr, ac hfdhiugcg ta`t hurrcdt h`sa n`rkct ha`r`htcrostohs od tac rcbofd `rc dfthfdguhovc tf tac gcvcifpncdt fl ` suhhcsslui rohc luturcs hfdtr`ht, cotacr `t tac gfncstoh frrcbofdì icvci. Wac stugy subbcstcg tac hfdsogcr`tofd fl ìtcrd`tovc rosk n`d`bcncdt tffis suha`s sw`ps `s pftcdtoì acgbodb odstruncdts.

@dftacr vocw fd rohc luturcs os ta`t fl Noif A`noitfd.8

Od ` pfsotofd p`pcr (A`noitfd 5=05), ac

fpodcg ta`t ’dfw os dft tff sffd„ tf st`rt tac gcvcifpncdt fl ` rohc luturcs n`rkct. Ac st`tcgta`t hrcgoeic `dg ioquog rohc luturcs h`d onprfvc tac pftcdtoì fl ` rohc l`rncr tf n`kc `prflotèic n`rbod. Ol ` l`rncr h`ddft n`kc ` prflot, cvcryfdc woii sullcr, `s ure`doz`tofd, w`tcr,`dg lffg schuroty ossucs bòd tr`htofd. Ac lurtacr `rbucg ta`t rohc l`rnodb safuig nfvc lrfnsuesostcdhc l`rnodb tf ` eusodcss e`sos. Ac `brccg ta`t rohc luturcs woii dft sfivc ìi prfeicns,eut ` tr`dsp`rcdt, rosk n`d`bcncdt, `dg prohc goshfvcry tffi lfr rohc wfuig hfdtroeutc tfodcvotèic ha`dbc od tac @so`d rohc n`rkcts od tac dcxt gch`gc.

Wac pfsotofd p`pcr fl A`noitfd lurtacr subbcstcg• tr`godb ` SX gfii`r-gcdfnod`tcg, eicdgcg odgcx fl rohc prohcs fr ` rohc hfdtr`ht wota

fptofdì frobod gciovcry `t tac pfrts fl n`jfr cxpfrtcrs fr `hhunui`tcg od w`rcafuscsod Xodb`pfrc;

5 Wac prclc`soeoioty stugy w`s prcp`rcg ey @dgrcw NhKcdzoc lfr @GE udgcr W@-UCB 27?3: Xuppfrt lfr tac @ssfho`tofd fl Xfutac`st @so`d D`tofds ]ius Warcc Odtcbr`tcg Lffg Xchuroty Lr`ncwfrk, waoha os lod`dhcg ey tacJ`p`d Ludg lfr ]fvcrty Ucguhtofd. NhKcdzoc‟s stugy `s wcii `s tac pfsotofd p`pcr fl Noif A`noitfd fd rcbofdì rohcluturcs wcrc ìsf goshusscg od `d cxpcrt wfrkodb brfup ncctodb frb`dozcg ey tac Hcdtrc lfr Dfd-Wr`gotofdìXchuroty Xtugocs `t D`dy`db Wchadfifbohì Sdovcrsoty od Xodb`pfrc od N`rha 5=05.

8 Noif A`noitfd os ` rohc n`rkct `dìyst `dg tac prcsogcdt `dg hflfudgcr fl Lortsbròd, Odh., ` rohc n`rkct `gvosfryscrvohc.



Hfnnfgotocs Cxha`dbc: Fptofds lfr @ggrcssodb ]rohc Uosk `dg ]rohc \fi`toioty od Uohc | 8

• cdhfur`bodb n`jfr @so`d rohc pi`ycrs tf st`rt up tacor fwd gfncstohìiy grovcd rfubafr p`ggy rohc luturcs;

• cguh`todb tac st`kcafigcrs tf gospci prcjugohc `bòdst luturcs n`rkcts; `dg• n`kodb `d @so`d hfnnotncdt tf rcguhc odtcrvcdtofd od rohc n`rkct prohodb `dg tf

prfnftc tr`dsp`rcdhy fl tr`ds`htofds.

NhKcdzoc `dg A`noitfd `brccg fd tac ecdclots fl ` rohc luturcs n`rkct od n`kodb prohcs nfrctr`dsp`rcdt `dg od prfvogodb acgbodb odstruncdts. Efta ìsf `brccg ta`t rohc luturcs `rc dft `p`d`hc` tf tac struhturì e`rrocrs tf gcvcifpodb nfrc gcn`dg-rcspfdsovc rohc suppiy haòds.Wac twf ùtafrs, afwcvcr, gollcrcg fd tac tonodb fl `dg tac p`hodb lfr tac cstèiosancdt fl `rohc luturcs n`rkct. NhKcdzoc taodks ta`t tac @XC@D rcbofd os dft yct prcp`rcg lfr ` rohc luturcsn`rkct. Odstc`g, ac subbcstcg ta`t @XC@D ic`gcrs hfdsogcr ìtcrd`tovc rosk n`d`bcncdt tffissuha `s sw`ps. Fd tac ftacr a`dg, A`noitfd hfdtcdgcg ta`t tac aurgics od gcvcifpodb ` rohcluturcs n`rkct od tac @XC@D rcbofd `rc dft odsurnfudtèic, `dg ta`t taos safuig ec st`rtcgdfw. Ac lurtacr st`tcg ta`t tac rohc odgustry od tac Sdotcg Xt`tcs tffk fvcr 8= yc`rs tf gcvcifp `wfrkèic rohc luturcs hfdtr`ht, `dg suha `d cllfrt od @so` n`y t`kc yc`rs.

8. Ucì-Iolc Cx`npics fl N`rkct Odstruncdts Sscglfr ]rohc Uosk N`d`bcncdt

Wacrc `rc scvcrì cx`npics fl hfudtrocs `dg bfvcrdncdts usodb n`rkct odstruncdts lfr prohcrosk n`d`bcncdt cotacr tarfuba fvcr tac hfudtcr fr fd hfnnfgotocs cxha`dbcs tf suhhcssluiiyacgbc prohc rosk `dg tf erodb gfwd prohc vfi`toioty od gfncstoh n`rkcts. Wac lfiifwodbodstruncdts `ppiocg od v`rofus hfudtrocs a`vc suhhcssluiiy n`d`bcg prohc rosk `dg tacrceyrcguhcg tac eurgcd fl udhcrtòdty od tcrns fl tac prohcs fl `brohuiturì hfnnfgotocs od tacorrcspchtovc gfncstoh n`rkcts. Od tac prfhcss, tacsc hfudtrocs a`vc n`d`bcg tf prfvogc prohcstèoioty `dg lffg schuroty tf tacor pfpui`tofd.

(o) Er`zoi. Wac Er`zoio`d Ncrh`dtoic `dg Luturcs Cxha`dbc `dg ots suesogo`ry, tacEr`zoi Hfnnfgotocs Cxha`dbc, a`vc acipcg l`rncrs acgbc tacor rosk wotaoddfv`tovc odstruncdts, od hffrgod`tofd wota prov`tc pi`ycrs, l`rncr hffpcr`tovcs,`dg e`dks.

(oo) Ctaofpo`. Wac gcvcifpncdt fl tac Ctaofpo`d Hfnnfgoty Cxha`dbc, ` spftcxha`dbc od tac hfudtry, ìfdb wota `d cdtorc suppfrt systcn ta`t odhiugcs prohcgosscnod`tofd `dg w`rcafusodb lfr bròds prohc stèoioty, a`vc odhrc`scg tacp`rtohop`tofd fl prfguhcrs od tac hfudtry.

(ooo) Odgo`. A`ry`d` Xt`tc Hffpcr`tovc Xuppiy `dg N`rkctodb @brohuiturì Lcgcr`tofd(A@LCG) os `d `pcx hffpcr`tovc rcspfdsoeic lfr wac`t prfhurcncdt udgcr tacnodonun suppfrt prohc (NX]) shacnc fl tac Bfvcrdncdt fl Odgo`. Wf hfdtcdgwota cxhcss prfguhtofd fl wac`t, tac lcgcr`tofd a`s suhhcssluiiy acgbcg dfd-NX] wac`t prfhurcncdt (fr tac cxhcss fl NX] prfhurcncdt) fd tac D`tofdìHfnnfgoty `dg Gcrov`tovcs Cxha`dbc fl Odgo` `s ` st`dg`rg safrt acgbcr.

(ov) Nì`wo. Acgbodb `bòdst tac ifwcr prfguhtofd fl nòzc od Nì`wo a`s eccdgcvcifpcg tarfuba tac usc fl paysohì hìi fptofds wota tac Xt`dg`rg E`dk `s tachfudtcrp`rty.

Wacrc os df rc`sfd way tacsc vcry s`nc odstruncdts h`ddft ec uscg od tac @XC@D rcbofd lfrn`d`bodb prohc rosk od rohc `dg `ggrcssodb lffg schuroty. Waos p`pcr cxpifrcs tacsc fptofds lfr




tr`godb rohc `dg tac ftacr odlr`struhturc rcquorcncdts ta`t h`d acip erodb od prohc stèoioty `dgecttcr prohc rcìoz`tofd tf l`rncrs.

7. Uohc Wr`godb fd `d Cxostodb Ucbofdì Hfnnfgotocs

Cxha`dbc od @XC@D @ rohc prohc odgcx (c.b., ` rcbofdì rohc odgcx) luturcs hfdtr`ht gcdfnod`tcg od SX gfii`rs n`y ecgcvcifpcg `dg tr`gcg fd `d cxostodb hfnnfgotocs cxha`dbc suha `s tafsc od Afdb Kfdb,Haod` fr od Xodb`pfrc. Wr`godb rohc luturcs fd `d cxostodb hfnnfgotocs cxha`dbc od tac rcbofd,r`tacr ta`d scttodb up ` dcw hfnnfgotocs cxha`dbc tf tr`gc fdiy rohc luturcs, a`s scvcrì`gv`dt`bcs. Xcttodb up ` dcw hfnnfgotocs cxha`dbc os ` ifdb-gr`wd prfhcss; os h`potì-odtcdsovc; `dg rcquorcs scvcrì hrotohì cicncdts suha `s ruic effks, tr`godb systcn, hic`rodbsystcn, rosk n`d`bcncdt systcn, `dg `pprfvì fl rcbui`tfrs. @isf, ot gfcs dft n`kc scdsc tfcstèiosa ` dcw cxha`dbc tf tr`gc just fdc prfguht‗rohc. Odstc`g, tac h`potì odvcstncdt h`d ecput tf ecttcr usc ey odhcdtovozodb `d cxostodb cxha`dbc tf iùdha ` rohc hfdtr`ht `dg hrc`todb tac`w`rcdcss `dg cguh`tofd rcquorcg tf `ttr`ht pi`ycrs tf tr`gc taos hfdtr`ht.

Lfr rohc tf ec suhhcssluiiy tr`gcg fd ` rcbofdì hfnnfgotocs cxha`dbc, ot os csscdtoì ta`t tacafst fl tac cxha`dbc a`s fr suppfrts `d fpcd chfdfny, tr`godb od odtcrd`tofdì hurrcdhocs, luiiyhfdvcrtoeic ifhì hurrcdhy, lrcc odlifw `dg futlifw fl bffgs, ` rfeust icbì `dg rcbui`tfrylr`ncwfrk, `s wcii `s bffg w`rcafusc l`hoiotocs `dg `hhcss tf pfrts. Afdb Kfdb, Haod` `dgXodb`pfrc efta ncct tac èfvc rcquorcncdts. Od `ggotofd, efta a`vc suhhcsslui hfnnfgotocscxha`dbcs‗tac Afdb Kfdb Ncrh`dtoic Cxha`dbc, waoha tr`gcs bfig, `dg tac Xodb`pfrcCxha`dbc, waoha tr`gcs rueecr, luci foi, hfppcr, zodh, `dg ìunodoun. Wac Xodb`pfrc Cxha`dbcìsf fllcrs fvcr-tac-hfudtcr hic`rodb lfr prfguhts suha `s rueecr, hfì, orfd frc, lrcobat, `dgcdcrby.

Lfiifwodb `rc tac `gv`dt`bcs fl tr`godb rohc fd ` rcbofdì hfnnfgotocs cxha`dbc:

(o) Wac rcbofdì rohc odgcx h`d echfnc ` ecdhan`rk lfr @XC@D rohc prohcs.Hfudtrocs, bfvcrdncdts, `dg tac prov`tc schtfr `s wcii `s l`rncr hffpcr`tovcsh`d usc taos ecdhan`rk od gchogodb tac prohcs lfr ifhì rohc br`gcs.

(oo) Od `ggotofd tf ` rohc prohc odgcx (c.b., ` rcbofdì rohc odgcx), ` rohc luturcs hfdtr`hte`scg fd ` pfpui`r br`gc fl rohc, waoha os od turd e`scg fd n`rkct lccge`hk,hfuig ìsf ec iostcg fd ` rcbofdì hfnnfgotocs cxha`dbc. Waos hfuig rcsuit od tacpaysohì gciovcry fl rohc `s wcii. Onpfrtodb hfudtrocs hfuig tacd usc taos pi`tlfrntf tr`gc rohc.

(ooo) D`tofdì `bcdhocs `dg p`r`st`tìs hfuig `ht `s `bbrcb`tfrs lfr tacor ifhì rohcprfguhtofd `dg acgbc tac rohc prohc rosk fd tac rcbofdì hfnnfgotocs cxha`dbcusodb tac rcbofdì rohc odgcx. Ol ` rohc luturcs hfdtr`ht e`scg fd ` pfpui`r rohcbr`gc os ìsf `vòièic lfr tr`godb fd ` rcbofdì hfnnfgotocs cxha`dbc, d`tofdì

bfvcrdncdt `bcdhocs, l`rncr hffpcr`tovcs, `dg p`r`st`tìs hfuig usc tacpi`tlfrn tf tr`gc tacor rohc rcquorcncdts, r`tacr ta`d gfodb sf eoi`tcrìiy. Waos woiicdhfur`bc nuha dccgcg tr`dsp`rcdhy od prohc goshfvcry, tacrcey rcguhodb prohcvfi`toioty.

(ov) Wac rcbofdì hfnnfgotocs cxha`dbc hfuig ìsf pi`y tac rfic fl hcdtrìhfudtcrp`rty `dg bu`r`dtcc tr`ds`htofds lfr ìi kodgs fl rohc tr`gcs, odhiugodbtr`gcs gfdc fd tac cxha`dbc `dg tarfuba sw`ps, fvcr tac hfudtcr, `dg lfrw`rghfdtr`hts. Wac hfdhcpt fl bu`r`dtcc fl tr`gcs tarfuba ` hcdtrì hfudtcrp`rty os




goshusscg od Xchtofd 3.

Afwcvcr, sfnc prcrcquosotc odlr`struhturc dccg tf ec cstèiosacg, odhiugodb tac rohc prohc odgcx`dg tac st`dg`rgoz`tofd fl rohc.

7.0 Gcvcifpncdt fl tac Uohc ]rohc Odgcx

Wf tr`gc luturcs `dg fptofds fd ` rcbofdì hfnnfgotocs cxha`dbc, ` rohc prohc odgcx ta`t osrcprcscdt`tovc fl tac tfp lovc fr scvcd nfst pfpui`r rohc br`gcs dccgs tf ec gcvcifpcg. N`dy fltacsc rohc br`gcs `rc hfrrci`tcg, eut ` lurtacr stugy wfuig ec dccgcg tf `sscss tac cxtcdt flhfrrci`tofd fl n`jfr br`gcs fl rohc ta`t `rc cxpfrtcg `dg hfdsuncg od tac @XC@D rcbofd.

Waos t`sk fl gcvcifpodb `d odgcx hfuig ec `ssobdcg tf `d `bcdhy spchoìozodb od hfdstruhtodbsuha hfnnfgoty odgcxcs `dg ta`t a`s ` bffg kdfwicgbc fl rohc n`rkcts. Odgustry pi`ycrs hfuigec hfdsuitcg od gcvcifpodb tac odgcx, `dg tacor odputs hfuig ec t`kcd fd tac br`gcs fl rohc `dgtacor wcobat od tac rohc prohc odgcx. Waos woii bovc tacn fwdcrsaop fl tac prfguht `dg cdhfur`bctacn tf tr`gc tac prfguht wacd tac odgcx os iostcg lfr tr`godb. Od taos rcb`rg, vcducs suha `s tac

@XC@D Uohc Wr`gc Lfrun prfvogc ` bffg fppfrtudoty lfr hfdsuitodb t`rbctcg st`kcafigcrsèfut spcholoh rchfnncdg`tofds fd gcvcifpodb ` rcbofdì rohc odgcx.

Wac aostfrohì prohcs fl tac rcicv`dt br`gcs fl rohc hfuig ec uscg tf euoig ` e`sc prohc `s fd `p`rtohui`r g`y lfr tac odgcx. Wac e`sc yc`r lfr ` rohc odgcx, lfr cx`npic, hfuig ec 5=0=, waohawoii sct tac ecdhan`rk. Wac odhrc`sc fr gchrc`sc od prohcs hfuig tacd ec hfnp`rcg wota tace`sc prohc fl tac odgcx.

7.5 Xt`dg`rgoz`tofd fl Uohc

Lfr tr`godb `dy luturcs fr fptofds prfguht, ot os csscdtoì ta`t ` st`dg`rg quìoty ec prcshroecg lfrtac prfguht tf ec tr`gcg. Xodhc tac prohc fl rohc woii gollcr lrfn fdc br`gc tf `dftacr, ot os

onpfrt`dt ta`t quìoty `dg br`gc spcholoh`tofds lfr tac rohc hfdtr`ht `rc hic`riy sct. Lfr ìieoi`tcrì hfdtr`hts, taos os dft ` hfdstròdt, `s tac p`rtocs tf tac tr`ds`htofd dcbfto`tc fd tacbr`gc `dg quìoty eclfrc cdtcrodb odtf tac hfdtr`ht. Afwcvcr, lfr duncrfus `dg i`rbc hfdtr`hts,st`dg`rg br`gcs fl tac hfnnfgoty woii ec dccgcg tf l`hoiot`tc tr`ds`htofds.

Duncrfus br`gcs `dg v`roctocs fl rohc `rc prfguhcg od tac @XC@D rcbofd. G`t` pcrtòdodb tfrohc prfguhtofd `dg prohcs scbrcb`tcg `t tac hfudtry icvci `dg gostodbuosacg ey br`gcs `rc`vòièic tarfuba scvcrì `bcdhocs, suha `s tac Lffg `dg @brohuiturc Frb`doz`tofd fl tac SdotcgD`tofds (L@F) `dg tac Odtcrd`tofdì Uohc Ucsc`rha Odstotutc. Gcspotc tacsc v`roctocs flst`dg`rgs `dg quìoty, prcionod`ry fescrv`tofd fl prohc hfrrci`tofd fl sfnc rohc br`gcs odgoh`tcsstrfdb prohc hfrrci`tofd `nfdb tac n`jfr br`gcs fl rohc cxpfrtcg ey tac tfp cxpfrtodb hfudtrocssuha `s Odgo`, ]`kost`d, Waòi`dg, tac Sdotcg Xt`tcs, `dg \oct D`n.

Lfr cx`npic, Waò 0==% E-br`gc rohc os wogciy pfpui`r `dg w`s lfudg tf ec aobaiy hfrrci`tcg tfftacr ifhì br`gcs fl rohc `s wcii `s odtcrd`tofdì rohc prohcs (Haoh`bf Ef`rg fl Wr`gc [HEFW^Sdotcg Xt`tcs [SX^ ifdb-bròd 5.7% rohc). Loburc 0 safws tac hfrrci`tofd ectwccd tac prohcs flWaò 0==% E-br`gc rohc `dg SX ifdb-bròd 5.7% rohc.



< | @GE Xustòdèic Gcvcifpncdt Rfrkodb ]`pcr Xcrocs Df. 53

Loburc 0: Hfrrci`tofd fl ]rohcs fl Waò 0==% E-Br`gc Uohcwo ta SX Ifdb-Bròd 5.7% Uohc, J`du`ry 5===‘Gchcnecr 5=00

SX > Sdotcg Xt`tcs.Xfurhc: Rfrig Uohc Xt`tostohs, OUUO.

Xonoi`riy, @so`d 53% ifdb-bròd, ifw-quìoty waotc rohc, suha `s ]`kost`d 53%, Waò 53%, `dg\oct D`n 53%, os ìsf hfrrci`tcg (Loburc 5). Lfr tacsc rohc v`rocty br`gcs, erfkcd rohc prohcs fl]`kost`d 53%, Waò 53%, `dg \oct D`n 53% a`vc eccd hfdsogcrcg ` prfxy od tac èscdhc flprohc g`t` lfr 53% br`gc rohc.7

Loburc 5: Hfrrci`tofd fl ]`kost`d, Wa oi`dg, dg \oct D`n 53%

Erfkcd Uohc ]rohcs, J`du`ry 5===‘Gchcnecr 5=00

Xfurhc: Rfrig Uohc Xt`tostohs, OUUO.

7 Guc tf tac ud`vòièoioty fl g`t` lfr Odgo` 53% br`gc rohc prohcs, ot w`s dft pfssoeic tf cx`nodc ots hfrrci`tofd wotaWaò 53%, \oct D`n 53%, `dg ]`kost`d 53% br`gc rohc prohcs.

=

5==

7==

<==

1==

0===

05==

J ` d - = =

N ` r - = 0

N ` y - = 5

J u i - = 8

X c p - = 7

D f v - = 3

J ` d - = 2

N ` r - = 1

N ` y - = ?

J u i - 0 =

X c p - 0 0

ODWCUD@WOFD@I

]UOHCX - Waòi`dg:

E`dbkfk - Uohc (Waò

0==% E) - Cxpfrt (SX

Gfii`r/tfddc)

ODWCUD@WOFD@I

]UOHCX - SX@ - Uohc

(S.X. Ifdb Bròd 5.7%)

- Cxpfrt (SX

Gfii`r/tfddc)

=

0==

5==

8==

7==

3==

<==

2==

1==?==

0===

J ` d - = =

L c e - = 0

N `

r - = 5

@ p

r - = 8

N `

y - = 7

J u d - = 3

J u

i - = <

@ u

b - = 2

X c p - = 1

F h

t - = ?

D f

v - 0 =

D f

v - 0 0

ODWCUD@WOFD@I

]UOHCX - ]`kost`d - Uohc

(53% erfkcd) - Cxpfrt

(SX Gfii`r/tfddc)

ODWCUD@WOFD@I

]UOHCX - Waòi`dg:

E`dbkfk - Uohc (53%

erfkcd) - Cxpfrt (SX

Gfii`r/tfddc)

ODWCUD@WOFD@I]UOHCX (E`dbkfk):

Waò 0==% E-br`gcrohc, cxpfrt ($/tfd)

ODWCUD@WOFD@I]UOHCX (SX):SX ifdb-bròd 5.7% rohc,cxpfrt ($/tfd)

ODWCUD@WOFD@I]UOHCX (]`kost`d):53% erfkcd rohc, cxpfrt($/tfd)

ODWCUD@WOFD@I]UOHCX (E`dbkfk):53% erfkcd rohc, cxpfrt($/tfd)




Guc tf tac ud`vòièoioty fl prohc g`t` lfr @so`d 3% ifdb-bròd, aoba-quìoty rohc, ot w`s dftpfssoeic tf gcguhc tac cxtcdt fl hfrrci`tofd lfr tac Odgo` 3%, ]`kost`d 3%, `dg \oct D`n 3%br`gc rohc. Afwcvcr, e`scg fd tac hfrrci`tofd fescrvcg lfr 53% br`gc prohcs, ot n`y ecsurnoscg ta`t tacrc wfuig ec ` sonoi`r hfrrci`tofd lfr tac 3% v`rocty `s wcii.

Wac aobacr hfrrci`tofd `nfdb tac v`rofus rohc br`gcs wfuig nc`d ta`t prohcs fl gollcrcdt br`gcs

fl rohc nfvc od ` hffrgod`tcg n`ddcr. E`scg fd tac hfrrci`tofd fescrvcg lfr tac lfrcbfodbv`rofus br`gcs fl rohc, ot n`y taus ec pfssoeic tf hfdstruht ` rcbofdì rohc odgcx lfr @so`d rohcbr`gcs tarfuba ` hfnpfsotc fl sonoi`riy hfrrci`tcg rohc br`gc v`roctocs. Waos wfuig n`kc tacrcbofdì rohc odgcx ` nfrc scdsotovc nc`surc fl prohc nfvcncdts fl gollcrcdt br`gcs fl rohc.E`scg fd aostfrohì prohc g`t`, fdc n`y taus ec èic tf prcgoht tac prohc fl ` spcholoh v`rocty flrohc e`scg fd tac nfvcncdt od tac rcbofdì rohc odgcx.

@dftacr fptofd wfuig ec tf hfdsogcr wactacr tac L@F rohc odgcx hfuig ìsf ec uscg od otshurrcdt lfrn fr ìtcrd`tovciy scrvc `s tac e`sos lfr hrc`todb ` rcbofdì rohc odgcx. Wac L@F rohcodgcx hfdsosts fl lfur hfnpfdcdts‗odgoh` aoba-quìoty v`rocty, odgoh` ifw-quìoty v`rocty,

j`pfdoh` v`rocty, `dg lr`br`dt v`rocty. Wac hfdstotucdt rohc br`gcs udgcr c`ha fl tac lfurv`roctocs dccg tf ec stugocg lurtacr tf `shcrtòd wactacr tac L@F rohc odgcx h`d odgccg ec uscg

`s ` e`sc lfr ` rcbofdì rohc odgcx ta`t rcpioh`tcs tac @so`d br`gc rohc prohcs.

3. Gfncstoh Hfnnfgotocs Cxha`dbc \`ro`dts

Wac tfp rohc-cxpfrtodb hfudtrocs od @so`, suha `s H`nefgo`, Odgo`, Waòi`dg, `dg \oct D`n,hfuig ec cdhfur`bcg tf sct up ` gfncstoh hfnnfgotocs cxha`dbc. Cotacr ` spft cxha`dbc fr `gcrov`tovcs cxha`dbc n`y ec cxpifrcg, ol tacsc hfudtrocs gf dft hurrcdtiy a`vc fdc lfr tr`godbrohc (Efx 0).

Wac nfst pfpui`r ifhì br`gc fl rohc h`d ec tr`gcg fd tac ifhì hfnnfgotocs cxha`dbc od tachfudtry‟s rcspchtovc hurrcdhy. Waos woii cdhfur`bc rohc l`rncrs tf scii fr acgbc tacor prfguhc fdtac ifhì cxha`dbc.

Wacrc `rc scvcrì suhhcss stfrocs fl gfncstoh hfnnfgotocs cxha`dbcs, suha `s tac Ctaofpo`dHfnnfgoty Cxha`dbc `dg tac D`tofdì Hfnnfgoty `dg Gcrov`tovcs Cxha`dbc fl Odgo`. Wacsccxha`dbcs acip l`rncrs rcìozc ecttcr prohcs. Hrc`todb tac dchcss`ry suppfrt odlr`struhturc,suha `s w`rcafusc rchcopts `dg l`rncr hffpcr`tovcs, wfuig lurtacr l`hoiot`tc tac acgbodb fl tacifhì prfguhc fd tacsc cxha`dbcs.

@itafuba Odgo` `dg Waòi`dg a`vc cxostodb hfnnfgotocs cxha`dbcs, tac cxpcrocdhc fl n`rkctp`rtohop`dts a`s dft eccd vcry pfsotovc od efta hfudtrocs. Raoic Odgo` a`s nuitopic hfnnfgotocs

Efx 0: Xpft fr H`sa Cxha`dbc `dg Gcrov`tovcs Cxha`dbc

@ spft fr h`sa cxha`dbc os `d cxha`dbc wacrc tac prohc lfr tac tr`ds`htofd os `brccg lfr tac prcscdtnfncdt fr lfr onncgo`tc gciovcry. Wr`ds`htofds gfdc fd suha `d cxha`dbc `rc dfrnìiy sctticg 0‘5g`ys `ltcr tac tr`ds`htofd os `brccg upfd.

@ gcrov`tovcs cxha`dbc os `d cxha`dbc wacrc tac prohc lfr tac tr`ds`htofd os `brccg lfr sctticncdt frgciovcry `t sfnc spcholocg g`tc od tac luturc. Wac g`tc fl sctticncdt fr gciovcry os iòg fut od tachfdtr`ht spcholoh`tofds.




cxha`dbcs (efta spft `dg gcrov`tovcs cxha`dbcs) `dg w`rcafusc odlr`struhturc odhiugodb tacrchcopt systcn, tac bfvcrdncdt a`s e`ddcg rohc tr`godb fd Odgo`‟s cxha`dbcs. Od `ggotofd, tacnodonun suppfrt prohc lfr prfhurcncdt fl rohc ey tac bfvcrdncdt ìsf goshfur`bcs n`rkctp`rtohop`dts lrfn tr`godb fd tac cxha`dbc.

Rota rcspcht tf Waòi`dg, tac cxostodb cxha`dbc os ` luturcs cxha`dbc, wacrc tac rohc hfdtr`ht os

tr`gcg od eàt. Wacrc `rc scvcrì rc`sfds way tac hfdtr`ht a`s dft bòdcg pfpui`roty. Lorst, tacrohc-picgbodb shacnc fl tac Bfvcrdncdt fl Waòi`dg prcshroecs ` nodonun prfhurcncdt prohcfl rohc. Wacsc prfhurcncdt prohcs `rc nuha aobacr ta`d tac odtcrd`tofdì rohc prohcs. Xodhc tacl`rncrs `rc bcttodb ` nuha aobacr prohc tarfuba tac bfvcrdncdt prfhurcncdt prfbr`n, tacya`vc df rc`sfd tf tr`gc fd tac cxha`dbc. Xchfdg, ` w`rcafusc rchcopt systcn os dft `vòièic,waoha os ` kcy cicncdt fl tac ifbostohs systcn lfr ` suhhcsslui hfnnfgotocs cxha`dbc. Gciovcryfl rohc tr`gcg fd tac cxha`dbc os gfdc fd ` lrcc-fd-ef`rg e`sos fr od w`rcafuscs.

Ot n`y ec usclui lfr Waòi`dg tf hfdsogcr a`vodb ` rohc hfdtr`ht gcdfnod`tcg od SX gfii`rs. Waoswoii dft cxpfsc tac onpfrtcrs tf hurrcdhy rosk `dg tacrcey odhrc`sc p`rtohop`tofd od tac rohcluturcs hfdtr`ht. @s tac l`rncrs n`y dft ec hfdvcrs`dt wota luturcs `dg fptofds odstruncdts, otwfuig ìsf acip ol tac cxha`dbc fllcrs spft tr`godb od rohc.

@s H`nefgo` `dg \oct D`n `rc `nfdb tac dct cxpfrtodb hfudtrocs od @XC@D, ` gfncstohhfnnfgotocs cxha`dbc n`y ec cstèiosacg od tacsc hfudtrocs `s wcii. @s goshusscg c`riocr, taccstèiosancdt fl tac Ctaofpo`d Hfnnfgoty Cxha`dbc `s wcii `s w`rcafusc odlr`struhturc `dghrcgot l`hoiotocs a`vc brc`tiy acipcg ifhì l`rncrs fetòd ecttcr prohcs lfr tacor nòzc.

@dftacr fptofd wfuig ec tf hfdsogcr scttodb up ` suercbofdì hfnnfgotocs cxha`dbc od tacBrc`tcr Nckfdb Xuercbofd (BNX). Wac BNX a`s tac pftcdtoì lfr cda`dhcg rohc cxpfrt tarfubatac gcvcifpncdt fl tac odtcrhfudtry rohc vìuc haòd dctwfrk. Wac BNX os hurrcdtiy onprfvodbtac tr`gc l`hoiot`tofd scrvohcs `dg odlr`struhturc fl tac dctwfrk. Odvcstncdts fd ifbostohsodlr`struhturc `t tac sa`rcg chfdfnoh `dg tr`gc hfrrogfrs hfuig ec ùbncdtcg. Odlfrn`tofdhfnnudoh`tofd tchadfifby-e`scg n`rkct odlfrn`tofd `dg h`p`hoty euoigodb lfr l`rncrs od usodb

tac cxha`dbc pi`tlfrns hfuig ìsf ec odtcbrì `spchts lfr gcvcifpodb tac suercbofd‟s rohc vìuchaòd dctwfrk.

Wac `gv`dt`bcs fl tr`godb rohc fd ` gfncstoh hfnnfgotocs cxha`dbc `rc `s lfiifws:(o) Ol tac gfncstoh hfnnfgotocs cxha`dbc fllcrs tr`godb fd ` spft fr h`sa e`sos,

l`rncrs h`d scii tacor prfguhc gorchtiy fd tac ifhì cxha`dbc r`tacr ta`d bftarfuba ` noggic pcrsfd tf lodg ` euycr lfr tacor rohc. Waos woii cdèic tacn tffetòd ` ecttcr prohc lfr tacor prfguhc.

(oo) Wr`godb rohc fd tac gfncstoh hfnnfgotocs cxha`dbc woii ic`g tf ecttcr prohcgoshfvcry.

(ooo) Ol tac gfncstoh hfnnfgotocs cxha`dbc fllcrs rohc luturcs, l`rncrs hfuig usc tacpi`tlfrn lfr acgbodb tacor rohc prfguhc `dg ifhk od ` nodonun prohc lfr gciovcry `t

` luturc g`tc.(ov) Wac gfncstoh hfnnfgotocs cxha`dbc hfuig sct up w`rcafusc l`hoiotocs `dg `

w`rcafusc rchcopt systcn, waoha prfvogc licxoeoioty lfr l`rncrs tf scii tacor rohcwacd tacy h`d bct ecttcr prohcs. Wac w`rcafusc rchcopt wfuig ìsf acip l`rncrsfetòd hrcgot `bòdst tacor prfguhc lrfn e`dks `dg ftacr odstotutofds sodhc tacrchcopts `rc tr`gèic.

(v) Ol tac l`rncrs wcrc dft tf usc tac ifhì hfnnfgotocs cxha`dbc `dg scii rohc tf èuycr, tacy n`y cdhfudtcr `d ossuc wacrc tac euycr n`y lòi tf t`kc gciovcry frdft p`y tac prohc `brccg upfd. Afwcvcr, ol tac sìc os gfdc fd tac cxha`dbc, tac



Hfnnfgotocs Cxha`dbc: Fptofds lfr @ggrcssodb ]rohc Uosk `dg ]rohc \fi`toioty od Uohc | ?

i`ttcr wfuig bu`r`dtcc tac tr`ds`htofd `dg p`y tac prohc `t waoha tac sìc w`spcrlfrncg fd tac cxha`dbc pi`tlfrn.

Wac gfncstoh hfnnfgotocs cxha`dbc, tacrclfrc, dft fdiy prfvogcs ` pi`tlfrn lfr tr`godb `dgprohc goshfvcry eut ìsf prfvogcs tac hfnpictc ifbostohs systcn ta`t os rcquorcg ey l`rncrs tfn`rkct tacor hrfp. Wac ifbostohs systcn odhiugcs w`rcafusc l`hoiotocs, w`rcafusc rchcopts,

`ss`yodb fl quìoty fl rohc, prohc gosscnod`tofd, `dg tac odlr`struhturc tf fetòd hrcgot lfr tacorprfguhc, `s wcii `s cguh`tofdì suppfrt lfr l`rncrs `dg ` bu`r`dtcc lfr tr`ds`htofds cxchutcg.Acdhc, cvcd ol l`rncrs gchogc dft tf usc tac gfncstoh hfnnfgotocs cxha`dbc lfr sciiodb fracgbodb tacor prfguhc, tacy hfuig stoii ecdclot lrfn tac ifbostohs systcn put od pi`hc ey taccxha`dbc.

<. Xw`p Odstruncdts `dg Lfrw`rg Hfdtr`hts

<.0 Xw`p Wr`ds`htofd

@dftacr fptofd lfr ` l`rncr os tarfuba ` sw`p hfdtr`ht. Waos os ` eoi`tcrì `brccncdt ectwccdtwf p`rtocs tf lox ` prohc lfr ` hfnnfgoty fvcr sfnc luturc tonc pcrofg. @ lif`todb prohc os tauscxha`dbcg (o.c., sw`ppcg) lfr ` loxcg prohc ectwccd tac euycr `dg tac sciicr fl ` hfnnfgoty.Xw`ps `rc ecdhan`rkcg `bòdst ` luturcs prohc. @ l`rncr hfuig cdtcr odtf ` sw`p tr`ds`htofd tffetòd ` loxcg prohc lfr aos fr acr prfguhc. @d cx`npic fl afw ` sw`p os udgcrt`kcd os `slfiifws:

@ rohc l`rncr (o.c., sw`p sciicr) wfuig iokc tf rchcovc ` loxcg prohc fl $5== pcr tfd lfr tacprfguhtofd ac os cxpchtodb <= g`ys od tac luturc. Wac lif`todb prohc os e`scg fd tac hifsodbprohc fl tac HEFW luturcs n`rkct. Wac l`rncr cdtcrs odtf tac sw`p tf rchcovc ` loxcg prohcfl $5== pcr tfd. Fd tac sctticncdt g`y, tac prohc fl HEFW rohc luturcs lfr tac cxporodbhfdtr`ht nfdta os $0?= pcr tfd. Wac sw`p euycr p`ys tac l`rncr tac gollcrcdhc ectwccd tac

loxcg prohc (o.c., $5==) `dg tac HEFW luturcs prohc (o.c., $0?=), waoha os $0= pcr tfd. Wacl`rncr sciis tac prfguhc od tac h`sa n`rkct lfr $0?= (`s tac luturcs prohcs fl tachfnnfgotocs tr`gcg fd tac cxha`dbc dfrnìiy hfdvcrbc wota h`sa n`rkct prohcs) `dg a`staus loxcg aos prfguhtofd vìuc `t $5== pcr tfd.

Xcvcrì hfdhcrds, afwcvcr, dccg tf ec `ggrcsscg wota rcspcht tf sw`p tr`ds`htofds:(o) Uosk fl hfudtcrp`rty gclùit. Ol tac sw`p euycr lòis tf n`kc p`yncdt `s pcr

tac loxcg prohc `brccg, tac sw`p sciicr (o.c., l`rncr) h`d ifsc nfdcy ol tac prohc odtac luturcs n`rkct os ifwcr ta`d tac loxcg prohc. Wf saocig tac l`rncr lrfn tac roskfl hfudtcrp`rty gclùit, ` hcdtrì hfudtcrp`rty wfuig ec rcquorcg tf prfvogc `bu`r`dtcc ncha`dosn lfr tac sw`p tr`ds`htofd. Ot n`y ec gollohuit tf lodg suha `dcdtoty (c.b., ` e`dk fr lod`dhoì odstotutofd) tf bu`r`dtcc tac sw`p tr`ds`htofd. Wac

fdiy ftacr fptofd os lfr tac rcbofdì hfnnfgotocs cxha`dbc fr gfncstohhfnnfgotocs cxha`dbc tf `ht `s ` hcdtrì hfudtcrp`rty `dg prfvogc tacbu`r`dtcc ncha`dosn tf efta tac euycr `dg tac sciicr fl tac sw`p.

(oo) Luturcs prohc rcquorcg lfr sw`p tr`ds`htofd. Xodhc sw`p tr`ds`htofds `rcecdhan`rkcg `bòdst ` luturcs prohc, ot os csscdtoì tf a`vc `d cxostodb rohcluturcs hfdtr`ht prohc `bòdst waoha tac sw`p tr`ds`htofd n`y ec sctticg.Afwcvcr, od tac èscdhc fl ` suhhcsslui rohc luturcs hfdtr`ht tr`gcg od tac

@XC@D rcbofd, ot n`y dft ec pfssoeic tf usc sw`ps.



0= | @GE Xustòdèic Gcvcifpncdt Rfrkodb ]`pcr Xcrocs Df. 53

Lfr tacsc rc`sfds, tac sw`p tr`ds`htofd n`y taus dft wfrk.

<.5 Lfrw`rg Hfdtr`hts

@ lfrw`rg hfdtr`ht os ` eoi`tcrì `brccncdt ectwccd tac sciicr `dg tac euycr tf lox ` prohc lfr `spcholocg br`gc `dg tac qu`dtoty fl ` hfnnfgoty lfr gciovcry `t `d `brccg g`tc od tac luturc.

Wafuba tac rosk fl hfudtcrp`rty gclùit os dft cionod`tcg ey tac usc fl lfrw`rg hfdtr`hts, udicss` bu`r`dtcc ncha`dosn os od pi`hc, tacsc hfdtr`hts gf dft rcquorc ` luturcs prohc lfr sctticncdt.

Xuha lfrw`rg hfdtr`hts hfuig ec ecdclohoì tf ` rohc-onpfrtodb hfudtry tf fetòd ` bu`r`dtccgsuppiy fl rohc lrfn ` rohc-cxpfrtodb hfudtry. Efta tac rohc-onpfrtodb `dg rohc-cxpfrtodb hfudtrocshfuig cdtcr odtf ` lfrw`rg hfdtr`ht `brccncdt, wacrcey tac rohc-cxpfrtodb hfudtry `brccs tfgciovcr `d `brccg qu`dtoty fl ` spcholoh br`gc fl rohc, `t ` loxcg prohc, tf ` rohc-onpfrtodb hfudtry,`dg fd tac g`tc fl gciovcry spcholocg od tac lfrw`rg hfdtr`ht. Sdgcr tac lfrw`rg hfdtr`ht`brccncdt, efta hfudtrocs `rc efudg ey tac tcrns fl tac lfrw`rg hfdtr`ht. Ol fdc fl tac p`rtocstf tac lfrw`rg hfdtr`ht lòis tf ncct ots hfnnotncdt, tac gclùitodb p`rty wfuig dccg tf n`kcbffg tac ifss (o.c., tac gollcrcdhc ectwccd tac prcvòiodb n`rkct prohc fl rohc `dg tac loxcg prohc`s pcr tac lfrw`rg hfdtr`ht) tf tac ftacr p`rty.

Odtcrd`tofdì hfnncrhoì e`dks hfuig `gnodostcr taos `rr`dbcncdt. Acdhc, ol ` lfrw`rg hfdtr`ht`rr`dbcncdt e`hkcg ey ` bu`r`dtcc ncha`dosn tf tac dfd-gclùitodb p`rty os od pi`hc, tacrcwfuig ec vcry iottic nftov`tofd lfr cotacr tac rohc-onpfrtodb fr rohc-cxpfrtodb hfudtry tf rcdcbc fdtac `brccncdt.

2. Ftacr Euoigodb Eifhks lfr Xuhhcsslui Uohc Wr`godb

2.0 R`rcafusc Uchcopt Xystcn `dg Lod`dhc

@ hrotohì cicncdt lfr tr`godb rohc fd ` hfnnfgotocs cxha`dbc os ` rfeust w`rcafusc rchcoptsystcn, wacrc tac odtcbroty fl tac systcn os dft hfnprfnoscg ey tac quìoty `dg qu`dtoty fl rohcstfrcg od tac w`rcafusc. @ w`rcafusc rchcopt systcn ìifws p`rtohop`dts tf gcpfsot ` st`tcgqu`dtoty fl ` spcholocg quìoty fl ` hfnnfgoty odtf ` w`rcafusc. @ rchcopt os ossucg tf tac fwdcr`s cvogcdhc fl ifh`tofd, fwdcrsaop, quìoty, `dg qu`dtoty fl tac bròds stfrcg. Wac rchcopt os `dcbftoèic odstruncdt ta`t h`d ec sfig fr uscg `s hfii`tcrì lfr ` if`d, e`hkcg ey tac hiòn tftac hfnnfgoty acig od tac w`rcafusc.

R`rcafusc rchcopts l`hoiot`tc rosk n`d`bcncdt od tarcc nòd w`ys. Lorst, tacy bovc p`rtohop`dtsecttcr `hhcss tf lfrnì hrcgot n`rkcts ey prfvogodb rcioèic, vcroloèic hfii`tcrì lfr if`ds tfnotob`tc tac hfdscqucdhcs fl safhks suha `s d`turì hì`notocs. Xchfdg, ` w`rcafusc rchcoptsystcn l`hoiot`tcs prov`tc stfr`bc, bovodb l`rncrs tac licxoeoioty tf n`rkct tacor hrfp `t gollcrcdttoncs fl tac yc`r, r`tacr ta`d strohtiy `t a`rvcst wacd prohcs `rc usuìiy tac ifwcst. Waosgovcrsoloh`tofd fl sìcs `hrfss tonc acips n`d`bc rosk `dg, wacd wogciy `gfptcg, h`d ìsf aciprcguhc sc`sfdì prohc v`roèoioty. Waorg, ` wcii-struhturcg `dg rcioèic w`rcafusc rchcopt systcnbcdcrìiy n`kcs lffg n`rkctodb nfrc cllohocdt ey `htodb `s ` hic`rodbafusc ta`t cdlfrhcsfwdcrsaop hiòns `dg h`d ec `d onp`rtoì taorg p`rty ta`t bu`r`dtccs pcrlfrn`dhc fd hfdtr`hts.

@s tac w`rcafusc rchcopt os ` tr`gèic gfhuncdt e`hkcg ey tac icbì `dg rcbui`tfry systcn fltac rcspchtovc hfudtry, tac hfnnfgotocs cxha`dbc h`d rciy fd tac w`rcafusc rchcopt tf cllchtgciovcry fl rohc `s pcr tac quìoty, qu`dtoty, `dg fwdcrsaop spcholocg fd tac rchcopt. Wac




w`rcafusc rchcopt os dfrnìiy `hhfnp`docg ey ` hcrtoloh`tc lrfn tac `ss`ycr hcrtolyodb tacquìoty fl tac bròd.

@d cx`npic fl tac suhhcsslui onpicncdt`tofd fl ` w`rcafusc systcn od ` gcvcifpodb hfudtry osod Ctaofpo`. Wac Ctaofpo`d Hfnnfgoty Cxha`dbc a`s cstèiosacg 33 rcbofdì w`rcafuscs od 02rcbofds fl tac hfudtry lfr stfrodb tr`gcg hfnnfgotocs suha `s hfllcc, scs`nc, pc` ec`ds, `dg

nòzc. Od ` safrt pcrofg fl 8 yc`rs, tac w`rcafuscs a`vc a`dgicg 53=,=== tfds fl prfguhc `dgcllchtcg 7.2 noiiofd e`bs fl gciovcrocs fd tac cxha`dbc.

2.5 H`p`hoty Euo igodb fl N`rkct ] rto hop`dts

@dftacr csscdtoì cicncdt fl suhhcsslui rohc tr`godb od ` hfnnfgotocs cxha`dbc os tac èoioty fltac cxha`dbc `dg ftacr odstotutofds tf onp`rt cguh`tofd tf n`rkct pi`ycrs. Cguh`tofdì `dgtròdodb prfbr`ns fr h`npòbds hfuig hfvcr tfpohs suha `s afw tf tr`gc fd `d cxha`dbc; afwtf tr`gc luturcs, fptofds, `dg sw`ps; afw tf usc tacsc odstruncdts tf bct ` nodonun (o.c., liffr)prohc; afw tf usc prohc trcdgs lfr luturc prohodb; afw tf `hhcss hrcgot; wa`t `rc tac ecdclots flacgbodb; `dg wa`t os hfudtcrp`rty rosk.

Wypohìiy, hfnnfgotocs cxha`dbcs fr bfvcrdncdt `bcdhocs hfuig hfdguht suha prfbr`ns lfr `wogc v`rocty fl n`rkct p`rtohop`dts, odhiugodb prfguhcrs, cdg-uscrs, `dg cvcd lod`dhoì odvcstfrs.Fdc suha prfbr`n rud ey ` hfnnfgotocs cxha`dbc os od tac ]cfpic‟s Ucpueioh fl Haod` (Efx 5).

Efx 5: 0,=== \oii`bcs, 0=,=== L`rncrs‟ Cguh`tofd ]rfbr`n

Wac Gìo`d Hfnnfgoty Cxha`dbc, e`scg od Gìo`d, ]cfpic‟s Ucpueioh fl Haod`, odoto`tcg ` systcn`tohprfbr`n fl tròdodb lfr l`rncrs hìicg ’’0,=== \oii`bcs, 0=,=== L`rncrs. Od hffpcr`tofd wota tachfdhcrdcg gcp`rtncdts `dg `bcdhocs fl tac ifhì bfvcrdncdt, ` scrocs fl horhuot tròdodb scnod`rswcrc hfdguhtcg. Gurodb 5==3‘5==<, fvcr 8== tròdodb scnod`rs wcrc acig. Wacsc tròdcg nfrc ta`d8=,=== pcfpic, hfvcrodb 77 hotocs `dg hfudty gostrohts `hrfss 8 prfvodhcs `dg 0 gostroht od tac dfrtac`strcbofd. Wròdccs odhiugcg n`jfr brfwcrs, voii`bc `bcdts, br`ssrffts voii`bc h`grcs, `dg h`sa n`rkct

cdtcrproscs.

Wac prfbr`n hfvcrcg tfpohs fd afw tf usc h`sa `dg luturcs n`rkct odlfrn`tofd, odlfrn`tofd fdsfyec`d `dg hfrd n`rkcts, `dg afw tf acgbc tac paysohì prfguhc fl l`rncrs usodb tac luturcsn`rkct.

2.8 ]rohc Gosscnod`tofd

@ taorg cicncdt ta`t os cquìiy hrotohì lfr hfnnfgotocs cxha`dbcs `dg lfr n`d`bodb prohc rosk osrcì tonc (fr dc`r rcì tonc) prohc gosscnod`tofd tf l`rncrs. Cxha`dbcs, bfvcrdncdt `bcdhocs,`dg tac prov`tc schtfr h`d pi`y ` n`jfr rfic od gosscnod`todb prohcs `dg ftacr rohc prfguhtofdg`t` wogciy `dg n`kodb tacsc c`soiy `vòièic tf n`rkct p`rtohop`dts tarfuba v`rofus ha`ddcissuha `s tac tcicvosofd, r`gof, odtcrdct, cxha`dbc wcesotcs, safrt ncss`bc scrvohc, `dgcichtrfdoh tohkcr ef`rgs ta`t gospi`y prohcs `t str`tcboh ifh`tofds. Wr`dsp`rcdt `dg c`soiy`vòièic g`t` woii `ttr`ht nfrc p`rtohop`dts tf tr`gc fd tac cxha`dbc `dg tf ìsf usc tac prohcsgoshfvcrcg fd tac cxha`dbc `s ` prohc ecdhan`rk. Wac prohc trcdgs cn`d`todb lrfn taccxha`dbc wfuig prfvogc cllchtovc sobdìiodb lfr prfguhtofd, purha`sodb, `dg odvcstncdtgchosofds.




Od `ggotofd tf prohc odlfrn`tofd, ìi rcicv`dt g`t` pcrtòdodb tf rohc prfguhtofd od tac rcbofd `dgbifeìiy, `s wcii `s stfhks acig od tac hfudtry `dg prohc sobdì trcdgs, n`y ìsf ec n`gc`vòièic tf tac l`rncrs fd ` rcbui`r e`sos.

Wac hfnnfgotocs cxha`dbcs od Gìo`d `s wcii `s od Ctaofpo` gcnfdstr`tc tac usc fl odlfrn`tofd`dg hfnnudoh`tofds tchadfifby tf n`kc prohcs `dg n`rkct odlfrn`tofd wogciy `vòièic tf

st`kcafigcrs. Sp-tf-g`tc odlfrn`tofd a`s acipcg tac brfwta fl tr`godb vfiuncs od Ctaofpo` `dgsuppfrtcg l`rncrs od tac ]cfpic's Ucpueioh fl Haod` tf gchogc wa`t hrfps tf pi`dt (Efx 8).

1. Ufic fl Xt`kcafigcrs od Uohc Wr`godb1.0 Bfvcrdncdts

Wac bfvcrdncdts fl tac @XC@D ncnecr hfudtrocs pi`y ` votì rfic od prfvogodb tac euoigodbeifhks lfr rohc tr`godb. Cvcd ol ` bfvcrdncdt gfcs dft wosa tf euoig tac paysohì odlr`struhturc, oth`d hrc`tc tac pfiohy lr`ncwfrk `dg odvcstncdt cdvorfdncdt tf bct tac prov`tc schtfr odvfivcgod euoigodb tac suppfrt systcn. Wacsc euoigodb eifhks odhiugc (o) odlr`struhturc gcvcifpncdt, (oo)

Efx 8: Cxha`dbcs `dg ]rohc Odlfrn`tofd Gosscnod`tofd

Wac Ctaofpo`d Hfnnfgoty Cxha`dbc `haocvcg `d odlfrn`tofd cxpifsofd usodb cichtrfdoh tohkcrs, `wcesotc, ncss`bcs fd rcbostcrcg nfeoic pafdcs, `dg tfii-lrcc hìi dunecrs lfr prfvogodb prohcodlfrn`tofd tf l`rncrs, tr`gcrs, `dg ftacr uscrs. Ot a`s fvcr 1= cichtrfdoh tohkcrs sprc`g `hrfssCtaofpo`, hfvcrodb ìi tac tr`gc hcdtcrs lfr prohc gosscnod`tofd. Ot rchcovcs fvcr 0 noiiofd hìis pcrnfdta lfr prohc odlfrn`tofd.

Rota suha tr`dsp`rcdt `dg cllohocdt odlfrn`tofd systcn od pi`hc, tac tr`godb vfiuncs fd tac cxha`dbc

a`vc rcbostcrcg pacdfncdì brfwta, lrfn 081,=== tfds od 5==1‘5==? tf 3=1,=== tfds od 5=0=‘5=00.

Wac Gìo`d Hfnnfgoty Cxha`dbc gosscnod`tcs h`sa `s wcii `s luturcs n`rkct odlfrn`tofd lrcc flha`rbc tf prfguhcrs, voii`bc frb`doz`tofds, `dg cdtcrproscs ta`t `rc `htovc od hfnnfgoty suppiyhaòds od tac nòd prfguhodb rcbofds od tac ]cfpic‟s Ucpueioh fl Haod`. Wac cxha`dbc ìsf rchcovcs`dg gostroeutcs n`rkct odlfrn`tofd fd sfyec`d `dg hfrd lrfn ` dunecr fl bfvcrdncdt `dg prov`tcodlfrn`tofd scrvohc `bcdhocs, odhiugodb tac D`tofdì Bròd `dg Fois Odlfrn`tofd Hcdtrc `dg tac ]rohcNfdotfrodb Hcdtrc fl tac D`tofdì Gcvcifpncdt `dg Uclfrn Hfnnossofd. @ r`dbc fl futicts `rcuscg: tcicvosofd, r`gof, dcwsp`pcrs, wcesotcs, `dg tac cxha`dbc‟s fwd pueioh`tofd, Odlfrn`tofdRcckiy.

Wac Gìo`d Hfnnfgoty Cxha`dbc hfiièfr`tcs wota twf odlfrn`tofd p`rtdcrs, Haod` Xfyec`d Dct `dgHaod` Hfrd Dct, tf prfvogc tcicpafdc hfdsuit`tofds lrcc fl ha`rbc tf l`rncrs, 57 afurs ` g`y. @dìysts `t tacsc twf frb`doz`tofds ncct cvcry nfrdodb tf `sscss tac n`rkct sotu`tofd `dg rc`ha

hfdscdsus fd onpfrt`dt odlfrn`tofd ta`t n`rkct p`rtohop`dts nobat rcquorc gurodb tac g`y. Od N`y5==2, fvcr 0==,=== lrcc tcicpafdc hfdsuit`tofds wcrc prfvogcg tf l`rncrs. Xafrt ncss`bc scrvohc(XNX) os `dftacr onpfrt`dt ha`ddci. Gurodb 5==<, 70=,=== XNX ncss`bcs wcrc scdt hfdtòdodbn`rkct odlfrn`tofd upg`tcs.

Gurodb tac sprodb pi`dtodb sc`sfd od 5==<, ifhì l`rncrs od tac hoty fl Aòiud od Acoifdbjo`db ]rfvodhcwcrc l`hcg wota gchiododb sfyec`d prohcs, `dg wcrc udhcrtòd èfut waoha hrfp tf pi`dt. Ssodb taccxha`dbc‟s prohc odlfrn`tofd, tac l`rncrs h`nc tf udgcrst`dg ta`t pi`dtodb hfrd odstc`g fl sfyec`dwfuig odhrc`sc rcturds.




gosscnod`tofd fl g`t` ta`t `llcht prohodb fl rohc, (ooo) h`p`hoty euoigodb fl n`rkct p`rtohop`dts, `dg(ov) suppfrtovc bfvcrdncdt pfiohocs.

Odlr`struhturc gcvcifpncdt. Bfvcrdncdts od tac tfp rohc-cxpfrtodb `dg tfp rohc-prfguhodbhfudtrocs h`d prfvogc odhcdtovcs tf tac prov`tc schtfr (c.b., pueioh‘prov`tc p`rtdcrsaop shacncs)tf euoig w`rcafuscs `t str`tcboh pi`hcs wotaod tac hfudtry wota prfxonoty tf pfrts fr l`rni`dgs. Od

`ggotofd, tac bfvcrdncdt hfuig prfvogc tac dchcss`ry icbì lr`ncwfrk lfr tac odtrfguhtofd `dgusc fl ` w`rcafusc rchcopt systcn. Wac stfr`bc fl bffgs od ` w`rcafusc e`hkcg ey `w`rcafusc rchcopt systcn woii brc`tiy ecdclot l`rncrs `dg cdg-uscrs. Od `ggotofd, tac cdtotocsscttodb up `dg n`d`bodb suha w`rcafuscs h`d lurtacr cxp`dg tacor `htovotocs ey prfvogodb`ss`yodb (o.c., quìoty hcrtoloh`tofd) scrvohcs lfr tac bffgs stfrcg od tac w`rcafuscs `dgtr`dspfrt `dg ifbostohì suppfrt lfr erodbodb bffgs lrfn tac l`rn tf tac w`rcafuscs fr tf tacpfrts lfr cxpfrt.

Gosscnod`tofd fl g`t` ta`t `llcht rohc prohodb. Bfvcrdncdts h`d pi`y ` rfic od tac hfii`tofd,pueioh`tofd, `dg gosscnod`tofd fl rohc prohcs `dg prfguhtofd odlfrn`tofd tf n`rkct p`rtohop`dts,waoha hfuig n`d`bc prohc rosk `dg notob`tc prohc vfi`toioty. @s sccd lrfn tac cxpcrocdhc od tac]cfpic‟s Ucpueioh Haod`, tac gosscnod`tofd fl prohcs `dg prfguhtofd g`t` od ifhì `dg wfrig

n`rkcts cdèicg l`rncrs tf rcìozc n`xonun yocig lfr tacor hrfps. Xonoi`riy, suehfdtr`ht`rr`dbcncdts fr pueioh‘prov`tc p`rtdcrsaop v`ro`dts h`d ec cnpifycg lfr tac cdb`bcncdt flprov`tc fr rcsc`rha odstotutofds tf prfvogc n`rkct odlfrn`tofd.

Wac Sdotcg Xt`tcs Gcp`rtncdt fl @brohuiturc pi`ys ` votì rfic od tac hfiichtofd, pueioh`tofd, `dggostroeutofd fl g`t` lfr rohc `dg ftacr `brohuiturì prfguhts. @ sonoi`r d`tofdì `bcdhy od c`ha fltac rohc prfguhodb hfudtrocs fr ` hcdtrì rcbofdì `bcdhy, odhiugodb tac @LXUE, hfuig pi`y ` rficsonoi`r tf tac gcp`rtncdt. Xuha `d `bcdhy hfuig ìsf sct up ` acipiodc tf prfvogc buog`dhc tfl`rncrs fd waoha hrfp tf pi`dt, br`gc fl rohc tf ec pi`dtcg tf fetòd aobacr yocigs, `dg `dy ftacrsuppfrt dccgcg ey l`rncrs lfr rohc prfguhtofd (c.b., dcw tchadoqucs, pcst rcsost`dt br`gcs, frlcrtoiozcrs tf ec uscg).

H`p`hoty euoigodb fl n`rkct p`rtohop`dts. @s ncdtofdcg od Xchtofd <.5, h`p`hoty euoigodbtarfuba tac cguh`tofd fl n`rkct p`rtohop`dts os `d csscdtoì euoigodb eifhk lfr suhhcsslui rohctr`godb od hfnnfgotocs cxha`dbcs. @bòd, tac bfvcrdncdt `dg ots `bcdhocs, prov`tc cdtotocs, frpueioh‘prov`tc p`rtdcrsaops hfuig ec cdb`bcg od taos prfhcss fl h`p`hoty euoigodb.

Xuppfrtovc bfvcrdncdt pfiohocs. Bfvcrdncdt pfiohocs suha `s lrcczodb cxpfrts tf stèoiozcifhì prohcs, prfvogodb odhcdtovcs tf cxpfrts (`t tac tonc fl surpius prfguhtofd), icvyodb aobat`xcs fd cxpfrts (`t tac tonc fl gclohot prfguhtofd), `dg br`dtodb odhcdtovcs fd onpfrts (`t tactonc fl gclohot prfguhtofd) hùsc prohc vfi`toioty `s wcii `s gollohuitocs lfr tr`gcrs od gclododb voèiceusodcss pi`ds lfr tac cxpfrt `dg onpfrt fl `brohuiturì hfnnfgotocs. @isf, ot os dft udhfnnfdlfr bfvcrdncdts tf e`d luturcs `dg fptofds tr`godb fd hfnnfgotocs wacd prohcs st`rt rosodb.

@ggotofdìiy, prohc suppfrt `dg odtcrlcrcdhc od n`rkct gostroeutofd `t tac ifhì icvci a`vc

g`npcdodb cllchts fd rohc tr`godb. Xuha bfvcrdncdt `htofds rcsuit od aobacr prohc vfi`toioty od`ggotofd tf tac vfi`toioty `rosodb fd `hhfudt fl gcn`dg‘suppiy `dg ftacr prfguhtofd rci`tcgl`htfrs.

@ stugy fd tac safrt-tcrn `dg ifdb-tcrn cllchts fl suha ifhìozcg `htofd hfuig ec hfdguhtcg ey`d @XC@D `bcdhy suha `s tac @LXUE `dg sa`rcg wota tac bfvcrdncdts od tac rcbofd, sf ta`todlfrncg `dg `pprfpro`tc pfiohy gchosofds `rc hfdsogcrcg.




1.5 ]rov`tc Xchtfr

Od gcvcifpodb hfudtrocs, tac p`rtohop`tofd fl prov`tc pi`ycrs od tac `brohuiturì tr`gc vìuc haòdos ifw. _ct sonoi`r tf tac bfvcrdncdt `dg ots `bcdhocs, tac prov`tc schtfr h`d pi`y ` hruhoì rficod gcvcifpodb tac odlr`struhturc lfr rohc tr`godb. Lfr cx`npic, odvcstncdts lfr hrc`todb

odlr`struhturc, suha `s w`rcafuscs, `rc h`potì-odtcdsovc. @isf, rcstrohtovc `dg odhfdsostcdtbfvcrdncdt pfiohocs goshfur`bc tac prov`tc schtfr lrfn n`kodb tac aubc odvcstncdts rcquorcgod suha prfjchts. Bfvcrdncdts hfuig prfvogc if`ds tf prov`tc schtfr cdtototcs `t hfdhcssofdìr`tcs; wota ifdbcr p`ye`hk pcrofgs, t`x afiog`ys, fr t`x hfdhcssofds; `dg scii i`dg lfr scttodb upw`rcafuscs `t ` hfdhcssofdì r`tc.

]rov`tc p`rtohop`dts h`d pi`y tac lfiifwodb rfics od tac `brohuiturc prfguhts vìuc haòd:(o) ]rov`tc pi`ycrs h`d pi`y tac rfic fl `bbrcb`tfrs `dg acgbc tac prohc rosk fd `

hfnnfgotocs cxha`dbc fd ecaìl fl tac l`rncrs, waoic `t tac s`nc tonc prfvogodb` nodonun prohc bu`r`dtcc tf tacn (Efx 7).

(oo) ]rov`tc pi`ycrs h`d ec cdhfur`bcg tf sct up w`rcafusc odlr`struhturc, waoha os `n`jfr safrthfnodb od @so`d hfudtrocs. Wacy hfuig ìsf prfvogc vìuc-`ggcg

scrvohcs suha `s `ss`yodb.(ooo) Xodhc tac prfguhc os stfrcg od tac w`rcafusc rud ey tacn, prov`tc pi`ycrs h`d

ìsf prfvogc hrcgot fr lod`dhc fptofds tf l`rncrs cotacr fd tacor fwd (`dg c`rd `gchcdt rosk-lrcc rcturd) fr od hfdjudhtofd wota e`dks `dg lod`dhc odstotutofds.

(ov) Wacy h`d sct up tr`dspfrt `dg ifbostohs eusodcsscs tf nfvc tac rohc lrfn tacl`rn tf tac w`rcafusc, pfrts, fr ftacr ifh`tofds.

(v) ]rov`tc pi`ycrs h`d pi`y ` n`jfr rfic od tac h`p`hoty euoigodb fl n`rkctp`rtohop`dts. Wacy h`d cguh`tc tac l`rncrs fd wa`t odstruncdts tf usc `dg udgcrwaoha horhunst`dhcs. Wacsc odstruncdts odhiugc odsur`dhc prfguhts, lod`dhodbprfguhts, gcrov`tovcs prfguhts, `dg fvcr-tac-hfudtcr odstruncdts.

(vo) ]rov`tc pi`ycrs h`d ìsf ec odvfivcg od prfguhodb rcsc`rha rcpfrts fd hrfps odtcrns fl prohc trcdgs `dg gcn`dg `dg suppiy gurodb tac a`rvcst `dg pfsta`rvcst

pcrofgs. Waos odlfrn`tofd hfuig tacd ec gosscnod`tcg tf l`rncrs gorchtiy frtarfuba bfvcrdncdt `bcdhocs `t ` prohc.

Efx 7: Ufic fl @bbrcb`tfrs

Od @so`, tac `rc` fl tac l`rni`dgs huitov`tcg ey nfst l`rncrs os vcry snìi. @isf, snìi l`rncrs gf dfta`vc tac cxpcrtosc tf tr`gc fr acgbc tacor rohc prfguhc fd ifhì, rcbofdì, fr bifeì cxha`dbcs. Cvcdol tacy wcrc tf tr`gc fd tac cstèiosacg cxha`dbcs, tac hfdtr`ht sozcs od tacsc cxha`dbcs `rc tffi`rbc lfr tacsc l`rncrs tf acgbc tacor prfguhc. Lurtacr, luturcs tr`godb dchcssot`tc p`yncdt fln`rk-tf-n`rkct n`rbods (o.c., ifsscs) fd ` gòiy e`sos, waoha wfuig ìsf ec hunecrsfnc lfr snìil`rncrs.

Acdhc, tacrc os ` dccg lfr `bbrcb`tfrs waf woii hfdsfiog`tc tac prfguhc fd ecaìl fl snìi l`rncrs

`dg acgbc fd hfnnfgotocs cxha`dbcs. Warfuba acgbodb, l`rncrs h`d fetòd ` nodonun prohc lfrtacor prfguhc, `dg od h`sc fl `d upsogc, tac prflots h`d ec gostroeutcg `nfdb tac l`rncrs.

Wac systcn fl `bbrcb`tfrs fr cicv`tfrs os prcvìcdt od Er`zoi, tac Sdotcg Xt`tcs, `dg n`dy ftacrhfudtrocs. ]rov`tc cdtotocs, l`rncrs, `brohuiturc hffpcr`tovcs, fr ` bfvcrdncdt `bcdhy hfuig pi`y tacrfic fl `bbrcb`tfrs.




1.8 @XC@D

@XC@D h`d pi`y ` erf`gcr rfic od pfiohy lfrn`tofd `dg str`tcboh buog`dhc tf tac bfvcrdncdts odtac rcbofd. Wac pfiohy `dg str`tcboh odputs hfuig ec rci`tcg tf pfiohy nc`surcs ta`t `rchfdguhovc tf odlr`struhturc odvcstncdts, suha `s scttodb up hfnnfgotocs cxha`dbcs `dg

w`rcafusc odlr`struhturc wotaod ` hfudtry, `dg cstèiosaodb rcbofdì `dg gfncstoh hfnnfgotocscxha`dbc pi`tlfrns lfr hfudtry-spcholoh rohc rcquorcncdts (onpfrts fr cxpfrts). @XC@D h`d ìsfpi`y ` n`jfr rfic od tac hfii`tofd, pueioh`tofd, `dg gostroeutofd fl rohc g`t` tf bfvcrdncdts `dggorchtiy tf l`rncrs.

Od `ggotofd, @XC@D h`d prfvogc buog`dhc `dg rcsfurhcs tf hfudtrocs i`hkodb tac tchadohìkdfw-afw lfr scttodb up tac dchcss`ry odlr`struhturc `dg tac icbì lr`ncwfrk (lfr ha`dbcs odi`ws) tf onpicncdt suha pfiohocs. @d onpfrt`dt `rc` lfr hfdsogcr`tofd ey @XC@D ncnecrhfudtrocs os `d cdèiodb i`w ta`t wfuig suppfrt tac tr`dslcr fl fwdcrsaop fl rohc tarfubaw`rcafusc rchcopts.

Sdgcr tac @XC@D e`ddcr, ` hfnnfd gfncstoh hfnnfgotocs cxha`dbc hfuig ec cstèiosacg lfr

tr`godb rohc lrfn H`nefgo`, Waòi`dg, `dg \oct D`n. Afwcvcr, bfvcrdncdt pfiohocs od tcrns flonpfrt `dg cxpfrt fl rohc `hrfss efrgcrs, `dg tac hurrcdhy od waoha tac rohc hfdtr`ht n`y ectr`gcg, wfuig dccg tf ec cx`nodcg.

@XC@D fr `d `bcdhy od @XC@D n`y ìsf try fut ` lfrw`rg hfdtr`ht `rr`dbcncdt ta`t h`dcdhfur`bc rohc-onpfrtodb hfudtrocs tf rcguhc scil-sullohocdhy od rcturd lfr ` hfnnotncdt lrfnrohc-cxpfrtodb hfudtrocs ta`t tacy woii dft udoi`tcrìiy e`d tac cxpfrt fl rohc. Wac hfudtrocs,onpfrtcr `dg cxpfrtcr, hfuig cdtcr odtf ` lfrw`rg hfdtr`ht hic`riy spcholyodb tac quìoty `dgqu`dtoty fl rohc, g`tc fl gciovcry, `dg tac prohc `t waoha tac rohc woii ec cxpfrtcg. Waos lfrw`rghfdtr`ht wfuig ec eodgodb fd efta hfudtrocs.

Xuha lfrw`rg hfdtr`hts hfuig ec `gnodostcrcg fr fvcrsccd ey odtcrd`tofdì hfnncrhoì e`dks

ta`t hfuig scrvc `s tac hcdtrì hfudtcrp`rty. Od h`sc fdc fl tac hfudtrocs lòis tf afdfr otsfeiob`tofd, taos p`rty hfuig stcp od tf cdsurc ta`t tac hfudtry waoha gog dft ncct ots hfnnotncdts`s pcr tac lfrw`rg hfdtr`ht, n`kcs bffg tac ifss (gollcrcdhc ectwccd prohc fl rohc od tacodtcrd`tofdì n`rkct icss tac prohc `brccg od tac lfrw`rg hfdtr`ht) tf tac dfdgclùitodb hfudtry.

Ol tac hfudtry ta`t onpfscs e`ds os rcquorcg tf n`kc bffg tac ifss lfr dft luiloiiodb otshfnnotncdts, bfvcrdncdts woii gcsost lrfn t`kodb suha udoi`tcrì gchosofds `s onpfsodb e`ds frrcstrohtofds. @t tac nodonun, cxpfrts fr onpfrts udgcr suha lfrw`rg hfdtr`hts woii dft hfncudgcr tac purvocw fl tac cxpfrt fr onpfrt e`d.

?. Uchfnncdg`tofds `dg @htofd ]fodtsLorst, rohc luturcs tr`godb wotaod tac @XC@D rcbofd os ìrc`gy pfssoeic tarfuba `d cxostodbrcbofdì hfnnfgotocs cxha`dbc. Wf l`hoiot`tc ots gcvcifpncdt, tac lfiifwodb nc`surcs wfuigdccg tf ec udgcrt`kcd:

(o) @d cxostodb odtcrd`tofdì hfnnfgotocs cxha`dbc od tac @XC@D rcbofd safuig ecogcdtolocg `s tac rcbofdì hfnnfgotocs cxha`dbc lfr tr`godb rohc prohc odgcxluturcs `dg fptofds. @ lc`soeoioty stugy wfuig ec dccgcg tf `shcrtòd tac stcps odots gcvcifpncdt. @XC@D h`d acip ey l`hoiot`todb tac hfiichtofd `dg gosscnod`tofd



0< | @GE Xustòdèic Gcvcifpncdt Rfrkodb ]`pcr Xcrocs Df. 53

fl odlfrn`tofd csscdtoì tf tac lc`soeoioty stugy, `dg scttodb up hfdsuit`tofds wotav`rofus st`kcafigcrs fd tacor dccgs ta`t hfuig ec nct ey rohc luturcs.

(oo) @ rcbofdì rohc odgcx, waoha os rcprcscdt`tovc fl tac nfst cxpfrtcg `dghfdsuncg br`gcs fl rohc, safuig ec gcvcifpcg. Luturcs `dg fptofds e`scg fdtac odgcx hfuig tacd ec tr`gcg fd tac rcbofdì hfnnfgotocs cxha`dbc.

(ooo) @ lurtacr stugy safuig ec hfdguhtcg tf `shcrtòd prohc hfrrci`tofds `nfdb

v`rofus br`gcs fl rohc tr`gcg od tac rcbofd.(ov) D`tofdì `bcdhocs `dg p`r`st`tìs safuig ec cdhfur`bcg tf tr`gc fd taos

odtcrd`tofdì hfnnfgotocs cxha`dbc. Wac p`r`st`tìs safuig `ht `s `bbrcb`tfrslfr tacor ifhì rohc prfguhtofd `dg acgbc tac rohc prohc rosk fd taos cxha`dbc usodbtac rcbofdì rohc odgcx, eut taos dccgs tf ec tonc-efudg wota hic`r buogciodcs `dgbrfudg ruics.

Xchfdg, hfudtrocs ta`t `rc n`jfr cxpfrtcrs fl pfpui`r br`gcs fl rohc safuig cstèiosa ` gfncstohhfnnfgotocs cxha`dbc `dg tr`gc tacor ifhì rohc br`gcs. Xcvcrì nc`surcs hfuig ec t`kcd odtaos rcb`rg:

(o) Bfvcrdncdts hfuig prfvogc tac odhcdtovcs tf prov`tc pi`ycrs tf sct up w`rcafuscodlr`struhturc suha `s tarfuba pueioh‘prov`tc p`rtdcrsaops. ]rov`tc cdtotocs `dg

l`rncr hffpcr`tovcs safuig ec cdhfur`bcg tf `ht `s `bbrcb`tfrs `dg tf cguh`tctac l`rncrs fd tac odstruncdts lfr acgbodb tacor prohc rosk `dg lfr fetòdodb hrcgotl`hoiotocs lfr tacor prfguhc.

(oo) @ rcbui`tfry lr`ncwfrk lfr tac cstèiosancdt fl ` w`rcafusc rchcopt systcnsafuig ec poiftcg od tac n`jfr rohc-prfguhodb hfudtrocs. Waos woii acip l`rncrsgchogc fd tac tonc tf scii tacor prfguhc `dg ìsf l`hoiot`tc lod`dhodb ey e`dks `dgftacr odstotutofds.

(ooo) Wac BNX a`s tac pftcdtoì lfr cda`dhcg rohc cxpfrt tarfuba tac gcvcifpncdt fl`d odtcrhfudtry rohc vìuc haòd dctwfrk. Wac BNX os hurrcdtiy onprfvodb otstr`gc l`hoiot`tofd scrvohcs `dg odlr`struhturc od taos dctwfrk, eut odvcstncdts fdifbostohs odlr`struhturc `t tac sa`rcg chfdfnoh `dg tr`gc hfrrogfrs safuig ecùbncdtcg. Waòi`dg `dg \oct D`n, lfr cx`npic, tfbctacr wota tacor rcspchtovc

noiiodb `dg tr`dspfrt schtfrs, hfuig onprfvc tacor gfncstoh hfnnfgotocscxha`dbcs wota tac cstèiosancdt fl w`rcafusc l`hoiotocs (e`hkcg ey w`rcafuscrchcopts systcns) od str`tcboh ifh`tofds ìfdb tac hfrrogfrs. H`nefgo`, tac I`f]cfpic‟s Gcnfhr`toh Ucpueioh, `dg Ny`dn`r hfuig odoto`tc cxha`dbc pi`tlfrnsta`t fllcr spft tr`godb od rohc. Odlfrn`tofd hfnnudoh`tofd tchadfifby-e`scgn`rkct odlfrn`tofd `dg h`p`hoty euoigodb lfr l`rncrs od usodb tac cxha`dbcpi`tlfrns hfuig ìsf ec odtcbrì `spchts lfr gcvcifpodb tac suercbofd‟s rohc vìuchaòd dctwfrk.

Waorg, @XC@D h`d pi`y ` n`jfr h`tìytoh rfic od gcvcifpodb tac hfnnfgotocs cxha`dbc `s `voèic fptofd lfr `ggrcssodb prohc rosk `dg prohc vfi`toioty od rohc od tac lfiifwodb w`ys:

(o) @s ` lorst stcp, ot wfuig ec usclui tf wfrk tfw`rg rcnfvodb tac udhcrtòdtocs `dg

`gvcrsc onp`ht fl udoi`tcrì tr`gc pfiohy rcstrohtofds. Od taos rcb`rg, @XC@Dsafuig ec cdhfur`bcg tf spc`rac`g tìks wota Odgo`, ]`kost`d, `dg ftacr n`jfr

@so`drohc-cxpfrtodb hfudtrocs tf goshuss hffrgod`tcg `dg hfacrcdt pfiohocs `s wcii `stac gos`gv`dt`bcs fl odtrfguhodb udoi`tcrì cxpfrt e`ds `dg ftacr onpfrt-rcstrohtodb nc`surcs. @ pfssoeic w`y lfrw`rg os tac cstèiosancdt fl ` rohcn`rkct odlr`struhturc gcvcifpncdt pi`d, waoha odhiugcs rcbofdì `dg gfncstohhfnnfgotocs cxha`dbcs, w`rcafusc systcns, `dg odlfrn`tofd systcns.




(oo) @XC@D n`y ìsf t`kc tac dchcss`ry stcps tfw`rg rohc st`dg`rgoz`tofd `dg tacgcvcifpncdt fl ` rcbofdì rohc odgcx.

(ooo) Wac gosscnod`tofd fl rohc prohcs `dg prfguhtofd g`t` fl ifhì `dg bifeì n`rkctstf l`rncrs `dg ftacr n`rkct p`rtohop`dts safuig ec gfdc tarfuba tac @XC@DLffg Xchuroty Odlfrn`tofd Xystcn, od hffrgod`tofd wota spchoìozcg rcbofdì rohcg`t` hcdtcrs suha `s L@F `dg tac Odtcrd`tofdì Uohc Ucsc`rha Odstotutc.

(ov) @XC@D safuig prfvogc ` systcn`toh ncha`dosn lfr tac rcbofdì hfdsuit`tofd flv`rofus st`kcafigcrs od tac rohc vìuc haòd. Ucbui`rozodb tac @XC@D Uohc Wr`gcLfrun `s ` pi`tlfrn lfr vcttodb ossucs `dg ogc`s os ` pfsotovc stcp tfw`rggcvcifpodb tac rcbofdì rohc vìuc haòd dctwfrk.

(v) Od tac ncgoun tcrn, tac rcbofd safuig gcvcifp `d @XC@D odvcstncdt pi`d tflfstcr tac brfwta fl ` rcbofdì rohc vìuc haòd hfrrogfr. Wac odvcstncdt pi`d n`yodhiugc shìodb up odlr`struhturc ta`t os csscdtoì lfr tac gcvcifpncdt fl `rcbofdì hfnnfgotocs cxha`dbc, tac cstèiosancdt fl ` suercbofdì hfnnfgotocscxha`dbc od tac BNX, n`rkct odlfrn`tofd `dg odtciiobcdhc suppfrt, `s wcii `sodstotutofdì suppfrt lfr tac h`p`hoty euoigodb fl l`rncrs. Wac pi`d hfuig ìsfodhiugc odvcstncdts lfr cda`dhodb rohc prfguhtofd `dg prfguhtovoty od tac rcbofd.Wac odvcstncdt pi`d h`d ec ` hfdhrctc rf`g n`p tfw`rg euttrcssodb tac

onpicncdt`tofd fl tac Xtr`tcboh ]i`d fl @htofd fd Lffg Xchuroty od tac @XC@DUcbofd.



Uclcrcdhcs

@dgcrsfd, K., X. Ja`, `dg @. Xtrutt. 5=05. Uc-cx`nododb ]fiohocs lfr Lffg Xchuroty od @so`. @GEChfdfnohs Rfrkodb ]`pcr Xcrocs. Df. 8=0. N`doi`: @so`d Gcvcifpncdt E`dk.

Hi`rctc, U. 5=05. @vfogodb Cxtrcnc Uohc ]rohc \fi`toioty `dg Onprfvodb Ucbofdì Uohc Wr`gc.]rcscdt`tofd `t tac Wchadohì Rfrksafp fd Uohc ]rohc \fi`toioty `dg Wr`gc. E`dbkfk. 5<∕52

J`du`ry.

G`d`, J., G. Ufare`ha, `dg J. Xyrfk . 5==2. Uosk N`d`bcncdt Wffis lfr Nì`wo Lffg Xchuroty.attp://sotcrcsfurhcs.wfrige`dk.frb/ODWHFNUOXN@D/Ucsfurhcs/nì`wo.pgl

Bèrc-N`gaod, C. 5=05. @ N`rkct lfr @egu: Hrc`todb ` Hfnnfgoty Cxha`dbc od Ctaofpo`. R`saodbtfd, GH: Odtcrd`tofdì Lffg ]fiohy Ucsc`rha Odstotutc.

A`noitfd, N. 5=05. @ ]fsotofd ]`pcr fd Rfrig Uohc Luturcs. Xuenottcg tf tac @so`d UohcLuturcs N`rkct‘Cxpcrt Rfrkodb Brfup Ncctodb, X. U`j`r`td`n Xhaffi fl Odtcrd`tofdì

Xtugocs Hcdtrc lfr Dfd-Wr`gotofdì Xchuroty Xtugocs, D`dy`db Wchadfifbohì Sdovcrsoty.Xodb`pfrc. 55∕58 N`rha.

Odtcrd`tofdì Uohc Ucsc`rha Odstotutc (OUUO). Rfrig Uohc Xt`tostohs.attp://orro.frb/odgcx.pap6fptofd> hfnVk5&vocw>otcn&og>00=0<&Otcnog>0==550&i`db>cd

NhKcdzoc, @. 5=05. ]rclc`soeoioty Xtugy fl `d @XC@D Uohc Luturcs N`rkct. @GE XustòdèicGcvcifpncdt Rfrkodb ]`pcr Xcrocs. Df. 0?. N`doi`: @so`d Gcvcifpncdt E`dk.

Wonncr, H. ]. 5=0=. Uclichtofds fd Lffg Hroscs ]`st. Lffg ]fiohy. 83 (0): 0‘00.

Sdotcg D`tofds Hfdlcrcdhc fd Wr`gc `dg Gcvcifpncdt. 5==2. Ucpfrt fl tac SDHW@G XtugyBrfup fd Cncrbodb Hfnnfgoty Cxha`dbcs: Gcvcifpncdt Onp`hts fl Hfnnfgoty LuturcsCxha`dbcs od Cncrbodb N`rkcts. attp://`rhaovc.udht`g.frb/schtofds/whnu/gfhs/h0cn88p=7Vcd.]GL6ehsoVsh`dV?<11e<82`7<3<1ge>=&ehsoVsh`dVloicd`nc>h0cn88p=7Vcd.]GL

Rfrig E`dk. 5==3. N`d`bodb Lffg ]rohc Uosks `dg Odstèoioty od `d Cdvorfdncdt fl N`rkctIoecrìoz`tofd. R`saodbtfd, GH.

http://irri.org/index.php?option=com_k2&view=item&id=11016&Itemid=100221&lang=en

http://irri.org/index.php?option=com_k2&view=item&id=11016&Itemid=100221&lang=en



Hfnnfgotocs Cxha`dbc: Fptofds lfr @ggrcssodb

]rohc Uosk dg ]rohc \fi`toioty od Uohc

Od taos p`pcr, Lr`nrfzc ]fha`r`, ` h`potì n`rkcts vctcr`d wota fvcr 53 yc`rs fl cxpcrocdhc od tacodgustry, t`kcs fll lrfn tac gollcrodb vocws fl twf prfnodcdt ùtafrotocs èfut rohc luturcs od tac@ssfho`tofd fl Xfutac`st D`tofds (@XC@D) `dg t`hkics v`rofus fptofds `t tac hfudtry `dg rcbofdì

icvcis tf lfstcr prohc goshfvcry `dg prohc rosk n`d`bcncdt. Ac prcscdts cx`npics fl hfudtrocssuhhcssluiiy usodb hfnnfgotocs cxha`dbcs `dg gollcrcdt acgbodb odstruncdts `dg pfsots ta`ttacrc os df rc`sfd way tacsc vcry s`nc odstruncdts h`ddft ec uscg od tac @XC@D rcbofd tfn`d`bc tac rosks fl rohc prohc vfi`toioty `dg acip `ggrcss lffg schuroty. Wac ncss`bc os ta`t tacrc`rc tffis ta`t h`d wfrk eut tacsc dccg tf ec tòifrcg tf ifhì hfdgotofds. Xt`kcafigcrs, odhiugodbtac pueioh `dg prov`tc schtfrs `dg @XC@D, dccg tf i`y gfwd tac csscdtoì odlr`struhturc ta`t h`dacip erodb od prohc stèoioty `dg ecttcr prohc rcìoz`tofd tf l`rncrs.

@efut tac @so`d Gcvcifpncdt E`dk

@GE‟s vosofd os `d @so` `dg ]`holoh rcbofd lrcc fl pfvcrty. Ots nossofd os tf acip ots gcvcifpodb

ncnecr hfudtrocs rcguhc pfvcrty `dg onprfvc tac quìoty fl iolc fl tacor pcfpic. Gcspotc tacrcbofd‟s n`dy suhhcsscs, ot rcnòds afnc tf twf-taorgs fl tac wfrig‟s pffr: 0.1 eoiiofd pcfpic wafiovc fd icss ta`d $5 ` g`y, wota ?=8 noiiofd strubbiodb fd icss ta`d $0.53 ` g`y. @GE os hfnnottcgtf rcguhodb pfvcrty tarfuba odhiusovc chfdfnoh brfwta, cdvorfdncdtìiy sustòdèic brfwta,`dg rcbofdì odtcbr`tofd.

E`scg od N`doi`, @GE os fwdcg ey <2 ncnecrs, odhiugodb 71 lrfn tac rcbofd. Ots nòdodstruncdts lfr acipodb ots gcvcifpodb ncnecr hfudtrocs `rc pfiohy goìfbuc, if`ds, cquotyodvcstncdts, bu`r`dtccs, br`dts, dg tchadohì ssost`dhc.

@so`d Gcvcifpncdt E`dk < @GE @vcduc, N`dgìuyfdb Hoty033= Nctrf N`doi`, ]aoioppodcswww.`ge.frb/pfvcrty]ueioh`tofd Xtfhk Df. R]X057?3?-8

commodities exchange: options for addressing price risk and price volatility in rice

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