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  • 7/30/2019 Innovative Financial Instrument - Final

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    L``a}itl}o Ml`i`klic

    L`{tzugo`t{

    ' ZL@[O FAB@ "99[FKKJ>9:,Goi`l`e am Ml`i`klic [oz}lko{

    Ml`i`klic [oz}lko{ l{ i tozg u{od ta zomoz ta tbo {oz}lko{ ~za}ldod j| tbo

    ml`i`ko gizhot. Ml`i`klic [oz}lko{ l{ ic{a tbo tozg u{od ta do{kzljo

    azei`lvitla`{ tbit doic ltb tbo gi`ieogo`t am ga`o|.

    Orig~co6 Ji`h{# l`}o{tgo`t ji`h{# l`{uzi`ko kag~i`lo{# kzodlt kizdkag~i`lo{ i`d {takh jzahozieo{.

    [KA^O AM ML@I@KLIC [OZ]LKO[6

    9,Tzidltla`ic [oz}lko{6 Tbo ml`i`klic l`tozgodlizlo{ bi}o joo` zo`dozl`ei ldo zi`eo am {oz}lko{ o`kag~i{{l`e jatb ki~ltic i`d ga`o| gizhot

    iktl}ltlo{. Tbo| ki` jo ezau~od u`doz ta boid{#

    i. Mu`d Ji{od [oz}lko{j. @a` Mu`d Ji{od [oz}lko{

    :,Gadoz` az `o ml`i`klic {oz}lko{.

    M_@D JI[OD [OZ]LKO[ T\^O[6

    9,_`dozzltl`e az l`}o{tgo`t l` {bizo{:,Tzoi{uz| Jlcc{;,Dl{kau`tl`e am Jlcc{4, L`}ac}ogo`t l` oyul~go`t coi{l`e# }o`tuzo ki~ltic?,Tozg Cai`{=,A}ozdzimt miklcltlo{

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    @A@'M_@D JI[OD [OZ]LKO[6

    Tbo{o izo ic{a kiccod i{moo ji{od {oz}lko{. Tbl{ {oz}lko dao{ `at

    l`}ac}o i bueo zl{h kag~izod ta tbo mu`d ji{od {oz}lko{. Jut zoyulzo{i cat am or~oztl{o.

    Orig~co{ am `a`'mu`d ji{od {oz}lko{ izo6

    9, L`}o{tgo`t ji`hl`e {oz}lko{

    :, Gozkbi`t Ji`hl`e iktl}ltlo{

    ;, L`{uzi`ko Ju{l`o{{

    4, ^zafokt kau`{ocl`e

    ?, Gozeoz{ - Igiceigitla`{

    =, Zobijlcltitla` am {lkh u`lt{.

    ^_Z^A[O AM L@@A]ITLA@

    9,KZODLT KA@TZAC6Kzodlt Ka`tzac l{ i` lg~azti`t taac u{od j| Zo{oz}o Ji`h am L`dli# ta

    ka`tzac tbo dogi`d i`d {u~~c| am ga`o| l` tbo oka`ag|. Lt l{ji{lkicc| u{od ta ikblo}o tbo ajfoktl}o am L`mcitla` az Domcitla` i`d

    ic{a u{od ta jaa{t tbo oka`ag|.

    :,CLY_LDLT\ GI@IEOGO@T6Iktl}ltlo{ ltbl` i ml`i`klic l`{tltutla` ta o`{uzo tbit bacdl`e{ am clyuld

    i{{ot{ "o.e. ki{b# ji`h do~a{lt{ i`d atboz ml`i`klic i{{ot{, izo

    {ummlklo`t ta lm tbo| micc duo ta u`or~oktod tzi`{iktla`{ az {a a`.

    ;,[ITL[M\L@E ATBOZ AJFOKTL]O[ CLHO ZOTIL@L@EGI@IEOGO@T KA@TZAC6 Tbl{ l{ `atbl`e jut ji{lkicc| u{od ta

    dotozgl`o az kag~izo tbo ~ozmazgi`ko ltb tbo ~zo'dotozgl`od

    {ti`dizd{# ~ci`{ az ajfoktl}o{. [a l` azdoz ta {itl{m| tbo ajfoktl}o#

    tbo ~ozmazgi`ko {baucd jo icga{t `oiz az i{ ta tbo {igo am tbo

    dotozgl`od {ti`dizd{.

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    4,TZOI[_Z\ GI@IEOGO@T6Tzoi{uz| gi`ieogo`t "az tzoi{uz| a~ozitla`{, l`kcudo{ gi`ieogo`t

    am i` o`toz~zl{o%{ bacdl`e{ ltb tbo uctlgito eaic am girlglvl`e tbomlzg%{ clyuldlt|.

    L@@A]ITL]O ML@I@KLIC L@[TZ_GO@T[

    UB\ L@@A]ITLA@[1

    Tokb`acae| l{ tihl`e ji`hl`e kca{oz ta ku{tagoz{# Lm ~ujclk {oktaz

    ji`h{ milc ta ittzikt |au`eoz ku{tagoz{# lt ki` {ca da` mutuzo

    ezatb.

    L@@A]ITL]O ML@I@KLIC L@[TZ_GO@T[6

    9,Tlgo [bizo6 Tlgo{bizo l{ i kagga` tozg tbit l{ u{od l` zoic o{titota do{kzljo i ~iztlkuciz t|~o am zoic o{tito a`oz{bl~. L` {bazt# tlgo

    {bizo l{ i t|~o am ~za~ozt| a`oz{bl~ t|~lkicc| zo{oz}od maz }ikitla`

    ~za~oztlo{. Lt akkuz{ bo` i guctltudo am a`oz{ bi}o i zlebt ta u{o

    tbo tlgo{bizo ~za~ozt| maz i {~oklmlod tlgo oikb |oiz.

    :,MKKJ 6 "Mazole` Kuzzo`k| Ka`}oztljco Ja`d{,

    i. MKKJ l{ i t|~o am ka`}oztljco ja`d l{{uod l` i kuzzo`k| dlmmozo`ttbi` tbo l{{uoz{ dago{tlk kuzzo`k|. MKKJ ic{a el}o{ tbo

    ja`dbacdoz tbo a~tla` ta ka`}ozt tbo ja`d l`ta {takh{.

    ;,Voza Kau~a` Ja`d6 I ja`d blkb ~i|{ `a kau~a`{# l{ {acd it i doo~dl{kau`t ta lt{ miko }icuo i`d gituzo{ it lt{ miko }icuo. I Voza kau~a`

    ja`d bi{ tbo lg~azti`t id}i`tieo am jol`e mzoo am zo'l`}o{tgo`t zl{h.

    Dzijikh l{ tbit6 Tbozo l{ `a a~~aztu`lt| ta o`fa| tbo zl{o l` gizhot

    l`tozo{t zito{.

    4,L`mzi{tzuktuzo Ja`d{6 Tbo{o izo tbo ja`d{ l{{uod j| tbo ~zl}ito{oktaz ltb tbo ~uz~a{o am ml`i`kl`e l`mzi{tzuktuzo ~zafokt{ am ~ujclk

    l`tozo{t.

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    Or6 Ubo` ja`d{ izo a`ko zocoi{od l` tbo gizhot# ~oa~co {uj{kzljo ta

    tbog i`d tbo ~zakood{ izo utlclvod ta ml`i`ko l`mzi{tzuktuzo ~zafokt{

    ikza{{ tbo `itla`.

    ?,Kaggozklic ^i~oz6 Kaggozklic ~i~oz{ izo ~zagl{{az| `ato{ tbitizo u`{okuzod i`d l{{uod j| kag~i`lo{ i`d ml`i`klic l`{tltutla`{.

    Kaggozklic ^i~oz{ |locd{ bleboz do`agl`itla`{ i{ kag~izod ta tbo

    Tzoi{uz| Jlcc{ i`d tbo Koztlmlkito am Do~a{lt. Tbo gituzlt| ~ozlad am

    Kaggozklic ^i~oz{ l{ i girlgug am < ga`tb{. Tbo{o {okuzltlo{ izo

    iktl}oc| tzidod l` {oka`diz| gizhot.

    =,Koztlmlkito am Do~a{lt6 I koztlmlkito az do~a{lt l{ i {bazt'tozgjazzal`e `ato# clho i ~zagl{{az| `ato# l` tbo mazg am i koztlmlkito. Lt

    o`ijco{ tbo joizoz ta zokol}o l`tozo{t. Tbo zotuz`{ izo bleboz jut

    o}o` zl{h l{ ic{a l`}ac}od. Tbo mu`d{ ki``at jo ltbdzi` a` dogi`d#

    jut lt ki` jo clyulditod a` ~i|go`t am i ~o`ict|.

    5,IDZ ! EDZ 6 "Igozlki` Do~a{ltaz| Zokol~t - Ecajic Do~a{ltaz|Zokol~t,

    i. Tbo{o izo tbo l`{tzugo`t{ l` tbo `ituzo am do~a{ltaz| zokol~t azkoztlmlkito{.

    j. Tbo{o l`{tzugo`t{ izo `oeatlijco i`d tbo| izo ~ujclkc| tzidod.k. IDZ izo cl{tod a` Igozlki` [takh Orkbi`eo i`d EDZ izo cl{tod

    a` Ecajic [takh Orkbi`eo atboz tbi` Igozlki` [takh Orkbi`eo.

    2,L`toz'Ji`h ^iztlkl~itla` 6i. LJ^ l{ l`toz'ji`h l`{tzugo`t ka`ml`od a`c| ta {kboducod

    kaggozklic ji`h{ orkcudl`e zoela`ic zuzic ji`h{.

    j. Tbo LJ^ ltb zl{h {bizl`e ki` jo l{{uod maz

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    @OU ML@I@KLIC [OZ]LKO[ AMMOZOD J\ JI@H[6

    9,Ml`i`klic Id}l{l`e6 Ku{tagoz{ bi}o i{hod maz ml`i`klic l`{tltutla`{maz id}lko# ~iztlkucizc| bo` lt kago{ ta {i}l`e{ i`d l`}o{tl`e am

    mu`d{. Maz tbl{# Ji`h{ bi}o kago ltb ldo zi`eo am ml`i`klic id}l{az|{oz}lko{ ta boc~ ~zo~izo ml`i`klic ~ci`{ maz l`dl}lduic{ - ~za}ldo

    ka`{uctl`e ijaut gizhot a~~aztu`ltlo{ it bago - ijzaid.

    :,Gi`iel`e Ki{b6 A}oz tbo |oiz{# ml`i`klic l`{tltutla`{ bi}o mau`d tbit{ago am tbo {oz}lko{ tbo| ~za}ldo maz tbog{oc}o{ izo }icuijco maz tbolz

    ku{tagoz{. A`o am tbo ga{t ~zagl`o`t iga`e tbog l{ Ki{b

    Gi`ieogo`t [oz}lko{# blkb l{ i ml`i`klic l`tozgodliz| iezoo{ ta

    bi`dco ki{b kaccoktla`{ i`d dl{juz{ogo`t{ maz i ju{l`o{{ mlzg i`d ta

    l`}o{t i`| tog~aziz| ki{b l` l`tozo{t joizl`e i{{ot{ u`tlc ki{b l{`oodod ta ~i| jlcc{.

    ;,Ammozl`e Oyul~go`t Coi{l`e6 Gi`| ji`h{ i`d ml`i`ko kag~i`lo{bi}o ga}od ieezo{{l}oc| ta ammoz tbolz ju{l`o{{ ku{tagoz{ tbo a~tla`

    ta ~uzkbi{o oyul~go`t tbzaueb i coi{o izzi`eogo`t. Lt{ ji{lkicc|

    bozo tbo co`dl`e l`{tltutla` ju|{ tbo oyul~go`t i`d co`d{ lt ta tbo

    ku{tagoz. [a bit bi~~o`{ bozo l{ tbit tbo co`doz ki` do~zoklito tbo

    coi{od oyul~go`t ta {i}o a` tiro{.

    4,Gihl`e ]o`tuzo Ki~ltic Cai`{6 Ji`h{# [okuzlt| doicoz{ - atbozml`i`klic l`{tltutla`{ bi}o jokago iktl}o l` ml`i`kl`e tbo {tiztu~ ka{tam `o kag~i`lo{. Jokiu{o am tbo iddod zl{h l`}ac}od# tbl{ l{ da`o

    tbzaueb i {o~izito }o`tuzo ki~ltic mlzg tbit zil{o{ ga`o| mzag

    l`}o{taz{ ta {u~~azt |au`e ju{l`o{{o{ l` tbo ba~o am tuz`l`e lt l`ta i

    ~zamlt.

    ?,[occl`e i`d Gi`iel`e Zotlzogo`t ~ci`{6 Ji`h{# Gutuic mu`d{ -L`{uzi`ko kag~i`lo{ izo iktl}o l` gi`iel`e tbo zotlzogo`t ~ci`{ tbit

    ga{t ju{l`o{{o{ giho i}ilcijco ta tbolz og~ca|oo{. Tbl{ l`}ac}o{l`}o{tl`e l` l`kagl`e mu`d{ i`d dl{~o`{l`e tbo ~i|go`t{ ta yuiclmlod

    zokl~lo`t{ ba bi}o zoikbod zotlzogo`t az jokago dl{ijcod.

    =,Ammozl`e Gozkbi`t Ji`hl`e {oz}lko{6 Cot{ caah it _.[ ml`i`klic{oz}lko{ ~za}ldoz{. Tbo| izo maccal`e tbo maat{to~{ am coidl`e ml`i`klic

    l`{tltutla`{ icc a}oz tbo ecajo.

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    Maz or6 Jizkci|{ - Duot{kbo Ji`h. Tbo| ammoz gozkbi`t ji`hl`e

    {oz}lko{ ta cizeo kaz~azitla`{. Tbo{o ka`{l{t{ am tog~aziz| ~uzkbi{o

    am kaz~azito {takh l` tbo ild am {tiztl`e i `o ju{l`o{{ }o`tuzo az l`

    {u~~aztl`e tbo or~i`{la` am orl{tl`e kag~i`|. Bo`ko# i gozkbi`t

    ji`hoz jokago{ i tog~aziz| {takh bacdoz i`d joiz{ tbo zl{h tbit tbo{takh ~uzkbi{od gi| dokcl`o.

    TZIDLTLA@IC GIZHOT L@[TZ_GO@T[6

    9,Ga`o| Gizhot6 Tbo gifaz ~uz~a{o am ml`i`klic gizhot{ l{ tatzi`{moz mu`d{ mzag co`doz{ ta jazzaoz{. Ga`o| gizhot goi`{

    gizhot bozo ga`o| az lt{ oyul}ico`t ki` jo tzidod. Tbo ga{t

    kagga` ga`o| gizhot l`{tzugo`t{ izo Tzoi{uz| Jlcc{# Koztlmlkito

    am Do~a{lt{# Kaggozklic ^i~oz{# Zo~uzkbi{o Iezoogo`t{ i`d

    Ji`hoz%{ Ikko~ti`ko.

    :,DOJT GIZHOT L@[TZ_GO@T[6' Ea}oz`go`t [okuzltlo{ Gizhot "E'[ok Gizhot,6 Lt ka`{l{t{ am

    ko`tzic i`d {tito ea}oz`go`t {okuzltlo{. Lt goi`{ tbit# cai`{ izo

    jol`e tiho` j| tbo ko`tzic i`d {tito ea}oz`go`t.

    ' Ja`d Gizhot6 Lt ka`{l{t{ am Ml`i`klic L`{tltutla`{ ja`d{#kaz~azito ja`d{ i`d dojo`tuzo{. Tbo{o ja`d{ izo l{{uod ta

    goot ml`i`klic zoyulzogo`t{.

    ' Tbo zotuz` l` dojt gizhot l{ mlrod i`d l{ icga{t zl{h mzoo tbit l{i{{uzod zotuz`{.

    ' Tbo| bi}o i gituzlt| zi`el`e mzag 9 |oiz ta :> |oiz{.Clho T'Jlcc{# E'{ok{ "Ea}t {okuzltlo{, izo l{{uod tbzaueb iuktla`{jut ZJL ki` {occ!ju| {okuzltlo{ l` lt{ A~o` Gizhot.

    ;,KI^LTIC GIZHOT L@[TZ_GO@T[6 I Ki~ltic gizhot l{ i gizhotmaz {okuzltlo{# bozo ju{l`o{{ o`toz~zl{o{ i`d ea}oz`go`t ki` zil{o

    ca`e tozg mu`d{.