&XOHJHUH GH EDQFXUL VL SRDQWH vQ OLPED URPkQD 9HUVLXQHD 9ROXPXO ,,
1X vQFHSH QLFLRGDWD XQ EDQF FX PLH]XO DFHVWXLD VL QLFLGHFXP FX SRDQWD DFHVWXLD 1X vQFHSH QLFLRGDWD FX ÌO VWLWL SH DFHOD FX " ÌQ ORF GH DVWD SRWL vQFHSH GLUHFW FX EDQFXO vQVDVL 'DFD XQXO GLQWUH FHL SUH]HQWL ]LFH 3H DVWD vO VWLX GHMD QX WUHEXLH VD WH ODVL GHVFXUDMDW SRYHVWHVWH PDL GHSDUWH 'DFD PDL PXOWL ]LF DFHODVL OXFUX WUHEXLH VD vQWUHXSL SRYHVWLUHD EDQFXOXL SHQWUX FD SUREDELO FD PDMRULWDWHD vO VWLX GHMD 3RYHVWHVWH PDL GHSDUWH QXPDL GDFD DFHVW OXFUX HVWH FHUXW GH FHL SUH]HQWL $WkWD WLPS FkW EDQFXULOH YRU IL VSXVH XQXO GXSD DOWXO GH FDWUH FHL GLQ JUXSD vQFHDUFD VD IL FHYD PDL FXPSDWDW 'DFD FLQHYD D GDW JUHV FX XQ EDQF FDUH QX D IRVW DWkW GH ELQH UHFHSWLRQDW VDQVD FD FHO VSXV GH WLQH VD ILH ELQH SULPLW H PXOW PDL PDUH 1X SRYHVWLL PDL PXOW GH XQ EDQF PD[LP GRXD XQXO GXSD DOWXO )RORVHVWH VLVWHPXO SLQJ SRQJ DVWHIHO QX ULVWL VD LHVL SUHD WDUH vQ HYLGHQWD ÌQFHDUFD VD HYLWL EDQFXULOH H[WUHPH SUHD EUXWDOH VDX FX OLPEDM SRUQRJUDILF &RQGX DVWIHO GLVFXWLLOH vQ JUXSD vQFkW VD DMXQJL OD EDQFXULOH GRULWH VDX VL PDL ELQH IRORVHVWH WHPHOH FDUH WRFPDL VXQW GLVFXWDWH VDX DQXPLWH UHSOLFL DOH FHORU SUH]HQWL SHQWUX D WL LQWURGXFH EDQFXULOH $WXQFL FkQG IRORVHVWL SHUVRQDMH UHDOH SHQWUX EDQFXULOH WHOH DWXQFL vQFHDUFD VD IRORVHVWL QXPDL SH FLQHYD GLQWUH FHL SUH]HQWL VDX ID DVWD vQ DVD IHO vQFkW VD VH UHFXQRDVFD GH GHSDUWH FD QX HVWH YRUED GH UHDOLWDWL FL QXPDL GH EDQFXUL ,GHHD HVWH GH D VSXQH EDQFXUL QX GH D UDVSkQGL ]YRQXUL VL EkUIH &HO OXDW vQ EDQFXUL DU WUHEXL vQVXVL VD SRDWD VD UkGD GHVSUH EDQFXO VSXV &KLDU GDFD VH vQFUXQWD SXWLQ FHO DWLQV HVWH vQFD vQ UHJXOD 'DU DWHQWLH VD QX VH VXSHUH GH D GUHSWXO 'DFD DL WHFXW SXWLQ DFHDVWD JUDQLWD VL HVWH SUHD WkU]LX SRDWH R VFX]D HVWH ELQHYHQLWD 7RWXVL H[LVWD R H[FHSWLH GH OD DFHDWD UHJXOD DQXPH GDFD EDQFXO vO DWLQJH SH XQXO FX JXUD SUHD PDUH FDUH RULFXP QX HVWH LXELW vQ JUXSD 'DU DWHQWLH $VWIHO GH SHUVRDQH SRW GH RELFHL IRDUWH ELQH VL XVRU VD ORYHDVFD vQDSRL 6L vQWUHEDUHD HVWH GH XQGH VD DX]LP EDQFXUL QRL" 3H LQWHUQHW H[LVWD FkWHYD VLWXUL EXQH GH EDQFXUL KWWS KRPHSDJHV FRPSXVHUYH GH JHQX.
ÌQ DIDUD GH DVWD H[LVWD SRVLELOLWDWHD GH D WH DERQD OD R OLVWD GH EDQFXUL VL VD SULPHVWL YLD ( 0DLO FkWH YD EDQFXUL QRL VDX PDL SXWLQ QRL SH ]L )RDUWH EXQH VXQW VL QHZVJURXSV XULOH DOW WDVWHOHVV MRNHV GH DOW MRNHV GDU DLFL FRQGLWLD REOLJDWRULH H VD VWLL OLPED HQJOH]D VDX JHUPDQD VL VD DL UDEGDUHD FD PLQH VD WUDGXFL VL VD DGDSWH]L DFHVWH JOXPH vQ OLPED URPkQD $WHQWLH vQVD QX WRDWH JOXPHOH SRW IL WUDGXVH $OWH VXUVH SRW IL GLIHULWH ]LDUH VDX SXEOLFDWLL GDU FHD PDL LPSRUWDQWD VXUVD GH EDQFXUL UDPkQH WUDQVPLWHUHD ORU GLQ JXUD vQ JXUD ÌQ FHOH PDL PXOWH FD]XUL SUREOHPD QX HVWH VD DIOL EDQFXUL QRL FL VD WL OH DPLQWHVWL +DL VD QH DGXFHP DPLQWH GH VFRDOD &H IDFL FkQG YUHL VD vWL DPLQWHVWL FHYD" ÌWL QRWH]L SH R FLRUQD 6D VFULL EDQFXUL vQWUHJL SH FLRUQH QX DUH QLFL XQ VHQV GDU DFHVWHD SRW IL QRWDWH VL QXPDL FD LGHL SHQWUX PHPRUDUH 5HVWXO vWL YHL DGXFH DPLQWH DXWRPDW 8Q DGHYDUDW SRYHVWLWRU GH EDQFXUL HVWH GRDU DFHOD FDUH VSXQH GLQ FkQG vQ FkQG XQ EDQF GDU GH FDOLWDWH $FHDVWD IDFH VD FUHDVFD EXQD GLVSR]LWLH VL FkQG OXPHD HVWH ELQH GLVSXVD IXQFWLRQHD]D WRWXO PDL ELQH 'DU QX ID DVWD SUHD GHV DOWIHO WRDWD WUHDED vVL YD SLHUGH IDUPHFXO 6SHU FD DFHDVWD PLFD QRWD VD YD DMXWH VD GHYHQLWL XQ PDL EXQ SRYHVWLWRU GH EDQFXUL -
,, 6FKLPEDUL VL DGDXJLUL OD DFHDVWD FXOHJHUH 9HUVLXQHD
3ULPD YHUVLXQH SXEOLFDWD 6FKLPEDULOH XUPHD]D GRDU OD YHUVLXQLOH XOWHULRDUH -
9HUVLXQHD
0LFL PRGLILFDUL VL DGDXJLUL VL WRDWHEDQFXULOH QRL FDUH XUPHD]D %DQFXUL FX $OED FD ]DSDGD 'H FH FkLQLL VXQW PDL EXQL GHFkW IHPHLOH VL EDUEDWLL
&HUHUHD SX OLL 'H FH H FLRFRODWD PDL EXQD FD VH[XO /D IDUPDFLH /HJLOH QHVFULVH SkQD DFXP DOH ILOPHORU DPHULFDQH &XP VD vWL FRQVWUXLHVWL +RPHSDJH XO vQ GH SDVL 6 DU SXWHD VD ILL XQ LQJLQHU GH YDORDUH GDFD %DQFXUL FX PDVLQL %DQFXUL FX QHEXQL 5HJXODPHQW GH RUGLQH LQWHULRDUD (VWL SUHD EHDW DWXQFL FkQG 5HJXOL GH EXQD SXUWDUH vQWU R UHODWLH 6FX]H SHQWUX ELURX 6IDWXUL SHQWUX PDQDJHUL %DQFXUL FX YkQDWRUL