Advertisement
6$
9
6\QFKURQLVP DQG YROWDJH FKHFN RSWLRQDO
7KH V\QFKURQLVP DQG YROWDJH FKHFN IXQFWLRQ ZLOO HQ
VXUH ZKHQ VZLWFKLQJ D OLQH FLUFXLW RQWR D EXVEDU
WKDW WKH VWDELOLW\ RI WKH QHWZRUN ZLOO QRW EH HQGDQ
JHUHG 7KH IXQFWLRQ FDQ EH SURJUDPPHG WR SHUIRUP
WKH V\QFKURFKHFN RQO\ IRU DXWRUHFORVH RQO\ IRU
PDQXDO FORVH RU IRU ERWK FDVHV 'LIIHUHQW SHUPLV
VLRQ FULWHULD FDQ DOVR EH SURJUDPPHG IRU DXWRPDWLF
FORVH DQG IRU PDQXDO FORVH
%XVEDU
3URWHFWLRQ
75,3
&/26(
8
)LJXUH
6\QFKURFKHFN RQ FORVLQJ
)RU FRPSDULVRQ RI WKH WZR YROWDJHV WKH V\QFKUR
FKHFN HOHPHQW XVHV WKH IHHGHU YROWDJH 8 DQG DQ
DGGLWLRQDOO\ FRQQHFWHG EXVEDU YROWDJH 8 7KH ODW
WHU FDQ EH DQ\ FRQYHQLHQW SKDVHHDUWK RU SKDVH
SKDVH YROWDJH IURP WKH EXVEDU YROWDJH WUDQVIRUP
HUV
%XVEDU
75,3
&/26(
8
)LJXUH
6\QFKURFKHFN DFURVV WUDQVIRUPHU
)HHGHU
,
8
6$
/
'LVFUHS
$5
DQF\
FRQWURO
VZLWFK
6\QF
,
8
6$
3URWHFWLRQ
6\QF
:KHQ D SRZHU WUDQVIRUPHU OLHV EHWZHHQ WKH IHHGHU
YROWDJH WUDQVIRUPHU DQG WKH EXVEDU YROWDJH WUDQV
IRUPHU )LJXUH LWV YHFWRU JURXS FDQ EH
PDWFKHG DW WKH 6$ UHOD\ VR WKDW QR H[WHUQDO
PDWFKLQJ WUDQVIRUPHUV DUH QHFHVVDU\
7KH V\QFKURFKHFN IXQFWLRQ LQ 6$ QRUPDOO\ RS
HUDWHV LQ FRQMXQFWLRQ ZLWK WKH LQWHJUDWHG DXWRUH
FORVH DQG PDQXDO FORVH IXQFWLRQV ,W LV KRZHYHU SRV
VLEOH WR RSHUDWH ZLWK DQ H[WHUQDO SURWHFWLRQ UHOD\
DQGRU ZLWK DQ H[WHUQDO DXWRUHFORVH UHOD\ ,Q WKLV
FDVH WKH VLJQDO H[FKDQJH EHWZHHQ WKH GHYLFHV
PXVW EH SHUIRUPHG WKURXJK ELQDU\ LQSXWV DQG RXW
SXWV
)XUWKHUPRUH V\QFKURQRXV RU DV\QFKURQRXV VZLWFK
LQJ LV SRVVLEOH 6\QFKURQRXV VZLWFKLQJ PHDQV WKDW
WKH FORVLQJ FRPPDQG LV JLYHQ DV VRRQ DV WKH FULWLFDO
YDOXHV YROWDJH PDJQLWXGH GLIIHUHQFH '8 DQJOH GLI
IHUHQFH 'ƒ DQG IUHTXHQF\ GLIIHUHQFH 'I OLH ZLWKLQ
WKH VHW WROHUDQFHV )RU DV\QFKURQRXV VZLWFKLQJ WKH
GHYLFH FDOFXODWHV WKH FRUUHFW WLPLQJ RI WKH FORVLQJ
FRPPDQG IURP WKH DQJOH GLIIHUHQFH 'ƒ DQG WKH IUH
TXHQF\ GLIIHUHQFH 'I VXFK WKDW WKH YROWDJHV DW WKH
EXVEDU DQG WKH IHHGHU FLUFXLW DUH H[DFWO\ WKH VDPH
DW WKH LQVWDQW WKDW WKH FLUFXLW EUHDNHU FRQWDFWV WRXFK
)RU WKDW SXUSRVH WKH FLUFXLW EUHDNHU FORVLQJ WLPH
PXVW EH SURJUDPPHG LQWR WKH UHOD\ )RU V\QFKUR
QRXV DQG DV\QFKURQRXV VZLWFKLQJ GLIIHUHQW IUH
TXHQF\ GLIIHUHQFH OLPLWV FDQ EH SURJUDPPHG
7KH V\QFKURFKHFN IXQFWLRQ RSHUDWHV RQO\ ZKHQ LW LV
UHTXHVWHG WR GR VR 7KLV UHTXHVW FDQ FRPH IURP WKH
LQWHUQDO DXWRUHFORVH IXQFWLRQ IURP WKH PDQXDO FORV
LQJ FRPPDQG RU IURP DQ H[WHUQDO DXWRUHFORVH UHOD\
E\ ELQDU\ LQSXW
7KH V\QFKURFKHFN IXQFWLRQ JLYHV SHUPLVVLRQ IRU
SDVVDJH RI WKH FORVLQJ FRPPDQG SURYLGHG WKH IHHG
HU LV FXUUHQWIUHH , ,
LV QRW RSHQ RU D IDXOW LV VLWXDWHG EHWZHHQ WKH EUHDNHU
DQG WKH FXUUHQW WUDQVIRUPHUV
2SWLRQDOO\ D FORVLQJ FRPPDQG FDQ EH JLYHQ E\ WKH
V\QFKURFKHFN IXQFWLRQ 7KLV FDQ FRQWURO WKH FORVLQJ
/
FRLO RI WKH FLUFXLW EUHDNHU RU $5 FORVLQJ FRPPDQG
DQG V\QFKURFKHFN FORVLQJ FRPPDQG FDQ EH FRQ
QHFWHG LQ VHULHV
7KH SHUPLVVLRQ WLPH ZLQGRZ LV OLPLWHG E\ DQ DGMXVW
DEOH V\QFKURQRXV PRQLWRULQJ WLPH :LWKLQ WKLV SHUL
RG WKH SURJUDPPHG FRQGLWLRQV PXVW KDYH EHHQ
PHW RWKHUZLVH FORVLQJ SHUPLVVLRQ ZLOO QRW EH JLYHQ
$ QHZ V\QFKURFKHFN VHTXHQFH UHTXLUHV D QHZ UH
TXHVW
0HWKRG RI RSHUDWLRQ
,I QRW HLWKHU WKH EUHDNHU
1
&*&
Advertisement
