sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi sabirJo saqmis safuZvlebi
pirobiTi garigebis dros mxareebs, garkveuli gadasaxdelis sanacvlod, valdebulebis Secvla SeuZliaT. aseTi garigebis magaliTia ofcioni. mis myidvels ufleba aqvs uari Tqvas valdebulebis Sesrulebaze premiis gadaxdis Semdeg, gamyidvels ki amgvari ufleba ara aqvs. pirobiTi garigeba SeiZleba `uku~ garigebiTac gaformdes. mag., fasiani qaRaldebis gamyidvelma (an myidvelma) aiRos valdebuleba SemdegSi am qaRaldebis Sesyidvis (an gayidvis) Sesaxeb. amasTan, `uku~ garigebis fasi SeiZleba `pirdapiri~ garigebis fass ar daemTxves. prolongaciur garigebebs, ZiriTadad, birJis spekulantebi iyeneben, radgan, xSirad, bazris koniunqtura maT gegmebs ar emTxveva da isini amiT garigebis sakaso Sesrulebis gadavadebas cdiloben. amitom amgvari garigebebi sakaso da saswrafo garigebaTa Sereuli variantia (nax. 8.6). garigeba savaluto birJazec ori saxisaa: sakaso anu `spoti~ (ingl. spot _ naRdi, dauyovnebliv gasanaRdebeli) da vadiani anu `forvarduli~ (nax. 8.7). garigeba spoti xasiaTdeba imiT, rom misi miwodebisa da ganaRdebis vada erTmaneTs emTxveva. spotis pirobebiT savaluto garigebis dros valutis gadacema erT dRe-RameSi xdeba. miwodebasa da ganaRdebas Soris drois sxvaoba dakavSirebulia angariSsworebis sabanko operaciebis gatarebis aucileblobasTan. valutis kursis sidide am operaciis dros SeiZleba gansxvavdebodes kursisagan sxva garigebis mixedviT. garigeba spotis mimzidveloba imaSia, rom myidveli iRebs misTvis aucilebel valutas, xolo gamyidveli sasurvel droSi _ fuls (erovnul valutas), Tanac, riskic minimaluria. mcurav savaluto kursebze gadasvlasTan dakavSirebiT gaZlierda valutiT sakaso vaWrobaSi spekulaciis elementebi. savaluto bazarze kursebis meryeobidan damatebiTi mogebis miRebis sxvadasxva wesi arsebobs. mag., valutis miRebasa da mis realizacias Soris droiTi gansxvavebis gamoyeneba. farTod gamoiyeneba vadamde gadaxdis praqtika an piriqiT, gadaxdis maqsimaluri gaWianureba saprocento ganakveTis an savaluto kursebis cvlilebis molodinSi. importiori cdilobs aanazRauros angariSi maqsimalurad swrafad, Tu mosalodnelia dadgenili sagadasaxado valutis revalvacia (fiqsirebuli savaluto kursis pirobebSi) an mocemuli valutis mcuravi kursis dinamika maRldeba. valutis kursis ukutendenciis pirobebSi anazRaureba maqsima- 97
lurad Wianurdeba. orive variantSi importiori iswrafvis miiRos sakurso mogeba, eqsportiori swrafad gacvlis miRebul ucxour valutas kursTan TanafardobaSi. sawinaaRmdego SemTxvevaSi is Seayovnebs aseT gacvlas sakurso mogebis miRebad valutis mogvianebiT realizaciis xarjze. myidveli gamyidveli 1 - ganacxadi - ganacxadi fasiani fasiani qaRaldebis qaRaldebis yidvaze gayidvaze 2 - rwmunebis - rwmunebis xelSekrulebis xelSekrulebis gaformeba gaformeba 3 - Sesyiduli - brokerisadmi fasiani fasiani qaRaldebis qaRaldebis gadaxdis gadacema garantia 11 12 brokeri 1 fasiani Sesyidvaze fulis gayidvaze qaRaldebis ganacxadis gadaricxva ganacxadis gadacema wardgena wardgena 9 4 10 4 a birJa 5 – garigebis gaformeba 6 _ garigebis parametrebis Sedareba 7 _ kliringi 8 _ Sesruleba nax. 8.6. safondo birJaze garigebis gaformebis wesi vadiani anu forvarduli savaluto garigebis dros misi gaformebisa da Sesrulebis vada ar emTxveva erTmaneTs. amitom gamyidveli iRebs valdebulebas SeTanxmebul vadaSi 98 brokeri 2
- Page 47 and 48: fasiani qaRaldis cneba pirvelad ger
- Page 49 and 50: valutis kursi masze moTxovna-miwode
- Page 51 and 52: • monopsonia (erTi myidveli da ga
- Page 53 and 54: vaWrobis organizaciis TvalsazrisiT,
- Page 55 and 56: civilizacias avrcelebs, romelic mow
- Page 57 and 58: XXI s-is dasawyisidan msoflios wamy
- Page 59 and 60: mniSvnelovnad rTuldeba sagareo-ekon
- Page 61 and 62: nawili II. sabirJo saqmis praqtikul
- Page 63 and 64: safondo birJa Tavisi wevrebis im zR
- Page 65 and 66: 2. birJis saqmianobis organizaciul-
- Page 67 and 68: irJis mmarTvel organos maT finansur
- Page 69 and 70: daniSnos da gaaTavisuflos birJis ge
- Page 71 and 72: wesebis da `fasiani qaRaldebis bazr
- Page 73 and 74: saerTaSoriso vaWrobaSi Suamavlebis
- Page 75 and 76: did britaneTis kanonis mixedviT bro
- Page 77 and 78: fasiani qaRaldebis yidva-gayidvis x
- Page 79 and 80: sabirJo informacia. sabirJo vaWroba
- Page 81 and 82: safondo birJis wevri SeiZleba gaxde
- Page 83 and 84: irJaze savaWrod daiSveba `fasiani q
- Page 85 and 86: • emitentis mier birJasTan dadebu
- Page 87 and 88: savaWro garigeba SeiZleba iyos fasi
- Page 89 and 90: ormoSi telefoniT gadacema. klientis
- Page 91 and 92: kerZod, winaswar yidis (garkveuli v
- Page 93 and 94: sabirJo bazarze garigebis gaformebi
- Page 95 and 96: ofcionuri garigebebi, garigebebi re
- Page 97: gamyidveli myidveli - sabrokero fir
- Page 101 and 102: axlavs kontrgarigebis dadeba garkve
- Page 103 and 104: • sivrcis faqtoris gadalaxva da i
- Page 105 and 106: sistemuri (operaciuli) riski danaka
- Page 107 and 108: garda amisa, angariSsworebiT-klirin
- Page 109 and 110: Soris SefardebiT wonasworobas adgen
- Page 111 and 112: saqonels ki is myidveli iZens, rome
- Page 113 and 114: okerTa zepiri SeTanxmeba garigebis
- Page 115 and 116: nebismieri qveynis korporacia, safi
- Page 117 and 118: daaxloebam, erTi qveynidan meoreSi
- Page 119 and 120: moTxovnas, makleri valutis kurss am
- Page 121 and 122: aZlevs anu maT SeuZliaT erTmaneTTan
- Page 123 and 124: 3. sabirJo fiuCersuli vaWrobis meqa
- Page 125 and 126: • fiuCersul bazarze yvela aucileb
- Page 127 and 128: ealuri saqonlis myidveli dainterese
- Page 129 and 130: kontraqtis moqmedebis vada da proce
- Page 131 and 132: saqonlisa da sxv.) fasebs Soris dad
- Page 133 and 134: 8. fiuCersuli vaWrobis Taviseburebe
- Page 135 and 136: gayidvis uflebas aZlevs. ofcionis g
- Page 137 and 138: Tavi XIII. sabirJo saqmianobis sama
- Page 139 and 140: 2. samarTlebrivi regulirebis formeb
- Page 141 and 142: irJa ganixileba, rogorc TviTregulir
- Page 143 and 144: dartebiT gansazRvruli Tavdapirveli
- Page 145 and 146: nawili IV. sabirJo enciklopedia mso
- Page 147 and 148: irJaze saqonlis miwodeba wamoZaxili
pirobiTi garigebis dros mxareebs, garkveuli gadasaxdelis<br />
sanacvlod, valdebulebis Secvla SeuZliaT. aseTi garigebis<br />
magaliTia ofcioni. mis myidvels ufleba aqvs uari<br />
Tqvas valdebulebis Sesrulebaze premiis gadaxdis Semdeg,<br />
gamyidvels ki amgvari ufleba ara aqvs.<br />
pirobiTi garigeba SeiZleba `uku~ garigebiTac gaformdes.<br />
mag., fasiani qaRaldebis gamyidvelma (an myidvelma) aiRos valdebuleba<br />
SemdegSi am qaRaldebis Sesyidvis (an gayidvis) Sesaxeb.<br />
amasTan, `uku~ garigebis fasi SeiZleba `pirdapiri~ garigebis<br />
fass ar daemTxves.<br />
prolongaciur garigebebs, ZiriTadad, birJis spekulantebi<br />
iyeneben, radgan, xSirad, bazris koniunqtura maT gegmebs ar<br />
emTxveva da isini amiT garigebis sakaso Sesrulebis<br />
gadavadebas cdiloben. amitom amgvari garigebebi sakaso da<br />
saswrafo garigebaTa Sereuli variantia (nax. 8.6).<br />
garigeba savaluto birJazec ori saxisaa: sakaso anu<br />
`spoti~ (ingl. spot _ naRdi, dauyovnebliv gasanaRdebeli) da<br />
vadiani anu `forvarduli~ (nax. 8.7).<br />
garigeba spoti xasiaTdeba imiT, rom misi miwodebisa da<br />
ganaRdebis vada erTmaneTs emTxveva. spotis pirobebiT savaluto<br />
garigebis dros valutis gadacema erT dRe-RameSi xdeba.<br />
miwodebasa da ganaRdebas Soris drois sxvaoba dakavSirebulia<br />
angariSsworebis sabanko operaciebis gatarebis aucileblobasTan.<br />
valutis kursis sidide am operaciis dros<br />
SeiZleba gansxvavdebodes kursisagan sxva garigebis mixedviT.<br />
garigeba spotis mimzidveloba imaSia, rom myidveli iRebs<br />
misTvis aucilebel valutas, xolo gamyidveli sasurvel<br />
droSi _ fuls (erovnul valutas), Tanac, riskic minimaluria.<br />
mcurav savaluto kursebze gadasvlasTan dakavSirebiT<br />
gaZlierda valutiT sakaso vaWrobaSi spekulaciis elementebi.<br />
savaluto bazarze kursebis meryeobidan damatebiTi<br />
mogebis miRebis sxvadasxva wesi arsebobs. mag., valutis<br />
miRebasa da mis realizacias Soris droiTi gansxvavebis<br />
gamoyeneba. farTod gamoiyeneba vadamde gadaxdis praqtika an<br />
piriqiT, gadaxdis maqsimaluri gaWianureba saprocento<br />
ganakveTis an savaluto kursebis cvlilebis molodinSi.<br />
importiori cdilobs aanazRauros angariSi maqsimalurad<br />
swrafad, Tu mosalodnelia dadgenili sagadasaxado valutis<br />
revalvacia (fiqsirebuli savaluto kursis pirobebSi) an<br />
mocemuli valutis mcuravi kursis dinamika maRldeba. valutis<br />
kursis ukutendenciis pirobebSi anazRaureba maqsima-<br />
97
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