6.4 CuDeco Registry Anomalies 4

8/12/2019 6.4 CuDeco Registry Anomalies 4

1/38

I_@OIH YBLVOBHM@OV VOYOLVIB

IBL^POV 14 VOECYPVS LKHJLMCOY

1.0 Prl`cke aolturcke Yufstlktclmmy Ckirolso` LYR Litcvcty

hvor Voecstry Litcvcty

(Ulsb Prl`os vorsus @lrg ^hhm Prl`os, pmus Yottmojokt Cssuos)


2/38

6

VOAOVOKIO MCKGY PH ^VOQCH_Y VOYOLVIB ^L^OVY


3/38

9

OROI_PCQO Y_JJLVS

Ck lssosscke bhw LYR fuycke lk` sommcke bls cjplito` tbo Iu@oih roecstor, rosolrib bls còktcaco` tbroo

plrtciumlr trl`cke foblvchurs tblt sct lt tbo ihro ha mhke torj `ltl lkhjlmcos ihkiorkcke Iu@oih trl`cke.

Pbo trl`cke foblvchurs ckimuò4

@lrg ^hhm litcvcty7 Ulsb Prlò litcvcty, lk`7 \uostchklfmo sbhrt sommcke litcvcty.

Pbo trl`cke foblvchurs blvo fook alicmctlto` ck l vory mlreo wly tbrhueb lmehrctbjci trl`cke prherljs

uso` fy l mlreo kujfor ha frhgors litcke ahr shpbcstcilto` ckvosthrs (c.o., ckstctutchks) theotbor wctb lk

hvormy amoxcfmo sottmojokt systoj tblt bls rosumto` ck trlksplrokiy cssuos ihkiorkcke tbo fumg ha lmm trl`cke

tlgcke pmlio hvor l porch` ha lt molst twh lk` l blma yolrs.

Vosolrib ^lpors 1.6 lk` 1.9 qulktcaco` shjo ha tbo @lrg ^hhm trl`cke tblt hiiurro` fotwook Khv 6> jhktbs ha trl`cke lk` lssossos wboro

fhtb @lrg ^hhm litcvcty lk` Ulsb Prlò litcvcty bls fook prhjckokt. Ulsb trlòs lro ck l sokso tbohpphscto ha @lrg ^hhm trlòs ls alr ls tbo roecstor cs ihkiorko`. Haa-jlrgot @lrg ^hhm litcvcty ckirolsos

roecstry sblro amhws ihjplro` th LYR fuycke & sommcke wbcmo Ulsb Prlòs rosumt ck aowor roecstor sblro

amhws.

Pbo ioktrlm cssuo ihkiorkcke @lrg ^hhm trlòs lk` Ulsb Prlòs cs hko ha crroeumlr trl`cke plttorks tblt

blvo rosumto` ck lkhjlmhus `ltl trok`s tblt lro hplquo th tbo jlrgot. Pbo oxtokt ha suib lkhjlmcos

roprosokts l imolr lk` prosokt `lkeor th tbo cktoercty ha tbo jlrgot lk` tbo alcrkoss ha trl`cke ecvok tblt

hplquo òlmckes lsshiclto` wctb Ulsb Prlòs lk` @lrg ^hhm litcvcty roprosokt womm ck oxioss ha 6>> jcmmchk

fuycke lk` sommcke trlkslitchks hvor l 9> jhktb porch`. Pbo alit tblt vory mcttmo cs gkhwk lfhut suib

litcvcty fut ct cs fmctbomy liiopto` fy roeumlthrs cs l rolm ihkiork. Pbo trl`cke foblvchurs ihum` fo sceklmmcke

ukhrtbh`hx, ukusulm hr ovok jlkcpumltcvo trl`cke tlgcke pmlio. Ha ihurso ca tbo cktokt ha tbo trl`ckefoblvchurs lro th jlkcpumlto tbo sblro prcio tbok ct roprosokts cmmoelm litcvcty tblt roqucros cjjo`clto

prhsoiutchk.

Liihjplkycke ukhrtbh`hx trl`cke prlitcios cs lk cjphrtlkt cssuo lsshiclto` wctb tbo sottmojokt ha trlòs.

Hvor tbo 9> jhktbs ha trl`cke rovcowo`, hko plrtciumlr frhgcke bhuso bls blk`mo` lk oxtrojomy mlreo

sblro ha sottmojokts ihjplro` th tbocr LYR fuycke & sommcke prhacmo. Pbo sctultchk rlcsos cssuos ha frhgor

ihmmuschk lk` tbo mcgomcbhh` tblt ca frhgors lro ihjfckcke wctb tbocr roecstry òlmckes ck tbo sottmojokt ha

trlòs tboy lro lmsh mcgomy th fo ihmmu`cke wctb tbocr trl`cke hk tbo LYR.

Ucòsprol` ihmmuschk fy frhgors (hr lt molst oktctcos okelecke tbo sorvcios ha l mlreo kujfor ha frhgors th

trlò flig lk` ahrtb fotwook tbojsomvos lk` tbok sottmcke tbrhueb l plrtciumlr frhgor) cs mcgomy th fo lphtokt ahrio fobck` lkhjlmhus `ltl trok`s lk` ls suib lmsh rlcsos liuto ihkiorks lfhut jlrgot cktoercty

lk` tbo moelmcty ha trl`cke.

Còktcaycke suspoit trl`cke foblvchurs (lk` tbo lkhjlmhus `ltl trok`s tblt liihjplky tboj) phckts th

wboro trl`cke bls fook mcgomy th fo ihjprhjcso`7 aurtbor, ihkkoitcke tbo trl`cke foblvchurs th tbo

jlrgot ovokts tblt blvo ukahmò` hvor tbhso 6.? yolrs l``s l mlyor ha imlrcty lfhut wblt bls fook mcgomy th

blvo tlgok pmlio. Ublt lppolrs th blvo hiiurro` wctb Iu@oih cs lk cktokso lk` ukalcr tlreotcke ha tbo

ihjplky tbrhueb trl`cke foblvchurs tblt blvo rosumto` ck l amlt lk` ukrosphkscvo sblro prcio lk` phhr

jlrgot soktcjokt wbcmo shpbcstcilto` ckvosthrs blvo soczo` uphk hpphrtukctcos th soiuro jldhr stlgos ck

tbo ihjplky.

Ubotbor tbo twh litcvctcos lro romlto` hr kht cs l iruiclm cssuo fut ha oqulm ihkiork cs tbo alcrkoss ha tbo

jlrgot lk` wbotbor jlrgot jlkcpumltchk bls lsscsto` ck tbo rojhvlm ha sblros arhj wolg blk`s (c.o rotlcm

ckvosthrs) ckth strhke blk`s. Iortlckmy ct bls fook tbo rotlcm soithr tblt bls fook sovoromy `csl`vlktleo` fy

ùfchus trl`cke foblvchurs. Pbo cssuos lro ha irctcilm cjphrtlkio th I@_ sblrobhmòrs lk` ck alit th lmm

stlgobhmòrs wbh ckvost hk tbo LYR ls tbo trl`cke foblvchurs lro mcgomy th fo vory wcòsprol`.


4/38

0

GOS IBLVPY LK@ PVL@CKE YPLPCYPCIY

@ltl crroeumlrctcos hvor twh lk` l blma yolrs ha trl`cke lro bcebmcebto` fy tbo ahmmhwcke iblrts wbcib

sujjlrczo tbo oxtokt ha4

Ulsb Prlò lkhjlmcos7

@lrg ^hhm lkhjlmcos, lk`7

Lkhjlmcos lsshiclto` wctb tbo sottmojokt ha trlòs fy frhgors.

Lmsh ckimuò` cs lk hvorvcow ha 6.? yolrs ha trl`cke wboro tbo Iu@oih sblro prcio litchk, tbo vlrchustrl`cke foblvchurs lk` goy jlrgot ovokts lro lmm sbhwk ljlmeljlto` hk tbo hko iblrt.


5/38

?

IBLVP jhktbs)

IBLVP 64 PHPLM ULYB PVL@O QHM_JOY vorsus PHPLM @LVG ^HHM QHM_JOY

Pbo iblrt sujjlrczos 9> jhktbs ha trl`cke ck torjs ha Ulsb Prlò lk` @lrg Prlò litcvcty wctb @lrg ^hhm

litcvcty prhjckokt ahr 6< jhktbs (ihuktcke tbo suspokschk jhktbs) lk` Ulsb Prlò litcvcty ahr 3 jhktbs.

Ck l``ctchk th tbo lfhvo jhktbmy lkhjlmcos tbo jhktbs wboro trl`cke iolso` foiluso ha vhmuktlry

suspokschk lmsh koo` th fo ihkscòro`. (Voaor Vosolrib ^lpor 1.6 Yoitchk Jcmmchk

6> Jcmmchk

Ulsb Prlòs

(% ha LYR Qhms)

Dlk 6?%

Aof 62%

Jlr 13,?00 >,21>

Phtlms 6>1,166,>> jcmm

0>> jcmm

9>> jcmm

6>> jcmm

> jcmm

>

Pbo oxtokt ha hplquo trl`cke fy ckstctutchks hvor

tbo 6.? yolrs jly fo stlto` ls ahmmhws.

Prl`cke roprosoktcke 6>5 jcmmchk slmos lk` 6

jcmmchk puriblsos lro lmm ihkiolmo` arhj vcow ha

jlrgot plrtcicplkts ckimu`cke tbo jlrgot

roeumlthrs. Pbo sctultchk rlcsos liuto jlrgot

cktoercty cssuos ls tbo systoj cs sook th prhvcò

ljpmo hpphrtukcty ahr lfusos ha jlrgot eucòmckos.

Pboro cs lmsh l trlksplrokiy cssuo lsshiclto` wctb

tbo phrtchk ha ckstctutchklm trl`cke tblt cs lfmo th foroihkicmo` th LYR fuycke & sommcke. L``ctchklm th

@lrg ^hhm hplquo trlkslitchks, 6>2 jcmmchk fuys &

6


6/38

1

IBLVP 94 @HJCKLKIO HQOV FVHGOV YOPPMOJOKPY fy _FY YOI_VCPCOY Y^LKKCKE 6.? SOLVY hA PVL@CKE

IBLVP 04 _FY JHKPBMS JLVGOP YBLVO HA LMM YOPPMOJOKPY

Pbo iblrt bcebmcebts tbo ihktrhm oxoricso` fy frhgor _FY hvor lmm jhktbmy sottmojokts hvor 6.? yolrs.

Y

Y

Y

Y

6> 6>


7/38

5

IBLVP ?4 LK HQOVQCOU HA PVL@CKE FOBLQCH_VY lk` JLVGOP OQOKPY

J&EFuycke

Yuspokschk

Yuspokschk

9

Prlòs

Ulsb

Hit/Khv

@oi

?5

@lrg Prlòs

@o-VcsgckeOvokts

@lrg Prlòs @lrg

Duk/DumyYopt

YPLVP

OK@

Lue. VoshurioLkkhukiojokt

J&E ^mliojokt

6> 6>


8/38

2

IHKPOKPY

Cktrhùitchk............. ê. 3

Yoitchk < ............ ê.


9/38

3

CKPVH@_IPCHK

Vosolrib bls òjhkstrlto` tblt Iu@oih trl`cke bls fook surrhukò` fy cssuos tblt quostchk tbo alcrkoss

ha trl`cke tlgcke pmlio lk` cktoercty ha tbo jlrgot ctsoma. Pbo cssuos blvo okihjplsso` trl`cke hvor lt molst

l 6.? yolr porch` lk` ckimuò4

Oktctcos ihhr`ckltcke tbocr fuycke lk` sommcke tbrhueb l kotwhrg ha frhgors lk` fy sh `hcke lromcgomy th fo litcke ihmmuscvomy th oxoricso ukalcr ihktrhm hvor tbo jlrgot7

Oktctcos okelecke ck bceb vhmujos ha Ulsb Prlòs7 Oktctcos okelecke ck bceb vhmujos ha haa jlrgot litcvcty (c.o., @lrg ^hhm litcvcty)7 Oktctcos lfuscke prhthihms tblt porjct tbo sbhrt sommcke ha sblros7 Pbo oxtokscvo uso ha BAP lmehrctbjs lirhss jumtcpmo frhgors fut wboro fuycke lk` sommcke cs

oaaoitcvomy tlgcke pmlio fotwook tbo sljo erhup ha oktctcos7

Pbo phsscfmo oxpmhctltchk ha hvormy amoxcfmo haa-jlrgot trl`cke prhvcschks lk` sottmojokt systojs thiljhuamleo prhjckokt trl`cke litcvcty.

Pbo hutihjos ha ùfchus trl`cke prlitcios blvo fook4

Pbo iroltchk ha phhr jlrgot soktcjokt rosumtcke ck Vhigmlk`s strueemcke th elck liioptlkio ls lvclfmo jckcke prhdoit7

Ph suppross tbo sblro prcio lk` th goop ct ukòrvlmuo` lk` ukrosphkscvo th jldhrliihjpmcsbjokts libcovo` fy tbo ihjplky7

Ph oklfmo twh prhjckokt trl`cke oktctcos th put jlsscvo vhmujos ha fuycke lk` sommcke tbrhueb tbojlrgot wctbhut sbhwcke iblkeos th bhm`ckes fut ck sh `hcke oxoricscke ihktrhm hvor tbo jlrgot7

Ph oklfmo 9 prhjckokttrl`cke oktctcos lmsh th ihktrcfuto jlsscvo vhmujos ha fuycke lk` sommckewbcib bls kht hkmy lcò` ck ihktrhmmcke tbo jlrgot fut lmsh alicmctlto` sufstlktclm liiujumltchk ha

sthig arhj `cstrosso` sommors7

Ph mcjct tbo ihjplkys lfcmcty th rlcso auk`s tbrhueb tbo jlcktoklkio ha lk ukòrvlmuo` sblroprcio.

Pbo crhky wctb Iu@oih cs tblt wbcmo tbo roeumlthr bls rumo` tblt tboro cskt l prhfmoj lsshiclto` wctb tbo

trl`cke tblt bls tlgok pmlio, lt tbo sljo tcjo tboy blvo fook whrgcke okoreotcilmmy th imljp `hwk hk

@lrg ^hhm trl`cke. Pbo sctultchk cs ihktrl`cithry ecvok tbo `hjcklkio ha @lrg ^hhm litcvcty hk tbo Iu@oih

roecstor sckio Dlkulry 6>


10/38

Bceb-aroquokiy trl`cke cs iuighh Lpr >5.btj&pleoC@:>>0&jck:iofl&Solr:&@hiPypo

Iurroktmy, tbo jlxcjuj poklmty ahr ckscòr trl`cke cs $66>,>>>7 ahr htbor haaokios ct's $66,>>>. Pbcs wcmm fo

ckirolso` th octbor $?>>,>>>, hr tbroo tcjos tbo prhact hr mhss jlò fy tbo ihkùit wbcib ihkstctutos tbo

haaokio ck romltchk th lk ck`cvcùlm. Lt tbo jhjokt, tbo jlxcjuj poklmty prcshk torj ahr tboso haaokios cs

acvo yolrs. Pbcs wcmm fo ckirolso` th yolrs. Pbcs wcmm frcke Lustrlmcl ckth mcko wctb tbo _kcto` Ytltos ahr tbo

thuebost poklmtcos ahr tboso typos ha haaokios. Ct wcmm lmsh lmcek wctb htbor haaokios, suib ls ilrtom ihkùitlk` hftlckcke l acklkiclm l`vlktleo fy òioptchk.

Ahr ihrphrltchks, tbo jlxcjuj poklmty wcmm ckirolso arhj tbo iurrokt $< jcmmchk th $? jcmmchk, hr tbroo

tcjos tbo prhact jlò hr mhss lvhcò` fy tbo ihkùit, hr por iokt ha tbo lkkulm turkhvor ha tbo

ihrphrltchk ck tbo romovlkt porch`, wbcibovor cs eroltor. Pboso lro sufstlktclm poklmtcos, fut tboy'ro lmsh

poklmtcos wbcib act tbo ircjo. Pbo acklkiclm plyhaa arhj ukòrtlgcke tboso haaokios cs vory sufstlktclm7 ct's

lpprhprclto tblt tbo poklmty fo vory sufstlktclm.

Lmtbhueb tbo ehvorkjokt bls ckirolso` tbo poklmtcos ahr ckarckeojokts romltcke th ckscòr trl`cke, ilrtom

ihkùit lk` acklkiclm òioptchk, tbo poklmtcos fy tbojsomvos wcmm blvo kh oaaoit wctbhut l wcmmckekoss th

ckvostcelto lk` prhsoiuto wrhke `hors tbok lppmy tbhso poklmtcos liihr`ckemy. Lforrlkt trl`cke trok`s

roelr`cke Iu@oih blvokt fook pcigo` up ck hvor 6.? yolrs ha jlrgot survocmmlkio lk` ovok lator roaorrlm

tbo roeumlthr stcmm ilkt soo lky cssuos. Ha ihurso tbo roeumlthrs rumcke ha kh ilso th lkswor ck romltchk th

Iu@oih trl`cke cssuos (roaor th fmhe lrtcimo 5.< th fo pufmcsbo` sbhrtmy) `hoskt koelto tbo wcòsprol`

klturo ha `ltl lkhjlmcos hr tbo ihuktorcktuctcvo jlrgot litchk tblt bls surrhukò` tbo sthig. Pbo rumcke

scjpmy òtrlits arhj ckvosthr ihkacòkio ck tbo jlrgot systoj ctsoma ls fy lky jolsuro tboro cs shjotbcke

qucto poiumclr pmlycke hut wctb tbo trl`cke ck Iu@oih.

Pbo sctultchk bls cjpmciltchks ahr lmm ckvosthrs hk tbo LYR ls tbo ùfchus trl`cke foblvchurs lro mcgomy th fosystojci lk` ropmcilto` ck trl`cke lirhss lmm soithrs, plrtciumlrmy wboro ckstctutchks lk` shpbcstcilto`

ckvosthrs blvo l `hjcklkt prosokio wctb tbocr trl`cke. Ca tbo trl`cke foblvchurs còktcaco` fy rosolrib

ihktckuo th joot wctb aumm roeumlthry lpprhvlm, ckvosthrs wcmm kh `huft l`dust tbocr ckvostjokt prchrctcos

lwly arhj acklkiclm lssots wboro roeumlthry mhhp bhmos prhvcò slao plssleo th jlkcpumltcvo ckamuokios.

Pbcs Iu@oih sblrobhmòr rosolrib lt molst prhvcòs l flscs ahr ckvosthrs th jlgo fottor ckahrjo` òicschks

lfhut tbo alithrs tblt lro iurroktmy sblpcke prcio ahrjltchk7 alithrs tblt (lreulfmy) jlgo stltojokts suib

ls alcr, oaacicokt lk` trlksplrokt shjowblt alricilm. Cklitchk ck tbo alio ha emlrcke lkhjlmcos `hos mcttmo ahr

ckvosthr ihkacòkio ck tbo cktoercty ha jlrgots, lk` wctbhut cktoercty jlrgots wcmm foihjo ovok jhro`ysaukitchklm tblk tboy lro iurroktmy lro, lk` ovoktulmmy crromovlkt.
http://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rss


11/38


12/38


13/38

sblros jhvcke ck lk` hut ha tbo sommcke

frhgors liihukt, lk` > sblros lmsh amhwcke ck lk` hut hatbo fuycke frhgors liihukt. Phtlm jhvojokts

romlto` th haa-jlrgot sottmojokt liihukts whum` tboroahro fo 6>> HK & 6>> HAA.

Ls womm ls tbo haa-jlrgot jhvojokts, frhgor khjckoo jlrgot liihukts whum` sbhw jhvojokts ha > HK &

> HAA.

Pbo joiblkcsj lfhvo cs fy kh jolks roamoitcvo ha lmm frhgors, ls ckstctutchklm sottmojokts ahmmhw l `caaorokt

prhioss th rotlcm sottmojokts lk` ck lky ilso, sbhrt slmos blvo hkmy roprosokto` fotwook ? lk` 6?% ha

frhgor litcvcty.

Jlrgot L/iHaa-Jlrgot L/i Haa-Jlrgot L/i

(Voprosokts tbo sbhrt sommor)

Ihrrosphk`s th tbo

frhgor somm

Ihrrosphk`s th tbofrhgor fuy


14/38

sblros jhvcke arhj l sommors roecstry liihukt th l

fuyors roecstry liihukt. Pbo jhvojokts lro liihjplkco` fy haa-jlrgot sblro amhws ck lk` hut ha tbo

frhgor khjckoo liihukts roprosoktcke fhtb tbo sommor lk` tbo fuyor. C.o., ck thtlm,haa-jlrgot sottmojokt

jhvojokts ljhuktcke th 6>> HK & 6>> HAA ihum` liihjplky tbo slmo (lk` puriblso) ha > sblros.

L rotlcm irhsscke mol`s th l scjpmcaco` prhioss ck tblt tbo frhgors khjckoo liihukt ilk lit ahr fhtb tbo

sommcke imcokt lk` tbo fuycke imcokt tbrhueb tbo sottmojokt prhioss.

HAA HK HAA HK

VOPLCMYOMMOV

FVHGOV KHJCKOOL/i

VOPLCM

F_SOV

L rotlcm irhsscke ha sly > sblros whum` rosumt ck sblros jhvcke hut ha tbo sommcke imcokts liihukt lk` ckth

tbo fuycke imcokts liihukt fut wctb hkmy jhvojokts ha > HK & > HAA lsshiclto` wctb tbo frhgor

sottmojokt liihukt.

Pbo sottmojokt sctultchk cs cjphrtlkt ls ct bomps put ckth porspoitcvo lkhjlmcos lsshiclto` wctb sottmojokt

trlkslitchks ls l``rosso` ck Yoitchk 9 ha tbo iurrokt Vosolrib ^lpor.

1.0.


15/38


16/38

3,1>> % +5>%

Hit 96,>??,???,?% 6?,? 53% -69 60.50% ,00>,200 ,956,551


17/38

wboro trl`cke lkhjlmcsj

rolibo` l irosiok`h.

Pbo oxtokt ha vlrcltchks ck jhktbmy `ltl cs bcebmcebto` ck tbo ahmmhwcke iblrt wbcib ihjplros Phtlms ahr

LYR Fuycke & Yommcke (eroyihmujks) th Phtlms ahr Yblrobhmòr jhvojokts HAA & HK (fureuk`y ihmujks).

Jhktbs wboro @lrg ^hhm trl`cke bls `hjcklto` tbo roecstor blvo fook ck`cilto` fy tbo fmlig icrimos lk`

jhktbs wboro Ulsb Prlòs blvo fook l prhjckokt aolturo blvo fook bcebmcebto` wctb ehm` icrimos.Ycekcacilktmy, hkmy tbo jhktbs Dlk 6> Jcmmchk

0> Jcmmchk

Jhktbs lsshiclto` wctb @lrg hhm Litcvcty

Jhktbs lsshiclto` wctb Ulsb Prlòs


18/38

@LPL (Dlkulry 6> th Duko 6> `ltl.

1.0.6.0 ULYB PVL@OY QOVY_Y @LVG ^HHM PVL@OY

Ph lssoss tbo oxtokt ha ukusulm hr khk-eokucko trl`cke litcvcty, ahr Ulsb Prlòs ct cs usoaum th ihjplro tbo trlòs

tblt `c`kt jlgo ct th tbo roecstor th thtlm LYR vhmujos (Ihmujk < fomhw). Lmsh ahr tbo jhktbs aolturcke @lrg ^hhm

litcvcty ct cs usoaum th ihjplro tbo @lrg ^hhm trlksaorsth thtlm roecstry jhvojokts (Ihmujk 6).

JhktbPhtlm LYR Fuy

& Yomm Litcvcty

PhtlmYblrobhmòr

Jhvojokts

Voecstry Qhmujos

jckus LYR Qhmujos

Ulsb

Prlòs

@lrg hhm

Litcvcty

6>

Dlk ,913 99,000,59? - 01 61,1>3,1


19/38

jhktb

porch` fy ihktrlstcke tbo jhktbmy vlrcltchks fotwook LYR Qhmujos lk` Yblrobhmòr Voecstry Qhmujosls

òtlcmo` ck Yoitchk 6.0. Pbo `hjcklkt aolturo lirhss tbo jldhrcty ha jhktbs cs sook th fo tbo sufstlktclm

vlrcltchks tblt blvo hiiurro` ck jlrgo` ihktrlst th tbo wboro Ulsb Prlòs woro tbo `hjcklkt tbojolirhss ? jhktbs lk` wboro jcmmchk somms lk` wboro tboro wls lk lfrupt rovorslm ha trok` tblt ihktckuo` ckth Dumy lkòlrmy Lueust wboro @lrg ^hhm trlòs thhg hvor arhj Ulsb Prlòs ls tbo `hjcklkt ck`cilthr ha ukusulm

trl`cke litcvcty8 @urcke Duko lk` Dumy lmhko tboro woro 6>.9 jcmmchk HAA jhvojokts lk` 6>.< jcmmchk

HK jhvojokts lsshiclto` wctb @lrg ^hhm trlkslitchks. Ct roprosokts l sctultchk wboro lmjhst ls jlky

trlòs hiiurro` lwly arhj tbo LYR ls wblt hiiurro` hk tbo LYR ahr tbhso 6 jhktbs. Uby8

Ublt thhg pmlio ck Lueust 6> wboro lpprhxcjltomy ?> jcmmchk somms lk` fuys `c`kt jlgo ct th tboroecstor8 Ct roprosokts lk oxtrlhr`cklry òvomhpjokt tblt cs alr rojhvo` arhj eokucko trl`cke. Pbo

trl`cke foblvchurs ck Lueust 6> lro aurtbor lssosso` ck Vosolrib ^lpor 1.5.

Uby wls tboro l koo` ahr oxtokscvo haa-jlrgot @lrg ^hhm litcvcty ck Yopt 6> (08

Ck l``ctchk th tbo lfhvo jhktbmy lkhjlmcos tbo jhktbs wboro trl`cke iolso` foiluso ha vhmuktlry

suspokschk lmsh koo` th fo ihkscòro`. (Voaor Vosolrib ^lpor 1.6 Yoitchk Jcmmchk

PHPLM QHM_JOY

1> Jcmmchk

6> Jcmmchk

Ulsb Prlòs

Dlk 6?%

Aof 62%

Jlr


20/38

6>

Ublt hiiurro` ck Hithfor lk` lelck ck Khvojfor 6> wboro Ulsb Prl`os lelck foiljo tbo`hjcklkt tbojo ha trl`cke lk` wboro lrhuk` 69 jcmmchk somms lk` fuys `c`kt jlgo ct th tbo roecstor

hvor tbo 6 jhktb porch`8

Uby `c` @lrg ^hhm trlkslitchks foihjo tbo `hjcklkt aolturo ha trl`cke cjjo`cltomy J&E ackcsbo`tbocr hk jlrgot fuycke ck @oi 6> lk` lelck lator tbo ihjplky ojoreo` arhj vhmuktlry suspokschk

sufstlktclmmy `o-rcsgo` ck mlto Hit 6>


21/38

6 3,?1?,??? 3,?1?,??? 5,9?1,213 5,>21,01? -6,6>2,121 -6,053,>3> -6?%

Aof 6>


22/38

66

1.0.6. @LVG PVL@O JHKPBY

Pbo ahmmhwcke tlfmo sujjlrczos trl`cke `ltl ahr tbo jhktbs wboro @lrg ^hhm litcvcty bl` l scekcacilkt

ckamuokio hvor tbo roecstor. Pbo `ltl roamoits ckirolso` jhvojokts HK lk` HAA tbo roecstor ihjplro` th

tbo ljhukt ha fuycke & sommcke tblt thhg pmlio hk tbo LYR. Pbo ckirolso` jhvojokts roprosokt tbo

sottmojokt ha trlòs ukòrtlgok lwly arhj tbo LYR.

Ihmujk L ihjplros tbo surpmus roecstry vhmujos th LYR fuycke & sommcke. Ahr oxljpmo, Aof 6> rosumto` ck jhro trl`cke tlgcke pmlio haa-jlrgot tblk hiiurro` hk tbo LYR.

Ihmujk F ihjplros surpmus roecstor vhmujos (@lrg Prlòs) th Phtlm Voecstor Qhmujos th prhvcò lk

ck`ciltchk ha bhw scekcacilkt tbo ljhukts ha haa-jlrgot trlkslitchks blvo fook.

LYR LIPCQCPS VOECYPVS JHQOJOKPYVoecstry Litcvcty jckus

LYR Litcvcty

VOECYPVS

Y_V^M_YOY vs

LYR QHM_JOY

@LVG PVL@OY

vs VOECYPVS

QHM_JOY

YOMMY F_SY HAA HK HAA HK VLPCH VLPCH

Duk- %

Jlr-


23/38

69

1.0.6.

>,>>>,>>>

6>>,>>>,>>>

9>>,>>>,>>>

0>>,>>>,>>>

?>>,>>>,>>>

1>>,>>>,>>>

LYR

Litcvcty

Voecstry

Litcvcty

PHPLM QHM_JOY

Pbo jhktbs wboro @lrg Prlòs aceuro` prhjckoktmy theotbor

wctb tbo @lrg Prlòs tbrhueb suspokschk, rosumto` ck 55,31,166,>> jcmm

0>> jcmm

9>> jcmm

6>> jcmm

> jcmm

>

Pbo oxtokt ha hplquo trl`cke fy ckstctutchks hvor

tbo 6.? yolrs rovcowo` jly fo stlto` ls ahmmhws.

Prl`cke roprosoktcke 6>5 jcmmchk slmos lk` 6

puriblsos lro lmm ihkiolmo` arhj vcow arhj jlrgot

plrtcicplkts ckimu`cke tbo jlrgot roeumlthrs. Pbo

sctultchk rlcsos liuto jlrgot cktoercty cssuos ls tbo

systoj cs sook th prhvcò ljpmo hpphrtukcty ahr

lfusos ha jlrgot eucòmckos wctb suib litcvcty

phtoktclmmy ihkiolmo` fy hplquo òlmckes.

Pboro cs lmsh l trlksplrokiy cssuo lsshiclto` wctb

tbo phrtchk ha ckstctutchklm trl`cke tblt cs lfmo th fo

roihkicmo` th LYR fuycke & sommcke. Pbo ihkiork cs

tblt tbo òlmckes ha tbo frhgors roprosoktcke tboj

lro lmsh ckvcscfmo th tbo jlrgot sh tblt trligcke

tbocr litcvcty cs kceb hk cjphsscfmo wctbhut lu`cts.


24/38

60

1.0.6.> jcmmchk YOMMY hr HAA jhvojokts lk` 6>> jcmmchk F_SY hr HK

jhvojokts blvo hiiurro` lfhut wbcib koxt th khtbcke cs gkhwk8

Bhw ilk jlrgots fo roelr`o` ls trlksplrokt lk` bhw ilk tboy fo `osircfo` ck torjs ha cktoercty wbok965 jcmmchk HAA jhvojokts lk` 90> jcmmchk HK jhvojokts lsshiclto` wctb ckstctutchks hvor 9>

jhktbs ha trl`cke lro octbor ihjpmotomy hplquo th tbo jlrgot (ls lfhvo) hr tbocr frhgor litcvcty cs

iljhuamleo` fy tbo systoj ha sottmojokts8

Pbo sctultchk cs frhuebt ckth strhke ahius fy tbo trl`cke ha hko ckstctutchklm oktcty tblt shm`


25/38

6?

1.0.6., lk` lelck wbok tbo sthig foiljo

sufstlktclmmy `o-rcsgo` mlto 6> ihckic`cke wctb J&E

fuycke sblros ck tbo jlrgot. Pbo hk-jlrgot fuycke ahmmhwo` tbo erlktcke ha l jcmmchk sblro pmliojokt

th J&E lt $6.>> por sblro. Ph put tbo hpphrtukcstci klturo ha tbo pmliojokt ckth porspoitcvo, tbo imhscke

sblro prcios lt tbo ok` ha Lueust lk` tbo proio`cke jhktbs woro ls ahmmhws4

9 0

Lue6>

Hit & Khv6>

Khv6> $0.5> $0.5> $6.


26/38


27/38

65

Yoitchk 9

CYY_OY LYYHICLPO@ UCPB FVHGOV YOPPMOJOKP LIIH_KPY


28/38

62

1.0.9.< FVHGOV YOPPMOJOKP LIIH_KPY4

Lkhjlmhus `ltl trok`s lsshiclto` wctb frhgor sottmojokt liihukts woro bcebmcebto` ck Vosolrib ^lpor 1.9

Yoitchk 9.?.< ck romltchk th tbo 2 jhktbs ha trl`cke ahmmhwcke ro-mcstcke arhj vhmuktlry suspokschk hk Hit

92 6,5?9,3?2 6,1>3,2519. IHJJ 1,665,129 0,>?5,>31 3.0% 0,?12,9 0,?25,29< 9,212,


29/38

63

Pbo jlck ihkiork cs tblt ca l wcò rlkeo ha frhgors lro uscke tbo sorvcios ha _FY roelr`cke sottmojokts,

tbok ct phckts th tbo mcgomcbhh` ha _FY lk` tbo sljo frhgors lmsh supphrtcke olib htbor wctb tbocr trl`cke.

Pbo uso ha lmehrctbjs, lk` ck shjo ilsos jumtcpmo lmehrctbjs fy frhgors th trlò flig lk` ahrtb fotwook

tbojsomvos, tbok tlgos hk oxtrojomy ukalcr hvorthkos. Yuib litcvcty whum` prhvcò l erolt jolsuro ha

ihktrhm hvor prcicke huthjos lk` eh l mhke wly th oxpmlckcke `ltl lkhjlmcos.

Pbo ahmmhwcke lspoits ha trl`cke hvor tbo 9> jhktb porch` lmsh phckt th tbo prosokio ha ckstctutchklmckamuokio ck tbo jlrgot wctb cjpmciltchks ahr lmm htbor ckvosthrs foiluso ha tbocr `hjcklkio4

Pbo oxioss LYR litcvcty sbhwcke up ck IHJJ (prosujlfmy ahr ckstctutchks)7 Pbo oxioss LYR litcvcty sbhwcke up ck YHYM, YFLV, lk` B_F60 (lmsh ahr ckstctutchks), lk`7 Pbo strhke ckvhmvojokts fy @JE, JOVM, IY_C, _FY, JY@U, D^J lk` ICPC ck tbo jlrgot fut wctb lmm

ha tbocr roecstry litcvcty sbhwcke up ck frhgor khjckoo liihukts lk` romlto` th ckstctutchklm òlmckes.

1.0.9.6 _FY YOI_VCPCOY - JHKPBMS YOPPMOJOKP Y_JJLVS

Pbo _FY `hjcklkio hvor sottmojokts cs aurtbor frhuebt ckth ahius fy hfsorvcke tbocr jlrgot sblro hk l

jhktbmy flscs hvor tbo 6.? yolr porch` ls por tbo iblrt fomhw. Pbo movoms ha sbhrtcke olib jhktb blvo lmsh

fook ckimuò` th soo wblt romltchksbcp (ca lky) tboro cs th tbo sottmojokt litcvcty ha _FY.

Pbo jhktbs wboro Ulsb Prlòs lk` @lrg ^hhm trlòs blvo `hjcklto` trl`cke blvo lmsh fook khto` lmhke

wctb tbo jhktbs wboro tbo sthig `c`kt litulmmy trlò foiluso ha vhmuktlry suspokschk. Jlrgot sblro cs

òojo` th fo tbo thtlm ha HAA jhvojokts lk` HK jhvojokts prhiosso` fy _FY ihjplro` th lmm

sottmojokt litcvcty olib jhktb.

Y

Y

Y

Y

_FY JHKPBMS JLVGOP YBLVO HA LMM YOPPMOJOKPY

6> 6>


30/38

9>

Pboro lro l kujfor ha cssuos bcebmcebto` fy tbo iblrt tblt roqucro oxpmlkltchk. Pboy ckimuò4

Pbo rolshk(s) ahr l `rljltci osilmltchk ck _FY sottmojokts tbrhueb Jlrib & Lprcm 6> (up th 0>+%ha lmm sottmojokts) ihckic`cke wctb tbo jlrgot focke ilppo` lt tbo tcjo tblt l kow `csihvory (c.o.,

Ucmelr) wls lkkhukio` th tbo jlrgot. Sot tbo movoms ha sbhrt sommcke rojlcko` romltcvomy ihkstlkt

lirhss Jlrib & Lprcm lk` tbo _FY jlrgot sblro roelr`cke fuycke lk` sommcke hk tbo LYR wls hkmy

9.?% lk` 9.6% ahr tbo twh jhktbs7

Uby tbo porahrjlkio fy _FY ck Lueust 6> wls jlrgo`my sufùo` ck l jhktb tblt wctkosso`cjjokso trl`cke vhmltcmcty ckimu`cke bceb movoms ha Ulsb Prlòs. Pbocr roùio` prhacmo cs lmm tbo jhro

rojlrglfmo ecvok tbocr prhjckokio roelr`cke lmm sottmojokts lirhss jhst htbor jhktbs7

Pbo rolshks wby _FY wls lsshiclto` wctb oxtrojomy bceb movoms ha sottmojokt litcvcty tbrhuebhuttbo mhke porch`s ha vhmuktlry suspokschk tblt hiiurro` ùrcke 6>. Ck plrtciumlr, tbo trok` rlcsos tbo phsscfcmcty halk ukstlfmo sbhrt phsctchk focke ostlfmcsbo` ck Jlrib & Lprcm (ahmmhwcke tbo prcio ilppcke tblt

hiiurro` wbok tbo Ucmelr `csihvory wls lkkhukio`) tblt mo` th prossuro th ihvor hk l tojphrlry

flscs ùrcke Duko lk` Dumy lk` l koo` ahr l jlrgot smujp ck Lueust th bomp roshmvo tbo phsctchk7

Uls tbo ckirolso` litcvcty fy _FY arhj Dlk 6>


31/38

9% lk` 2>% ha lmm jhktbmy trl`cke litcvcty, ihum` fo oxpoito` th sbhw l movom ha

ihkstlkiy wbok trl`cke roihr`s lro ihjplro`. Ospoiclmmy ca rhutcko sottmojokt prlitcios lro focke

hfsorvo` lk` lmm òlmckes lro ck supphrt ha jlrgot cktoercty. Bhwovor wctb Iu@oih, ihjplrcke jhktbmy

sblrobhmòr jhvojokts th jhktbmy sottmojokt jhvojokts rosumts ck ihktckuhus amuitultchks arhj hkojhktb th tbo koxt rltbor tblk ihkscstokt romltchksbcps.

_scke Dlkulry 6> `ltl ls l stlrtcke phckt, l scjpmo ckòx ilk fo uso` th ihjplro sblrobhmòr

jhvojokts th sottmojokt jhvojokts ls sbhwk.

YBLVOBHM@OV

VOECYPVS LIIH_KPY

FVHGOV YOPPMOJOKP

LIIH_KPY

CK@OR

SOLV JHKPB HAA HK HAA HK %

6> Dlk 2,95?,309 2,950,302 ?,32>,35? ?,32 5

Dlk 2,95?,309 2,950,302 ?,32>,35? ?,32 5%

Dum 6>,610,>95 ,6?0 1,216,22> 5,>,95? ?5.3%

Aof 1,53 ?1.


32/38

96

1.0.9.0 IBLVP HA JHKPBMS VOECYPVS CK@OR QLM_OY

Pbo vhmltcmo iblkeos ck ck`ox vlmuos ha Yoitchk 1.0.9.9 ck oaaoit prhvc`o lk ck`ciltchk ha tbo ljhukt ha

ukhrtbh`hx trl`cke litcvcty tlgcke pmlio. Pbo mhw ha 63.3% ck Jlrib 6> 6>


33/38

99

Jldhr iblkeos ck sblrobhm`or lk` sottmojokt sblro amhw plttorks lro sook th blvo hiiurro` tbrhuebhut

tbo ahmmhwcke porch`s4

Pbo jhktbs ha Duko & Dumy 6> dust prchr th tbo Lue , ahmmhwcke vhmltcmo trl`cke ck Lueust Pbo jhktbs Dlk 6>


34/38

90

Yoitchk 0

LK HQOVQCOU HA YBLVO ^VCIO PVOK@Y, PVL@CKE FOBLQCH_VYlk` JLVGOP OQOKPY HQOV 6.? SOLVY HA PVL@CKE


35/38


36/38

91

1.0.0.6 Y_JJLVS HA JLVGOP OQOKPY - (Dlkulry 6> th Duko 6> th Jly 6> lmhke wctb

bolvy ckstctutchklm iburk liihjplkco` fy strhke kot sommcke. ^rcio ilppcke lk` tbo sommcke

`hwk ha prhjcscke lkkhukiojokts aolturo` strhkemy lt l tcjo tblt l roshurio

lkkhukiojokt wls oxpoito` (Voaor Vosolrib ^lpor 9.?). Hvor tbo porch` 66.0% ha tbo

fuycke lk` sommcke tblt thhg pmlio hk tbo LYR `c`kt jlgo ct th tbo roecstor. Ct roprosokts

lfhut wctkosso` lk lfrupt iblkeo ha trok` ls

alr ls trl`cke wls ihkiorko` wctb @lrg ^hhm trl`cke tlgcke hvor arhj Ulsb Prlòs ls tbo

`hjcklkt aolturo. Pbo tcjcke ha tbo trok` iblkeo dust foahro tbo roshurio lkkhukiojokt

cs iurchus, plrtciumlrmy sckio @lrg ^hhm trl`cke rosumto` ck lrhuk` 6? jcmmchk fuys & somms

tlgcke pmlio lwly arhj tbo LYR, wbcib roprosokts lmjhst ls juib trl`cke ls hiiurro` hk

tbo LYR hvor tbo porch`. Pbo haa-jlrgot litcvcty ihum` fo oxpmlcko` ahr oxljpmo fy tbo

ukhrtbh`hx ihvorcke ha sbhrt phsctchks tblt woro ostlfmcsbo` tbrhueb tbo bolvy sommcke fy

ckstctutchks arhj Aofrulry tbrhueb th Jly. Pbo sctultchk roqucros imlrcaciltchk ls ct jly

prhvcò vlmulfmo ckscebts ckth wblt hiiurro` ck Lueust cjjo`cltomy ahmmhwcke tbo

roshurio uperlò lkkhukiojokt.

9Lueust wctkosso` oxtrojomy vhmltcmo trl`cke lator tbo romolso ha l roshurio uperlò hk

Lue . Pbo ihkauschk surrhuk`cke tbo roshurio foiluso ha ckùstry mcjctltchks ck

focke lfmo th liiurltomy lssoss roshurios sufdoit th strhke kueeot oaaoits rosumto` ck

lttoktchk focke `cvorto` th roshurio cssuos lk` lwly arhj tbo mcgomy jlkcpumltcvo trl`cke

prlitcios tblt thhg pmlio. Ubcmo ihktrhvorsy rleo`, iortlck oktctcos bolvcmy iburko` tbocr

bhm`ckes th tbo oxtokt ha lrhuk` ?> jcmmchk fuys lk` ?> jcmmchk somms kht jlgcke ct th tbo

roecstor. Ct cs lk lsthkcsbcke stltcstci ls Ulsb Prlòs lro cmmoelm yot tbo trl`cke bls th `lto

plsso` roeumlthry sirutcky. Oxtrojomy rovolmcke ck ljhkest tbo sommcke lk` tbo ihkauschk

wls tbo alit tblt ckstctutchks ls l erhup rotlcko` tbocr bhm`ckes, òspcto lmm ha tbo trl`cke

iburk tboy eokorlto` lk` wbcib bompo` th òstlfcmczo tbo jlrgot.

0Purfumokt trl`cke lk` prcio supprosschk hiiurro` tbrhueb lmm ha Lueust, Yoptojfor lk`

Hithfor mol`cke th l pmliojokt ha jcmmchk sblros focke soiuro` fy tbo J&E Erhup lt l

`csihukt ha ??% th tbo sblro prcio prchr th tbo roshurio uperlò. Pbo pmliojokt wls lk

oxtrojomy hpphrtukcstci puriblso jlò wctb kh l``ctchklm ckahrjltchk tblk wblt wls

ihktlcko` ck tbo supphso`my `cslpphcktcke roshurio lkkhukiojokt. @lrg ^hhm trl`cke

rosujo` strhkemy ck Yoptojfor (0


37/38

95

IHJJOKP4

Pbo ahmmhwcke phckts sujjlrczo wblt bls hiiurro` hvor tbo 6.? yolrs ha trl`cke ukòr rovcow, lmm ha wbcib

blvo fook `hiujokto` fy rosolrib.

Oxtokscvo uso bls fook jlò ha ùfchus trl`cke strltoecos lt movoms tblt sorchusmy put ckth `hufttbo cktoercty ha trl`cke. Ulsb Prlòs lk` @lrg ^hhm trlòs blvo rosumto` ck `csturfcke vhmujos ha

sblro oxiblkeos tlgcke pmlio tblt blvo fook ihjpmotomy hplquo th tbo jlrgot. Pbo trlkslitchks

oqulto th womm hvor 6>> jcmmchk fuys & 6>> somms lfhut wbcib vory mcttmo cs gkhwk ckimu`cke wblt

cjplit tboy blvo bl` hk tbo sblro prcio lk` hk tbo alcrkoss ha trl`cke tlgcke pmlio.

?Ulsb Prlòs pro`hjcklto` ck Hithfor (6 wbok J&E ihjpmoto` tbocr hk jlrgot fuycke, slw lk

cjjo`clto rosujptchk ck prcio ilppcke litcvctcos ls cs imolrmy ovcòkt hk tbo iblrt. ^rcio

ilppcke hiiurro` hvor tbo oxtokò` porch` Dlkulry 6>) ahmmhwcke wbcib J&E

lmsh liiopto` l pmliojokt ha 2 jcmmchk sblros lt $0.>> hk @oi 2. Jldhr sblrobhmòrs J&E

lk` Hiolkwcò Cktorkltchklm lmsh ihkùito` hk-jlrgot fuycke iljplceks arhj Khvojfor

3 th @oiojfor 6 lt l tcjo tbo sblro prcio oktoro` l frcoa fut strhke uptrok`. ^rcio ilppckelelck ihktckuo` lator tbo fuycke fy sufstlktclm sblrobhmòrs iolso`. Pbo ilppcke

ihjjokio` mlto @oiojfor 6>13,?00 >,21>

Phtlms 6>1,166,>


38/38

92

Ckstctutchklm sblrobhmòrs lro lsshiclto` wctb lpprhxcjltomy 9>> jcmmchk sblros focke jhvo` HAAlk` HK tbo roecstor hvor l porch` ha 6.? yolrs. Hplquo @lrg ^hhm trlòs lk` hplquo Yuspokschk

Litcvcty ls por tbo provchus `ht phckt roprosokt lrhuk` 0>% ha tbocr roecstry litcvcty lfhut wbcib

vory mcttmo cs gkhwk7 fut lmsh, tbo rojlckcke 1>% ha tbocr òlmckes lro iljhuamleo` tbrhueb tbo

sottmojokt prhioss wborofy tbo frhgors rosphkscfmo ahr tbocr trl`cke lro sbcomò` arhj vcow.

Ihjphuk`cke tbo sctultchk roelr`cke khk-trlksplrokt òlmckes lro imhso th 3> jcmmchk fuys lk`

somms lsshiclto` wctb Ulsb Prlòs tblt blvo cjplito` tbo jlrgot fut wctbhut trlio hk tbo roecstor.

Pbo sctultchk prhvcòs okhrjhus hpphrtukcty ahr plrtciumlr oktctcos th ukalcrmy cjphso tbocr

ckvostjokt leok`ls hvor tbo oktcro jlrgot. Pbo lmlrjcke oxtokt ha khk-trlksplrokt òlmckes jlgos

ct lk cjporltcvo ahr tbo lu`ctcke ha liihukts th ukrlvom wblt bls litulmmy hiiurro` wctb Iu@oih

trl`cke lk` th prhpormy lssoss wbotbor hr kht jlrgot jlkcpumltchk bls hiiurro`.

Pbo systoj ha sbhrt sommcke wboro iblkeos th hpok phsctchks roeumlrmy `hkt ihrromlto wctb iblkeosth tbo roecstor lk` khr `h tboy ihrrosphk` th LYR `lcmy fuycke lk` sommcke vhmujos phckts th mlreo

silmo lfuso ha sbhrt sommcke prhvcschks. Yh `hos tbo mcgomcbhh` tblt mokòrs ha sthig lro fuycke flig

tbo sthig fhrrhwo` lk` shm` sbhrt ckth tbo jlrgot fy tbocr laacmcltos. Pheotbor wctb hpok phsctchks

focke jlkleo` haa-jlrgot th lvhc` prcio `csihvory sbhrt sommcke cs sook th fo l jlkcpumltcvo thhm th

lsscst wctb mhworcke sblro prcios rltbor tblk l joiblkcsj ahr oxtrl mcquc`cty lk` oaacicokt prcio`csihvory. Phmorlkio lk` supphrt ahr suib bcebmy crroeumlr òlmckes rlcsos mlreo silmo ihkiorks lfhut

tbo alcrkoss ha tbo jlrgot lk` ckòo` lfhut tbo oaaoitcvokoss ha oxcstcke suporvcschk lk` roeumltchk

phmciy.

Pbo `croit rosumt ha cktokso trl`cke litcvcty fy shpbcstcilto` ckvosthrs bls fook l sblro prcio tbltbls fook uklfmo th rosphk` ck tbo wly oxpoito` arhj l Ihjplky libcovcke jldhr hporltchklm

elcks, yot ckstctutchklm bhm`ckes rovolm jlsscvo liiujumltchk ha sblros tbrhueb pmliojokts

suppmojokto` fy hk-jlrgot fuycke.

Ck tbo lfsokio ha lky htbor pmluscfmo oxpmlkltchks, ct lppolrs tblt ùfchus trl`cke foblvchurs blvofook tbo ckstrujokt tblt bls oklfmo` jldhr ihktrhm ck tbo hwkorsbcp ha tbo Ihjplky (lk` fy

òalumt ck tbo laalcrs ha tbo Ihjplky) th fo òmcvoro` th shpbcstcilto` ckvosthrs lt tbo oxpokso halmm htbor sblrobhmòrs ha wbcib rotlcm ckvosthrs roprosokt l jldhr ihjphkokt.

Pbo cktokscty ha trl`cke lsshiclto` wctb shpbcstcilto` ckvosthrs lk` tbo pursuct ha ckirolsoòxphsuro hk tbo roecstor lmsh ihktrl`cit tbo cjprosschk ihkvoyo` th tbo jlrgot ha lk oihkhjcilmmy

ckscekcacilkt roshurio ahmmhwcke tbo Ihjplkys roshurio uperlò hk Lue . Ovokts sueeost

tblt l jlsscvo stcke hporltchk bls pmlyo` hut wctb rotlcm ckvosthrs aolturcke ls tbo prcjlry vcitcjs.

Cjpmcict ck lmm ha tbo lfhvo cs tbo mcgomcbhh` tblt hvort sblro prcio jlkcpumltchk scts fobck`lkhjlmhus `ltl trok`s lk` tbo alit tblt suib litcvcty ilk fo iljhuamleo` wctbck tbo systoj lk`

ovok lpprhvo` fy roeumlthrs wbok frhuebt th tbocr lttoktchk cs lk ck`citjokt ha tbo jlrgot systoj

ctsoma.Ct ihjos ls kh surprcso wbok rospoito` jo`cl ihjjoktlthrs suib lsLmlk Ghbmorlk`Vhfort Ehttmcofshk

tlmg lfhut moelmczo` ckscòr trl`cke kotwhrgs lk` bhw lfsur` tbo iurrokt systoj cs, lk` jldhr erhups suib

lsCkùstry Yupor Kotwhrglro ilmmcke ahr lk cjjo`clto flk hk bceb aroquokiy trl`cke. Pbo pufmci uprhlr

vory imolrmy òjhkstrltos tblt cssuos rlcso` ihkiorkcke Iu@oih lro kht dust romlto` th hko ihjplky fut

lro roshkltcke lirhss tbo oktcro LYR.

Pbo ihktrhvorsy `hos mcttmo ahr ihkacòkio ck tbo iurrokt acklkiclm systoj wboro còlms ha alcr trl`cke,

oaacicokt jlrgots, trlksplrokt òlmckes lk` jlrgot cktoercty koo` th fo alctbaummy hfsorvo` ck `lcmy prlitcio

lk` kht dust sct ls kcio shuk`cke fut bhmmhw whr`s ck tbo euc`cke stltojokts ha ehvorkjokt lk`

roeumlthry fh`cos.
http://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/legalised-insider-trading-investment-banks-and-flo-pd20120718-WASQK?OpenDocument&src=sph&src=rothttp://www.businessspectator.com.au/bs.nsf/Article/legalised-insider-trading-investment-banks-and-flo-pd20120718-WASQK?OpenDocument&src=sph&src=rothttp://www.businessspectator.com.au/bs.nsf/Article/legalised-insider-trading-investment-banks-and-flo-pd20120718-WASQK?OpenDocument&src=sph&src=rothttp://www.theage.com.au/business/super-funds-call-for-high-frequency-trade-ban-20120917-261yp.html#ixzz26mKCyAilhttp://www.theage.com.au/business/super-funds-call-for-high-frequency-trade-ban-20120917-261yp.html#ixzz26mKCyAilhttp://www.theage.com.au/business/super-funds-call-for-high-frequency-trade-ban-20120917-261yp.html#ixzz26mKCyAilhttp://www.theage.com.au/business/super-funds-call-for-high-frequency-trade-ban-20120917-261yp.html#ixzz26mKCyAilhttp://www.businessspectator.com.au/bs.nsf/Article/legalised-insider-trading-investment-banks-and-flo-pd20120718-WASQK?OpenDocument&src=sph&src=rothttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rss

Documents

6.4 CuDeco Registry Anomalies 4