Y-) /01z-) + - XZ,,Z (, w2,, V W Z/ x.-1/z - 10: R) Vi ?GZ A@@A
Y-) /01z-) + - XZ,,Z (, w2,, V W Z/ x.-1/z - 10: R) Vi ?GZ A@@A
Clearihg LimiIed
*+/>, G`W A`fWd`Sf[a`S^ >[`S`UW
;W`fdW, * @SdTagd M[Wi JfdWWf,
;W`fdS^, @a`Y Ca`Y
KW^ 3 +1.+ +.++ **++
>Sj 3 +1.+ ++2. ,*0/
NWTe[fW3 iii.Z]Wj.Ua_.Z]
=-_S[^3 [`Xa8Z]Wj.Ua_.Z]
9gYgef +00/
* 1
y-}~/01z-}+-*
xz,,z{,~ w2,, v w~z/ x.-1/z|10
A`hWefade dWSV[`Y fZ[e ^WSX^Wf eZag^V S^ea dWXWd fa fZW [`Xad_Sf[a` [` fZW @C=j iWTe[fW
(iii.Z]Wj.Ua_.Z]/UTTU) Xad _adW VWfS[^e S`V gbVSfWV [`Xad_Sf[a`.
KdSV[`Y [` ;S^^ST^W :g^^/:WSd ;a`fdSUfe (;::;) [`ha^hWe Z[YZ d[e]e4 [`hWefade SdW efda`Y^k
SVh[eWV fa ZShW S fZadagYZ g`VWdefS`V[`Y aX fZW bdaVgUf Se iW^^ Se fZW fWd_e S`V Ua`V[f[a`e
aX fZW ;::; TW[`Y aXXWdWV S`V/ad Ua`eg^f fZW[d Tda]Wde ad bdaXWee[a`S^ [`hWef_W`f SVh[eWde
TWXadW fdSV[`Y.
g`VWd^k[`Y SeeWf ([.W. VW^fS U^aeW fa a`W).
KZge, [X fZW g`VWd^k[`Y SeeWf [`UdWSeWe [`
hS^gW, S :g^^ ;::; i[fZ W`f[f^W_W`f dSf[a
aX * fa * YW`WdS^^k [`UdWSeWe [` hS^gW Tk
Sbbdaj[_SfW^k fZW eS_W S_ag`f iZWdWSe
S :WSd ;::; i[fZ W`f[f^W_W`f dSf[a aX *
fa * YW`WdS^^k VWUdWSeWe [` hS^gW Tk
Sbbdaj[_SfW^k fZW eS_W S_ag`f. KZ[e
bdabWdfk aXXWde [`hWefade S bdaVgUf iZ[UZ
fdSU]e fZW bd[UW _ahW_W`f aX fZW
g`VWd^k[`Y SeeWf _adW U^aeW^k S`V i[fZ
Z[YZWd bd[UW fdS`ebSdW`Uk fZS` ea_W afZWd
efdgUfgdWV bdaVgUfe. @aiWhWd, iZW` fZW
g`VWd^k[`Y SeeWf aX S ;::; [e fdSV[`Y Sf
S bd[UW U^aeW fa [fe ;S^^ Hd[UW, fZW UZS`YW
[` fZW hS^gW aX ;::; _Sk TW _adW ha^Sf[^W
S`V V[ebdabadf[a`SfW i[fZ fZW UZS`YW [`
fZW hS^gW aX fZW g`VWd^k[`Y SeeWf.
+. ;::; ZShW S ;S^^ Hd[UW S`V S ES`VSfadk
;S^^ >WSfgdW
>ad :g^^ Ua`fdSUfe, fZW ;S^^ Hd[UW _gef TW
W[fZWd WcgS^ fa ad STahW fZW Jfd[]W Hd[UW.
>ad :WSd Ua`fdSUfe, fZW ;S^^ Hd[UW _gef TW
WcgS^ fa ad TW^ai fZW Jfd[]W Hd[UW. AX fZW
g`VWd^k[`Y SeeWf'e bd[UW dWSUZWe fZW ;S^^
Hd[UW Sf S`k f[_W bd[ad fa Wjb[dk, fZW ;::;
i[^^ Wjb[dW WSd^k. KZW [eegWd _gef US^^ fZW
;::; S`V fdSV[`Y aX fZW ;::; i[^^ TW
fWd_[`SfWV [__WV[SfW^k. JgUZ S` WhW`f
[e dWXWddWV fa Se S ES`VSfadk ;S^^ =hW`f
(E;=).
,. ;SfWYad[We aX ;::;
KZWdW SdW fia USfWYad[We aX ;::;, `S_W^k
;SfWYadk F ;::; S`V ;SfWYadk I ;::;.
WhaI Are C88C?
;::; SdW S fkbW aX efdgUfgdWV bdaVgUf fZSf
fdSU]e fZW bWdXad_S`UW aX S` g`VWd^k[`Y
SeeWf i[fZagf dWcg[d[`Y [`hWefade fa bSk fZW
Xg^^ bd[UW dWcg[dWV fa ai` fZW SUfgS^ SeeWf.
KZWk SdW [eegWV W[fZWd Se :g^^ ad :WSd Ua`fdSUfe
i[fZ S X[jWV Wjb[dk VSfW, S^^ai[`Y [`hWefade
fa fS]W Tg^^[eZ ad TWSd[eZ bae[f[a`e a` fZW
g`VWd^k[`Y SeeWf. ;::; SdW [eegWV Tk S fZ[dV
bSdfk, gegS^ ^ k S` [ `hWef_W`f TS`],
[`VWbW`VW`f aX @C=j S`V aX fZW g`VWd^k[`Y
SeeWf.
;::; SdW [eegWV i[fZ fZW Ua`V[f[a` fZSf
Vgd[`Y fZW[d ^[XWebS` fZWk i[^^ TW US^^WV Tk
fZW [eegWde iZW` fZW bd[UW aX fZW g`VWd^k[`Y
SeeWf dWSUZWe S ^WhW^ (]`ai` Se fZW ";S^^
Hd[UW") ebWU[X[WV [` fZW ^[ef[`Y VaUg_W`f. AX
fZW ;S^^ Hd[UW [e dWSUZWV TWXadW Wjb[dk, fZW
;::; i[^^ Wjb[dW WSd^k S`V fZW fdSV[`Y aX
fZSf ;::; i[^^ TW fWd_[`SfWV [__WV[SfW^k.
KZW ebWU[X[WV Wjb[dk VSfW Xda_ fZW ^[ef[`Y
VaUg_W`f i[^^ `a ^a`YWd TW hS^[V.
;::; _Sk TW [eegWV i[fZ S ^[XWebS` aX fZdWW
_a`fZe fa X[hW kWSde S`V SdW eWff^WV [` USeZ
a`^k. KZWk SdW fdSVWV a` fZW USeZ _Sd]Wf
aX @C=j fZdagYZ fZW KZ[dV ?W`WdSf[a`
9gfa_Sf[U GdVWd ESfUZ[`Y S`V =jWUgf[a`
JkefW_ (9EJ/,) Vgd[`Y fZW _Sd]Wf'e fdSV[`Y
Zagde.
Ma|or FeaIures o! C88C
*. Hd[UW EahW_W`f aX ;::; KW`Ve fa KdSU]
fZW Hd[UW aX L`VWd^k[`Y 9eeWf ;^aeW^k
KZW bd[UW UZS`YWe aX S ;::; fW`V fa
Xa^^ai U^aeW^k fZW bd[UW UZS`YWe aX fZW
Disclaimer: KZW _SfWd[S^ Ua`fS[`WV ZWdW[` [e Xad YW`WdS^ [`Xad_Sf[a` a`^k S`V VaWe `af Ua`ef[fgfW S` [`h[fSf[a` ad aXXWd fa SUcg[dW, bgdUZSeW ad egTeUd[TW
Xad eWUgd[f[We. A`hWefade eZag^V dWSV fZW ^[ef[`Y VaUg_W`f USdWXg^^k, W`egdW fZSf fZWk g`VWdefS`V fZW `SfgdW aX S`V d[e]e SeeaU[SfWV i[fZ fZW[d [`hWef_W`f,
S`V iZWdW `WUWeeSdk Ua`eg^f fZW[d ai` X[`S`U[S^ SVh[eWde Se fa fZW eg[fST[^[fk aX fZW [`hWef_W`f [` ^[YZf aX fZW[d bSdf[Ug^Sd X[`S`U[S^ U[dUg_efS`UWe S`V
aT\WUf[hWe bd[ad fa _S][`Y S`k [`hWef_W`f VWU[e[a`.
egUZ Se ^[efWV [eegWde' S``ag`UW_W`fe
S`V ^[ef[`Y VaUg_W`fe SdW S^ea ShS[^ST^W
a` fZW @C=j iWTe[fW. A`hWefade US`
aTfS[` fZW dWS^-f[_W bd[UWe aX ;::; (S`V
afZWd @a`Y Ca`Y eWUgd[f[We) [X fZWk
egTeUd[TW fa fZW dWS^ f[_W VSfS.
9. How cah ihvesIors cohIacI LiquidiIy
Providers Io requesI quoIes?
9` [`hWefad US` dWcgWef S cgafW Xda_ S
D[cg[V[fk Hdah[VWd [X fZW ^[ef[`Y VaUg_W`f
efSfWe fZSf cgafWe SdW bdah[VWV gba`
dWcgWef. >ad ;::; i[fZ D[cg[V[fk
Hdah[VWde fZSf dWeba`V fa cgafW dWcgWefe,
fZW fW^WbZa`W `g_TWde aX fZW D[cg[V[fk
Hdah[VWde SdW ShS[^ST^W a` fZW ;::; efaU]
bSYW aX 9EJ/,, [` fZW ^[ef[`Y VaUg_W`f
S`V a` fZW @C=j iWTe[fW.
10. WhaI are Ihe obligaIiohs o! a
LiquidiIy Provider?
KZW ^[ef[`Y VaUg_W`f ^[efe fZW WjSUf
aT^[YSf[a`e aX fZW D[cg[V[fk Hdah[VWd. A`
`ad_S^ U[dUg_efS`UWe, D[cg[V[fk Hdah[VWde
eZag^V bdah[VW ^[cg[V[fk Xad ;::; [eegWe
fZdagYZ Ua`f[`gage cgafWe ad [` dWeba`eW
fa cgafW dWcgWefe Xda_ X[hW _[`gfWe SXfWd
fZW _Sd]Wf ZSe abW`WV g`f[^ fZW _Sd]Wf
U^aeWe. KZW D[cg[V[fk Hdah[VWd eZag^V
bdah[VW ^[cg[V[fk Xad Sf ^WSef *0 TaSdV ^afe
aX fZW ;::;. 9` [eegWd _gef ebWU[Xk fZW
_Sj[_g_ ebdWSV TWfiWW` fZW T[V S`V
aXXWd bd[UWe Xad [fe ;::; S`V fZW
_Sj[_g_ dWeba`eW f[_W [` fZW ^[ef[`Y
VaUg_W`f. L`VWd fZW cgafW dWcgWef
ekefW_, [`hWefade _Sk dWcgWef S cgafW
Xda_ fZW D[cg[V[fk Hdah[VWd.
11. How mahy LiquidiIy Providers cah ah
issuer appoihI !or each C88C issue?
9` [eegWd _Sk Sbba[`f V[XXWdW`f D[cg[V[fk
Hdah[VWde Xad V[XXWdW`f ;::; [eegWe.
@aiWhWd, Xad WSUZ ;::; [eegW fZWdW US`
a`^k TW a`W D[cg[V[fk Hdah[VWd.
12. Uhder whaI circumsIahces is Ihe
LiquidiIy Provider hoI required Io
provide liquidiIy?
KZW U[dUg_efS`UWe [` iZ[UZ fZW D[cg[V[fk
Hdah[VWd [e `af dWcg[dWV fa bdah[VW ^[cg[V[fk
SdW VWeUd[TWV [` fZW ^[ef[`Y VaUg_W`f.
A`hWefade eZag^V dWXWd fa fZW ^[ef[`Y
VaUg_W`f Xad VWfS[^e.
AI Ihe Iime o! issuahce
o L`VWd^k[`Y SeeWf JfaU] O
o Jbaf Hd[UW $**0
o ;S^^ Hd[UW (X[jWV Sf [eegW) $20
o Jfd[]W Hd[UW (X[jWV Sf [eegW) $20
o >g`V[`Y ;aefe $-..
o ;a`fdSUf =`f[f^W_W`f * 3 *
o =jb[dk *+ _a`fZe
KZWadWf[US^ bd[UW Sf [eegW3 $+-..
Q(Jbaf Hd[UW m Jfd[]W Hd[UW + >g`V[`Y ;aefe)/W`f[f^W_W`fR
MS^gW aX a`W TaSdV ^af (*00 eZSdWe) $+,-.0
=jS_b^W *3 ;SfWYadk F :g^^ ;a`fdSUf (N[fZagf IWe[VgS^ MS^gW)
+ ,
S_ag`f aX fZW eWff^W_W`f bd[UW Se
VWfWd_[`WV SUUadV[`Y fa fZW fWd_e [` fZW
^[ef[`Y VaUg_W`f ^Wee fZW Jfd[]W Hd[UW. KZW
eWff^W_W`f bd[UW aX S :g^^ Ua`fdSUf _gef
`af TW ^aiWd fZS` fZW _[`[_g_ fdSVW
bd[UW aX fZW g`VWd^k[`Y SeeWf ([.W. fZW ^aiWef
fdSVWV bd[UW) SXfWd fZW ES`VSfadk ;S^^
=hW`f S`V gb fa S`V [`U^gV[`Y fZW `Wjf
fdSV[`Y eWee[a`.
J[_[^Sd^k, iZW` S ;SfWYadk I :WSd Ua`fdSUf
[e US^^WV, fZW dWe[VgS^ hS^gW i[^^ TW fZW
bae[f[hW S_ag`f aX fZW Jfd[]W Hd[UW ^Wee
fZW eWff^W_W`f bd[UW Se VWfWd_[`WV
SUUadV[`Y fa fZW fWd_e [` fZW ^[ef[`Y
VaUg_W`f. KZW eWff^W_W`f bd[UW aX S :WSd
Ua`fdSUf _gef `af TW Z[YZWd fZS` fZW
_Sj[_g_ fdSVW bd[UW aX fZW g`VWd^k[`Y
SeeWf ([.W. fZW Z[YZWef fdSVWV bd[UW) SXfWd
fZW ES`VSfadk ;S^^ =hW`f S`V gb fa S`V
[`U^gV[`Y fZW `Wjf fdSV[`Y eWee[a`. >ad
fZ[e bgdbaeW, bdW-abW`[`Y eWee[a` S`V
_ad`[`Y eWee[a` SdW Ua`e[VWdWV Se a`W
fdSV[`Y eWee[a`. :gf, [` fZW SVhWdeW USeW
iZWdW fZW eWff^W_W`f bd[UW [e Sf ad YaWe
TWka`V fZW Jfd[]W Hd[UW, fZWdW _Sk `af TW
S`k dWe[VgS^ hS^gW.
Lligible Uhderlyihg AsseIs !or C88C
Issuahce
9f [`[f[S^ ^Sg`UZ, [eegWde US` Sbb^k fa [eegW
;::; a` fZW Xa^^ai[`Y g`VWd^k[`Y SeeWfe3
o @[YZ^k ^[cg[V @a`Y Ca`Y efaU]e ^[efWV a`
fZW =jUZS`YW3 @J:; @a^V[`Ye b^U,
@gfUZ[ea` NZS_baS DfV., HWfda;Z[`S ;a.
DfV., ;Z[`S EaT[^W (@a`Y Ca`Y) DfV. S`V
;ZWg`Y Ca`Y (@a^V[`Ye) DfV.4
o Kia @a`Y Ca`Y efaU] [`V[UWe3 @S`Y JW`Y
A`VWj S`V @S`Y JW`Y ;Z[`S =`fWdbd[eWe
A`VWj ([.W. @-eZSdWe A`VWj)4
o GhWdeWSe efaU]e S`V ahWdeWSe efaU] [`V[UWe4
o ;gddW`U[We4 S`V
o ;a__aV[f[We
EadW g`VWd^k[`Y SeeWfe _Sk TW SVVWV [` fZW
XgfgdW Xda_ f[_W fa f[_W egT\WUf fa
Ua`eg^fSf[a` i[fZ fZW JWUgd[f[We S`V >gfgdWe
;a__[ee[a`.
([) 9 ;SfWYadk F ;::; dWXWde fa S ;::;
iZWdW [fe ;S^^ Hd[UW [e WcgS^ fa [fe Jfd[]W
Hd[UW, S`V fZW ;::; Za^VWd i[^^ `af
dWUW[hW S`k USeZ bSk_W`f a`UW fZW bd[UW
aX fZW g`VWd^k[`Y SeeWf dWSUZWe ad YaWe
TWka`V fZW ;S^^ Hd[UW ([.W iZW` fZW
;::; [e US^^WV).
([[) 9 ;SfWYadk I ;::; dWXWde fa S ;::;
iZWdW [fe ;S^^ Hd[UW [e V[XXWdW`f Xda_ [fe
Jfd[]W Hd[UW, S`V fZW ;::; Za^VWd _Sk
dWUW[hW S e_S^^ S_ag`f aX USeZ bSk_W`f
(US^^WV "IWe[VgS^ MS^gW") iZW` fZW
;::; [e US^^WV. :gf [` fZW iadef USeW,
`a dWe[VgS^ hS^gW i[^^ TW bS[V Tk fZW
[eegWd. (eWW ba[`f . TW^ai Xad fZW
VWfWd_[`Sf[a` aX dWe[VgS^ hS^gW)
-. MS^gSf[a` Sf =jb[dk
;::; US` TW ZW^V g`f[^ _Sfgd[fk ([X `af
US^^WV TWXadW Wjb[dk) ad ea^V a` fZW JfaU]
=jUZS`YW (fZW =jUZS`YW) TWXadW Wjb[dk.
([) A` fZW USeW aX S :g^^ Ua`fdSUf, fZW USeZ
eWff^W_W`f S_ag`f Sf `ad_S^ Wjb[dk
i[^^ TW fZW bae[f[hW S_ag`f aX fZW
eWff^W_W`f bd[UW aX fZW g`VWd^k[`Y SeeWf
Se VWfWd_[`WV a` fZW hS^gSf[a` VSk ^Wee
fZW Jfd[]W Hd[UW.
([[) A` fZW USeW aX S :WSd Ua`fdSUf, fZW USeZ
eWff^W_W`f S_ag`f Sf `ad_S^ Wjb[dk
i[^^ TW fZW bae[f[hW S_ag`f aX fZW Jfd[]W
Hd[UW ^Wee fZW eWff^W_W`f bd[UW aX fZW
g`VWd^k[`Y SeeWf a` hS^gSf[a` VSk.
>ad ;::; i[fZ S @a`Y Ca`Y efaU] Se
g`VWd^k[`Y, fZW eWff^W_W`f bd[UW aX fZW
;::; i[^^ TW fZW U^ae[`Y bd[UW aX fZW
g`VWd^k[`Y a` fZW ^Sef fdSV[`Y VSk. >ad
;::; i[fZ S @a`Y Ca`Y efaU] [`VWj Se
g`VWd^k[`Y, fZW eWff^W_W`f ^WhW^ aX fZW
;::; i[^^ TW fZW eS_W [`VWj ^WhW^ Xad
eWff^[`Y fZSf Wjb[d[`Y [`VWj XgfgdW Ua`fdSUf.
KZWdW i[^^ TW `a USeZ eWff^W_W`f [X fZW
S_ag`fe US^Ug^SfWV g`VWd ([) S`V ([[) SdW
`WYSf[hW.
.. <WfWd_[`Sf[a` aX IWe[VgS^ MS^gW Xad
;SfWYadk I ;::;
NZW` S ;SfWYadk I :g^^ Ua`fdSUf [e US^^WV,
fZW dWe[VgS^ hS^gW i[^^ TW fZW bae[f[hW
I! SpoI Price !alls Io $90 (i.e. Ihe Call Price)
o ES`VSfadk ;S^^ =hW`f aUUgde
o KZW :g^^ ;a`fdSUf [e US^^WV S`V fdSV[`Y [e fWd_[`SfWV
o KZWdW i[^^ TW `a dWe[VgS^ bSk_W`f
o FWf ^aee i[^^ TW fZW ad[Y[`S^ [`hWef_W`f aX $+,-.0
I! hoI called be!ore expiry ahd aI expiry:
o Hd[UW aX JfaU] O3 $*,0
JWff^W_W`f S_ag`f aX S :g^^ ;a`fdSUf (JWff^W_W`f Hd[UW* m Jfd[]W Hd[UW)/=`f[f^W_W`f $-0
6 ($*,0 m $20)/*
* JWff^W_W`f Hd[UW [e fZW U^ae[`Y bd[UW aX JfaU] O a` fZW DSef KdSV[`Y <Sk
MS^gW aX a`W TaSdV ^af $-,000
FWf bdaX[f aX a`W TaSdV ^af $*,..0
(MS^gW aX fZW :g^^ ;a`fdSUf Sf Wjb[dk m Gd[Y[`S^ A`hWef_W`f) 6 $-,000 - $+,-.0
ISfW aX IWfgd` 6 $*,..0 / $+,-.0 /,
=jS_b^W +3 ;SfWYadk I :g^^ ;a`fdSUf (N[fZ IWe[VgS^ MS^gW)
AI Ihe Iime o! issuahce
o L`VWd^k[`Y SeeWf JfaU] O
o Jbaf Hd[UW $**0
o ;S^^ Hd[UW (X[jWV Sf [eegW) $2.
o Jfd[]W Hd[UW (X[jWV Sf [eegW) $20
o >g`V[`Y ;aefe $-..
o ;a`fdSUf =`f[f^W_W`f *3*
o =jb[dk *+ _a`fZe
KZWadWf[US^ bd[UW Sf [eegW3 $+-..
Q(Jbaf Hd[UW m Jfd[]W Hd[UW + >g`V[`Y ;aefe)/W`f[f^W_W`fR
MS^gW aX a`W TaSdV ^af (*00 eZSdWe) $+,-.0
How Do C88C Work?
KZW fZWadWf[US^ bd[UW aX S :g^^ ;a`fdSUf [e
YW`WdS^^k VWfWd_[`WV Tk fZW V[XXWdW`UW
TWfiWW` fZW ebaf bd[UW aX fZW g`VWd^k[`Y
SeeWf S`V fZW Jfd[]W Hd[UW aX fZW :g^^ ;a`fdSUf
b^ge Xg`V[`Y Uaefe, SXfWd SV\gefWV Xad
W`f[f^W_W`f. NZWdWSe Xad S :WSd ;a`fdSUf,
fZW fZWadWf[US^ bd[UW [e YW`WdS^^k VWfWd_[`WV
Tk fZW V[XXWdW`UW TWfiWW` fZW Jfd[]W Hd[UW
aX fZW :WSd ;a`fdSUf S`V fZW ebaf bd[UW aX
fZW g`VWd^k[`Y SeeWf b^ge Xg`V[`Y Uaefe, SXfWd
SV\gefWV Xad W`f[f^W_W`f.
>ad :g^^ Ua`fdSUfe, fZW ;S^^ Hd[UW US` TW WcgS^
fa ad Z[YZWd fZS` fZW Jfd[]W Hd[UW4 iZWdWSe
Xad :WSd Ua`fdSUfe, fZW ;S^^ Hd[UW US` TW WcgS^
fa ad ^aiWd fZS` fZW Jfd[]W Hd[UW. KZW
Xa^^ai[`Y WjS_b^W [^^gefdSfWe Zai S :g^^
Ua`fdSUf iad]e3
AI Ihe Iime o! issuahce
o L`VWd^k[`Y SeeWf JfaU] O
o Jbaf Hd[UW $**0
o ;S^^ Hd[UW (X[jWV Sf [eegW) $20
o Jfd[]W Hd[UW (X[jWV Sf [eegW) $20
o >g`V[`Y ;aefe $-..
o ;a`fdSUf =`f[f^W_W`f * 3 *
o =jb[dk *+ _a`fZe
KZWadWf[US^ bd[UW Sf [eegW3 $+-..
Q(Jbaf Hd[UW m Jfd[]W Hd[UW + >g`V[`Y ;aefe)/W`f[f^W_W`fR
MS^gW aX a`W TaSdV ^af (*00 eZSdWe) $+,-.0
=jS_b^W *3 ;SfWYadk F :g^^ ;a`fdSUf (N[fZagf IWe[VgS^ MS^gW)
+ ,
S_ag`f aX fZW eWff^W_W`f bd[UW Se
VWfWd_[`WV SUUadV[`Y fa fZW fWd_e [` fZW
^[ef[`Y VaUg_W`f ^Wee fZW Jfd[]W Hd[UW. KZW
eWff^W_W`f bd[UW aX S :g^^ Ua`fdSUf _gef
`af TW ^aiWd fZS` fZW _[`[_g_ fdSVW
bd[UW aX fZW g`VWd^k[`Y SeeWf ([.W. fZW ^aiWef
fdSVWV bd[UW) SXfWd fZW ES`VSfadk ;S^^
=hW`f S`V gb fa S`V [`U^gV[`Y fZW `Wjf
fdSV[`Y eWee[a`.
J[_[^Sd^k, iZW` S ;SfWYadk I :WSd Ua`fdSUf
[e US^^WV, fZW dWe[VgS^ hS^gW i[^^ TW fZW
bae[f[hW S_ag`f aX fZW Jfd[]W Hd[UW ^Wee
fZW eWff^W_W`f bd[UW Se VWfWd_[`WV
SUUadV[`Y fa fZW fWd_e [` fZW ^[ef[`Y
VaUg_W`f. KZW eWff^W_W`f bd[UW aX S :WSd
Ua`fdSUf _gef `af TW Z[YZWd fZS` fZW
_Sj[_g_ fdSVW bd[UW aX fZW g`VWd^k[`Y
SeeWf ([.W. fZW Z[YZWef fdSVWV bd[UW) SXfWd
fZW ES`VSfadk ;S^^ =hW`f S`V gb fa S`V
[`U^gV[`Y fZW `Wjf fdSV[`Y eWee[a`. >ad
fZ[e bgdbaeW, bdW-abW`[`Y eWee[a` S`V
_ad`[`Y eWee[a` SdW Ua`e[VWdWV Se a`W
fdSV[`Y eWee[a`. :gf, [` fZW SVhWdeW USeW
iZWdW fZW eWff^W_W`f bd[UW [e Sf ad YaWe
TWka`V fZW Jfd[]W Hd[UW, fZWdW _Sk `af TW
S`k dWe[VgS^ hS^gW.
Lligible Uhderlyihg AsseIs !or C88C
Issuahce
9f [`[f[S^ ^Sg`UZ, [eegWde US` Sbb^k fa [eegW
;::; a` fZW Xa^^ai[`Y g`VWd^k[`Y SeeWfe3
o @[YZ^k ^[cg[V @a`Y Ca`Y efaU]e ^[efWV a`
fZW =jUZS`YW3 @J:; @a^V[`Ye b^U,
@gfUZ[ea` NZS_baS DfV., HWfda;Z[`S ;a.
DfV., ;Z[`S EaT[^W (@a`Y Ca`Y) DfV. S`V
;ZWg`Y Ca`Y (@a^V[`Ye) DfV.4
o Kia @a`Y Ca`Y efaU] [`V[UWe3 @S`Y JW`Y
A`VWj S`V @S`Y JW`Y ;Z[`S =`fWdbd[eWe
A`VWj ([.W. @-eZSdWe A`VWj)4
o GhWdeWSe efaU]e S`V ahWdeWSe efaU] [`V[UWe4
o ;gddW`U[We4 S`V
o ;a__aV[f[We
EadW g`VWd^k[`Y SeeWfe _Sk TW SVVWV [` fZW
XgfgdW Xda_ f[_W fa f[_W egT\WUf fa
Ua`eg^fSf[a` i[fZ fZW JWUgd[f[We S`V >gfgdWe
;a__[ee[a`.
([) 9 ;SfWYadk F ;::; dWXWde fa S ;::;
iZWdW [fe ;S^^ Hd[UW [e WcgS^ fa [fe Jfd[]W
Hd[UW, S`V fZW ;::; Za^VWd i[^^ `af
dWUW[hW S`k USeZ bSk_W`f a`UW fZW bd[UW
aX fZW g`VWd^k[`Y SeeWf dWSUZWe ad YaWe
TWka`V fZW ;S^^ Hd[UW ([.W iZW` fZW
;::; [e US^^WV).
([[) 9 ;SfWYadk I ;::; dWXWde fa S ;::;
iZWdW [fe ;S^^ Hd[UW [e V[XXWdW`f Xda_ [fe
Jfd[]W Hd[UW, S`V fZW ;::; Za^VWd _Sk
dWUW[hW S e_S^^ S_ag`f aX USeZ bSk_W`f
(US^^WV "IWe[VgS^ MS^gW") iZW` fZW
;::; [e US^^WV. :gf [` fZW iadef USeW,
`a dWe[VgS^ hS^gW i[^^ TW bS[V Tk fZW
[eegWd. (eWW ba[`f . TW^ai Xad fZW
VWfWd_[`Sf[a` aX dWe[VgS^ hS^gW)
-. MS^gSf[a` Sf =jb[dk
;::; US` TW ZW^V g`f[^ _Sfgd[fk ([X `af
US^^WV TWXadW Wjb[dk) ad ea^V a` fZW JfaU]
=jUZS`YW (fZW =jUZS`YW) TWXadW Wjb[dk.
([) A` fZW USeW aX S :g^^ Ua`fdSUf, fZW USeZ
eWff^W_W`f S_ag`f Sf `ad_S^ Wjb[dk
i[^^ TW fZW bae[f[hW S_ag`f aX fZW
eWff^W_W`f bd[UW aX fZW g`VWd^k[`Y SeeWf
Se VWfWd_[`WV a` fZW hS^gSf[a` VSk ^Wee
fZW Jfd[]W Hd[UW.
([[) A` fZW USeW aX S :WSd Ua`fdSUf, fZW USeZ
eWff^W_W`f S_ag`f Sf `ad_S^ Wjb[dk
i[^^ TW fZW bae[f[hW S_ag`f aX fZW Jfd[]W
Hd[UW ^Wee fZW eWff^W_W`f bd[UW aX fZW
g`VWd^k[`Y SeeWf a` hS^gSf[a` VSk.
>ad ;::; i[fZ S @a`Y Ca`Y efaU] Se
g`VWd^k[`Y, fZW eWff^W_W`f bd[UW aX fZW
;::; i[^^ TW fZW U^ae[`Y bd[UW aX fZW
g`VWd^k[`Y a` fZW ^Sef fdSV[`Y VSk. >ad
;::; i[fZ S @a`Y Ca`Y efaU] [`VWj Se
g`VWd^k[`Y, fZW eWff^W_W`f ^WhW^ aX fZW
;::; i[^^ TW fZW eS_W [`VWj ^WhW^ Xad
eWff^[`Y fZSf Wjb[d[`Y [`VWj XgfgdW Ua`fdSUf.
KZWdW i[^^ TW `a USeZ eWff^W_W`f [X fZW
S_ag`fe US^Ug^SfWV g`VWd ([) S`V ([[) SdW
`WYSf[hW.
.. <WfWd_[`Sf[a` aX IWe[VgS^ MS^gW Xad
;SfWYadk I ;::;
NZW` S ;SfWYadk I :g^^ Ua`fdSUf [e US^^WV,
fZW dWe[VgS^ hS^gW i[^^ TW fZW bae[f[hW
I! SpoI Price !alls Io $90 (i.e. Ihe Call Price)
o ES`VSfadk ;S^^ =hW`f aUUgde
o KZW :g^^ ;a`fdSUf [e US^^WV S`V fdSV[`Y [e fWd_[`SfWV
o KZWdW i[^^ TW `a dWe[VgS^ bSk_W`f
o FWf ^aee i[^^ TW fZW ad[Y[`S^ [`hWef_W`f aX $+,-.0
I! hoI called be!ore expiry ahd aI expiry:
o Hd[UW aX JfaU] O3 $*,0
JWff^W_W`f S_ag`f aX S :g^^ ;a`fdSUf (JWff^W_W`f Hd[UW* m Jfd[]W Hd[UW)/=`f[f^W_W`f $-0
6 ($*,0 m $20)/*
* JWff^W_W`f Hd[UW [e fZW U^ae[`Y bd[UW aX JfaU] O a` fZW DSef KdSV[`Y <Sk
MS^gW aX a`W TaSdV ^af $-,000
FWf bdaX[f aX a`W TaSdV ^af $*,..0
(MS^gW aX fZW :g^^ ;a`fdSUf Sf Wjb[dk m Gd[Y[`S^ A`hWef_W`f) 6 $-,000 - $+,-.0
ISfW aX IWfgd` 6 $*,..0 / $+,-.0 /,
=jS_b^W +3 ;SfWYadk I :g^^ ;a`fdSUf (N[fZ IWe[VgS^ MS^gW)
AI Ihe Iime o! issuahce
o L`VWd^k[`Y SeeWf JfaU] O
o Jbaf Hd[UW $**0
o ;S^^ Hd[UW (X[jWV Sf [eegW) $2.
o Jfd[]W Hd[UW (X[jWV Sf [eegW) $20
o >g`V[`Y ;aefe $-..
o ;a`fdSUf =`f[f^W_W`f *3*
o =jb[dk *+ _a`fZe
KZWadWf[US^ bd[UW Sf [eegW3 $+-..
Q(Jbaf Hd[UW m Jfd[]W Hd[UW + >g`V[`Y ;aefe)/W`f[f^W_W`fR
MS^gW aX a`W TaSdV ^af (*00 eZSdWe) $+,-.0
How Do C88C Work?
KZW fZWadWf[US^ bd[UW aX S :g^^ ;a`fdSUf [e
YW`WdS^^k VWfWd_[`WV Tk fZW V[XXWdW`UW
TWfiWW` fZW ebaf bd[UW aX fZW g`VWd^k[`Y
SeeWf S`V fZW Jfd[]W Hd[UW aX fZW :g^^ ;a`fdSUf
b^ge Xg`V[`Y Uaefe, SXfWd SV\gefWV Xad
W`f[f^W_W`f. NZWdWSe Xad S :WSd ;a`fdSUf,
fZW fZWadWf[US^ bd[UW [e YW`WdS^^k VWfWd_[`WV
Tk fZW V[XXWdW`UW TWfiWW` fZW Jfd[]W Hd[UW
aX fZW :WSd ;a`fdSUf S`V fZW ebaf bd[UW aX
fZW g`VWd^k[`Y SeeWf b^ge Xg`V[`Y Uaefe, SXfWd
SV\gefWV Xad W`f[f^W_W`f.
>ad :g^^ Ua`fdSUfe, fZW ;S^^ Hd[UW US` TW WcgS^
fa ad Z[YZWd fZS` fZW Jfd[]W Hd[UW4 iZWdWSe
Xad :WSd Ua`fdSUfe, fZW ;S^^ Hd[UW US` TW WcgS^
fa ad ^aiWd fZS` fZW Jfd[]W Hd[UW. KZW
Xa^^ai[`Y WjS_b^W [^^gefdSfWe Zai S :g^^
Ua`fdSUf iad]e3
- .
I! SpoI Price !alls Io $95 (i.e. Ihe Call Price)
o ES`VSfadk ;S^^ =hW`f aUUgde
IWe[VgS^ hS^gW aX fZW :g^^ ;a`fdSUf Sf ;S^^3
(JWff^W_W`f Hd[UW* m Jfd[]W Hd[UW)/=`f[f^W_W`f 6 ($2- m $20)/*
* JWff^W_W`f bd[UW Se VWfWd_[`WV SUUadV[`Y fa fZW fWd_e [` fZW ^[ef[`Y VaUg_W`f
iZ[UZ _gef `af TW ^aiWd fZS` fZW E[`[_g_ KdSVW Hd[UW aX fZW g`VWd^k[`Y SeeWf
SXfWd fZW ES`VSfadk ;S^^ =hW`f S`V gb fa S`V [`U^gV[`Y fZW `Wjf fdSV[`Y eWee[a`.
Af [e Seeg_WV fa TW $2- [` fZ[e WjS_b^W. AX eWff^W_W`f bd[UW [e VWfWd_[`WV fa TW
WcgS^ fa ad ^Wee fZS` fZW Jfd[]W Hd[UW, `a dWe[VgS^ bSk_W`f i[^^ TW dWUW[hWV. KZW
fafS^ ^aee i[^^ TW fZW ad[Y[`S^ [`hWef_W`f S_ag`f.
MS^gW aX a`W TaSdV ^af
FWf ^aee aX a`W TaSdV ^af ($+,-.0 - $-00)
$-
$-00
$+,0.0
I! hoI called be!ore expiry, Ihe payo!! will be Ihe same as ih Lxample 1 above:
o Hd[UW aX JfaU] O3 $*,0
JWff^W_W`f S_ag`f aX S :g^^ ;a`fdSUf3 (JWff^W_W`f Hd[UW* m Jfd[]W Hd[UW)/=`f[f^W_W`f $-0
6 ($*,0 m $20)/*
* JWff^W_W`f Hd[UW [e fZW U^ae[`Y bd[UW aX JfaU] O a` fZW DSef KdSV[`Y <Sk
MS^gW aX a`W TaSdV ^af $-,000
FWf bdaX[f aX a`W TaSdV ^af (MS^gW aX fZW :g^^ ;a`fdSUf Sf Wjb[dk m $*,..0
Gd[Y[`S^ A`hWef_W`f) 6 $-,000 - $+,-.0
ISfW aX IWfgd` /,
6 $*,..0 / $+,-.0
FafW3 fZW US^Ug^Sf[a` aX bdaX[f S`V ^aee [` fZW fia WjS_b^We STahW ZShW `af fS]W` [`fa SUUag`f fZW Ua__[ee[a` S`V afZWd fdS`eSUf[a` Uaefe.
Fuhdihg cosIs
KZW [eegW bd[UW aX S ;::; [`U^gVWe Xg`V[`Y
Uaef S`V [eegWde SdW dWcg[dWV fa ebWU[Xk fZW
Xad_g^S Xad US^Ug^Sf[`Y fZW Xg`V[`Y Uaefe aX
fZW[d ;::; Sf ^Sg`UZ [` fZW ^[ef[`Y VaUg_W`fe.
KZW Xg`V[`Y Uaef aX S ;::; [`U^gVWe fZW
[eegWd'e X[`S`U[`Y/efaU] Taddai[`Y Uaefe SXfWd
SV\gef_W`f Xad WjbWUfWV adV[`Sdk V[h[VW`V
aX fZW efaU] ([X fZW g`VWd^k[`Y [e S @a`Y Ca`Y
efaU]) S`V fZW [eegWd'e bdaX[f _SdY[`. KZWeW
[fW_e X^gUfgSfW Xda_ f[_W fa f[_W. KZW
Xg`V[`Y Uaefe SdW `af X[jWV fZdagYZagf fZW
fW`gdW aX fZW Ua`fdSUfe. A` YW`WdS^, fZW
^a`YWd fZW VgdSf[a` aX fZW ;::;, fZW Z[YZWd
fZW Xg`V[`Y Uaefe i[^^ TW bS[V gbXda`f. KZW
Xg`V[`Y Uaefe VWU^[`W ahWd f[_W Se fZW ;::;
_ahWe faiSdVe Wjb[dk. A`hWefade SdW SVh[eWV
fa Ua_bSdW fZW Xg`V[`Y Uaefe aX V[XXWdW`f
[eegWde Xad ;::; i[fZ e[_[^Sd g`VWd^k[`Y SeeWfe
S`V fWd_e.
Risks Ihvolved ih 1radihg C88C
MahdaIory call
;::; SdW `af eg[fST^W Xad S^^ [`hWefade S`V
[`hWefade eZag^V Ua`e[VWd fZW[d d[e] SbbWf[fW
bd[ad fa fdSV[`Y. 9 ;::; _Sk TW US^^WV Tk
fZW [eegWd iZW` fZW bd[UW aX fZW g`VWd^k[`Y
SeeWf Z[fe fZW ;S^^ Hd[UW S`V fZSf ;::; i[^^
Wjb[dW WSd^k. HSkaXX Xad ;SfWYadk F ;::;
i[^^ TW lWda iZW` fZWk Wjb[dW WSd^k. NZW`
;SfWYadk I ;::; Wjb[dW WSd^k fZW Za^VWd _Sk
dWUW[hW S e_S^^ S_ag`f aX IWe[VgS^ MS^gW
bSk_W`f, Tgf fZWdW _Sk TW `a IWe[VgS^ MS^gW
bSk_W`f [` SVhWdeW e[fgSf[a`e.
G`UW fZW ;::; [e US^^WV, WhW` fZagYZ fZW
g`VWd^k[`Y SeeWf _Sk Tag`UW TSU] [` fZW
d[YZf V[dWUf[a`, fZW ;::; iZ[UZ ZSe TWW`
US^^WV i[^^ `af TW dWh[hWV S`V [`hWefade i[^^
`af TW ST^W fa bdaX[f Xda_ fZW Tag`UW-TSU].
Cearihg e!!ecIs
J[`UW S ;::; [e S ^WhWdSYWV bdaVgUf, fZW
bWdUW`fSYW UZS`YW [` fZW bd[UW aX S ;::;
[e YdWSfWd Ua_bSdWV i[fZ fZSf aX fZW
g`VWd^k[`Y SeeWf. A`hWefade _Sk egXXWd Z[YZWd
^aeeWe [` bWdUW`fSYW fWd_e [X fZWk WjbWUf fZW
bd[UW aX fZW g`VWd^k[`Y SeeWf fa _ahW a`W
iSk Tgf [f _ahWe [` fZW abbae[fW V[dWUf[a`.
LimiIed li!e
9 ;::; ZSe S ^[_[fWV ^[XWebS` aX fZdWW _a`fZe
fa X[hW kWSde. KZW ^[XW aX S ;::; _Sk TW
eZadfWd [X US^^WV TWXadW fZW X[jWV Wjb[dk VSfW.
KZW bd[UW aX S ;::; X^gUfgSfWe i[fZ fZW
UZS`YWe [` fZW bd[UW aX fZW g`VWd^k[`Y SeeWf
Xda_f[_W fa f[_W S`V _Sk TWUa_W iadfZ^Wee
SXfWd Wjb[dk S`V [` UWdfS[` USeWe, WhW` TWXadW
fZW `ad_S^ Wjb[dk [X fZW ;::; ZSe TWW` US^^WV
WSd^k.
MovemehI wiIh uhderlyihg asseI
9^fZagYZ fZW bd[UW UZS`YWe aX S ;::; fW`Ve
fa Xa^^ai U^aeW^k fZW bd[UW UZS`YWe aX [fe
g`VWd^k[`Y SeeWf, Tgf [` ea_W e[fgSf[a`e [f
_Sk `af ([.W. VW^fS _Sk `af S^iSke TW U^aeW
fa a`W). Hd[UWe aX ;::; SdW SXXWUfWV Tk S
`g_TWd aX XSUfade, [`U^gV[`Y [fe ai` VW_S`V
S`V egbb^k, Xg`V[`Y Uaefe S`V f[_W fa Wjb[dk.
LiquidiIy
9^fZagYZ ;::; ZShW ^[cg[V[fk bdah[VWde, fZWdW
[e `a YgSdS`fWW fZSf [`hWefade i[^^ TW ST^W
fa Tgk/eW^^ ;::; Sf fZW[d fSdYWf bd[UWe S`k
f[_W fZWk i[eZ.
Fuhdihg cosIs
KZW [eegW bd[UW aX S ;::; [`U^gVWe Xg`V[`Y
Uaefe UZSdYWV gbXda`f Xad fZW W`f[dW bWd[aV
Xda_ ^Sg`UZ fa `ad_S^ Wjb[dk. NZW` S ;::;
[e US^^WV, fZW ;::; Za^VWde ([`hWefade) i[^^
^aeW fZW Xg`V[`Y Uaef Xad fZW dW_S[`[`Y bWd[aV
WhW` fZagYZ fZW SUfgS^ bWd[aV aX Xg`V[`Y
Xad fZW ;::; fgd`e agf fa TW eZadfWd.
A`hWefade eZag^V S^ea `afW fZSf fZW Xg`V[`Y
Uaefe aX S ;::; SXfWd ^Sg`UZ _Sk hSdk Vgd[`Y
[fe ^[XW.
1radihg o! C88C close Io Call Price
NZW` fZW g`VWd^k[`Y SeeWf [e fdSV[`Y U^aeW
fa fZW ;S^^ Hd[UW, fZW bd[UW aX S ;::; _Sk
TW _adW ha^Sf[^W i[fZ i[VWd ebdWSVe S`V
g`UWdfS[` ^[cg[V[fk. ;::; _Sk TW US^^WV Sf
S`k f[_W S`V fdSV[`Y i[^^ fWd_[`SfW Se S
dWeg^f.
@aiWhWd, fZW fdSVW [`bgffWV Tk fZW [`hWefad
_Sk ef[^^ TW WjWUgfWV S`V Ua`X[d_WV Tk fZW
[`hWefade SXfWd fZW E;= e[`UW fZWdW _Sk TW
ea_W f[_W ^SbeW TWfiWW` fZW ES`VSfadk
;S^^ =hW`f f[_W S`V egebW`e[a` aX fZW ;::;
fdSV[`Y. 9`k fdSVWe WjWUgfWV SXfWd fZW E;=
i[^^ `af TW dWUaY`[eWV S`V i[^^ TW US`UW^^WV.
KZWdWXadW, [`hWefade eZag^V TW SiSdW aX fZW
d[e] S`V agYZf fa Sbb^k ebWU[S^ USgf[a` iZW`
fZW ;::; [e fdSV[`Y U^aeW fa fZW ;S^^ Hd[UW.
1radihg C88C oh Ihe Lxchahge
D[]W efaU]e S`V afZWd eWUgd[f[We, ;::; SdW
fdSVWV a` 9EJ/, aX fZW =jUZS`YW Vgd[`Y
dWYg^Sd fdSV[`Y Zagde.
9 ;::; ^[efWV a` fZW =jUZS`YW US` TW
[VW`f[X[WV Tk fZW =`Y^[eZ eZadf `S_W See[Y`WV
fa [f, iZ[UZ [`V[USfWe ea_W aX fZW TSe[U
XWSfgdWe aX fZW ;::; (fZ[e Sbb^[We fa fZW
=`Y^[eZ efaU] eZadf `S_W a`^k).
KZW ^[ef[`Y VaUg_W`f aX S ;::; Ua`fS[`e
_adW VWfS[^e S`V [`hWefade SdW efda`Y^k SVh[eWV
fa dWXWd fa [f Xad [`Xad_Sf[a` STagf S bSdf[Ug^Sd
;::;, ad fa Ua`eg^f fZW[d Tda]Wde. D[ef[`Y
VaUg_W`fe Xad ;::; SdW ShS[^ST^W a` fZW
@C=j iWTe[fW (iii.Z]Wj.Ua_.Z]/UTTU).
xxxx ZZ# XXXXX N C YYMM A
FS_W aX L`VWd^k[`Y 9eeWf
(W.Y. @J:; ad @J;=A)
F 6 Fa IWe[VgS^ MS^gW
I 6 N[fZ IWe[VgS^ MS^gW
=jb[dk PWSd
S`V Ea`fZ
JfaU] ;aVW
AeegWd'e
JZadf FS_W
JWd[S^ Fg_TWd Xad
>gdfZWd AeegW ;::;
; 6 :g^^
H 6 :WSd
- .
G[ Oedi Lg^XZ [Vaah id -<8 .^1Z1 i]Z AVaa Lg^XZ/
o ES`VSfadk ;S^^ =hW`f aUUgde
IWe[VgS^ hS^gW aX fZW :g^^ ;a`fdSUf Sf ;S^^3
vJWff^W_W`f Hd[UWx m Jfd[]W Hd[UWw}=`f[f^W_W`f 6 vs2- m s2~w}*
x JWff^W_W`f bd[UW Se VWfWd_[`WV SUUadV[`Y fa fZW fWd_e [` fZW ^[ef[`Y VaUg_W`f
iZ[UZ _gef `af TW ^aiWd fZS` fZW E[`[_g_ KdSVW Hd[UW aX fZW g`VWd^k[`Y SeeWf
SXfWd fZW ES`VSfadk ;S^^ =hW`f S`V gb fa S`V [`U^gV[`Y fZW `Wjf fdSV[`Y eWee[a`|
Af [e Seeg_WV fa TW s2- [` fZ[e WjS_b^W| AX eWff^W_W`f bd[UW [e VWfWd_[`WV fa TW
WcgS^ fa ad ^Wee fZS` fZW Jfd[]W Hd[UWz `a dWe[VgS^ bSk_W`f i[^^ TW dWUW[hWV| KZW
fafS^ ^aee i[^^ TW fZW ad[Y[`S^ [`hWef_W`f S_ag`f|
MS^gW aX a`W TaSdV ^af
FWf ^aee aX a`W TaSdV ^af vs+z-.~ { s-~~w
s-
s-~~
s+z~.~
G[ cdi XVaaZY WZ[dgZ Zme^gn0 i]Z eVnd[[ l^aa WZ i]Z hVbZ Vh ^c CmVbeaZ 4 VWdkZ=
o Hd[UW aX JfaU] O3 s*,~
JWff^W_W`f S_ag`f aX S :g^^ ;a`fdSUf3 vJWff^W_W`f Hd[UWx m Jfd[]W Hd[UWw}=`f[f^W_W`f s-~
6 vs*,~ m s2~w}*
x JWff^W_W`f Hd[UW [e fZW U^ae[`Y bd[UW aX JfaU] O a` fZW DSef KdSV[`Y <Sk
MS^gW aX a`W TaSdV ^af s-z~~~
FWf bdaX[f aX a`W TaSdV ^af vMS^gW aX fZW :g^^ ;a`fdSUf Sf Wjb[dk m s*z..~
Gd[Y[`S^ A`hWef_W`fw 6 s-z~~~ { s+z-.~
ISfW aX IWfgd` /,t
6 s*z..~ } s+z-.~
FafW3 fZW US^Ug^Sf[a` aX bdaX[f S`V ^aee [` fZW fia WjS_b^We STahW ZShW `af fS]W` [`fa SUUag`f fZW Ua__[ee[a` S`V afZWd fdS`eSUf[a` Uaefe|
DjcY^c\ Xdhih
KZW [eegW bd[UW aX S ;::; [`U^gVWe Xg`V[`Y
Uaef S`V [eegWde SdW dWcg[dWV fa ebWU[Xk fZW
Xad_g^S Xad US^Ug^Sf[`Y fZW Xg`V[`Y Uaefe aX
fZW[d ;::; Sf ^Sg`UZ [` fZW ^[ef[`Y VaUg_W`fe|
KZW Xg`V[`Y Uaef aX S ;::; [`U^gVWe fZW
[eegWdue X[`S`U[`Y}efaU] Taddai[`Y Uaefe SXfWd
SV\gef_W`f Xad WjbWUfWV adV[`Sdk V[h[VW`V
aX fZW efaU] v[X fZW g`VWd^k[`Y [e S @a`Y Ca`Y
efaU]w S`V fZW [eegWdue bdaX[f _SdY[`| KZWeW
[fW_e X^gUfgSfW Xda_ f[_W fa f[_W| KZW
Xg`V[`Y Uaefe SdW `af X[jWV fZdagYZagf fZW
fW`gdW aX fZW Ua`fdSUfe| A` YW`WdS^z fZW
^a`YWd fZW VgdSf[a` aX fZW ;::;z fZW Z[YZWd
fZW Xg`V[`Y Uaefe i[^^ TW bS[V gbXda`f| KZW
Xg`V[`Y Uaefe VWU^[`W ahWd f[_W Se fZW ;::;
_ahWe faiSdVe Wjb[dk| A`hWefade SdW SVh[eWV
fa Ua_bSdW fZW Xg`V[`Y Uaefe aX V[XXWdW`f
[eegWde Xad ;::; i[fZ e[_[^Sd g`VWd^k[`Y SeeWfe
S`V fWd_e|
N^h`h GckdakZY ^c PgVY^c\ A@@A
JVcYVidgn XVaa
;::; SdW `af eg[fST^W Xad S^^ [`hWefade S`V
[`hWefade eZag^V Ua`e[VWd fZW[d d[e] SbbWf[fW
bd[ad fa fdSV[`Y| 9 ;::; _Sk TW US^^WV Tk
fZW [eegWd iZW` fZW bd[UW aX fZW g`VWd^k[`Y
SeeWf Z[fe fZW ;S^^ Hd[UW S`V fZSf ;::; i[^^
Wjb[dW WSd^k| HSkaXX Xad ;SfWYadk F ;::;
i[^^ TW lWda iZW` fZWk Wjb[dW WSd^k| NZW`
;SfWYadk I ;::; Wjb[dW WSd^k fZW Za^VWd _Sk
dWUW[hW S e_S^^ S_ag`f aX IWe[VgS^ MS^gW
bSk_W`fz Tgf fZWdW _Sk TW `a IWe[VgS^ MS^gW
bSk_W`f [` SVhWdeW e[fgSf[a`e|
G`UW fZW ;::; [e US^^WVz WhW` fZagYZ fZW
g`VWd^k[`Y SeeWf _Sk Tag`UW TSU] [` fZW
d[YZf V[dWUf[a`z fZW ;::; iZ[UZ ZSe TWW`
US^^WV i[^^ `af TW dWh[hWV S`V [`hWefade i[^^
`af TW ST^W fa bdaX[f Xda_ fZW Tag`UW{TSU]|
EZVg^c\ Z[[ZXih
J[`UW S ;::; [e S ^WhWdSYWV bdaVgUfz fZW
bWdUW`fSYW UZS`YW [` fZW bd[UW aX S ;::;
[e YdWSfWd Ua_bSdWV i[fZ fZSf aX fZW
g`VWd^k[`Y SeeWf| A`hWefade _Sk egXXWd Z[YZWd
^aeeWe [` bWdUW`fSYW fWd_e [X fZWk WjbWUf fZW
bd[UW aX fZW g`VWd^k[`Y SeeWf fa _ahW a`W
iSk Tgf [f _ahWe [` fZW abbae[fW V[dWUf[a`|
I^b^iZY a^[Z
9 ;::; ZSe S ^[_[fWV ^[XWebS` aX fZdWW _a`fZe
fa X[hW kWSde| KZW ^[XW aX S ;::; _Sk TW
eZadfWd [X US^^WV TWXadW fZW X[jWV Wjb[dk VSfW|
KZW bd[UW aX S ;::; X^gUfgSfWe i[fZ fZW
UZS`YWe [` fZW bd[UW aX fZW g`VWd^k[`Y SeeWf
Xda_f[_W fa f[_W S`V _Sk TWUa_W iadfZ^Wee
SXfWd Wjb[dk S`V [` UWdfS[` USeWez WhW` TWXadW
fZW `ad_S^ Wjb[dk [X fZW ;::; ZSe TWW` US^^WV
WSd^k|
JdkZbZci l^i] jcYZgan^c\ VhhZi
9^fZagYZ fZW bd[UW UZS`YWe aX S ;::; fW`Ve
fa Xa^^ai U^aeW^k fZW bd[UW UZS`YWe aX [fe
g`VWd^k[`Y SeeWfz Tgf [` ea_W e[fgSf[a`e [f
_Sk `af v[|W| VW^fS _Sk `af S^iSke TW U^aeW
fa a`Ww| Hd[UWe aX ;::; SdW SXXWUfWV Tk S
`g_TWd aX XSUfadez [`U^gV[`Y [fe ai` VW_S`V
S`V egbb^kz Xg`V[`Y Uaefe S`V f[_W fa Wjb[dk|
I^fj^Y^in
9^fZagYZ ;::; ZShW ^[cg[V[fk bdah[VWdez fZWdW
[e `a YgSdS`fWW fZSf [`hWefade i[^^ TW ST^W
fa Tgk}eW^^ ;::; Sf fZW[d fSdYWf bd[UWe S`k
f[_W fZWk i[eZ|
DjcY^c\ Xdhih
KZW [eegW bd[UW aX S ;::; [`U^gVWe Xg`V[`Y
Uaefe UZSdYWV gbXda`f Xad fZW W`f[dW bWd[aV
Xda_ ^Sg`UZ fa `ad_S^ Wjb[dk| NZW` S ;::;
[e US^^WVz fZW ;::; Za^VWde v[`hWefadew i[^^
^aeW fZW Xg`V[`Y Uaef Xad fZW dW_S[`[`Y bWd[aV
WhW` fZagYZ fZW SUfgS^ bWd[aV aX Xg`V[`Y
Xad fZW ;::; fgd`e agf fa TW eZadfWd|
A`hWefade eZag^V S^ea `afW fZSf fZW Xg`V[`Y
Uaefe aX S ;::; SXfWd ^Sg`UZ _Sk hSdk Vgd[`Y
[fe ^[XW|
PgVY^c\ d[ A@@A XadhZ id AVaa Lg^XZ
NZW` fZW g`VWd^k[`Y SeeWf [e fdSV[`Y U^aeW
fa fZW ;S^^ Hd[UWz fZW bd[UW aX S ;::; _Sk
TW _adW ha^Sf[^W i[fZ i[VWd ebdWSVe S`V
g`UWdfS[` ^[cg[V[fk| ;::; _Sk TW US^^WV Sf
S`k f[_W S`V fdSV[`Y i[^^ fWd_[`SfW Se S
dWeg^f|
@aiWhWdz fZW fdSVW [`bgffWV Tk fZW [`hWefad
_Sk ef[^^ TW WjWUgfWV S`V Ua`X[d_WV Tk fZW
[`hWefade SXfWd fZW E;= e[`UW fZWdW _Sk TW
ea_W f[_W ^SbeW TWfiWW` fZW ES`VSfadk
;S^^ =hW`f f[_W S`V egebW`e[a` aX fZW ;::;
fdSV[`Y| 9`k fdSVWe WjWUgfWV SXfWd fZW E;=
i[^^ `af TW dWUaY`[eWV S`V i[^^ TW US`UW^^WV|
KZWdWXadWz [`hWefade eZag^V TW SiSdW aX fZW
d[e] S`V agYZf fa Sbb^k ebWU[S^ USgf[a` iZW`
fZW ;::; [e fdSV[`Y U^aeW fa fZW ;S^^ Hd[UW|
PgVY^c\ A@@A dc i]Z CmX]Vc\Z
D[]W efaU]e S`V afZWd eWUgd[f[Wez ;::; SdW
fdSVWV a` 9EJ}, aX fZW =jUZS`YW Vgd[`Y
dWYg^Sd fdSV[`Y Zagde|
9 ;::; ^[efWV a` fZW =jUZS`YW US` TW
[VW`f[X[WV Tk fZW =`Y^[eZ eZadf `S_W See[Y`WV
fa [fz iZ[UZ [`V[USfWe ea_W aX fZW TSe[U
XWSfgdWe aX fZW ;::; vfZ[e Sbb^[We fa fZW
=`Y^[eZ efaU] eZadf `S_W a`^kw|
KZW ^[ef[`Y VaUg_W`f aX S ;::; Ua`fS[`e
_adW VWfS[^e S`V [`hWefade SdW efda`Y^k SVh[eWV
fa dWXWd fa [f Xad [`Xad_Sf[a` STagf S bSdf[Ug^Sd
;::;z ad fa Ua`eg^f fZW[d Tda]Wde| D[ef[`Y
VaUg_W`fe Xad ;::; SdW ShS[^ST^W a` fZW
@C=j iWTe[fW viii|Z]Wj|Ua_|Z]}UTTUw|
mmmm UU, SSSSS K A TTJJ ?
FS_W aX L`VWd^k[`Y 9eeWf
vW|Y| @J:; ad @J;=Aw
F 6 Fa IWe[VgS^ MS^gW
I 6 N[fZ IWe[VgS^ MS^gW
=jb[dk PWSd
S`V Ea`fZ
JfaU] ;aVW
AeegWdue
JZadf FS_W
JWd[S^ Fg_TWd Xad
>gdfZWd AeegW ;::;
; 6 :g^^
H 6 :WSd
D 6 DSef KdSV[`Y <Sk
= 6 =jb[dk <Sk
M 6 MS^gSf[a` <Sk/Hd[UW <WfWd_[`Sf[a` <Sk
M* 6 <WfWd_[`Sf[a` aX dWe[VgS^ hS^gW Xad ;SfWYadk I ;::; [` fZW SXfWd`aa`
eWee[a` aX <Sk ., [X E;= aUUgde [` fZW _ad`[`Y eWee[a` aX <Sk .
(E;=*)
M+ 6 <WfWd_[`Sf[a` aX dWe[VgS^ hS^gW Xad ;SfWYadk I ;::; [` fZW _ad`[`Y
eWee[a` aX <Sk /, [X E;= aUUgde [` fZW SXfWd`aa` eWee[a` aX <Sk .
(E;=+)
H 6 HSk_W`f <Sk
H* 6 HSk_W`f <Sk ([X E;=*)
H+ 6 HSk_W`f <Sk ([X E;=+)
E;= 6 ES`VSfadk ;S^^ =hW`f
1radihg/SeIIlemehI Day 1 2 3 4 5 6 7 8 9
=jS_b^W3 Bg`W S`V Bg^k +00/ ++// +,// +/// +0// +1// +2// ,0// ,/0 -/0
JfaU] ;::; (Fad_S^ =jb[dk) D, M = H
@S`Y JW`Y [`VWj ;::; (Fad_S^ =jb[dk) D =, M H
JfaU] / @S`Y JW`Y [`VWj ;::; (E;=) D, =, M*
[X E;= [` _ad`[`Y eWee[a` ([X E;=*) H*
JfaU] / @S`Y JW`Y [`VWj ;::; (E;=) D, = M+
[X E;= [` SXfWd`aa` eWee[a` ([X E;=+) H+
Comparisoh wiIh DW
JfaU] <N D = H
5--- M (. VSke ShWdSYW U^ae[`Y bd[UW) ---7
@S`Y JW`Y [`VWj <N D =,M H
0 /
C88C LiquidiIy Providers
;::; [eegWde SdW dWcg[dWV fa Sbba[`f S
D[cg[V[fk Hdah[VWd Xad WSUZ aX fZW[d ^[efWV
;::;. =SUZ D[cg[V[fk Hdah[VWd eZag^V ZShW
S Tda]Wd `g_TWd aX W[fZWd 2.OO ad 2/OO Xad
[VW`f[X[USf[a`. A`hWefade US` h[e[f fZW @C=j
iWTe[fW Xad fZW ^[ef aX D[cg[V[fk Hdah[VWde.
KZW WjSUf aT^[YSf[a`e aX fZW D[cg[V[fk Hdah[VWd
Xad WSUZ ;::; SdW eZai` [` fZW ^[ef[`Y
VaUg_W`f.
CapiIal ad|usImehIs
>ad ;::; i[fZ g`VWd^k[`Y @a`Y Ca`Y efaU]e,
fZW ;S^^ Hd[UW, Jfd[]W Hd[UW S`V W`f[f^W_W`f
dSf[a i[^^ TW SV\gefWV [X fZWdW [e S USb[fS^
SV\gef_W`f (egUZ Se Ta`ge [eegW, d[YZf [eegW,
eZSdW eb^[f S`V eZSdW Ua`ea^[VSf[a`) fa fZW
g`VWd^k[`Y efaU]e, fZW SV\gef_W`f aX fZW
;::; _gef Xa^^ai fZW bdWhS[^[`Y bd[`U[b^We
aX efaU] abf[a`e iZW` Sbb^[UST^W. LegS^^k
`a SV\gef_W`f Xad adV[`Sdk USeZ V[h[VW`Ve
[e _SVW Tgf Xad afZWd USeZ V[efd[Tgf[a` egUZ
Se USeZ Ta`ge, ebWU[S^ ad WjfdSadV[`Sdk
V[h[VW`V, SV\gef_W`f iag^V TW _SVW [X fZW
hS^gW aX bSk_W`f [e Sf ^WSef fia bWd UW`f ad
_adW aX fZW eZSdW'e U^ae[`Y bd[UW a` fZW VSk
aX fZW S``ag`UW_W`f.
ShorI sellihg
JZadf eW^^[`Y [e a`^k S^^aiWV Xad fZW dWebWUf[hW
D[cg[V[fk Hdah[VWde aX ;::;.
Lxpiry day ahd lasI Iradihg day
=SUZ ;::; ZSe S g`[cgW Wjb[dk VSfW Se
ebWU[X[WV Tk fZW [eegWd [` fZW ^[ef[`Y VaUg_W`f.
@aiWhWd, fZW ^Sef fdSV[`Y VSk aX S ;::; [e
`af fZW eS_W Se fZW Wjb[dk VSk. KZW ^Sef
fdSV[`Y VSk aX S ;::; [e fZW eS_W Se fZW
ES`VSfadk ;S^^ =hW`f <Sk ([X US^^WV TWXadW
Wjb[dk) ad a`W fdSV[`Y VSk TWXadW fZW Wjb[dk
VSk aX fZW ;::; ([X `af US^^WV). KZW fST^W
TW^ai eZaie fZW fdSV[`Y SddS`YW_W`f aX
;::; faYWfZWd i[fZ S Ua_bSd[ea` i[fZ
<Wd[hSf[hW NSddS`fe (<N).
MahdaIory Call LvehI
>ad ;::; i[fZ S @a`Y Ca`Y efaU] Se fZW
g`VWd^k[`Y SeeWf, fZW ;::; i[^^ TW US^^WV Tk
fZW [eegWd iZW` fZW g`VWd^k[`Y efaU] bd[UW
(iZ[UZ _gef TW Ua`U^gVWV Tk _WS`e aX `a`-
Udaee Sgfa_Sf[U adVWd _SfUZ[`Y a` fZW
=jUZS`YW) dWSUZWe ad YaWe TWka`V fZW ;::;
;S^^ Hd[UW (E;=) Vgd[`Y fZW =jUZS`YWne fdSV[`Y
Zagde a` S`k fdSV[`Y VSk gb fa fZW U^aeW aX
fZW DSef KdSV[`Y <Sk aX fZW ;::;.
>ad ;::; i[fZ a`W aX fZW @S`Y JW`Y [`V[UWe
Se fZW g`VWd^k[`Y SeeWf, fZW ;::; i[^^ TW
US^^WV Tk fZW [eegWd iZW` fZW g`VWd^k[`Y
[`VWj, Se Ua_b[^WV Tk fZW [`VWj bdah[VWd,
dWSUZWe ad YaWe TWka`V fZW ;::; ;S^^ DWhW^
(E;=) a` S`k fdSV[`Y VSk gb fa fZW U^aeW aX
fZW DSef KdSV[`Y <Sk aX fZW ;::;.
A` YW`WdS^, S` E;= [e [ddWhaUST^W S`V S`k fdSVWe
Ua`U^gVWV SXfWd fZW E;= i[^^ TW US`UW^^WV
W[fZWd a` fZW E;= <Sk ad a` fZW fdSV[`Y VSk
Xa^^ai[`Y fZW E;= <Sk Sf fZW ^SfWef.
499:AA B? 6556 7>;?@=8B<?>
A`hWefade US` dWXWd fa fZW @C=j iWTe[fW (iii.
Z]Wj.Ua_.Z]/UTTU) Xad _adW VWfS[^WV
[`Xad_Sf[a` a` fZW ;::; fdSVWV a` [fe
eWUgd[f[We _Sd]Wf, [`U^gV[`Y _Sd]Wf WVgUSf[a`
_SfWd[S^e, [eegWde' bdWh[age S``ag`UW_W`fe
S`V ^[ef[`Y VaUg_W`fe, [eegWde' ;::;
S``ag`UW_W`fe Xad fZW UgddW`f VSk S`V fZW
;::; VS[^k fdSV[`Y eg__Sd[We egT_[ffWV fa
fZW =jUZS`YW Tk [eegWde. A`hWefade US` S^ea
dWXWd fa fZW ;::; [eegWde' iWTe[fWe S`V fZW[d
bgT^[USf[a`e Xad [`Xad_Sf[a` a` fZW[d
dWebWUf[hW ;::;.
FrequehIly Asked QuesIiohs
1. Wheh is Ihe lasI Iradihg day o! a
C88C? Cah Ihe C88C be sold a!Ier
Ihe MahdaIory Call LvehI?
KZW ^Sef fdSV[`Y VSk aX S ;::; [e fZW
eS_W Se fZW ES`VSfadk ;S^^ =hW`f <Sk
([X US^^WV TWXadW Wjb[dk) ad a`W fdSV[`Y
VSk TWXadW fZW Wjb[dk VSk aX fZW ;::;
([X `af US^^WV). NZW` S` E;= aUUgde,
fZW ;::; i[^^ TW US^^WV Tk fZW [eegWd S`V
fdSV[`Y aX fZSf ;::; i[^^ fWd_[`SfW Sf
a`UW, ZW`UW [`hWefade US``af eW^^ fZW
;::;.
2. Cah C88C be sold oh Ihe expiry day?
Fa. KZW Wjb[dk VSk aX S ;::; [e `af fZW
eS_W Se fZW ^Sef fdSV[`Y VSk. KZW ^Sef
fdSV[`Y VSk [e W[fZWd fZW ES`VSfadk ;S^^
=hW`f VSk ([X US^^WV TWXadW Wjb[dk) ad a`W
fdSV[`Y VSk TWXadW fZW Wjb[dk VSk ([X `af
US^^WV TWXadW Wjb[dk).
3. How are C88C Iraded oh Ihe
Lxchahge?
;::; SdW fdSVWV a` fZW =jUZS`YWne
9EJ/, b^SfXad_ Vgd[`Y fdSV[`Y Zagde [`
TaSdV ^af _g^f[b^We (Xad WjS_b^W, a`W
TaSdV ^af WcgS^e *0,000 eZSdWe), eWff^WV
a` K++ (K TW[`Y fZW fdS`eSUf[a` VSk).
4. WhaI IrahsacIioh !ees are payable
oh buyihg or sellihg C88C?
J[_[^Sd fa fZW efaU] fdSV[`Y SddS`YW_W`fe,
fdS`eSUf[a` XWWe [`U^gVW Tda]WdSYW
Ua__[ee[a`, fdS`eSUf[a` ^Whk, fdSV[`Y XWW,
;;9JJ eWff^W_W`f XWW S`V [`hWefad
Ua_bW`eSf[a` ^Whk (egebW`VWV e[`UW
<WUW_TWd +00.). JfS_b Vgfk [e [`
YW`WdS^ `af Sbb^[UST^W fa USeZ-eWff^WV
;::;, Tgf [`hWefade SdW SVh[eWV fa dWXWd
fa fZW ^[ef[`Y VaUg_W`fe Xad [`Xad_Sf[a`.
5. Will C88Cbe coveredby compehsaIioh
!uhd?
PWe, fZW ^aeeWe VgW fa VWXSg^f aX ^[UW`eWV
[`fWd_WV[Sd[We ad SgfZad[eWV X[`S`U[S^
[`ef[fgf[a`e SdW UahWdWV Tk A`hWefad
;a_bW`eSf[a` >g`V. @aiWhWd, VWXSg^f
Tk [eegWde i[^^ `af TW UahWdWV Tk fZW
Xg`V.
6. Will Ihere be ahy ad|usImehI e!!ecI
Io C88C uhder capiIal ad|usImehI o!
Ihe uhderlyihg?
>ad ;::; a` @a`Y Ca`Y efaU]e,
SV\gef_W`f aX fZW Ua`fdSUf VgW fa USb[fS^
SV\ gef_W`f ( [ `U^ gV[ `Y V[ h[ VW`V
SV\gef_W`fe) aX fZW g`VWd^k[`Y efaU]e
i[^^ Xa^^ai fZW bdWhS[^[`Y bd[`U[b^W aX
efaU] abf[a`e, iZW` Sbb^[UST^W S`V fZWeW
eS_W fWd_e ZShW fa TW ebWU[X[WV [` fZW
^[ef[`Y VaUg_W`fe. 9V\gef_W`f i[^^ TW
_SVW a` fZW ;S^^ Hd[UW, Jfd[]W Hd[UW S`V
W`f[f^W_W`f dSf[a SUUadV[`Y fa fWd_e
ebWU[X[WV [` fZW ^[ef[`Y VaUg_W`fe.
7. WhaI i! Ihe uhderlyihg sIock o! a
C88C is suspehded !rom Iradihg?
AX fZW g`VWd^k[`Y efaU] egebW`VWV Xda_
fdSV[`Y [e S efaU] fdSVWV a` fZW =jUZS`YW,
fZW dW^SfWV ;::; i[^^ S^ea TW egebW`VWV
Xda_ fdSV[`Y g`f[^ fdSV[`Y aX fZW
g`VWd^k[`Y efaU] dWeg_We. >ad fdSV[`Y
egebW`e[a`e [`ha^h[`Y ahWdeWSe efaU]e,
[ `hWef ad e eZag^ V dWX Wd f a f ZW
SddS`YW_W`fe efSfWV [` fZW ;::; ^[ef[`Y
VaUg_W`fe.
8. How cah ihvesIors geI ih!ormaIioh
abouI C88C lisIed oh Ihe Lxchahge?
KZW VW^SkWV bd[UW aX ;::; [e V[eb^SkWV
a` fZW =jUZS`YW'e A`hWef_W`f JWdh[UW
;W`fdW iWTbSYW S`V bgT^[eZWV Tk _aef
[`Xad_Sf[a` hW`Vade fZdagYZ fZW[d
fWd_[`S^e/iWTe[fWe. GfZWd [`Xad_Sf[a`
D 6 DSef KdSV[`Y <Sk
= 6 =jb[dk <Sk
M 6 MS^gSf[a` <Sk}Hd[UW <WfWd_[`Sf[a` <Sk
M* 6 <WfWd_[`Sf[a` aX dWe[VgS^ hS^gW Xad ;SfWYadk I ;::; [` fZW SXfWd`aa`
eWee[a` aX <Sk .z [X E;= aUUgde [` fZW _ad`[`Y eWee[a` aX <Sk .
vE;=*w
M+ 6 <WfWd_[`Sf[a` aX dWe[VgS^ hS^gW Xad ;SfWYadk I ;::; [` fZW _ad`[`Y
eWee[a` aX <Sk /z [X E;= aUUgde [` fZW SXfWd`aa` eWee[a` aX <Sk .
vE;=+w
H 6 HSk_W`f <Sk
H* 6 HSk_W`f <Sk v[X E;=*w
H+ 6 HSk_W`f <Sk v[X E;=+w
E;= 6 ES`VSfadk ;S^^ =hW`f
PgVY^c\2OZiiaZbZci BVn 4 5 6 7 8 9 : ; <
=jS_b^W3 Bg`W S`V Bg^k +~~/ ++}/ +,}/ +/}/ +0}/ +1}/ +2}/ ,~}/ ,}0 -}0
JfaU] ;::; vFad_S^ =jb[dkw Dz M = H
@S`Y JW`Y [`VWj ;::; vFad_S^ =jb[dkw D =z M H
JfaU] } @S`Y JW`Y [`VWj ;::; vE;=w Dz =z M*
[X E;= [` _ad`[`Y eWee[a` v[X E;=*w H*
JfaU] } @S`Y JW`Y [`VWj ;::; vE;=w Dz = M+
[X E;= [` SXfWd`aa` eWee[a` v[X E;=+w H+
AdbeVg^hdc l^i] BR
JfaU] <N D = H
5{{{ M v. VSke ShWdSYW U^ae[`Y bd[UWw {{{7
@S`Y JW`Y [`VWj <N D =zM H
0 /
A@@A I^fj^Y^in Lgdk^YZgh
;::; [eegWde SdW dWcg[dWV fa Sbba[`f S
D[cg[V[fk Hdah[VWd Xad WSUZ aX fZW[d ^[efWV
;::;| =SUZ D[cg[V[fk Hdah[VWd eZag^V ZShW
S Tda]Wd `g_TWd aX W[fZWd 2.OO ad 2/OO Xad
[VW`f[X[USf[a`| A`hWefade US` h[e[f fZW @C=j
iWTe[fW Xad fZW ^[ef aX D[cg[V[fk Hdah[VWde|
KZW WjSUf aT^[YSf[a`e aX fZW D[cg[V[fk Hdah[VWd
Xad WSUZ ;::; SdW eZai` [` fZW ^[ef[`Y
VaUg_W`f|
AVe^iVa VY_jhibZcih
>ad ;::; i[fZ g`VWd^k[`Y @a`Y Ca`Y efaU]ez
fZW ;S^^ Hd[UWz Jfd[]W Hd[UW S`V W`f[f^W_W`f
dSf[a i[^^ TW SV\gefWV [X fZWdW [e S USb[fS^
SV\gef_W`f vegUZ Se Ta`ge [eegWz d[YZf [eegWz
eZSdW eb^[f S`V eZSdW Ua`ea^[VSf[a`w fa fZW
g`VWd^k[`Y efaU]ez fZW SV\gef_W`f aX fZW
;::; _gef Xa^^ai fZW bdWhS[^[`Y bd[`U[b^We
aX efaU] abf[a`e iZW` Sbb^[UST^W| LegS^^k
`a SV\gef_W`f Xad adV[`Sdk USeZ V[h[VW`Ve
[e _SVW Tgf Xad afZWd USeZ V[efd[Tgf[a` egUZ
Se USeZ Ta`gez ebWU[S^ ad WjfdSadV[`Sdk
V[h[VW`Vz SV\gef_W`f iag^V TW _SVW [X fZW
hS^gW aX bSk_W`f [e Sf ^WSef fia bWd UW`f ad
_adW aX fZW eZSdWue U^ae[`Y bd[UW a` fZW VSk
aX fZW S``ag`UW_W`f|
O]dgi hZaa^c\
JZadf eW^^[`Y [e a`^k S^^aiWV Xad fZW dWebWUf[hW
D[cg[V[fk Hdah[VWde aX ;::;|
Cme^gn YVn VcY aVhi igVY^c\ YVn
=SUZ ;::; ZSe S g`[cgW Wjb[dk VSfW Se
ebWU[X[WV Tk fZW [eegWd [` fZW ^[ef[`Y VaUg_W`f|
@aiWhWdz fZW ^Sef fdSV[`Y VSk aX S ;::; [e
`af fZW eS_W Se fZW Wjb[dk VSk| KZW ^Sef
fdSV[`Y VSk aX S ;::; [e fZW eS_W Se fZW
ES`VSfadk ;S^^ =hW`f <Sk v[X US^^WV TWXadW
Wjb[dkw ad a`W fdSV[`Y VSk TWXadW fZW Wjb[dk
VSk aX fZW ;::; v[X `af US^^WVw| KZW fST^W
TW^ai eZaie fZW fdSV[`Y SddS`YW_W`f aX
;::; faYWfZWd i[fZ S Ua_bSd[ea` i[fZ
<Wd[hSf[hW NSddS`fe v<Nw|
JVcYVidgn AVaa CkZci
>ad ;::; i[fZ S @a`Y Ca`Y efaU] Se fZW
g`VWd^k[`Y SeeWfz fZW ;::; i[^^ TW US^^WV Tk
fZW [eegWd iZW` fZW g`VWd^k[`Y efaU] bd[UW
viZ[UZ _gef TW Ua`U^gVWV Tk _WS`e aX `a`{
Udaee Sgfa_Sf[U adVWd _SfUZ[`Y a` fZW
=jUZS`YWw dWSUZWe ad YaWe TWka`V fZW ;::;
;S^^ Hd[UW vE;=w Vgd[`Y fZW =jUZS`YWne fdSV[`Y
Zagde a` S`k fdSV[`Y VSk gb fa fZW U^aeW aX
fZW DSef KdSV[`Y <Sk aX fZW ;::;|
>ad ;::; i[fZ a`W aX fZW @S`Y JW`Y [`V[UWe
Se fZW g`VWd^k[`Y SeeWfz fZW ;::; i[^^ TW
US^^WV Tk fZW [eegWd iZW` fZW g`VWd^k[`Y
[`VWjz Se Ua_b[^WV Tk fZW [`VWj bdah[VWdz
dWSUZWe ad YaWe TWka`V fZW ;::; ;S^^ DWhW^
vE;=w a` S`k fdSV[`Y VSk gb fa fZW U^aeW aX
fZW DSef KdSV[`Y <Sk aX fZW ;::;|
A` YW`WdS^z S` E;= [e [ddWhaUST^W S`V S`k fdSVWe
Ua`U^gVWV SXfWd fZW E;= i[^^ TW US`UW^^WV
W[fZWd a` fZW E;= <Sk ad a` fZW fdSV[`Y VSk
Xa^^ai[`Y fZW E;= <Sk Sf fZW ^SfWef|
499:AA B? 6556 7>;?@=8B<?>
A`hWefade US` dWXWd fa fZW @C=j iWTe[fW viii|
Z]Wj|Ua_|Z]}UTTUw Xad _adW VWfS[^WV
[`Xad_Sf[a` a` fZW ;::; fdSVWV a` [fe
eWUgd[f[We _Sd]Wfz [`U^gV[`Y _Sd]Wf WVgUSf[a`
_SfWd[S^ez [eegWdeu bdWh[age S``ag`UW_W`fe
S`V ^[ef[`Y VaUg_W`fez [eegWdeu ;::;
S``ag`UW_W`fe Xad fZW UgddW`f VSk S`V fZW
;::; VS[^k fdSV[`Y eg__Sd[We egT_[ffWV fa
fZW =jUZS`YW Tk [eegWde| A`hWefade US` S^ea
dWXWd fa fZW ;::; [eegWdeu iWTe[fWe S`V fZW[d
bgT^[USf[a`e Xad [`Xad_Sf[a` a` fZW[d
dWebWUf[hW ;::;|
DgZfjZcian ?h`ZY MjZhi^dch
41 R]Zc ^h i]Z aVhi igVY^c\ YVn d[ V
A@@A> AVc i]Z A@@A WZ hdaY V[iZg
i]Z JVcYVidgn AVaa CkZci>
KZW ^Sef fdSV[`Y VSk aX S ;::; [e fZW
eS_W Se fZW ES`VSfadk ;S^^ =hW`f <Sk
v[X US^^WV TWXadW Wjb[dkw ad a`W fdSV[`Y
VSk TWXadW fZW Wjb[dk VSk aX fZW ;::;
v[X `af US^^WVw| NZW` S` E;= aUUgdez
fZW ;::; i[^^ TW US^^WV Tk fZW [eegWd S`V
fdSV[`Y aX fZSf ;::; i[^^ fWd_[`SfW Sf
a`UWz ZW`UW [`hWefade US``af eW^^ fZW
;::;|
51 AVc A@@A WZ hdaY dc i]Z Zme^gn YVn>
Fa| KZW Wjb[dk VSk aX S ;::; [e `af fZW
eS_W Se fZW ^Sef fdSV[`Y VSk| KZW ^Sef
fdSV[`Y VSk [e W[fZWd fZW ES`VSfadk ;S^^
=hW`f VSk v[X US^^WV TWXadW Wjb[dkw ad a`W
fdSV[`Y VSk TWXadW fZW Wjb[dk VSk v[X `af
US^^WV TWXadW Wjb[dkw|
61 Fdl VgZ A@@A igVYZY dc i]Z
CmX]Vc\Z>
;::; SdW fdSVWV a` fZW =jUZS`YWne
9EJ}, b^SfXad_ Vgd[`Y fdSV[`Y Zagde [`
TaSdV ^af _g^f[b^We vXad WjS_b^Wz a`W
TaSdV ^af WcgS^e *~z~~~ eZSdWewz eWff^WV
a` Ky+ vK TW[`Y fZW fdS`eSUf[a` VSkw|
71 R]Vi igVchVXi^dc [ZZh VgZ eVnVWaZ
dc Wjn^c\ dg hZaa^c\ A@@A>
J[_[^Sd fa fZW efaU] fdSV[`Y SddS`YW_W`fez
fdS`eSUf[a` XWWe [`U^gVW Tda]WdSYW
Ua__[ee[a`z fdS`eSUf[a` ^Whkz fdSV[`Y XWWz
;;9JJ eWff^W_W`f XWW S`V [`hWefad
Ua_bW`eSf[a` ^Whk vegebW`VWV e[`UW
<WUW_TWd +~~.w| JfS_b Vgfk [e [`
YW`WdS^ `af Sbb^[UST^W fa USeZ{eWff^WV
;::;z Tgf [`hWefade SdW SVh[eWV fa dWXWd
fa fZW ^[ef[`Y VaUg_W`fe Xad [`Xad_Sf[a`|
81 R^aa A@@AWZ XdkZgZYWn XdbeZchVi^dc
[jcY>
PWez fZW ^aeeWe VgW fa VWXSg^f aX ^[UW`eWV
[`fWd_WV[Sd[We ad SgfZad[eWV X[`S`U[S^
[`ef[fgf[a`e SdW UahWdWV Tk A`hWefad
;a_bW`eSf[a` >g`V| @aiWhWdz VWXSg^f
Tk [eegWde i[^^ `af TW UahWdWV Tk fZW
Xg`V|
91 R^aa i]ZgZ WZ Vcn VY_jhibZci Z[[ZXi
id A@@A jcYZg XVe^iVa VY_jhibZci d[
i]Z jcYZgan^c\>
>ad ;::; a` @a`Y Ca`Y efaU]ez
SV\gef_W`f aX fZW Ua`fdSUf VgW fa USb[fS^
SV\ gef_W`f v [ `U^ gV[ `Y V[ h[ VW`V
SV\gef_W`few aX fZW g`VWd^k[`Y efaU]e
i[^^ Xa^^ai fZW bdWhS[^[`Y bd[`U[b^W aX
efaU] abf[a`ez iZW` Sbb^[UST^W S`V fZWeW
eS_W fWd_e ZShW fa TW ebWU[X[WV [` fZW
^[ef[`Y VaUg_W`fe| 9V\gef_W`f i[^^ TW
_SVW a` fZW ;S^^ Hd[UWz Jfd[]W Hd[UW S`V
W`f[f^W_W`f dSf[a SUUadV[`Y fa fWd_e
ebWU[X[WV [` fZW ^[ef[`Y VaUg_W`fe|
:1 R]Vi ^[ i]Z jcYZgan^c\ hidX` d[ V
A@@A ^h hjheZcYZY [gdb igVY^c\>
AX fZW g`VWd^k[`Y efaU] egebW`VWV Xda_
fdSV[`Y [e S efaU] fdSVWV a` fZW =jUZS`YWz
fZW dW^SfWV ;::; i[^^ S^ea TW egebW`VWV
Xda_ fdSV[`Y g`f[^ fdSV[`Y aX fZW
g`VWd^k[`Y efaU] dWeg_We| >ad fdSV[`Y
egebW`e[a`e [`ha^h[`Y ahWdeWSe efaU]ez
[ `hWef ad e eZag^ V dWX Wd f a f ZW
SddS`YW_W`fe efSfWV [` fZW ;::; ^[ef[`Y
VaUg_W`fe|
;1 Fdl XVc ^ckZhidgh \Zi ^c[dgbVi^dc
VWdji A@@A a^hiZY dc i]Z CmX]Vc\Z>
KZW VW^SkWV bd[UW aX ;::; [e V[eb^SkWV
a` fZW =jUZS`YWue A`hWef_W`f JWdh[UW
;W`fdW iWTbSYW S`V bgT^[eZWV Tk _aef
[`Xad_Sf[a` hW`Vade fZdagYZ fZW[d
fWd_[`S^e}iWTe[fWe| GfZWd [`Xad_Sf[a`
Hohg Kohg Lxchahges ahd
Clearihg LimiIed
*+/>, G`W A`fWd`Sf[a`S^ >[`S`UW
;W`fdW, * @SdTagd M[Wi JfdWWf,
;W`fdS^, @a`Y Ca`Y
KW^ 3 +1.+ +.++ **++
>Sj 3 +1.+ ++2. ,*0/
NWTe[fW3 iii.Z]Wj.Ua_.Z]
=-_S[^3 [`Xa8Z]Wj.Ua_.Z]
9gYgef +00/
* 1
y-}~/01z-}+-*
xz,,z{,~ w2,, v w~z/ x.-1/z|10
A`hWefade dWSV[`Y fZ[e ^WSX^Wf eZag^V S^ea dWXWd fa fZW [`Xad_Sf[a` [` fZW @C=j iWTe[fW
(iii.Z]Wj.Ua_.Z]/UTTU) Xad _adW VWfS[^e S`V gbVSfWV [`Xad_Sf[a`.
KdSV[`Y [` ;S^^ST^W :g^^/:WSd ;a`fdSUfe (;::;) [`ha^hWe Z[YZ d[e]e4 [`hWefade SdW efda`Y^k
SVh[eWV fa ZShW S fZadagYZ g`VWdefS`V[`Y aX fZW bdaVgUf Se iW^^ Se fZW fWd_e S`V Ua`V[f[a`e
aX fZW ;::; TW[`Y aXXWdWV S`V/ad Ua`eg^f fZW[d Tda]Wde ad bdaXWee[a`S^ [`hWef_W`f SVh[eWde
TWXadW fdSV[`Y.
g`VWd^k[`Y SeeWf ([.W. VW^fS U^aeW fa a`W).
KZge, [X fZW g`VWd^k[`Y SeeWf [`UdWSeWe [`
hS^gW, S :g^^ ;::; i[fZ W`f[f^W_W`f dSf[a
aX * fa * YW`WdS^^k [`UdWSeWe [` hS^gW Tk
Sbbdaj[_SfW^k fZW eS_W S_ag`f iZWdWSe
S :WSd ;::; i[fZ W`f[f^W_W`f dSf[a aX *
fa * YW`WdS^^k VWUdWSeWe [` hS^gW Tk
Sbbdaj[_SfW^k fZW eS_W S_ag`f. KZ[e
bdabWdfk aXXWde [`hWefade S bdaVgUf iZ[UZ
fdSU]e fZW bd[UW _ahW_W`f aX fZW
g`VWd^k[`Y SeeWf _adW U^aeW^k S`V i[fZ
Z[YZWd bd[UW fdS`ebSdW`Uk fZS` ea_W afZWd
efdgUfgdWV bdaVgUfe. @aiWhWd, iZW` fZW
g`VWd^k[`Y SeeWf aX S ;::; [e fdSV[`Y Sf
S bd[UW U^aeW fa [fe ;S^^ Hd[UW, fZW UZS`YW
[` fZW hS^gW aX ;::; _Sk TW _adW ha^Sf[^W
S`V V[ebdabadf[a`SfW i[fZ fZW UZS`YW [`
fZW hS^gW aX fZW g`VWd^k[`Y SeeWf.
+. ;::; ZShW S ;S^^ Hd[UW S`V S ES`VSfadk
;S^^ >WSfgdW
>ad :g^^ Ua`fdSUfe, fZW ;S^^ Hd[UW _gef TW
W[fZWd WcgS^ fa ad STahW fZW Jfd[]W Hd[UW.
>ad :WSd Ua`fdSUfe, fZW ;S^^ Hd[UW _gef TW
WcgS^ fa ad TW^ai fZW Jfd[]W Hd[UW. AX fZW
g`VWd^k[`Y SeeWf'e bd[UW dWSUZWe fZW ;S^^
Hd[UW Sf S`k f[_W bd[ad fa Wjb[dk, fZW ;::;
i[^^ Wjb[dW WSd^k. KZW [eegWd _gef US^^ fZW
;::; S`V fdSV[`Y aX fZW ;::; i[^^ TW
fWd_[`SfWV [__WV[SfW^k. JgUZ S` WhW`f
[e dWXWddWV fa Se S ES`VSfadk ;S^^ =hW`f
(E;=).
,. ;SfWYad[We aX ;::;
KZWdW SdW fia USfWYad[We aX ;::;, `S_W^k
;SfWYadk F ;::; S`V ;SfWYadk I ;::;.
WhaI Are C88C?
;::; SdW S fkbW aX efdgUfgdWV bdaVgUf fZSf
fdSU]e fZW bWdXad_S`UW aX S` g`VWd^k[`Y
SeeWf i[fZagf dWcg[d[`Y [`hWefade fa bSk fZW
Xg^^ bd[UW dWcg[dWV fa ai` fZW SUfgS^ SeeWf.
KZWk SdW [eegWV W[fZWd Se :g^^ ad :WSd Ua`fdSUfe
i[fZ S X[jWV Wjb[dk VSfW, S^^ai[`Y [`hWefade
fa fS]W Tg^^[eZ ad TWSd[eZ bae[f[a`e a` fZW
g`VWd^k[`Y SeeWf. ;::; SdW [eegWV Tk S fZ[dV
bSdfk, gegS^ ^ k S` [ `hWef_W`f TS`],
[`VWbW`VW`f aX @C=j S`V aX fZW g`VWd^k[`Y
SeeWf.
;::; SdW [eegWV i[fZ fZW Ua`V[f[a` fZSf
Vgd[`Y fZW[d ^[XWebS` fZWk i[^^ TW US^^WV Tk
fZW [eegWde iZW` fZW bd[UW aX fZW g`VWd^k[`Y
SeeWf dWSUZWe S ^WhW^ (]`ai` Se fZW ";S^^
Hd[UW") ebWU[X[WV [` fZW ^[ef[`Y VaUg_W`f. AX
fZW ;S^^ Hd[UW [e dWSUZWV TWXadW Wjb[dk, fZW
;::; i[^^ Wjb[dW WSd^k S`V fZW fdSV[`Y aX
fZSf ;::; i[^^ TW fWd_[`SfWV [__WV[SfW^k.
KZW ebWU[X[WV Wjb[dk VSfW Xda_ fZW ^[ef[`Y
VaUg_W`f i[^^ `a ^a`YWd TW hS^[V.
;::; _Sk TW [eegWV i[fZ S ^[XWebS` aX fZdWW
_a`fZe fa X[hW kWSde S`V SdW eWff^WV [` USeZ
a`^k. KZWk SdW fdSVWV a` fZW USeZ _Sd]Wf
aX @C=j fZdagYZ fZW KZ[dV ?W`WdSf[a`
9gfa_Sf[U GdVWd ESfUZ[`Y S`V =jWUgf[a`
JkefW_ (9EJ/,) Vgd[`Y fZW _Sd]Wf'e fdSV[`Y
Zagde.
Ma|or FeaIures o! C88C
*. Hd[UW EahW_W`f aX ;::; KW`Ve fa KdSU]
fZW Hd[UW aX L`VWd^k[`Y 9eeWf ;^aeW^k
KZW bd[UW UZS`YWe aX S ;::; fW`V fa
Xa^^ai U^aeW^k fZW bd[UW UZS`YWe aX fZW
Disclaimer: KZW _SfWd[S^ Ua`fS[`WV ZWdW[` [e Xad YW`WdS^ [`Xad_Sf[a` a`^k S`V VaWe `af Ua`ef[fgfW S` [`h[fSf[a` ad aXXWd fa SUcg[dW, bgdUZSeW ad egTeUd[TW
Xad eWUgd[f[We. A`hWefade eZag^V dWSV fZW ^[ef[`Y VaUg_W`f USdWXg^^k, W`egdW fZSf fZWk g`VWdefS`V fZW `SfgdW aX S`V d[e]e SeeaU[SfWV i[fZ fZW[d [`hWef_W`f,
S`V iZWdW `WUWeeSdk Ua`eg^f fZW[d ai` X[`S`U[S^ SVh[eWde Se fa fZW eg[fST[^[fk aX fZW [`hWef_W`f [` ^[YZf aX fZW[d bSdf[Ug^Sd X[`S`U[S^ U[dUg_efS`UWe S`V
aT\WUf[hWe bd[ad fa _S][`Y S`k [`hWef_W`f VWU[e[a`.
egUZ Se ^[efWV [eegWde' S``ag`UW_W`fe
S`V ^[ef[`Y VaUg_W`fe SdW S^ea ShS[^ST^W
a` fZW @C=j iWTe[fW. A`hWefade US`
aTfS[` fZW dWS^-f[_W bd[UWe aX ;::; (S`V
afZWd @a`Y Ca`Y eWUgd[f[We) [X fZWk
egTeUd[TW fa fZW dWS^ f[_W VSfS.
9. How cah ihvesIors cohIacI LiquidiIy
Providers Io requesI quoIes?
9` [`hWefad US` dWcgWef S cgafW Xda_ S
D[cg[V[fk Hdah[VWd [X fZW ^[ef[`Y VaUg_W`f
efSfWe fZSf cgafWe SdW bdah[VWV gba`
dWcgWef. >ad ;::; i[fZ D[cg[V[fk
Hdah[VWde fZSf dWeba`V fa cgafW dWcgWefe,
fZW fW^WbZa`W `g_TWde aX fZW D[cg[V[fk
Hdah[VWde SdW ShS[^ST^W a` fZW ;::; efaU]
bSYW aX 9EJ/,, [` fZW ^[ef[`Y VaUg_W`f
S`V a` fZW @C=j iWTe[fW.
10. WhaI are Ihe obligaIiohs o! a
LiquidiIy Provider?
KZW ^[ef[`Y VaUg_W`f ^[efe fZW WjSUf
aT^[YSf[a`e aX fZW D[cg[V[fk Hdah[VWd. A`
`ad_S^ U[dUg_efS`UWe, D[cg[V[fk Hdah[VWde
eZag^V bdah[VW ^[cg[V[fk Xad ;::; [eegWe
fZdagYZ Ua`f[`gage cgafWe ad [` dWeba`eW
fa cgafW dWcgWefe Xda_ X[hW _[`gfWe SXfWd
fZW _Sd]Wf ZSe abW`WV g`f[^ fZW _Sd]Wf
U^aeWe. KZW D[cg[V[fk Hdah[VWd eZag^V
bdah[VW ^[cg[V[fk Xad Sf ^WSef *0 TaSdV ^afe
aX fZW ;::;. 9` [eegWd _gef ebWU[Xk fZW
_Sj[_g_ ebdWSV TWfiWW` fZW T[V S`V
aXXWd bd[UWe Xad [fe ;::; S`V fZW
_Sj[_g_ dWeba`eW f[_W [` fZW ^[ef[`Y
VaUg_W`f. L`VWd fZW cgafW dWcgWef
ekefW_, [`hWefade _Sk dWcgWef S cgafW
Xda_ fZW D[cg[V[fk Hdah[VWd.
11. How mahy LiquidiIy Providers cah ah
issuer appoihI !or each C88C issue?
9` [eegWd _Sk Sbba[`f V[XXWdW`f D[cg[V[fk
Hdah[VWde Xad V[XXWdW`f ;::; [eegWe.
@aiWhWd, Xad WSUZ ;::; [eegW fZWdW US`
a`^k TW a`W D[cg[V[fk Hdah[VWd.
12. Uhder whaI circumsIahces is Ihe
LiquidiIy Provider hoI required Io
provide liquidiIy?
KZW U[dUg_efS`UWe [` iZ[UZ fZW D[cg[V[fk
Hdah[VWd [e `af dWcg[dWV fa bdah[VW ^[cg[V[fk
SdW VWeUd[TWV [` fZW ^[ef[`Y VaUg_W`f.
A`hWefade eZag^V dWXWd fa fZW ^[ef[`Y
VaUg_W`f Xad VWfS[^e.