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8/12/2019 6.5 CuDeco Registry Anomalies 5
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IUHEIA YFNPEFACHEP PEYENPIF
IFNZXEP
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PELEPEGIE CBGOY XA ZPE\BAUY PEYENPIF ZNZEPY
Ifnpter >; Bgtrahuitbag>.> Tfy @cad1
>.0 Xfe Iurregt Ybtuntbag
>.9 @cad Iagtegt
Ifnpter 0; Ng Avervbew al Xreghs Nssaibnteh Tbtf >5 Magtfs al Xrnhbgd
0.> Bgtrahuitbag
0.0 Xrnhbgd Xreghs Aver n >5 Magtf Zerbah
Ifnpter 9; Xrnhbgd Xreghs Cenhbgd up ta Nud >6, 0:>:
9.> Xrnhbgd Cenhbgd Up ta tfe Nud >6 Pesaurie Updrnhe
9.0 Ng Ngncysbs al Zrbie Ugher-Zerlarmngie Hurbgd Kng-Le` 0:>:
9.9 Mnroet Mngbpucntbag Bssues, 4.5 Magtfs al Nuitbag Bgvestbdntbags ngh Hawg Xbio Ngncysbs9.8 N Pevbew al Kuge/Kucy 0::< KAPI Bssues
9.5 Mnroet Penitbags ta Ybdgblbingt Nggaugiemegts 0:>:
9.< Xfe 0:>: Pesaurie Estbmnte ngh Bssues Pecnteh ta KAPI Iahe Iampcbngie
Ifnpter 8; Xrnhbgd tfnt Aiiurreh Laccawbgd tfe Nud >6, 0:>: Pesaurie Updrnhe
8.> Fbstarbi Xreghs ngh Nud >6, 0:>: Xrnhbgd Hntn
Ifnpter 5; Xrnhbgd Uphntes
5.> Yfart Zasbtbag Uphnte - Gav >, 0:>>
5.0 Pedbstry Uphnte ns nt Gav 9, 0:>>
5.9 Mnroet Uphnte Gav >8
5.8 Yummnry al Bssues Zcus Xrnhbgd Ngamncbes Hurbgd Gavem`er 0:>> ngh bg n @ranher IagtextIfnpter
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EVEIUXB\E YUMMNPR
Bssues tfnt fnve emerdeh bg 0.5 yenrs al trnhbgd bg IuHeia Cbmbteh iagiergbgd tfe bmpnit tfnt bgstbtutbagnc
sfnrefachers fnve fnh bg tfe mnroet ngh ag tfe redbster nre summnrbzeh `ecaw. Lurtfer iagiergs wbcc `e
`raudft ta gatbie bg lartfiambgd `cads.
n. Inrtec Iagiergs;Xfe trnhbgd al sapfbstbinteh bgstbtutbagnc bgvestars aver n twa ngh n fncl yenr perbah fns tfe fnccmnros al n
inrtec iagtraccbgd ncc nspeits al trnhbgd. Xfe magapacy aver trnhbgd fns resucteh bg trnhbgd stntbstbis suif ns;
5 Bgstbtutbagnc sfnrefachers niiaugtbgd lar ;
a 4:% al ncc redbstry mavemegts aver 0.5 yenrs, ngh?
a 65% al ncc redbstry nitbvbty aver tfe lbrst < magtfs al 0:>0.
0 bgstbtutbagnc sfnrefachers bg tfebr awg rbdft niiaugtbgd lar;
a 5:% al ncc redbstry nitbvbty aver 0.5 yenrs ngh?
a 4:% al ncc redbstry nitbvbty aver tfe lbrst < magtfs al 0:>0.
Bgstbtutbagnc hencbgds nre ifnrniterbzeh `y fbdf cevecs al ifurg wbtf sfnres `ebgd pnsseh `nio ngh lartf
`etweeg enif atfer resuctbgd bg extrnarhbgnry redbstry sfnre lcaws suif ns;
Xfe symmetry al sfnre lcaws ngh tfe ense `y wfbif cnrde vacumes al seccbgd ngh `uybgd fnve `eeg
niiammahnteh `y tfe mnroet nre hbllbiuct ta reiagibce wbtf degubge trnhbgd ngh suddest tfnt tfe mnroet
fns `eeg hambgnteh `y lugh mngnders pursubgd suspbibaus bgvestmegt a`keitbves.
Gate; Pedbstry nitbvbty bgicuhes trnhes tfnt fnve aiiurreh ag tfe NYV ngh su`sequegtcy settceh, `ut bt ncsa
bgicuhes trnhes tfnt fnve aiiurreh nwny lram tfe NYV suif ns tfraudf Hnro Zaacs.
`. Xrngspnregiy Iagiergs;Xfe system al trnhbgd ngh settcemegts, wfbce purpartehcy lnbr ngh trngspnregt fns resucteh bg agcy 04..8 mbccbag sfnres. Iam`bgeh bgstbtutbagnc awgersfbp fns
bgirenseh lram >2% al tfe redbster bg Kngunry 0:>: ta 96% al tfe redbster nt tfe egh al Kuge 0:>0.
0.5 Renrs al @raoer Xrnhbgd bg terms al tfe Pedbster
Apnque Hencbgds Xrngs nregt
40.8 %04.< %
Pepresegtbgd nraugh 8:6.2 mbccbag
`uys & seccs bg tfe mnroet
Xfe cnio al trngspnregiy bs einuse mast trnhes nreexeiuteh bg tfe mnroet `y `raoers ngh tfeglarwnrheh ta atfer ndegts lar settcemegtnghmnbgcy bg lnvaur al bgstbtutbags. Xfe cbgos etweegicbegt ngh raoer nre iampcetecy a`siureh bg tfepraiess.
Mngy al tfe trnhes ncsa represegt wnsf trnhes tfnthagt eveg mnoe bt ta tfe redbster.
Bgstbtutbagnc Egtbty ALL AG GEX
Ibtbiarp Gambgees >08,:54, >09,>
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h. N`errngt trnhbgd treghs;Pesenrif fns bgvestbdnteh wfetfer redbstry ngamncbes (b.e.? cnrde lcuituntbags `etweeg tfe vacumes al
`uybgd & seccbgd ngh tfe vacumes al sfnre lcaws tfnt fnve aiiurreh ag tfe redbster) nre n pabgter ta
ugartfahax ngh passb`cy mngbpucntbve trnhbgd `efnvbaurs. Xrnhbgd aver tfe 0.5 yenrs revbeweh fns
hemagstrnteh iagsbstegtcy fbdf cevecs al ngamncbsm tfnt fns lcuitunteh `etweeg perbahs al Tnsf Xrnhes
ngh perbahs al Hnro Xrnhes n`aut wfbif vbrtunccy gatfbgd bs ogawg.
Bg tfe tn`ce `ecaw, vnrbngies `etweeg redbstry sfnre lcaws ngh NYV vacumes fnve `eeg iampnreh ta `atf NYV
vacumes ngh ta redbstry vacumes. Zerbahs wfere Tnsf Xrnhes ngh Hnro Xrnhes fnve hambgnteh nre sfnheh. Bt
ncsa geehs ta `e oept bg mbgh tfnt vnrbngies lar garmnctrnhbgd wauch `e expeiteh ta `e icase ta zera.
Hnro Xrnhes rednrhbgd IuHeia nre ruggbgd nt cevecs tfnt nre muctbpces al tfe cevecs ncrenhy irentbgd
iagiergs lar tfe NYV ngh lar tfe mnroet reducntar.
(Xfe rntbas bg tfe tn`ce bghbinte tfe gum`er al redbstry sfnre lcaws tfnt fnve iarrespagheh ta n trnhe al
>:: sfnres ag tfe NYV. Garmnccy, n trnhe al >:: sfnres sfauch iarrespagh ta redbstry lcaws al >:: sfnres).
e. Iagtrac aver prbibgd mavemegts;N recntbvecy smncc draup al nllbcbnteh `raoers fnve `eeg respagsb`ce lar mast al tfe lnccs bg prbie tfnt fnve
aiiurreh ngh tfey fnve useh pnriecs al sfnres iagsbhern`cy smnccer bg sbze tfng tfe nvernde sbzeh pnriec
nirass ncc trnhbgd. Pesenrif hntn suddests tfnt tfe meifngbsm lar prbie lnccs bs pradrnmmeh bgta ncdarbtfms
wfbif seem ta reiadgbze dnps `etweeg @BHs ngh NYOs wfeg tfey nppenr ngh tfeg tnoe prbies cawer wbtfebtfer n irass trnhe ar wbtf n trnhe tfnt daes tfraudf nt n cawer NYO prbie. Ytrngdecy, tfe meifngbsm lar
iagtrac aver prbie lnccs fns resucteh bg agcy 5% al ncc hawgwnrh mavemegts bg prbie aiiurrbgd nt tfe uyers
@BH prbie. Bmpcbibt bg tfe iagtrac aver prbies bs tfe n`bcbty lar ncdarbtfms ta samefaw reiadgbze tfe quates
al nllbcbnteh `raoers ngh ta egsure tfnt n trnhbgd pnrtger bs n`ce ta reiebve enif Hawg Xbio.
l. Hambgngt trnhbgdXfe bgstbtutbagnc bglcuegie aver trnhbgd bs sprenh lnr ngh wbhe `ut bt ncsa mngblests tfraudf pnrtbiucnr
`raoers fnvbgd mare prambgegt races, tfraudf draups al `raoers fnvbgd prambgegt races ngh tfraudf retnbc
`raoers inmaulcndbgd cnrde vacumes al bgstbtutbagnc arhers nmagdst tfase al retnbc icbegts. Mast al tfe
iagtrac emerdes tfraudf trnhbgd ncdarbtfms tugeh ta degernte pnrtbiucnr trnhbgd vacumes ngh samefawhesbdgeh ta bgternit wbtf tfe `raoers wfa nre ncc servbibgd bgstbtutbagnc `uybgd ngh seccbgd bgstruitbags.
Bg pnrtbiucnr, tfe trnhbgd hntn nssaibnteh wbtf `raoer U@Y Yeiurbtbes rnbses severnc iagiergs. Tbtf n mnroet
sfnre al agcy 5.5% al ncc trnhbgd vacumes, bt fns iagsbstegtcy `eeg tfe cnrdest get seccer al sfnres bg aver 0.5
yenrs al trnhbgd. U@Y fns ncsa `eeg respagsb`ce lar n mnmmatf 04% al ncc settcemegt nitbvbty wfbif
hemagstrntes tfe wbhe rngdbgd bgvacvemegt bt fns wbtf tfe trnhbgd al atfer `raoers, ngh bt fns iaghuiteh
tfe cnrdest gum`er al irassbgds (VX trnhes) ngh tfe cnrdest gum`er al trngsnitbags `atf `y very wbhe
mnrdbgs. U@Ys race bg hawgwnrh prbie mavemegts bs bghbinteh lar exnmpce `y n mnroet sfnre al 08% al ncc
Hawg Xbios tfnt fnve aiiurreh hurbgd tfe >st
fncl al 0:>0..
Xatnc Hnro Xrnhes; >>>2.5 mbcc `uys Xatnc Tnsf Xrnhes; 64.> mbcc seccs, 62.> mbcc `uys
Degernc;
Xrnhbgd hntn suddests tfnt ngamncaus treghs nre tfe resuct al bgstbtutbagnc lugh mngnders iaccuhbgd wbtftfebr trnhbgd ngh sprenhbgd tfebr bglcuegie nirass n wbhe getwaro al `raoers. Nssbstbgd tfem bg tfebr
eghenvaurs fnve `eeg FLX ncdarbtfmbi trnhbgd pradrnms (bg iagtraccbgd prbie mavemegts ngh nuitbag
resucts), mngbpucntbve sfart seccbgd, bccednc Tnsf Xrnhes, Hnro Zaac sfnre exifngdes ngh n drasscy gag-
trngspnregt trnhbgd ngh settcemegt egvbragmegt. Bg sa habgd tfey tnoe ag tfe nppnrngie al n inrtec tfnt bs
magapacbzbgd ncc nspeits al trnhbgd ngh severecy iamprambsbgd tfe mnroetsrace bg lnbr prbie hbsiavery.
Zre KAPI KAPI Zast KAPI
Iampnrbsag
Kng ta Mny
0:>:
Kug & Kuc
0:>:Nud 0:>:
Yept
0:>:
Ait & Gav
0:>:
Hei 0:>: ta
Hei 0:>>
Kng ta Kug
0:>0
Xa Pedbstry \acumes 02% 85% >>2% 8>% 85% 95% 5>%
Xa NYV \acumes 00% 6>% 58% 4:% 9>% 86% >:9%
Pntba >::;46 >::;>6> >::;8< >::;>4: >::;::;>58 >::;0:9
Extremecy ngamncaus
8/12/2019 6.5 CuDeco Registry Anomalies 5
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IFNPXY YFATBGD NG BGIPENYBGD BGYXBXUXBAGNC ZPEYEGIE AG XFE PEDBYXEP NGH N HAMBGNGIE A\EP XPNHBGD
Xap 0: - Bgstbtutbags
Xap 0: - Atfer Fachers
@ncngie al Pedbster
Pedbstry @renohawg 0::,0, & 9
Ibtbiarp
Gntbagnc
FY@I
Gag Bgstbtutbags
NG[
KZ Mardng
HAMBGNGIE A\EP XPNHBGD @R IuHEIAs BGYXBXUXBAGNC YFNPEFACHEPY
Iam`bgeh Bgstbtutbagnc
Fachbgds ns nt Kng >, 0:>:
0:,885,696 sfnres
(>8.6% Awgersfbp)
Iam`bgeh Bgstbtutbagnc
Fachbgds ns nt Kug 9:, 0:>0
4>,: Kug 0:>0
Zcniemegts + 92.0 M
Xrnhbgd + >0.0 M
Niiumucntbag
BGIPENYBGD CE\ECY AL BGYXBXBXBAGNC ATGEPYFBZ A\EP XFE PEDBYXEP
Bgstbtutbags
Ibtbiarp
Gntbagnc
FY@I
>,0, & 9
KZ Mardng
9: Magtfs Xrnhbgd 0:>0 - < Magtfs Xrnhbgd
Xap 0:Bgstbtutbags
Gew Npex Nsbn
Xap 0: - Atfer Fachers
@ncngie al Pedbster
Pedbstry @renohawg 0:>0
Xatnc Pedbstry MavemegtsALL AG
896,6::,6>2 892,:>>,069
Xatnc Pedbstry MavemegtsALL AG
. Petnbc 0>.6% 2.4%
0. Iarparnte 4.:% 0.>%
9. IuHeia >.
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...........Zd. 4
NG A\EP\BET AL XFE TAPCHY LBGNGIBNC YRYXEM
Yeitbag 0 Zd.>:
XFE ATGEPYFBZ AL XFE NYV, NUYXPNCBNG LBGNGIBNC MEHBN NGH ZU@CBI YFNPE LAPUMY
Yeitbag 9 ............. Zd. >
N YUMMNPR AL 9: MAGXFY AL @PAOEP NIXB\BXR
Yeitbag 5 ........ Zd. 89
BGYXBXUXBAGNC PEDBYXPR NIXB\BXR LPAM KNGUNPR 0:>: ta KUGE 0:>0
Nppeghbies .... Zd. ; XAZ 0: YFNPEFACHEP CBYXY LPAM 0::< ta 0:>> Zd.
Nppeghbx 0; @PAOEP XPNHBGD YUMMNPR; KNG 0:>: XA KUGE 0:>0 Zd. : XA KUGE 0:>0 Zd. : XA KUGE 0:>0 Zd.
8/12/2019 6.5 CuDeco Registry Anomalies 5
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Yeitbag >
@NIODPAUGH BGLAPMNXBAG;
Ng Avervbew al tfe Tarchs Lbgngibnc Yystem
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.> N ZEPYZEIXB\E AG XFE YXPUIXUPE AL TAPCH LBGNGIE
A`servbgd faw tfe warch lbgngibnc system bs struitureh fecps ta put bgta perspeitbve tfe trnhbgd tnobgd
pcnie bg tfe mnroets ngh bg pnrtbiucnr, tfe trnhbgd nssaibnteh wbtf IuHeia.
Nlter tfe Dca`nc Lbgngibnc Irbsbs bg 0::6 n sibegie nseh ardngbzntbag tfnt pu`cbsfes tfe we` ezbge Gew
Yibegtbst Agcbgeiaghuiteh extegsbve resenrif bgta tfe struiture al warch lbgngies. Bglarmntbag n`aut tfe
ardngbzntbag mny `e summnrbzeh ns;
Gew Yibegtbst mndnzbgewns cnugifeh bg >25< lar ncc tfase meg ngh wameg wfa nre bgteresteh bg sibegtblbi
hbsiavery, ngh bg bts bghustrbnc, iammeribnc ngh saibnc iagsequegies. Bt expcares ngh bgterprets tfe resucts al
fumng eghenvaur set bg tfe iagtext al saibety ngh iucture. Gew Yibegtbst expcnbgs wfy n hevecapmegt bs
sbdgblbingt ns wecc ns puttbgd saibnc ngh iucturnc iagtext nraugh bt, hecbverbgd mare bgsbdft tfng ngy atfer
iurregt nllnbrs ar sibegie saurie.
Xfe resenrif wns prampteh `y tfe preinrbaus stnte al nllnbrs bg rednrh ta dca`nc lbgngies trbddereh `y tfe
iaccnpse al Cefmng @ratfers. Xfeiaccnpsewns recnteh ta ng extreme aver expasure ta su`-prbmemartdndes y Cefmng wfbif fnh bmmehbnte rnmblbintbags nirass tfe warchs lbgngibnc system. Xfe resenrif
`y tfe Gew Yibegtbst ardngbzntbag hemagstrnteh tfe stragd recntbagsfbps `etweeg tfe warchs mast
pawerluc eiagambi egtbtbes tfraudf kabgt awgersfbp al nssets, strntedbi nccbngies ngh kabgt hencbgds nirass n
rngde al lbgngibnc prahuits. Bmpartngtcy bt sfaweh faw pra`cems ing qubiocy mngblest dca`nccy wfeg n
mnkar lbgngibnc intnstrapfe aiiurs `einuse al tfe ifnbg al iaggeitehgess `etweeg tfese pawerluc
egtbtbes.
Xfe lucc nrtbice bs nvnbcn`ce ag tfe bgterget 3cbgo7,fawever tfe mnbg lbghbgds nre summnrbzeh `ecaw.
.0 XBXCE al NPXBICE;Xfe Inpbtncbst Getwaro Xfnt Pugs Xfe Tarch;
Ng ngncysbs al tfe recntbagsfbps `etweeg 89,::: trngsgntbagnc iarparntbags fns bhegtblbeh n
recntbvecy smncc draup al iampngbes, mnbgcy `ngos, wbtf hbsprapartbagnte pawer aver tfe dca`nc
eiagamy.
Xfe rencbty nseh stuhy iam`bgeh tfe mntfemntbis cagd useh ta mahec gnturnc systems wbtf
iamprefegsbve iarparnte hntn ta mnp awgersfbp nmagd tfe warch's trngsgntbagnc iarparntbags
(XGIs).
Zrevbaus stuhbes fnve laugh tfnt n lew XGIs awg cnrde ifugos al tfe warch's eiagamy, `ut tfey
bgicuheh agcy n cbmbteh gum`er al iampngbes ngh ambtteh bghbreit awgersfbps, sa iauch gat sny
faw tfbs nlleiteh tfe dca`nc eiagamy - wfetfer bt mnhe bt mare ar cess stn`ce, lar bgstngie.
Xfe stuhy wns `nseh ag n hntn`nse cbstbgd 94 mbccbag iampngbes ngh bgvestars warchwbhe, wfere
89,:9>6 nppenreh ta iacceitbvecy awg tfraudf tfebr sfnres
tfe mnkarbty al tfe warch's cnrde `cue ifbp ngh mngulniturbgd lbrms - tfe "renc" eiagamy -
represegtbgd n lurtfer 9>6 iampngbes trnioeh `nio ta n "super-egtbty" al >84
eveg mare tbdftcy ogbt iampngbes - ncc al tfebr awgersfbp wns fech `y atfer mem`ers al tfe super-
egtbty - tfnt iagtracceh 8: per iegt al tfe tatnc wenctf bg tfe getwaro. "Bg elleit, cess tfng > per
iegt al tfe iampngbes were n`ce ta iagtrac 8: per iegt al tfe egtbre getwaro"
http://www.newscientist.com/http://www.newscientist.com/http://www.newscientist.com/http://www.newscientist.com/http://www.newscientist.com/data/html/ns/mediacenter/uk/intro.jsphttp://www.newscientist.com/data/html/ns/mediacenter/uk/intro.jsphttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.htmlhttp://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.htmlhttp://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.htmlhttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.newscientist.com/data/html/ns/mediacenter/uk/intro.jsphttp://www.newscientist.com/http://www.newscientist.com/8/12/2019 6.5 CuDeco Registry Anomalies 5
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Xfe tap 5: al tfe >84 super iaggeiteh iampngbes nre summnrbzeh `ecaw. Xfe fbdfcbdfteh egtbtbes
fnve iaggeitbags ta tfe trnhbgd tnobgd pcnie wbtf IuHeia niiarhbgd ta tfe laccawbgd;
a Xfey mny `e represegteh ns n gambgee egtbty sbttbgd bg ng bgstbtutbagnc niiaugt (dreeg lagt)
tfnt bs cbsteh ns n IHU sfnrefacher, ar?
a Xfey mny `e n `raoer nllbcbnte al tfe cenhbgd warch iampngy tfnt bs fenvbcy bgvacveh bg tfe
trnhbgd al Iuheia sfnres (reh lagt).
>. @nricnys pci >6. Dachmng Ynifs Draup Bgi 92. X Pawe Zrbie Draup Bgi 94. IGIE
9. LMP Iarparntbag 0:. Cedd Mnsag Bgi 96. Gamurn Fachbgds Bgi
8. NVN 0>. Mardng Ytngcey 92. Xfe Hepasbtary Xrust Iampngy
5. Ytnte Ytreet Iarparntbag 00. Mbtsu`bsfb ULK Lbgngibnc Drp 8:. Mnssnifusetts Mutunc Cble Bgsurngie
. BGD Draep G\
4. Cednc & Degernc Draup pci 08. Yaibt Dgrnce 80. @rnghes Bgvestmegt Znrtgers CZ
6. \ngdunrh Draup Bgi 05. @ngo al Nmerbin Iarparntbag 89. Ugbirehbta Btncbnga YZN
2. U@Y ND 0:. Merrbcc Cygif & Ia Bgi 04. Bgvesia pci 85. \eregbdbgd Nedag
>>. Teccbgdtag Mngndemegt Ia 06. Nccbngz YE 02. XBNN 80. Heutsife @ngo ND 9:. Ach Mutunc Zu`cbi Cbmbteh Ia 84. Nllbcbnteh Mngnders Draup Bgi
>9. Lrngocbg Pesauries Bgi 9>. Nvbvn pci 86. Pesagn Fachbgds Bgi
>8. Irehbt Yubsse Draup 90. Yifrahers pci 82. Inpbtnc Draup Bgtergntbagnc Bgi
>5. Tnctag Egterprbses CCI 99. Hahde & Iax 5:. Ifbgn Zetraifembinc Draup Iampngy
>4. Gntbxbs 95. Yug Cble Lbgngibnc Bgi
.9 IAMMEGXY
Bt bs al bgterest tfnt tfe \ngdunrh Draup bs rnteh ns tfe Ga 6 warch rnteh iampngy ngh bs ncsa pnrt al tfeM&D Draup al Iampngbes. M&D nre n mnkar IuHeia sfnrefacher. Xfe iaggeitehgess al bgstbtutbagnc
trnhbgd rednrhbgd IuHeia tnoes ag n wface gew caao wfeg vbeweh lram tfe lbghbgds al tfe Gew Yibegtbst
Draup.
\ngdunrhs cnrde bgvestmegt ns pnrt al tfe draup tfnt fns inptureh n mnkar stnoe bg tfe iampngy ngh tfnt
iagtbgues ta seeo bgirenseh expasure tfraudf pcniemegts ngh tfraudf ag-mnroet `uybgd caaos ta `e n
pnrtbiucnrcy sbdgblbingt hevecapmegt.
Yerbaus questbags nre rnbseh `y tfe sbmuctngeaus aiiurregie al;
Xfe nitbve bgvacvemegt al iampngbes tfnt nre cenhers bg terms al dca`nc eiagambis bg IuHeia
trnhbgd? Xfe bgvacvemegt al `raoers wfa ncsa lbdure prambgegtcy bg n dca`nc iagtext bg trnhbgd IuHeia
sfnres?
Xfe ngamncaus treghs evbhegt bg cagd term trnhbgd hntn lar IuHeia? ngh
Xfe gedntbve press iavernde rednrhbgd Paiocnghs ngh IuHeia bg iagtrnst ta tfe iampngy repartbgd
stragd pradress ag ncc lragts ns bt lnst trnios hevecapmegt.
IuHeias bgstbtutbagnc sfnrefachers bg represegtbgd sapfbstbinteh bgvestars fecp ta expcnbg tfe renhy
niiessb`bcbty ta Hnro Zaacs ta iagvegbegtcy re-nrrngde partlacbas wfegever requbreh ngh lar wfntever
rensag ns wecc ns tfe stragd cevecs al ia-arhbgntbag, ia-aperntbag ngh lnibcbtntbag tfnt nppenrs ta fnve
tnoeg pcnie bg suppart al enif atfers trnhbgd ndeghns.
Xfe sbtuntbag resagntes mare icasecy wbtf tfe iarparnte tnrdetbgd al IuHeia rntfer tfng degubge `uybgd
ngh degubge seccbgd `etweeg bgvestars nitbgd etfbinccy, lnbrcy ngh trngspnregtcy nt ncc tbmes.
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Yeitbag 0
LUPXFEP @NIODPAUGH BGLAPMNXBAG
Xfe Awgersfbp al tfe NYV, Nustrncbng Lbgngibnc Mehbn ngh
Zu`cbi Yfnre Larums
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XFE NYV; Xap 0: Yfnrefachers 0:>0
Xfe Xap 0: sfnrefachers al tfe NYV ns nt Nudust >, 0:>0 nre cbsteh bg tfe tn`ce (ns tnoeg lram tfe 0:>0
Nggunc Pepart). Nttegtbag fns `eeg hrnwg ta tfe egtbtbes wfa fnve ncsa `eeg nitbvecy bgvacveh wbtf
trnhbgd IuHeia sfnres ( ) ngh ta tfase wfa fnve `eeg bgvacveh wbtf Iuheia `ut bg n mbgar wny. ( )
Bg n segse tfe bgvacvemegts nre gat surprbsbgd ns IuHeia bs cbsteh ns ng NYV0:: iampngy ngh tfere bs
bgteriaggeitehgess `etweeg mnkar lbgngibnc egtbtbes tfraudfaut tfe lbgngibnc system.
0 Nggunc nre ncsa cbsteh.
KZ Mardng trnhes nstwa hbstbgit egtbtbes;
K Z Mardng Gambgees
ngh
KZ Mardng GambgeesCenhbgd trnhbgd
egtbtbes
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0 Nggunc Pepart)
Xfe Xap 0: sfnrefachers al Lnbrlnx nre cbsteh `ecaw ndnbg wbtf tfe egtbtbes wfa nre prambgegt bg trnhbgd
Iuheia fbdfcbdfteh ( ) ngh tfase tfnt fnve ncsa eeg bgvacveh ut ta n cesser extegt ncsa fbdfcbdfteh ( ).
.4% Iu equbvncegt drnhe,
wbtf drnhes bg tfe lbrst yenrs expeiteh ta `e iagsbhern`cy fbdfer tfng KAPI estbmntes?
Xfe lnit tfnt ng apeg iut mbge nt Paiocnghs wbcc fnve n caw strbp rntba wbtf mbgerncbzntbag niiessb`ce
lram tfe surlnie ngh caaos cboe `ebgd iammbssbageh su`stngtbnccy he`t lree?
Xfe seiurbgd al rnbc ngh part bglrnstruiture ngh tfe autrbdft awgersfbp al bts mbgbgd lceet?
Gew iapper hbsiaverbes tfnt wbcc nhh ta tfe fbdf drnhe iampagegt al tfe resaurie?
N sepnrnte rnre enrtf, preibaus metncs hbsiavery nt Tbcdnr cboecy ta larm n seiagh mbgbgd aperntbag
ta bts lcndsfbp mensureh ngh bghbinteh hepasbt ogawg ns Cns Mbgernce?
Xfe reiegt da nfenh `y tfe ^CH Davergmegt ta hevecap bts fbdfcy prambsbgd urngbum praspeits lbrst
`raudft ta prambgegie `y tfe fbdf drnhe urngbum laugh `y IPN `nio bg tfe
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ZU@CBI LAPUMY;
Yfnre hbsiussbags ag pu`cbi larums inme bgta vadue wbtf tfe nhvegt al sfnre trnhbgd tfraudf tfe bgterget
bg tfe mbh ta cnte 2:s.Tfbce pramatbgd tfe lree exifngde al bglarmntbag `etweeg mem`ers tfey fnve
ncsa praveh fnznrhaus `einuse al tfe mbsbglarmntbag ncsa sprenh `y vesteh bgterests, ngh tfe hbllbiucty bg
iagtraccbgd tfe niiurniy al wfnt bs vacugteereh.
[email protected], n mehbn iampngy rug ngh awgeh `y cagd-stnghbgd lbgngie kaurgncbsts wbtf ga tbes ta ngy
lbgngibnc servbies iampngy ar Nssaibntbag summeh up tfe nitbvbtbes al pu`cbi larums bg ng bglarmntbvenrtbice tbtceh;
XFE MRYXEPBAUY TAPCH AL YXAIO LAPUMY
Hentf tfrents, pacbtbis, nccedntbags al bgsbher trnhbgd...bt's ncc fnppegbgd ag staio larums.
>5-
4b:r.ftmc1pnde=0
>. Bgvest `y cbstegbgd ta staio tbps ag larums, gewspnpers ngh mndnzbges bs n sure wny ta lbgngibnc rubgs.
Everytfbgd yau renh fns ta `e tnoeg wbtf n pbgif al snct.
0. @ubch up yaur bgvestmegt ngncytbinc sobccs - bg `atf lughnmegtnc ngh teifgbinc ngncysbs LBPYX.
9. Use larums bgteccbdegtcy. Nso questbags. Xfere bs ga suif tfbgd ns stupbh questbag. Agcy tfe stupbh ifaases ta
`e stupbh `y GAX nsobgd questbags.
8. Yame lree tfbgds (cboe lree tbps) nitunccy iast n cat bg tfe egh. Rau geeh ta spegh magey ta det ehuinteh lbrst
- tfraudf `aaos ar iaurses.
Ns n mem`er al n larum, yau ing pcny n pnrt bg bgirensbgd tfe cevec al niiaugtn`bcbty al staio larums `y pasbgd
tfe laccawbgd questbags;
- Haes yaur bgvestar larum niiept sirbpt (sfnres bg n iampngy) bg pnymegt lar staio pramatbag ar nhvertbsbgd1
- Ha ngy al tfe awgers al yaur larum rug ar waro lar n staio `raoernde ar lbgngibnc nhvbsary lbrm1
- Tfnt bs yaur pacbiy ag peapce redbsterbgd mare tfng age niiaugt ngh wfnt teifgacady ngh praiesses ha yau
fnve bg pcnie ta prevegt tfbs mengs al mngbpucntbgd tfe sfnre mnroet1
Exierpt 0; Pe; Xbps lar su`sirb`ers ta pu`cbi
..tfe pbtlnccs wbtf bgvestar larums nre tfnt `edbggers lrequegtcy lncc bgta tfe trnp al `cbghcy laccawbgd
staio tbps, alteg ta tfebr lbgngibnc hembse, tfnt maherntbag al iagtegt bs sametbmes iamprambseh lar
tfe snoe al mnxbmbsbgd nhvertbsbgd haccnrs ngh tfnt maherntars n`use tfebr race ta lurtfer tfebr awg
bgterests, suif ns iegsarbgd pasts tfnt ha gat iagiur wbtf tfebr awg bgvestmegt vbew.
Exierpt >
https://www.acrobat.com/exportpdf/en/pricing.html?trackingid=JZBCXhttps://www.acrobat.com/exportpdf/en/pricing.html?trackingid=JZBCXhttp://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2https://www.acrobat.com/exportpdf/en/pricing.html?trackingid=JZBCX8/12/2019 6.5 CuDeco Registry Anomalies 5
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BGXPAHUIXBAG
Xfere fnve degernccy `eeg wbhecy hbspnrnte vbews `etweeg pu`cbi perieptbags al tfe iampngy laccawbgd bts
bgbtbnc hbsiavery nt Paiocnghs `nio bg cnte 0::5 enrcy 0::< ngh tfe nitbags al sapfbstbinteh bgvestars bg tfe
mnroet. Xfe staio fns `eeg surraugheh `y iagtraversy ngh iagkeiture laccawbgd bgtervegtbag `y tfe NYV bg
Kuge 0::< bg laribgd n hawgdrnhe al tfe iampngys bgbtbnc bglerreh resaurie (Peler Pesenrif Znper 9.8)
wfbif wns mndgblbeh mngy tbmes aver `einuse al lurtfer KAPI `nseh bssues surraughbgd n resaurie
updrnhe bg Nudust 0:>: (Peler Pesenrif Znper 9.:. Icenrcy tfe hbllbiucty bg `ebgd n`ce ta niiurntecy estbmnte resauries lar ugbque
are `ahbes suif ns Paiocnghs tfnt nre su`keit ta pragaugieh guddet elleits ceh ta bgvestars `ebgdmbsbglarmeh ngh iagluseh. Xfe resuct wns n resaurie wbtf drnhe estbmntes tfnt nre cboecy ta `e exieeheh
`y nitunc mbgbgd ns suddesteh `y extegsbve `uco mbgbgd trbncs tfnt fnve `eeg ughertnoeg. Bt bs ng bragbi
sbtuntbag ns tfe bgtegtbag al tfe NYV KAPI iahe bs mengt ta mare recbn`cy bglarm bgvestars n`aut mbgernc
resauries yet bt wauch nppenr tfnt tfe exnit appasbte fns aiiurreh.
Xfe revecntbags pravbheh `y trnhbgd `efnvbaurs bg tfe mnroet ngh tfe bgirensbgd bgstbtutbagnc awgersfbp
aver tfe iampngy passb`cy hesirb`e tfe merbts al tfe Paiocngh resaurie lnr mare recbn`cy tfng n
pategtbnccy lcnweh iampucsary KAPI iahe ever iauch. Xrnhbgd hntn very muif suddests tfnt sapfbstbinteh
bgvestars fnve sebzeh upag tfe resaurie iaglusbag ngh n cboecy ughervncuntbag al tfe Paiocnghs resaurie
resuctbgd lram KAPI iampcbngie, ngh fnve useh tfe sbtuntbag ta tfebr nhvngtnde.
Xfe trnhbgd `efnvbaurs nhapteh `y sapfbstbinteh bgvestars fnve `eeg cnrdecy respagsb`ce lar;
Hestn`bcbzbgd tfe mnroet nt irbtbinc tbmes?
Iagtraccbgd prbie mavemegts aver n very cagd perbah al tbme?
Ecevntbgd tfe iaglusbag surraughbgd tfe staio pnrtbiucnrcy wfeg tfe sfnre prbie fns `eeg prevegteh
lram respaghbgd ta daah gews bg tfe wny tfnt bs expeiteh lram sbdgblbingt mnroet hevecapmegts?
Mnbgtnbgbgd ng ughervncueh sfnre prbie passb`cy ta lnibcbtnte appartugbstbi pcniemegts ngh `y
helnuct, bgirenseh awgersfbp aver tfe iampngy.
Xrnhbgd autiames suif ns tfe n`ave fnve fnh tfe elleit al mndgblybgd ugiertnbgty ngh fns ceh ta retnbc
bgvestars `ebgd iagluseh ngh bg same inses pngbioeh aut al tfebr fachbgds.
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0
Xfe Xap 0: sfnrefachers cbsteh `ecaw niiaugt lar % al tfe iampngy ns nt Ait 5, 0:>0. Xfe lbdure
iampnres ta 8>.: iabgibhbgd wbtf tfe awgerfbp `y sapfbstbinteh bgvestars bgirensbgd `y 04.5%.
N cbstbgd al Xap 0: sfnrefachers lram 0::< ta 0:>> bs bgicuheh ns Nppeghbx >.
: 0:>> 0:>0
K Z MAPDNG GAMBGEEY - - 66>,242 0,9 >0,609,45,::4,999 >0,022 >:,:65,986 99,258,:46 >6,495,8>06,::< 6 8,8,200 6,9,8>4
IBXBIAPZ GAMBGEEY - 0,>4>,65,000 >,:98,056 >,>66,540
NG[ GAMBGEEY >,504,064 9,608,6:5 0,58>,52< 9,422,949 - - -TEYXZNI GAMBGEEY >,:08,0>< - - - - - -
Xatncs 8,5,050,82: 08,999,>60 044 02,645,886 52,685,>:4 48,448,96>
0::6 50,66:,54: 88.8% 08,999,>60 0:.8% >>2,002,042
0::2 54,599,88> 8>.2.:% >96,>25,094
0:>: 52,852,009 8:.2% 02,645,886 0:.5% >85,8>0,> 62,6:6,9:< 5:4 94.8% >52,656,>85
0:>0 >9:,00>,:54 84.4% 48,448,96> 92.4% >66,926,50:
0:>0
Ng bgirense bg bgstbtutbagnc awgersfbp lram 0 snys n cat n`aut wfnt bs pcnybgd
aut bg tfe mnroet inmaulcndeh `y cnyers al iaglusbag sprenh `y `raoers, lbgngibnc mehbn ngh pu`cbi larums.
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IFNPXY
Xfe bgirensbgd cevecs al iarparnte iagtrac aver tfe redbster bs `arge aut `y tfe laccawbgd ifnrts.
Xfe sbtuntbag bs iertnbgcy iaugterbgtubtbve ta wfnt iauch `e expeiteh lram n iampngy wbtf n suppasehcy
bglerbar caw drnhe resaurie. Xfe mare recbn`cy bglarmeh seitars al tfe mnroet fnve pasbtbageh tfemsecves
wfbce mngy retnbc bgvestars fnve sach aut. Xfe iampngy fns iertnbgcy vbghbinteh btsecl laccawbgd hbllbiuctbes
bg dettbgd n iampcex resaurie ta iampcy wbtf KAPI repartbgd requbremegts ngh nt tfe snme tbme fnvbgd
tfe KAPI estbmntes mntif tfe cboecy rencbtbes al mbgbgd. Ret sfnrefachers fnve `eeg uglnbrcy su`keiteh tavery iagsbhern`ce casses al wenctf ngh cass al appartugbty aver n < yenr perbah tfraudf pra`cems wbtf
`ebgd n`ce ta iagvey tfebr bg-fause nssessmegts ta tfe mnroet n`aut n ugbque resaurie, wfbif nre cboecy ta
`e muif mare niiurnte ta tfase allbibnccy sngitbageh `y tfe NYV.
0
Bgirensbgd Bgstbtutbagnc Awgersfbp
Ns n per iegt al tfe Pedbster
Bgirensbgd Bgstbtutbagnc Awgersfbp
@y Gum`er al Yfnres
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0:
: 0:>> 0:>0
Zracblbi Xrnhbgd egtbtbesIbtbiar & Gntbagnc Gambgees
Hespbte mnkar iaglusbag
rednrhbgd tfe Paiocnghs resaurie
bg Nud 0:>: bt wns tfe intncyst lar
mnkar iarparnte bgvacvemegt bg
tfe iampngy tfraudf cnte 0:>:ngh 0:>>
Ait
Xfe bgirenseh redbstry presegie al bgstbtutbags fns iabgibheh wbtf ngamncaus hntn treghs ngh
hu`baus trnhbgd efnvbaurs
Yfnres Fech
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0>
Yeitbag 8
N YUMMNPR AL 9: MAGXFY AL @PAOEP NIXB\BXR BGPECNXBAG XA IuHEIA
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@PAOEP XPNHBGD YUMMNPR;Zerbah Kng 0:>: tfraudf ta Kuge 0:>0
N summnry al 9: magtfs al trnhbgd bs pravbheh bg tfe laccawbgd tn`ce. @raoer iahes nre nvnbcn`ce ns
Nppeghbx 5. Xfe Xatncsiacumg ugher tfe Xrnhbgd Hetnbcsseitbag bs tfe sum al `uybgd ngh seccbgd
trngsnitbags ngh pravbhes n mensure lram wfbif ta iampnre `raoer nitbvbty. Get bs ng bghbintbag al get
`uybgd ar get seccbgd lram ncc tfe trnhbgd ngh Mnrdbgrelers ta tfe hblleregie `etweeg nvernde seccbgd
prbies ngh nvernde `uybgd prbies.
Xfe % Mnroet Yfnreseitbag egn`ces `raoer perlarmngie ta `e magbtbareh wfetfer bt `y vacume al
trnhes, gum`er al trngsnitbags ar tfe vacume al settcemegts ughertnoeg.
YNCEY ZUPIFNYEY XPNHBGD HEXNBCY % MNPOEX YFNPE
@raoerYecc Yecc @uy @uy
XrnhesXatncs Get Mnrdbg
@y Xatnc
\acume
@y Gum`er
al Xrnhes
@R
Yettcemegts\acumes Xrnhes \acumes
N@GN >2,09 00,486 >94 80,806 9,:2,6:: >< : : >2,6:: ->2,6:: - :.:% :.:% -
NBEV 08,42,496,5:6 >5,5 856,58: 6< 456,0 -88>,>6> :.66> :.>% :.>% -
@NBC % :.0%
@@R >9,5,844 06,000,>:< 08,592,864 -:.:>4 5.>% 8.0% :.6%
@ECC >:,:04,2>6 < >40 >656 925,0>6 -0>,8>8 :.:>6 :.:% :.:% -
@PCC 6> >62,>52 952,566 >6,45: -$:.5,::: 00 5,::: 5 0:,::: ->:,::: >.502 :.:% :.:% -
IBXB 02,592,:55 88,>92 02,546,86< 85,246 52,>>4,58> 92,89> $:.:> 4.0% 2.>% 0.8%
ICYN 954,29> 008 50:,208 -0:5,:% :.>% -
IMIY 0,989,569 >,4>> 0,>>5,>95 >,4>0 8,856,4>6 -006,886 -$:.:> :.5% :.9% :. 08,002 >:,6,59 0>,>:4,45< 5,948 $:.:0 0.% 0.:%
H0MV 9,465,006 >,8 8,:>:,0:4 >,000 4,425,895 008,242 -:.:58 >.:% :.9% -
HNBT 049,::8 8>5 984,:90 899 % :.>% -
HMD 98,>2:,82: 52,496 9>,8>:,>>> 5,4>4 >8> >:,>45 5 06>,620 -0,580 $:.,5:6,>< :.>:6 :.8% :.0% -
LXHX 8,859 8> 0:,86> 6,805 $:.:9 :.:% :.:% -
LTF 42,988 4: 50,04: 89 >9>,8 -04,:48 -:.288 :.:% :.:% -
DEXIA 0>5,>5> >,024 0>5,09: >,0 42 $:.:: :.>% :.9% -
DY >0,>89,69,2>> >0,929,>0> >5,:52 08,59 082,0 -:.::< 9.:% 0.2% -
FNPX 9,>4>,:5> >,94< 0,:>,8>> 5,>64,696 ->,>58,0.:8 :.%
FU@08 6,>58,058 >4 4< 008,>85 -24,2>> -$:.09 :.:% :.:% -
BGYX 5,8:5,:4< 6,66: 5,00>,205 2,95: >:, ->69,>5> -:.865 >.9% >.6% -
BGXY 04:,>2> >80 62>,99 >,>,688 ,8.58 :.>% :.:% -
BXD >> 8>2,2>2 >,0:8 595,22< 9:9,680 :.% :.0% -
KH\ 5:4,099 8:8 508,68> 869 >,:90,:48 >4, :.>% :.>% :.:%
KZM 9,546,860 8,>84 8,:42,598 9,05< 4,< 5:>,:50 -:.0 :.2% :.6% 0.8%
OAOA ,:>6 9>4 80,0:2 0:9,004 ->6,6:2 -$:.5> :.:% :.>% -
CHNC >>9,04> 05> 84,2,09> -> -:.628 :.:% :.:% -CAHD 4>9,092 6>0 >0:,859 >56 699,% :.>% -
MNIZ ,2 :.:25 >.5% :.6% >.4%
MNI^ >5,5,068,>52 9>,2>5 9:,28:,>>< -94>,426 -$:.:2 9.6% 6 >8,4:2 2,0:>,029 >8,49: >6,655,8>> -850,605 -:.:
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YNCEY ZUPIFNYEY XPNHBGD HEXNBCY % MNPOEX YFNPE
@raoerYecc Yecc @uy @uy
XrnhesXatncs Get Mnrdbg
@y Xatnc
\acume
@y Gum`er
al Xrnhes
@R
Yettcemegts\acumes Xrnhes \acumes
MLDYN 8:,965 00 : : 8:,965 -8:,965 - :.:% :.:% -
MBGI >,82,4:2 >,54:,964 >,,428,298 $:.:4 9.% -
GNC 989,64 498,954 84,:>9 -:.:05 :.>% :.0% -GNXA 8 >2,4 >6 09,:>9 $:.20 :.:% :.:% -
AZX\ >>9,89> 852 >00,:95 05> 095,8,8>: 8,240,984 ->,:90,04> $:.58 :.,::8, 829,:28 >95 >,824,4>,54< -:.0>4 :.0% :.>% 0.8%
ZPEY 9,9>: 8 6,04: 9 >>,56: 8,2.56 :.:% :.:% -
ZYC 6,8:4,980 5,222,.6% >.:% >.9%
P@I 0> >0< 95, < 050,960 ->6>,>:: -$:.54 :.:% :.:% -
P@Y >,809,2 0,699 >,862,0 0,2>9,08,5>> 0,686 >,5,45: >,054 8,2:,92,2>9 6,492 >0,>25,995 5,086 -908,546 $:.0> 9.:% >.5,664 88:,048 6,5:: :.>59 :.>% :.:% -YFNH 450,>9: 590 9>>,4>9 06: >,:4 $:.>5 :.>% :.>% -
YFNT >,:96,,::: 652,650 ,626,598 ->46,69: :.:8< :.0% :.0% :.9%
YAYC >8,688 >0,009 >>,6>6 99,4>4,684 66,>52 -$:.:9 8.>% 0.8% >.:%
YX@D 862,296 89> 65 5,95:,659 94:,244 :.96< :.0% :.>% :.:%
YUY^ 4,80:,946 .6% >.9% -
XNRC 209,>:: 8:> 284,,64:,45: 08,55: -:.>9> :.0% :.>% -
XBM@ 842,66< 5>: 850,568 848 290,84: -04,9:0 -$:.:0 :.>% :.>% -
XZZM 5,85 6>> :.::< :.>% :.>% -
TBCY 292,426 455 540,65: 8>6 >,5>0,4,6:8,,8>:,>>> 592 02,546,86< 85,246 52,>>4,58> 92,89> $:.:> 4.0% 2.>% 0.8%
EXPH 0:< 08,592,864 -$:.:0 5.>% 8.0% :.6%
YAYC >8,688 >0,009 >>,6>6 99,4>4,684 66,>52 -$:.:9 8.>% 0.8% >.:%
MNI^ >5,5,068,>52 9>,2>5 9:,28:,>>< -94>,426 -$:.:2 9.6% : 06,99< 0:,8488 8>,54,958 >>,428,298 $:.:4 9.% -
DY >0,>89,69,2>> >0,929,>0> >5,:52 08,59 082,0 -$:.:> 9.:% 0.2% -
Y@NP >0,5>2,2>9 6,492 >0,>25,995 5,086 -908,546 $:.0> 9.:% >.:,082> 08,002 >:,6,59 0>,>:4,45< 5,948 $:.:0 0.% 0.:%
MEPC 2,>6 >8,4:2 2,0:>,029 >8,49: >6,655,8>> -850,605 -$:.:4 0.9% 9.:% 9.:%
@ECC >:,:04,2>6
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Xfe rencbty wbtf trnhbgd bs tfnt tfe mnkarbty al `uybgd ngh seccbgd `y ncc cenhbgd `raoers bs lar bgstbtutbags
bgicuhbgd n su`stngtbnc partbag al tfe nitbvbty wbtfbg tfe retnbc `raoers, IAMM, EXPH ngh NBEV. Xrnhbgd bg
IuHeia bs hambgnteh `y `raoer Iammagwenctf Yeiurbtbes laccaweh `y Heutsife @ngo ngh Ibtbdraup Dca`nc
Mnroets `ut redbstry hntn suddests tfnt tfey nre ncc servbibgd muif tfe snme bgstbtutbagnc bgterests.
9,:< >8,592,864 5.>%
MYHT 6,,0>: 0:,8488 >>,428,298 9.2> 62>,:,082> >:,6,5>2,2>2 9:9,680 :.>%
LAYX >,5:6,,6:9,6:< 025,>>< :.8%
DY >0,>89,60,929,>0> 082,0 9.:%
H0MV 9,465,006 8,:>:,0:4 008,242 >.:%
YAYC >8,688 >52 8.>%
T@I >22,6:0 065,2>9 6>> :.>%
Xfe hambgngt get `uybgd `y @@R Cth bs cnrdecy nttrb`utn`ce ta tfe iampngy btsecl wbtf @uy @nio pradrnms ta
tnoe nhvngtnde al ng ughervncueh sfnre prbie. Xfe sfnres purifnseh tfraudf tfe @uy @nio ncsa fnh tfe
elleit al iaugterbgd bgirensbgd cevecs al sfart seccbgd tfnt tegheh ta bgirense bg bgtegsbty ns sbdgblbingtaperntbagnc `reno tfraudfs were nifbeveh `y tfe iampngy. Xfe tregh bs evbhegt ag tfe ifnrt spnggbgd 0.5
yenrs wfere tfere wns degernccy hawgwnrh pressure ag tfe sfnre prbie bg ncc perbahs atfer tfng wfeg
M&D were niiumucntbgd staio. Xfe cnrde vacumes al seccbgd `y M&D bs nssumeh ta `e bgstbtutbagnccy `nseh.
0:>:
M&D@uybgd
M&DZcniemegt
M&D@uybgd
PesaurieUpdrnhe
0:>: 0:>> 0:>0
9:%
>:%
0:%
YFAPX YECCBGD(Magtfcy Yfart Ynces ns n periegtnde al Magtfcy Xatnc Ynces)
ZrbieYcump
Gage al tfe `uybgd ngh seccbgd al tfese
`aoers ing `e cbgoeh ta tfe redbster ns ncc
`raoers use 9rh
pnrty ndegts ta settce
tfebr trngsnitbags. Fawever bt bs
nssumeh tfnt mast al tfebr nitbvbty bs
servbibgd bgstbtutbagnc arhers ns tfe
gum`ers nre geeheh ta niiaugt lar tfe
cnrde vacumes al nio ngh lartf
bgstbtutbagnc trngslers tfnt fnve
aiiurreh.
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Xfe iampngys @uy @nio ngh Empcayee Yfnre Zurifnse Yifeme purifnses niiaugteh lar nraugh >8 mbccbag
sfnres bg tatnc wfbif fnppegeh ta iabgibhe wbtf ncc al @@Rs niiumucntbag. Bt cenves n lurtfer ncmast >8
mbccbag @@R snces ngh icase ta >8 mbccbag purifnses nttrb`utn`ce ta bgstbtutbagnc hencbgds.
Xfe atfer sbdgblbingt niiumucntbag wns nssaibnteh wbtf `uybgd `y Mardng Ytngcey (MYHT). MYHT wns
respagsb`ce lar tfe `uco al purifnses `y M&D cenvbgd n lurtfer 6 mbccbag `uys ngh seccs ifurgeh `nio ngh
lartf tfraudf tfe mnroet. Xfe ifurgeh staio bs ncsa cboecy ta represegt bgstbtutbagnc nitbvbty.
Hbsicasures iagiergbgd tfe @uy @nio purifnses ngh tfe su`stngtbnc fachbgd al tfe M&D Draup nhh n
hedree al trngspnregiy ta tfe niiumucntbag al sfnres `y @@R ngh MYHT, fawever tfere bs zera
trngspnregiy iagiergbgd tfe nhhbtbagnc nitbvbtbes al tfe twa `raoers wfbif wfeg iam`bgeh exieehs 00
mbccbag snces ngh purifnses iaghuiteh lar ugogawg icbegts`ut nssumeh ta `e bgstbtutbags.
Tfbce tfe get `uybgd bs renhbcy niiaugteh lar, bt ncsa suddests extremecy ugusunc mnroet hygnmbis. Xfe vnst
mnkarbty al trnhbgd bs represegteh `y trnhbgd ifurg `y bgstbtutbagnc bgvestars wbtf sfnres degernccy retnbgeh
ngh/ar fachbgds nhheh ta.
Bt bs fbdfcy ugcboecy tfnt kust age sapfbstbinteh bgvestar fns reiadgbzeh tfe merbts al Paiocnghs ngh fns set
n`aut dnbgbgd n mnkar stnoe bg tfe iampngy wbtf ncc atfer ogawcehden`ce pnrtbes sbmpcy gat bgteresteh. Bt
haesgt mnoe segse, espeibnccy wfeg gew hbsiaverbes wbtf tfe pategtbnc ta `eiame mnkar cagd cble mbgbgd
egterprbses nre n rnrbty. Ncsa, mnkar mbgbgd iampngbes nre ncc lnibgd hbllbiuctbes bgirensbgd tfebr resaurie
bgvegtarbes ngh drawbgd tfebr `usbgesses bg rednrh ta iapper.
Ybdgblbingtcy, M&Ds heibsbag ta dnbg expasure ta Paiocnghs wns `nseh prbmnrbcy ag Hue Hbcbdegie ag tfe
bglarmntbag recenseh ag Nud >6, 0:>: wfbif iagtrnhbits tfe severe mnroet renitbag tfnt aiiurreh ngh nhhs
heep suspbibag n`aut wfnt renccy taao pcnie. Espeibnccy sbgie tfe M&D `uybgd taao tfe prbie `nio up ta n
fbdf al $8.40 ag Hei >0, 0:>: kust ns tfebr ag-mnroet `uybgd inmpnbdg inme ta n fnct.
54,>6> 5.8:%
NBEV 08,42>> -0,46:,942 6.::%
ZYC 6,8:4,9:,:04,2>6 4, >,5,45: ->,5 :.:%
Xfe get seccbgd bs mare evegcy hbstrb`uteh tfng tfe get `uybgd wbtf U@Y Yeiurbtbes cenhbgd tfe wny `y n
wbhe mnrdbg laccaweh `y retnbc raoers bg NBEV & EXPH ngh tfeg Heutsife @ngo (HMD). Bt bs bgterestbgd ta
iampnre tfe get seccbgd al `raoers ns per NYV hntn ta tfe get redbstry mavemegts nssaibnteh wbtf tfe snme
`raoers wfbif bs usunccy retnbc `nseh. Xfe hbsirepngibes sfawg fbdfcbdfteh bg tfe laccawbgd tn`ce pabgt ta
wfere bgstbtutbagnc trnhbgd `y `raoers fns ncsa aiiurreh ngh wfbif fns `eeg settceh `y atfer ndegts gat
tfe `raoers tfemsecves.
Xfe seccbgd bs n
mbxture al retnbc ngh
iarparnte snces
fawever tfe redbster
sfaws tfnt aver 0:
mbccbag sfnres fnve`eeg remaveh lram
retnbc fnghs aver tfe
0.5 yenr perbah.
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054,>6> -86,9:,>>> -0,46:,942 :
ZYC 6,8:4,96 4,88
P@YM 9,>08,5>> >,5,45: ->,5,:5> 0,:>,>58,0 ->55,5:9
MNIZ 9,092 >0:,859 -520,46< 1
Xfe very cnrde vacumes al `uybgd ngh seccbgd degernccy represegt tfe wnsfbgd al sfnres `nio ngh lartf
`etweeg bgstbtutbagnc fachbgds ngh tfnt bs pnrtbiucncry evbhegt wbtf tfe mast prambgegt `raoer
Iammagwenctf Yeiurbtbes. Agcy 8:% al bts turgaver nppenrs ta `e recnteh ta retnbc icbegt nitbvbty wfbif
suddests tfnt cnrde vacumes al trnhes nre cboecy ta fnve `eeg hage lar bgstbtutbags.
CENHBGD @PAOEPY @R GUM@EP AL XPNHEY;
Xfe cenhbgd `raoer `y tfe gum`er al trngsnitbags put tfraudf tfe mnroet ngh `y n very wbhe mnrdbg wns
U@Y Yeiurbtbes. Dbveg tfnt very cbttce bs ogawg n`aut tfe elleit al trnhbgd ncdarbtfms tfe prambgegie `y
U@Y represegts ng exieccegt stnrtbgd pabgt ta nssess wfnt bmpnit ncdarbtfms fnve ag tfe mnroet ngh tfe
lnbrgess al trnhbgd ta atfer pnrtbibpngts - espeibnccy wfeg trnhbgd pradrnms nre tugeh ta tfe pradrnms useh
`y nllbcbnteh raoers ngh espeibnccy bl `raoers nre n`ce ta rug muctbpce ncdarbtfms.
Iertnbgcy tfe system bs sfrauheh bg ugogawgs atfer tfng tfnt tfe pradrnms nre mngbpucntbve. Bt bs wfy tfemnkar pcnyers geeh equnc niiess ta tfe NYV iamputers, brrespeitbve al tfe uglnbrgess bmpaseh ag ncc atfer
pnrtbipngts wfa hagt fnve prbvbcedeh niiess.(Peler Ncng Oafcer nrtbice)
Mnroet Yfnre
@PAOEP YECC XPNHEY @UR XPNHEYXAXNC
XPNHEY@R XPNHEY @R \ACUME
U@Y 44: 85,820 >8.6% 5.8%
HMD 52,496 5>>.6% 6.:%
IAMM 86,>50 86,>6.92 85,246 2:,>>4 2.>% 4.0%
MYHT 06,99< 8>,5 8,4:2 >8,49: 02,892 9.:% 0.9%
DY >9,2>> >5,:52 06,24: 0.2% 9.:%
YAYC >0,009 >>,6>6 08,:8> 0.8% 8.>%
BGYX 6,66: 2,95: >6,09: >.6% >.9%
Y@NP 6,492 5,5.,508 >.0% 0.0%
\ery smncc arhers nre tfe preserve al sapfbstbinteh bgvestars wfa ing nllarh tfe uplragt cbiegsbgd lees ta
sngitbag tfebr use. Fawever tfe n`bcbty ta pcnie smncc arhers gat agcy fecps bg laribgd retnbc bgvestars ta pny
CAHD fns ga redbstry presegie ns
bts trnhes nre settceh `y ndegts
\nrbngies etweeg wfnt fns
aiiurreh ag tfe redbster ngh tfe
get trnhbgd al `raoers bs n pabgter
ta tfe extegt al trnhbgd hage lar
gag retnbc icbegts tfnt bs settceh
ecsewfere
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=rss8/12/2019 6.5 CuDeco Registry Anomalies 5
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mare ar reiebve cess bg arher ta dnbg ng arher lbcc `ut bt ing lnibcbtnte iagtrac aver prbibgd cevecs wbtf very
su`stngtbnc prbie lcuituntbags nifbeveh lar cbttce averncc iast.
Nhhbgd ta tfe suiiess al ncdarbtfms trnhbgd `nio ngh lartf wbtf enif atfer `y `raoers wfa nre bg iagtrac al
tfe mnroet, fns `eeg n hum` hawgeh mnroet wbtf ga sbdgblbingt `uybgd bgterest lram autsbhers. Xfnt fns
iertnbgcy `eeg tfe inse wbtf IuHeia. Mbsbglarmntbag fns egvecapeh tfe iampngy `einuse al KAPI recnteh
bssues stemmbgd lram tfe NYVs bgtervegtbag `nio bg Kuge 0::< ngh ndnbg bg 0:>: wbtf n resauriestntemegt tfnt wns surraugheh `y iaglusbag ngh hbsnppabgtmegt.
APHEP YB[EY UYEH @R XFE ZPAMBGEGX @PAOEPY
N summnry al tfe nvernde arher sbze useh `y tfe cenhbgd `raoers lar `uybgd ngh seccbgd bs pravbheh bg tfe
laccawbgd tn`ces. Xfe lbrst tn`ce rntes prambgegt `raoers `y tfe sbze al tfebr seccbgd arhers, ngh tfe seiagh
cbsts tfem `y tfe sbze al tfebr `uybgd arhers. Bg degernc, tfe `raoers wbtf tfe smnccest arher sbzes nre
nssaibnteh ncmast exicusbvecy wbtf trnhbgd ag `efncl al bgstbtutbag. Bt laiusses eveg drenter nttegtbag ag
wfnt trnhbgd ncdarbtfms nre nifbevbgd bg swnppbgd sfnres `nio ngh lartf `etweeg sapfbstbinteh bgtereststfnt nre cboecy ta `e bglarmnccy nllbcbnteh ngh pursubgd iammag trnhbgd a`keitbves.
@raoer Yeccs XrnhesNvd.
Yecc@uys Xrnhes
Nvd.
@uy@raoer Yeccs Xrnhes
Nvd.
Yecc@uys Xrnhes
Nvd.
@uy
MYHT 6,,0>: 06,99< 9:< 0:,8488 8>,6 0:,:26,092 6 0:,:26,092 :,082> 08,002 809 >:,6,59 8>:,082> 08,002 809 >:,6,59 8>< MNI^ >5,5,068,>52 9>,2>5 842
MNI^ >5,5,068,>52 9>,2>5 842 MYHT 6,,0>: 06,99< 9:< 0:,8488 8>,2:,82: 52,496 540 9>,8>:,>>> 52:,82: 52,496 540 9>,8>:,>>> 56 >8,4:2 ,029 >8,49: 6 >8,4:2 ,029 >8,49: 92 649 >0,929,>0> >5,:52 609
DY >0,>89,69,2>> 649 >0,929,>0> >5,:52 609 MBGI >,82,4:2 64< >,54:,964 >,9,5,844 668 06,000,>:< 09,5,844 668 06,000,>:< 008,5>> 0,686 >,:24 >,5,45: >,054 >,080 YUY^ 4,80:,946 ,006 4,898,40< 5
APHY 9,::0,9:2 0,,>>2 >,24:,:96 >,8>: >,924 IMIY 0,989,569 >,4>> >,94: 0,>>5,>95 >,4>0 >,095
ZYC 6,8:4,980 >,>44 5,222,84 6,059
YUY^ 4,80:,946 ,006 4,898,40< 5 NBEV 08,42,502 0>,496,5:6 >5,5,924
IMIY 0,989,569 >,4>> >,94: 0,>>5,>95 >,4>0 >,095 APHY 9,::0,9:2 0,,>>2 >,24:,:96 >,8>: >,924
YAYC >8,688 >0,009 >,94< >>,6>6 >,89: FNPX 9,>4>,:5> >,94< 0,9:5 0,:>,8>> >,802
Y@NP >0,5>2,2>9 6,492 >,899 >0,>25,995 ,464 YAYC >8,688 >0,009 >,94< >>,6>6 >,89:
XZZM 5,85,5,924 XZZM 5,86 ,556 4,6 ,556 4,2,2>9 6,492 >,899 >0,>25,995 ,464
LAYX >,5:6, >,94< 0,9:5 0,:>,8>> >,802 ZYC 6,8:4,980 >,>44 5,222,,8 0,985 8,:>:,0:4 >,000 9,060 FU@08 6,>58,0
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IPAYY XPNHEY
Irass trnhes fnve `eeg n sbdgblbingt lenture al trnhbgd wfere tfe tregh nppenrs ta fnve `eeg gat lar
pnriecs al sfnres ta `e cedbtbmntecy irasseh up `y `raoers fnvbgd `atf tfe seccbgd icbegt ngh tfe `uybgd
icbegt, `ut rntfer, trnhbgd ncdarbtfms fnve bssueh tfem nutamntbinccy ns per bg`ubct pradrnmmbgd
bgstruitbags. Ns suif tfe trnhes nppenr ta `e mare strntedbi ngh passb`cy mngbpucntbve rntfer tfng sfnres
`ebgd degubgecy exifngdeh.Irassbgds equnte ta >0.0% al ncc sfnres trnheh aver tfe 0.5 yenr perbah, sa represegt n sbdgblbingt lenture al
trnhbgd.
N summnry al tfe vnrbaus types al irass trnhes tfnt fnve aiiurreh revencs tfnt tfe mnbg irassbgd types
utbcbzeh fnve `eeg VX (n stnghnrh larm al irassbgd) ngh YVVX (partlacba irassbgds).
Xype \acume Yfnre % Xype Gum`er Yfnre %VX 99,>90,8,:%CXVX 058,00: :.5% CXVX 2 :.:%
EXVX 059,>:6 :.0%
IV 0>8,802 :.8% IV >,4>5 9.9%
C>VX >25,::: :.8% C>VX > :.:%
C9VX >00,:22 :.0% C9VX 5 :.:%
C8VX 22,000 :.0% C8VX 0 :.:%
C5VX 85,>89 :.>% C5VX >8 :.:%
IVVX >8,029 :.:% IVVX 58 :.>%
GV 9,5,8:: :.:% B@VX 5 :.:%
Xatnc 82,2>:,9.:% 0,2>6
HMD 9,06.6% 92>
U@Y 0,888,650 99.8% >,220,665 ,829,60< 8.5% 8,8>2 2.2% 996
NBEV >,808,28> 8.9% 884 >.:% 9,>66
MNI^ 20:,,,>5> >.4% 0,4>< % 0>:
FU@08 9>8,206 >.:% 92 :.>% 6,:45
@ECC 0>2,9% 8,645
IYUB 0>8,:20 :.,:40 0.8% 0::
P@YM 0:2,225 :.60,856 :.% 9,408
MEPC >85,524 :.8% 9>8 :.4% 88: :.9% 9< :.>% 0,
sfnres iampnreh ta 540 lar ncc tfebr
seccs ngh 559 lar ncc tfebr `u s.
Xfe nvernde irassbgd sbze y U@Y al
>6 sfnres lar snces ngh 02: lar
purifnses. Xfe stntbstbi questbags tfe
degubgess al irassbgds pnrtbiucncry
wfeg very smncc pnriecs nre irasseh
resuctbgd bg n ifngde bg prbie .
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0>% 924
DY 0,6% 949
HMD 0,95:,>00 >,489,989 >0% 026
MNI^ >,8>>,:58 >:% 005
IYUB >,:0:,860 4% >6,82
MEPC 58:,86> 8% >:>
MYHT 8, 9% 44
U@YT 988, 0% 90
ICYN> 82,:94 :% 0
P@Y 8>
IAMM >>,402 :% 5
Xatncs >8,9:9,628 0,060 fns seeg su`stngtbnccy mare irass
trnhes ngh cess trnhes nt tfe nsobgd prbie `ut wfeg iam`bgeh tfe resuct stbcc equnteh ta nraugh 2st
0 nre hetnbceh bg tfe gext seitbag.
0, tfe gum`er al Hawg Xbios bg prbie tatncceh 4,8. Fawever, al ncc
tfe lnccs bg prbie tfnt fnve tnoeg pcnie, agcy 8% fnve aiiurreh nt tfe `uyers @BH prbiebt bs ng nstagbsfbgd
autiame! Bt mengs tfnt rehuitbags bg prbie fnve `eeg ifnrniterbzeh `y rehuieh nsobgd prbies ns expcnbgeh
n`ave ar tfraudf `raoer irassbgds. Bt suddests tbdft iagtrac aver prbie mavemegts `y tfase respagsb`ce lar
tfe Hawg Xbios (HXs). Xfe hntn bs summnrbzeh `ecaw.
HXs J tfe NYO 96 6>%
@raoer Irassbgds >,>8> >5%
HXs J tfe @BH 995 8%
Xatncs 48 >::%
Xa nssess wfnt bs tnobgd pcnie bg tfe mnroet bt bs al bgterest ta bhegtbly tfe `raoers wfa fnve `eeg
respagsb`ce lar tfe mnkarbty al Hawg Xbios, `atf ns seccers tfnt fnve ceh ta prbie lnccs, ngh ns `uyers wfa
fnve lnibcbtnteh tfe trnhes.
@PAOEP GUM@EP % NCC HXY IUMUCNXB\E @PAOEP GUM@EP % NCC HXY IUMUCNXB\E
U@YT >60< 08.:% 08.:% IBXB >094 >:>9 >9.9% 94.9% U@YT >:90 >9.%
HMD 550 4.9% 5>.2% @@R 45< 2.2% 50.:%
IAMM 506
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9>
Xfe bglcuegie `y `raoers bg terms al prbie mngndemegt al tfe IHU sfnre prbie bs `etter ughertaah wfeg
ng ngncysbs bs mnhe al tfe pnriec sbzes al trnhes resuctbgd bg ifngdeh prbibgd cevecs.
Bg ncc trnhbgd aver tfe < magtf perbah Kng ta Kug 0:>0, tfe nvernde pnriec sbze al 44,228 sepnrnte
trngsnitbags wns 899 sfnres. Bt iampnres ta n pnriec sbze al 886 lar tfe 4,8 trngsnitbags tfnt resucteh bg n
lncc bg prbie. Fawever 4:% al tfe Hawg Xbio trngsnitbags fnh pnriec sbzes ugher 05: sfnres.
Xfe bgvacvemegt al `raoers bg laribgd Hawg Xbios tfraudf trngsnitbags bgvacvbgd smncc gum`ers al sfnres bs
ns laccaws
ZNPIECY al > ta >: YFNPEY BG YB[E;
Xfere were >,560 Hawg Xbio trngsnitbags bgvacvbgd pnriecs al `etweeg > ngh >: sfnres bg sbze. Pemnron`cy,
suif trngsnitbags represegt n very iagsbhern`ce 0:.6 % al ncc Hawg Xbios bg prbie aver tfe < magtf perbah.
Bg tfe tn`ce, tfe iacumg % Yfnre relers ta tfe gum`er al HXs `y enif `raoer iampnreh ta ncc HX
trngsnitbags `ecaw >> sfnres bg sbze.
@raoer Gum`er % Yfnre @raoer Gum`er % YfnreU@YT : >9.9%
HMD >80 2.:% MYHT >4< >>.>%
BGYX >>: 4.:% @@R >8< 2.0%
MYHT 66 5.80 2.:%
IBXB 92 6.6%
DY 59 9.8% U@YT >9< 6..2% YAYC 5: 9.0%
Xatncs 28.>% Xatncs 69.> ta >:: YFNPEY BG YB[E;
Xfere were 0,52< Hawg Xbio trnhes bgvacvbgd sfnre pnriecs al `etweeg >> ngh >:: bg sbze wfbif represegts
n lurtfer 98.>% al ncc trnhes aver n sbx magtf perbah tfnt resucteh bg n lncc bg prbie.
@raoer Gum`er % Yfnre @raoer Gum`er % YfnreU@YT 4:: 04.:% IBXB 966 >8.2%
MNI^ 98.0% U@YT 98.0%
KZM 0:0 4.6% IYUB 022 >>.5%
HMD 0:> 4.4% MNI^ 06: >:.6%
DY >44 4< 52 % HMD >66 4.0%
MYHT >98 5.0% DY 62 9.8%MEPC >09 8.4% IAMM 6< 9.9%
Xatncs 6:> ta 05: YFNPEY BG YB[E;
Xfe cenhbgd 8
niiaugt lar
>% al ncc HXs
aver tfe egtbre :.8% al ncc HXs
aver tfe egtbre 2.9% al ncc HXs
Xfe cenhbgd 8
niiaugt lar
>4.5% al ncc HXs
YECCEPY al Hawg Xbios @UREPY al Hawg Xbios
@raoer Gum`er % Yfnre @raoer Gum`er % YfnreU@YT 089 0:.5% IBXB 0>5 >6.>%
MNI^ >90 >>.>% U@YT 0>> >4.6%
IBXB >0> >:.0% IYUB >2> >%
IYUB >>8 2.:9 6.4%IAMM >:6 2.>% HMD 62 4.5%
MYHT 60
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Xfere were >,>66 Hawg Xbio trnhes bgvacvbgd pnriecs al `etweeg >:> ngh 05: sfnres bg sbze wfbif
represegt n lurtfer >5.% 0>%
>> ta >:: 0,52< 98% 55%
>:> ta 05: >,>66 >::%
Xatncs 4,8 >::%
Xfe nitbvbty al tfe cenhbgd `raoers rednrhbgd Hawg Xbios bs summnrbzeh lurtfer `y bgicuhbgd tfe gum`er al
irassbgds tfnt fnve `eeg ughertnoeg bg laribgd Hawg Xbios bg prbie.
CENHBGD @PAOEPY;
Xfe 8 cnrdest seccbgd `raoers nsaibnteh wbtf Hawg Xbio trnhes were U@Y, MNI^, IBXB ngh HMD. Xfe tn`ces
`ecaw sfaw wfa tfe mnkar `uyers were bg tfe seccbgd trngsnitbags iaghuiteh `y tfese `raoers. @raoer
irass trnhes fnve `eeg fbdfcbdfteh `y sfnhbgd.
U@Y HX Yeccs - >,608 MNI^ HX Yeccs - >:>9 IBXB HX Yeccs - 558 04.2%
IBXB 086 >9.4> >0.2% IBXB 4< >9.6%@@R >26 >:.2% U@YT 28 2.9% IYUB 55 2.6% U@YT 58 2.6%
IYUB >52 6.4% IYUB 68 6.9% MNI^ 86 6.:6 5.2% HMD 40 4.>% MYHT 85 6.:% IAMM 98 . >.>% BGYX >0 0.>% BGYX 6 >.8%
NBEV 9: >.> >.>% XZZM < >.>% DEXIA 4 >.9%
BXD 05 >.8% XZZM >> >.>% ZEPYF 5 :.2% @ECC 5 :.2%
Bg enif inse tfe hambgngt `uyer al HX trnhes wns tfe `raoer tfemsecves tfraudf tfe use al irass trnhes.
Yuif trngsnitbags bgvacvbgd smncc pnriecs al sfnres ngh wfere tfe `raoer bs `atf seccer ngh `uyer bg cenhbgd
ta n rehuitbag bg prbie represegts extremecy suspbibaus trnhbgd `efnvbaur. Xfe sbtuntbag iampaughs ng
ncrenhy ugniieptn`ce sbtuntbag al `raoers warobgd iaccusbvecy, tfraudf tfe use al trnhbgd ncdarbtfms, ta
iagtrac prbibgd autiames `etweeg tfemsecves.
Xfe laccawbgd tn`ce hrnws nttegtbag ta `raoer irassbgds bgvacvbgd pnriecs al sfnres ugher >:: bg sbze.
Exiessbve use al raoer irassbgds bgvacvbgd smnccgum`ers al sfnres ngh nt cevecs gat iammegsurnte
wbtf tfebr averncc mnroet nitbvbty ncsa presegts ns
fbdfcy suspbibaus trnhbgd efnvbaur.
Ncc HX Irassbgds Ugher >:: %
U@Y 845 054 58%MYHT >%
KZM 08 09 25 99%
HMD >58 25 :0 99 90%
Fncl al ncc HXs werenifbeveh wbtf trnhes alugher >:: sfnres ngh
4:% aiiurreh wbtfpnriecs ugher 05:
sfnres
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Bg < magtfs trnhbgd tfere were nraugh 44,228 trngsnitbags al wfbif npprax. 4,8 were trnhes tfnt ceh ta
cawer prbies. Ret 4:% al suif trnhes fnve bglcuegieh prbies hawgwnrh wbtf cbttce ellart bg terms al sfnres
trnheh wbtf pnriecs mastcy wecc ugher 05: sfnres bg sbze. Yuif cevecs al iagtrac `y n seceit lew ngh wbtf
age `raoer icenrcy hambgntbgd prbie settbgd haes cbttce ta kustbly allbibnc icnbms al lnbr trnhbgd. Znrtbiucnrcy ns
ifngdes bg prbie nre oey evegts bg sfnre trnhbgd ngh set tfe `egif mnro lar su`sequegt trnhbgd nitbvbty sa
tfnt avert iagtrac aver prbibgd autiames ing serbauscy hbstart prbie hbsiavery.
Tfnt tfe resenrif hntn haes bs ta put ag hbspcny tfe resucts al ncdarbtfms iagtbguauscy pugifbgd aut
seembgdcy bggaiuaus trnhes bg hrb`s ngh hrn`s`ut wfere every gaw ngh tfeg ng appartugbty presegts ta
iagvegbegtcy tnoe tfe sfnre prbie cawer nt cbttce iast ta n icbegts fachbgd. Iagtrbveh trnhes `etweeg
`raoers ar mngbpucntbve irassbgds `y `raoers nt iruibnc tbmes tfnt resuct bg cawer prbies mny `e revencbgd n
sbgbster cevec al iagtrac aver tfe mnroet tfnt tnoes pcnie hnbcy yet bs vbrtunccy bmpassb`ce ta magbtar ag n
hnbcy `nsbs. Agcy ngncysbs al cagd term hntn ngh tfe nuhbtbgd al `raoers niiaugts ncagd wbtf tfebr icbegts fns
ngy ifngie al hbsiaverbgd wfnt exnitcy bs tnobgd pcnie.
IAMMEGX;
Brreducnrbtbes bg IuHeia trnhbgd pravbhe ng appartugbty ta bgvestbdnte n gum`er al iagiergbgd bssues ngh ta
nssess tfebr bmpnit ag tfe wbher mnroet. Xfe bssues bgicuhe;
Xfe bmpnit al tfe prbvbcedeh use al trnhbgd ncdarbtfms n`aut wfbif gext ta gatfbgd wns ogawg
wfeg tfebr cbiegsbgd wns nppraveh?
Xfe use al FLX trnhbgd bg terms al magapacbzbgd tfe trnhbgd bg n pnrtbiucnr staio wfbif bs ng nspeit
al trnhbgd iampcetecy avercaaoeh `y tfe iurregt he`nte ?
Xfe exiessbve use ngh `cngh niieptngie al Tnsf Xrnhes?
Xfe exiessbve use al Hnro Zaacs lar exifngdes al sfnres, tfe rensags lar wfbif nre a`siure? Mngbpucntbve n`uses al tfe system al sfart seccbgd bgicuhbgd brreducnr repartbgd ngh tfe
mngndemegt al expaseh pasbtbags all-mnroet ?
Xfe bgnhequnibes al n system tfnt lnibcbtntes iaccusbag, uglnbr hencbgds ngh inrtec cboe cevecs al
iagtrac aver tfe mnroet `y sapfbstbinteh bgvestars, ngh?
Xfe sfartlnccs al n system tfnt pramates btsecl ns trngspnregt wfeg tfe rencbty bs tfnt tfe mnkarbty al
hencbgds nre apnque ngh extremecy hbllbiuct ta reiagibce.
IuHeia resenrif nt censt pravbhes n cevec al trngspnregiy n`aut tfe trnhbgd tnobgd pcnie wfere tfe extegt
al pra`cems bs icenrcy evbhegt. Bt bs nppnregt tfnt tfe system fns `eeg bgtermbgn`cy iamprambseh `y tfe
bgtrahuitbag al trnhbgd bggavntbags `raudft n`aut tfraudf gew teifgacady, bmndbgntbve trnhbgd sifemes
ngh exatbi gew lbgngibnc prahuits - `ut wbtfaut ngy iamprefegsbag al wfnt gedntbve bmpnits mbdft
niiampngy tfem ngh wfnt mensures mbdft `e geeheh ta dunrngtee tfe bgtedrbty al tfe mnroet.
GAXE; Tfbce tfe laius fns `eeg ag Hawg Xbios ns prbie suppressbag fns `eeg n iammag tfeme wbtf tfe
trnhbgd al IuHeia, tfe snme cevecs al iagtrac nppenr ta exbst ag tfe upsbhe ns wecc. Tbtf upwnrh
mavemegts bg prbie, tfere caaos ta `e n stragd `bns tawnrh `raoer irassbgds ngh trnhes tfnt lnvaur tfe @BH
prbie bg inusbgd bgirenses bg prbie (b.e.? Up Xbios). Xfe snme draup al `raoers tegh ta hambgnte upwnrh
mavemegts ns wecc ns hawgwnrh mavemegts wbtf tfe renc bssue `ebgd, wfa nre tfey nitbgd lar ngh wfnt
nre tfebr icbegts nttemptbgd ta nifbeve1 Ndnbg Up Xbio treghs wbtf trngsnitbags aiiurrbgd nt tfe nsobgd
prbie agcy tnobgd pcnie 5% al tfe tbme nre lnr remaveh lram wfnt wauch `e expeiteh bg n garmnc/lnbr
mnroet.
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@PAOEP NLLBCBNXBAGY
Peiegt hevecapmegts sfeh same bmpartngt bgsbdfts bgta `raoer recntbagsfbps ngh tfe cboecbfaah tfnt
`raoers nssbst enif atfer wbtf tfebr trnhbgd a`keitbves.
Ag Yept >0 tfbs yenr vnrbaus lbgngibnc mehbn autcets reparteh n heibsbag `y Ibtbdraup (IBXB) ta secc bts sfnre
al `raoer Mardng Ytngcey Ymbtf @nrgey (Y@NP) ta Mardng Ytngcey (MYHT). Xfe repartbgd iaglbrms tfe
nssaibntbag `etweeg IBXB, MYHT ngh Y@NP wbtf IBXB ngh MYHT fnvbgd kabgt awgersfbp al Y@NP. Xfe
bgleregie bs tfnt tfebr bgstbtutbagnc trnhbgd rednrhbgd IuHeia bs cboecy ta `e stragdcy ncbdgeh `einuse al tfe
bgteriaggeitbags `etweeg ncc 9. Extrnits al tfe mehbn reparts nre ns laccaws;
Mardng Ytngcey, Ibtbdraup settce `raoernde hbspute
Yept >>, 0:>0Pntbgds ndegiy Lbtif iagsbhers Mardng Ytngcey's purifnse al ng nhhbtbagnc >8% al Mardng YtngceyYmbtf @nrgey (MYY@) lram Ibtbdraup Bgi. (Ibtb) ta `e n pasbtbve hevecapmegt lar Mardng Ytngcey ngh n mare mahestget pasbtbve lar Ibtb. Xfe mave rnbses Mardng Ytngcey's awgersfbp al tfe kabgt vegture ta 9, 0:>0 - Xfe kabgt vegture, Mardng Ytngcey Ymbtf @nrgey, wns `arg bg 0::2, lardeh lram Ibtbdraups Ymbtf
@nrgey ugbt ngh Mardng Ytngceys iaugterpnrt, ns n wny ta `egelbt `atf iampngbes. Lar Ibtbdraup, wfbif fnh cagd
bhegtblbeh tfe `raoernde ns n gagessegtbnc nsset ta `e sach all ta lree up inpbtnc, tfe henc wbcc speeh up bts awg
refn`bcbtntbag pcng. Xfe twa iampngbes autcbgeh steps tfnt wauch nccaw Mardng Ytngcey ta `uy tfe 82 periegt al tfe
`usbgess tfnt bt hbh gat ncrenhy awg wbtfbg tfree yenrs. Xfnt wbcc `edbg wbtf tfe purifnse al n >8 periegt stnoe tfnt wbcc
icase `y tfe egh al Yeptem`er. Mardng Ytngcey wbcc `uy ng nhhbtbagnc >5 periegt `y gext Kuge.
Xfe mehbn nggaugiemegts revenc tfnt eveg `elare tfe henc tfnt fns `eeg struio IBXB iagtracceh 82% al
Y@NP ngh MYHT awgeh 5>% hemagstrntbgd tfe awgersfbp iaggeitbags `etweeg tfe tfree `raoers.
Dbveg tfnt IBXB ngh MYHT ha gat sfaw retnbc nitbvbty ag tfe redbster ngh ing `e nssumeh ta servbiebgstbtutbagnc bgterests, ngh dbveg tfnt n daah partbag al Y@NPs nitbvbty bs ncsa bgstbtutbagnccy `nseh, bt wauch
`e rensagn`ce ta caao nt n sbtuntbag wfere tfe 9 `raoers iauch `e elleitbvecy rednrheh ns age trnhbgd
draup.
Yuif n siegnrba wauch pravbhe ng extremecy pawerluc presegie bg tfe trnhbgd al IuHeia sfnres ag `efncl
al bgstbtutbags ngh wauch fecp ta expcnbg bg pnrt tfe ia-aperntbag wbtf trnhbgd tfnt bs evbhegt bg tfe hntn
wbtf cnrde vacumes renhbcy swnppeh `nio ngh lartf wbtf mbgbmnc ifngdes ta elleitbve awgersfbp.
Bt ncsa laccaws tfnt `raoers hagt fnve ta `e larmnccy nllbcbnteh ta tnoe pnrt bg iaccusbve trnhbgd strntedbes
ngh iauch `e habgd sa sbmpcy `y iampcybgd wbtf tfe bgstruitbags tfnt nre bssueh ta tfem `y bgstbtutbagnc
lugh mngnders eveg wbtfaut tfe ogawcehde tfnt atfer `raoers nre egdndeh sbmbcnrcy ngh `y tfe snme
bgterests.
http://www.reuters.com/article/2012/09/11/us-citigroup-morganstanley-dispute-idUSBRE88A0RV20120911http://www.reuters.com/article/2012/09/11/us-citigroup-morganstanley-dispute-idUSBRE88A0RV20120911http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/http://www.reuters.com/article/2012/09/11/us-citigroup-morganstanley-dispute-idUSBRE88A0RV201209118/12/2019 6.5 CuDeco Registry Anomalies 5
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:.>BGYXBXUXBAGNC XPNHBGD XFPAUDF PEXNBC @PAOEPY
@raoers suif ns IAMM, EXPH ngh NBEV fnve cnrde gum`ers al retnbc icbegts, `ut ncsa lnibcbtnte cnrde
vacumes al `uybgd ngh seccbgd lar iarparnte ngh/ar bgstbtutbagnc bgterests. Xfe resuct bs tfnt tfe nitbvbty al
iarparnte egtbtbes bs inmaulcndeh nmagdst retnbc bgvestars ngh bs lurtfer fbhheg lram vbew wfeg tfe
iarparnte trngsnitbags nre larwnrheh ta NYXI pnrtbibpngts lar praiessbgd. Ag tfe atfer fngh, retnbc
trngsnitbags put tfraudf tfe mnroet `y tfese `raoers nre praiesseh `y tfe `raoer tfemsecves. Ncsa, n cat
al tfe trngsnitbags nre cboecy ta `e Tnsf Xrnhes ns tfey hagt nppenr ta mnoe bt ta tfe redbster, lurtfer
hbsdubsbgd wfntever trnhbgd ndeghns nre `ebgd serveh `y tfe ngagymaus `uybgd ngh seccbgd tnobgd pcnie
wbtfbg tfe retnbc `raoers.
Xfe extegt al iarparnte bgvacvemegt nmagdst tfe cenhbgd retnbc `raoers fns `eeg qungtblbeh lar ncc trnhbgd
`etweeg Kngunry 0:>: ngh Kuge 0:>0 ngh bs summnrbzeh bg Nppeghbx PEXNBC @PAOEP FNCL RENPCR YUMMNPBEY LAP 0:>:;NYV Nitbvbty versus Icbegt Pedbstry Mavemegts
NYV NIXB\BXR PEDBYXEP NIXB\BXR YUPZCUY XPNHEY YUPZCUY
ZEPBAH @PAOEP YECCY @URY ALL AG YECCY @URY %
Kng ta
Kuge
0:>:
IAMM >>,::8,8:8 >0,95>,:>4 5,:,960 82.4 0,5>>,99< 0,4:5,>42 >,5,20>,>06 >5,>>6,288 98,644,944 95,>24,:68 ,:6,.5%
Yurpcus Xrngsnitbags 50,:96,::: 5>,09:,>69
Xfe autstnghbgd lenture al trnhbgd `y retnbc `raoers lram Kucy ta Hei 0:>: wns tfe 5:+ mbccbag trnhes nhhbtbagnc
ta tfe retnbc arhers tfnt sfaw ag tfe redbster. Xfe vacntbce perbah bgicuheh tfe Nudust resaurie updrnhe, tfe
tur`ucegt magtfs tfnt laccaweh ngh iucmbgnteh bg M&D niiumucntbgd sfnres bg Gav ngh Hei 0:>:.
Averncc trnhbgd lram Kucy ta Hei 0:>: wns ncsa nssaibnteh wbtf 49+ mbccbag Tnsf Xrnhes tfnt fnve `eeg
iampcetecy bgvbsb`ce ta tfe mnroet, mngy al wfbif nre cboecy ta fnve arbdbgnteh wbtfbg tfe rngos al retnbc
`raoers. Xfe trnhes nre bgvbsb`ce `einuse al tfe a`lusintbag tfnt aiiurs wbtf settcemegts ngh tfe lnit tfntmngy al tfe trnhes fnve `eeg getteh aut ngh fnvegt mnhe bt ta tfe redbster. Xfe trnhes hbh fawever mngnde
ta bglcuegie prbies ngh mnroet segtbmegt.
Xfe vacumes bgvacveh ngh tfe bgvbsb`bcbty al tfe trnhes bs cboecy ta represegt ng egarmaus mngbpucntbve
presegie bg tfe mnroet tfnt ing agcy prapercy `e evncunteh vbn allbibnc nuhbts al `raoer ngh icbegt niiaugts
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NYV NIXB\BXR PEDBYXEP NIXB\BXR YUPZCUY XPNHEY YUPZCUY
ZEPBAH @PAOEP YECCY @URY ALL AG YECCY @URY %
Kng ta
Kug 0:>>
IAMM ,5>6 0,625,865 8>.:%
EXPH 9,020,460 0,>8 0,,489,580 2.4%
NBEV 0,8:2,6:> 0,58:,244 >,80,25: 4,6,:64,65< 06>,:42 >,>>5,254 >,4:9,8:6 2>4,065 846,892 909>,29> >,>4>,8,5>6,959 4:>,50< 8,:48 8 90.6%
Yurpcus Xrngsnitbags 0,>4:>
ZEPBAH @PAOEP YECCY @URY ALL AG YECCY @URY YUPZCUY %
Kng ta Kug
0:>0
IAMM 9,558,:0> 0,:05,>:< 0,8>8,95> >,9,>02 >,>92,,:85,226 9 02,6:.9:%
NBEV >,0>2,900 468,859 >,>55,>5< 455,46> 6
resaurie nggaugiemegt, tfeg cenpt ta 6:% hurbgd Nudust. Xfey iagtbgueh nt fbdf cevecs (nraugh : ngh tfeg hrappeh `nio mnroehcy agie M&D fnh iampceteh bts ag-mnroet
`uybgd inmpnbdg bg enrcy Hei 0:>:.
:%
>:%
0:%
9:%
8:%
5:%
: 0:>>
M&D @uybgdiampceteh
Zre Nud >6
Cevec al Gag-Petnbc Xrnhes y Iammagwenctf Yeiurbtbes
Yurpcus Xrnhes
Fbdfcy ngamncaus
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:.9.>GA\EM@EP ngh NUDUYX 0:>: IAMZNPBYAGY
Xfe trnhbgd hntn lar tfe 9 cenhbgd retnbc `raoers lar Gavem`er ngh Nudust 0:>: bs summnrbzeh `ecaw.
GA\ 0:>: NYV NIXB\BXR PEDBYXEP NIXB\BXR YUPZCUY XPNHEY YUPZCUY
@PAOEP YECCY @URY ALL AG YECCY @URY %
Cenhbgd
Petnbc
@raoers
IAMM 2,0,442 9,540,4:9 9,:60,48> 5,,522,554 24>,099 0,0 0,0>2,20: ,4>0,854 28:,6,>20,5,58:, 5:.4%
Yurpcus Xrngsnitbags 2,>88,5< 9,400,,2>5 9>,0>2,056
Xfe trnhes nssaibnteh wbtf tfe 9 cenhbgd retnbc `raoers bg Nudust niiaugt lar nppraxbmntecy :
(represegtbgd 5< mbcc `uys & seccs) tfe nitbvbtbes al tfe 9cenhbgd retnbc `raoers wauch fnve pravbheh ng egarmaus labc lar trnhbgd ta `e uglnbrcy bglcuegieh lram wbtfbg
tfe rngos al cenhbgd retnbc `raoers. Xfe sbtuntbag sfauch perfnps rbgd ncnrm `eccs lar reducntars ngh ta mnoe
mntters warse, tfe bglcuegie al bgstbtutbagnc trnhbgd exteghs muif lurtfer tfng tfe 9 cenhbgd retnbc `raoers.
:.8.>XPNHBGD @R IAMMAGTENCXF YEIUPBXBEYKng ta Hei 0:>: exicuhbgd Nudust
Xfe ifnrt iampnres magtfcy NYV `uybgd ngh seccbgd ta magtfcy retnbc settcemegts hurbgd 0:>: wbtf hntn lar
Nudust ambtteh. Xfe hblleregies bg febdfts (`etweeg reh & cnio ngh `cue & drey), represegt surpcus trnhes
wfbif bg turg mny represegt trnhes hage ag `efncl al bgstbtutbags ar wnsf trnhes `y ngagymaus egtbtbes. Xfe
extegt al surpcus trnhes ag `efncl al bgstbtutbags ngh/ar sapfbstbinteh bgvestars bs icenrcy evbhegt.
Xfe surpcus trnhes hurbgd Nudust nmagdst tfe 9 cenhbgd retnbc raoers nppraxbmnte tfe trnhbgd y ncc
`raoers hurbgd 0:>0 up ugtbc Kug 9: wfbif tatncceh 99.4 mbccbag Yeccs ngh 99.4 mbccbag @uys.
Yurpcus trnhes y 9 retnbc raoers hurbgd n magtf tfnt iabgibheh wbtf n sbdgblbingt niiumucntbag inmpnbdg y
M&D. Bt wns age al tfe rnre ag-mnroet `uybgd inmpnbdgs sbgie tfe hbsiavery wns lbrst mnhe 5 yenrs enrcber.
:
>,:::,:::
0,:::,:::
9,:::,:::
8,:::,:::
5,:::,:::
: Exicuhbgd Nudust
Cevec al Yurpcus Xrnhes
Xrnhbgd \acumes
0:>:
Yeccs@uys
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:.8.0@PAOEP IAMMXPNHBGD LAP 0:>: - bgicuhbgd Nudust
Xfe bmpnit al mngbpucntbve wnsf trnhes ag trnhbgd wns ncsa n prambgegt lenture al trnhbgd ag Nud >6
(Peler Pesenrif Znper 8.> Yeit 8.6.> & Yeit 8.6.8) ngh tfe hnys ngh weeos tfnt laccaweh wbtf
Iammagwenctf Yeiurbtbes cboecy ta `e respagsb`ce lar n cnrde mnkarbty al tfem. Xfe bmpnit al wnsf trnhes
ag trnhbgd hurbgd Nudust bs hrnmntbinccy fbdfcbdfteh wfeg Nudust hntn bs ncsa bgicuheh wbtf ncc atfer
magtfs hurbgd 0:>:.
:
5,:::,:::
>:,:::,:::
>5,:::,:::
0:,:::,:::
05,:::,:::
9:,:::,:::
Kng Le` Mnr Npr Mny Kug Kuc Nud Yep Ait Gav Hei
IAMM XPNHBGD YUMMNPR 0:>: Bgicuhbgd Nudust
Ncc IAMM Yeccbgd
Ncc IAMM @uybgd
Petnbc Icbegt ALL Mavemegts
Petnbc icbegt AG Mavemegts
NYV Nitbvbty
Pedbstry Nitbvbty
Xrnhbgd \acumes, ngh
Petnbc ALL
mavemegts
Extrnarhbgnrbcy ngamncaus
trnhbgd nitbvbty y IAMM
heservbgd al ng egqubry bg
bts awg rbdft
0:>: Magtf `y Magtf
Yurpcus
Yecc Xrnhes
Petnbc AG
mavemegts
Yurpcus
@uyXrnhes
0:>:
Pedbstry \acumes
Xfe trnhbgd bg Nud 0:>: lar tfe mast pnrt hbhgt represegt sfnrefachers seccbgd bg hbsnppabgtmegt nctfaudf tfnt
hbh aiiur wbtf tfe seccbgd `nseh mare ag iaglusbag tfng ngytfbgd ecse ngh wbtf n cat al tfe seccbgd larieh
`einuse al mnrdbg cbmbts `ebgd trbddereh. Xfere wns iaglusbag n`aut faw cnrde qungtbtbes al iapper hbhgt
seem ta mnoe bt bgta resaurie inciucntbags ngh iaglusbag `raudft n`aut `y ng arifestrnteh seccbgd inmpnbdg
wfere cnrde vacumes al wnsf trnhes taao prbies hrnmntbinccy cawer ngh irenteh nhverse mnroet segtbmegt.
Petnbc seccbgd wns n mbgar pnrt al tfe trnhbgd nitbvbty tfnt aiiurreh wbtfbg Iammagwenctf Yeiurbtbes hurbgdNudust wbtf retnbc redbstry mavemegts represegtbgd kust ugher 0:% al tfe nmaugt al NYV `uybgd ngh seccbgd
trngsniteh `y IAMM. Ncsa, retnbc bgterests wbtfbg IAMM were mnrdbgnc get `uyers, gat get seccers hurbgd
Nudust, ns were tfe mnkar bgstbtutbags. Xfe ncmast 6:% al gag-retnbc trngsnitbags aiiurrbgd wbtfbg
Iammagwenctf Yeiurbtbes bg Nudust, bs cboecy ta represegt tfe tbp al n very cnrde bie`erd al gelnrbaus hencbgds
ngh suspeit trnhbgd `efnvbaurs niiampngybgd tfe resaurie updrnhe nggaugiemegt.
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:.5.>LUPXFEP XPNHBGD YGNZYFAXY
Xfe remnron`ce lenture n`aut IAMM trnhbgd bs tfnt laccawbgd tfe Nud 0:>: KAPI nggaugiemegt ngh tfe
Gavem`er 0:>: niiumucntbag al sfnres `y M&D, vacumes trngsniteh `y IAMM rehuieh iagsbhern`cy.
Hurbgd 0:>> magtfcy `uybgd & seccbgd vacumes rnrecy mnhe bt n`ave >.8 mbccbag sfnres wferens lram Nud
tfraudf ta Gavem`er 0:>: magtfcy vacumes were wecc aver 5 mbccbag sfnres.
Hespbte tfe rehuieh vacumes hurbgd 0:>>, sapfbstbinteh bgvestars mnbgtnbgeh n presegie bg IAMM nc`ebt
ta n cesser extegt tfng prevbauscy. Xfebr bglcuegie bs represegteh bg tfe ifnrt `ecaw `y tfe dnps `etweeg
IAMM `uybgd (`cue) ngh tfe AG mavemegts al retnbc icbegts (drey) ngh tfe dnps `etweeg IAMM seccbgd
(mnraag) ngh tfe ALL mavemegts al retnbc icbegts (`cnio). Xfe dnps ar hblleregies bg febdft represegt tfe
vacume al trnhes tfnt aiiurreh tfnt were sepnrnte ta tfase al retnbc icbegts.
>
:
>::,:::
0::,:::
9::,:::
8::,:::
5::,:::
,0::,:::
>,8::,:::
>,>
@raoer NitbvbtyPedbstry NitbvbtyALL
AG
@uys
Yeccs
Petnbc seccbgd fns `eeg tfe tregh hurbgd ncc
al 0:>0 npnrt lram Kuge wbtf hnbcy vacumes
degernccy su`hueh. Kust aver > mbccbag
sfnres were sach lram tfe fachbgds al
IAMM retnbc icbegts aver tfe < magtf
perbah.
Yapfbstbinteh bgvestars fnve gevertfecess
retnbgeh n presegie ns per tfe surpcus
trnhes bg evbhegie (reler ta tfe dnps
`etweeg reh & `cnio, `cue & drey)
Hntn suddests tfnt tfere fns `eg ng everpresegt `ut samewfnt inmaulcndeh
iarparnte bglcuegie aperntbgd lram wbtfbg
Iammagwenctf Yeiurbtbes aver tfe egtbre
0.5 yenr perbah revbeweh.
\acugtnry
Yuspegsbag
0:>>
IAMM @raoer Nitbvbty versus Pedbstry Nitbvbty - 0:>0
Get Petnbc
YeccbgdYurpcus
@raoer seccs
\acumes
0:>0
\acumes
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:.N XTA NGH N FNCL RENP XPNHBGD YUMMNPR LAP IAMMAGTENCXF YEIUPBXBEY
Xfe laccawbgd tn`ce summnrbzes IAMM trnhbgd bg tfe vacntbce magtfs laccawbgd tfe Nud >6 resaurie
nggaugiemegt up ugtbc wfeg M&D iampceteh tfebr `uybgd bg enrcy Hei 0:>:. Nctfaudf retnbc trnhbgd
vacumes represegt n su`stngtbnc >0+ mbccbag `uys ngh seccs averncc, tfe hntn gevertfecess revencs tfnt very
fbdf cevecs al gag-retnbc bglcuegies were respagsb`ce lar tfe mnkarbty al trnhbgd.
NYV NIXB\BXR PEDBYXPR HENCBGDY YUPZCUY XPNHEY YUPZCUY
ZEPBAH YECCY @URY ALL AG YECCY @URY XPNHEY %
0.5 Renrs 4:
Kng - Kug
0:>>
Kuc - Hei
0:>>
Kng - Kug
0:>0
IAMM 9: Magtf YUMMNPR
Tfbce bt bs perleitcy cednc lar iarparnte
egtbtbes ta ia-mbgdce tfebr arhers nmagdst
tfe retnbc icbegts al Iammagwenctf Yeiurbtbes
tfe averwfecmbgd hambgngie `y suif
egtbtbes iam`bgeh wbtf ng n`segie al
trngspnregiy presegts niute pra`cems lar tfe
bgtedrbty al tfe mnroet.
Xfe sbze al tfe pra`cem;
Xrnhbgd `y IAMM represegts >6.: ngh Kug 0:>0. Xfe gext
mast hambgngt `raoer bs HMD wbtf agcy 6%.
IAMM retnbc icbegts were respagsb`ce lar
nraugh 4.8% al ncc sfnres trnheh, wfbif
cenves >>.0% al IAMM nitbvbty servbibgd gag
retnbc bgterests. Xfe surpcus nitbvbty ncage
equntes ta mare nitbvbty tfng ngy atfer
`raoer ngh yet tfe nitbvbtbes nre apnque ta
tfe mnroet.
Ncsa tfe extremecy fbdf cevec al irass trnhes
wbtfbg IAMMM (b.e.>:!
Zerbah Kng 0:>: ta Kug 0:>0
Xrnhbgd & Pedbstry
\acumes
Xfe sbtuntbag requbres n laregsbi exnmbgntbag `y nuhbtars ns tfe trnhbgd hntn bs extremecy suspbibaus dbveg tfnt
tfe mnroet fns lnbceh ta pravbhe lnbr prbie hbsiavery ngh tfnt n inrtec cboe trnhbgd magapcy bs icenrcy bg evbhegie.
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:.4.>XFE BGYXBXUXBAGNC ZPEYEGIE NMAGDYX PEXNBC @PAOEPY
Xa reinp, tfe trnhbgd al bgstbtutbags wbtfbg retnbc `raoers represegts n stragd iarparnte presegie bg tfe
mnroet tfnt mnsquernhes ns retnbc nitbvbty `ut bs cboecy ta iagtrb`ute ta n su`stngtbnc nmaugt al bgstbtutbagnc
sfnre lcaws ag tfe redbster. Xa n iertnbg extegt bt represegts ng bgvbsb`ce presegie bg tfe mnroet tfnt fns
fnh ng extremecy bglcuegtbnc elleit ag trnhbgd ns wecc ns irentbgd gedntbve mnroet segtbmegt.
Xfe surpcus trnhes bhegtblbeh al retnbc `raoers ngh bgheeh ncc `raoersnre nssumeh ta recnte ta bgstbtutbagnc
trngsnitbags ns tfe gum`ers nre geeheh ta reiagibce tfe cnrde vacumes al bgstbtutbagnc redbstry sfnre lcawstfnt fnve aiiurreh. @nseh ag retnbc hbsicasures ag tfe redbster, tfe mnroet sfnres al retnbc `raoers ns
summnrbzeh bg tn`ce tadetfer wbtf tfe surpcus trnhes qungtblbeh bg tn`ce ing `e spcbt bgta
retnbc ngh bgstbtutbagnc iampagegts ta fecp icnrbly tfe hygnmbis al trnhbgd.
Xfe resucts nre ns laccaws;
@raoer Averncc Mnroet Yfnre% Yurpcuses @raoer Petnbc Iampagegt Bgstbtutbagnc Iampagegt
IAMM >6..0:%EXPH .::% >.0:%
Y@NP 9.>:% .::% 0.>:%
ZYC >.6:% 45% ZYC :.8:% >.8:%
MNIZ >.5:% 0.0:%
@@R 5.>:% 42% @@R >.4:% 9.8:%
XZZM >.9:% ; N strnbdft larwnrh iampnrbsag al mnroet sfnre stntbstbis nseh ag bglarmntbag bg
Yeitbag tfnt summnrbzes ncc NYV trnhbgd `y `raoers aver 0.5 yenrs.
Xn`ce 0; N iampnrbsag al `raoer mnroet sfnres nccawbgd lar bgstbtutbagnc ngh retnbc trnhbgd
ughertnoeg `y `raoers. Yame `raoers suif ns HMD, IBXB, & MYHT nppenr ta `e iarparntecy
`nseh wbtfaut retnbc icbegts.Xn`ce 9; N iampnrbsag tnobgd bgta niiaugt retnbc ngh bgstbtutbagnc iampagegts al `raoer trnhbgd
tadetfer wbtf tfe passb`bcbty tfnt IBXB, MYHT ngh Y@NP mny `e ugblbeh bg tfebr trnhbgd ngh
tferelare geeh ta `e iagsbhereh ns n sbgdce ngh bglcuegtbnc trnhbgd egtbty.
IAMM; >6.>.0%
Ytrbppeh al bts retnbc trnhes IAMM nt >>.0% bs revenceh ta `e tfe cnrdest iarparnte `raoer `y n wbhe mnrdbg.
Petnbc iampagegts
al ncc trnhbgd aver
0.5 enrs
Yurpcus trnhes
nssumeh ta e masrcy
lar bgstbtutbagsLram Lram
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:.4.0 @PAOEP IAMZNPBYAGY
Xn`ce>; lram Yeit Xn`ce0; nccawbgd lar retnbc & bgstbtutbagnc trnhbgd Xn`ce9;
@PAOEP MNPOEX YFNPEY@PAOEP MNPOEX YFNPEY LUPXFEP HELBGEH BGYXUXBXBAGNC BGLCUEGIE
A\EP XPNHBGDBGYXBXUXBAGNC PEXNBC
IAMM >6.>.0%IAMM
Pet.
4.8% IBXB/Y@NP/MYHT >0.2%
HMD 6.:% HMD 6.:% EXPH Pet. 9.9% IAMM Bgst. >>.0%
IBXB 4.0% IBXB 4.0% NBEV Pet. 9.0% HMD 6.:%
EXPH .:% U@Y 5.8%
NBEV 5.4% YAYC 8.>% Y@NP Pet. >.:% YAYC 8.>%
U@Y 5.8% MNI^ 9.6% ZYC Pet. :.8% MNI^ 9.6%
@@R 5.>% MYHT 9.% @@R Bgst 9.8% XZZM Pet. :.9% DY 9.:%
MNI^ 9.6% DY 9.:% @@R @@ >.4% EXPH Bgst. 0.2%
MYHT 9..6% BGYX >.9%
YUY^ >.6% ZYC Bgst. >.8% MNIZ Bgst. >.0%
ZYC >.6% BGYX >.9% @ECC Bgst. >.0%
MNIZ >.5% MNIZ Bgst. >.0% XZZM Bgst. >.:%
XZZM >.9% @ECC Bgst. >.0% H0MV >.:%
BGYX >.9% XZZM Bgst. >.:% KZM :.2%
H0MV >.:% H0MV >.:% MAPP :.6%
KZM :.2% KZM :.2% P@YM :.
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Yeitbag 5
BGYXBXUXBAGNC PEDBYXPR NIXB\BXR ZEPBAHKNGUNPR 0:>: ta KUGE 0:>0
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.>BGYXBXUXBAGNC HENCBGDY- ZEPBAH KNGUNPR 0:>: ta Kuge 0:>0 (9: magtfs)
Xfe mast bglcuegtbnc trnhbgd egtbtbes rednrhbgd IuHeia nre tfe mnkar bgstbtutbagnc sfnrefachers ceh `y tfebr
lugh mngnders. Xfebr trnhbgd aver tfe 0.5 yenr perbah revbeweh fns `eeg ifnrniterbzeh `y extremecy
ecevnteh vacumes iampnreh ta ncc atfer bgvestars/trnhers. Ngh hespbte tfe mnssbve cevecs al trnhbgd ifurg
put tfraudf tfe mnroet, tfebr fachbgds fnve ebtfer `eeg retnbgeh ar nhheh ta. Pemnron`cy, tfe 5
bgstbtutbagnc sfnrefachers hagt seem ta det bg enif atfers wnywbtf tfe cnrde nmaugts al `uybgd ngh seccbgd
suppcbeh ta tfe mnroet wbtf staio lreecy pnssbgd `nio ngh lartf `atf ag-mnroet ngh all-mnroet. Xfebr trnhbgd
very muif tnoes ag tfe nppenrngie al n inrtec hbitntbgd terms ta tfe rest al tfe mnroet ngh ns suif
questbags al sfnre prbie mngbpucntbag ngh tfe lnbrgess al tfe mnroet inggat `e bdgareh.
Xfe a`vbaus ia-aperntbag tfnt aiiurs `etweeg bgstbtutbags bs lurtfer `raudft bgta laius `y tfe cnrde fachbgd
`ecagdbgd ta tfe M&D Draup wfbif bs spcbt nmagdst n gum`er al lughs ns bghbinteh bg vnrbaus su`stngtbnc
sfnrefacher gatbies. Xfe vnrbaus fachbgds fnve `eeg hbstrb`uteh nirass 9 sepnrnte bgstbtutbagnc sfnrefachers
tfnt pravbhe iustahbnc servbies lar tfe sfnres. Ns iustahbngs tfe bgstbtutbags nre usunccy mnghnteh ta `uy
ngh secc sfnres lar bgiame degerntbag. @uybgd ngh seccbgd ing tferelare cedbtbmntecy lenture 9 bgstbtutbags
hbstrb`utbgd `uybgd ngh seccbgd arhers nirass n rngde al `raoers `ut wfere ncc arhers elleitbvecy recnte `nio ta
bgterests nssaibnteh wbtf M&D. Ngh al iaurse M&D bs gat tfe agcy egtbty mngndeh `y bgstbtutbags sa tfnttfe sbtuntbag bs repenteh mngy tbmes aver. Bt represegts n heieptbve trnhbgd egvbragmegt wfere mngy al tfe
arhers put tfraudf tfe mnroet `y n cnrde gum`er al `raoers elleitbvecy represegt tfe snme bgterests.
Bgstbtutbagnc staio ceghbgd insts lurtfer hau`t n`aut tfe bgtedrbty al tfe mnroet ns bt egsures hawgwnrh
pressure ag prbies bs iagtbguauscy mnbgtnbgeh hespbte tfe hbmbgbsfeh partlacba vncues lar tfe lughs `ebgd
mngndeh ngh wfase sfnres fnve `egt cegt aut ta lnibcbtnte tfe sfart seccbgd. ^ubte teccbgdcy, reducnr mnkar
nhkustmegts ta apeg sfart pasbtbags bg recntbag ta IuHeia fnve aiiurreh all-mnroet wbtfaut prbie hbsiavery.
Xfere fnve ncsa `eeg serbaus hbsirepngibes `etweeg tfe sfnrefachbgds al tfe mnkar ceghers ngh reparteh
apeg sfart pasbtbags wfere cnrde bgirenses (b.e. staio cangeh aut) ngh cnrde heirenses (b.e.? staio returgeh ta
ceghers) bs gat relceiteh bg tfe sfnrefachbgds al ceghers. Fbdf vacume turgavers `y bgstbtutbags eveg wfeg
tfe staio fns `eeg bg vacugtnry suspegsbag nhh lurtfer webdft ta nrdumegts tfnt trnhbgd cnios bgtedrbty.
N lurtfer mnroet bgtedrbty bssue bs tfnt bgstbtutbagnc hencbgds inggat `e ensbcy reiagibceh wbtf tfe `raoers
nitbgd lar tfem. Tfbce ngncysbs ing duesstbmnte wfa tfe mnkar `raoers must `e bg nitbgd lar tfem bt bs sbmpcy
gat passb`ce ta ogaw tfe speiblbis al trnhbgd. Xfe iaglusbag resucts lram `raoer trnhes hage ag `efncl al
bgstbtutbags `ebgd praiesseh gat `y tfe `raoer `ut `y n settcemegt speibncbst wfa tnoes ga pnrt bg `uybgd ngh
seccbgd. @y tfe tbme trnhes nre settceh tfe `raoers respagsb`ce lar tfe bgstbtutbagnc `uybgd ngh seccbgd nre
bgvbsb`ce ta tfe mnroet. Xfe redbster cbsts ifngdes ta bgstbtutbagnc sfnrefachbgds `ut tfey nre releregieh ta
tfe NYXI pnrtbibpngt wfa settces tfe trngsnitbags, gat tfe nitunc `raoers. Ag tfe atfer fngh, retnbc trnhbgd
presegts ns tfe appasbte extreme wbtf tfebr hencbgds iampcetecy trngspnregt ngh wbtf retnbc sfnrefachers
ngh tfebr `raoers ncc bhegtblbeh ag tfe redbster.
Pesenrif fns useh tfe trngspnregt hencbgds al retnbc bgvestars ngh waroeh `niownrhs ta estn`cbsf tfe
qungtbtbes al `raoer trnhbgd celt aver (b.e.? surpcus trnhes) tfnt must `e nttrb`utn`ce ta bgstbtutbags `nseh ag
tfe sfnre lcaws tfnt fnve aiiurreh ag tfe redbster. Xfe term retnbc `raoer bs n mbsgamer `einuse tfe rencbty
bs tfnt `raoers ing henc wbtf `atf retnbc icbegts ngh bgstbtutbagnc icbegts (ngh atfer iarparnte icbegts ns wecc).
Fawever wfere tfey tegh ta laccaw tfraudf ngh settce tfe trngsnitbags lar tfebr retnbc icbegts ngh tfebr
iarparnte icbegts, hencbgds ag `efncl al bgstbtutbags nre ncwnys larwnrheh ta 9rh pnrty ndegts lar settcemegt.
Xfe vacumes al bgstbtutbagnc hencbgds ing tferelare `e estbmnteh `y hetermbgbgd tfe gum`er al retnbc trnhes
ngh tfe gum`er al iarparnte trnhes lram tfe redbster ngh tfeg sbmpcy su`trnitbgd lram tfe tatnc gum`er al
`raoer trnhes ta revenc tfe cevecs al bgstbtutbagnc trnhbgd nitbvbty.
Peiagibcbgd `raoer `uybgd & seccbgd `nio ta tfe redbster aver n perbah al twa ngh n fncl yenrs bs tferelare
n`ce ta revenc n cat n`aut tfe struiture al tfe IuHeia mnroet ngh tfe hambgngie exeribseh `y bgstbtutbags.
Xfe strngdcefach aver tfe mnroet `y bgstbtutbags mnoes bt cboecy tfnt tfe lugitbagbgd al tfe mnroet fns `eeg
serbauscy iamprambseh lar tfe egtbre perbah revbeweh.
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PEIAGIBCBNXBAG AL @PAOEP @URBGD & YECCBGD TBXF XFE PEDBYXEP
Nppeghbx 9 cbsts n summnry al `raoer trnhbgd hntn ngh n cbst al redbstry trngsnitbags spnggbgd 0.5 yenrs al
trnhbgd. Xfe redbstry hntn iamprbses NYV `raoer settcemegts ngh NYXI settcemegts wfere tfe larmer
degernccy represegts retnbc ngh iarparnte icbegts, ngh tfe cntter represegts n mbxture al retnbc icbegts,
iarparnte icbegts ngh bgstbtutbagnc icbegts. @ut eveg sa, bgstbtutbagnc trnhbgd bs `y lnr tfe mast prambgegt
lenture al NYXI settcemegts.
Xfe hntn fns `eeg summnrbzeh ta ncbdg NYV `raoer `uybgd & seccbgd hntn wbtf tfe iarrespaghbgdsettcemegt hntn al tfebr icbegts wfa bg tfe mnbg nre ebtfer retnbc ar iarparnte bgvestars. Yu`trnitbgd icbegt
redbstry mavemegts lram tfe trnhbgd hntn al tfebr `raoers estn`cbsfes tfe paac al surpcus trnhes tfnt nre
cboecy ta `e larwnrheh ta NYXI ndegts lar settcemegt bg lnvaur al bgstbtutbags.
NYV XPNHEY ICBEGX PEDBYXPR MA\EMEGXY YUPZCUY XPNHEY
ZBH @PAOEP YECCY @URY ALL AG YECCY @URY %
>8:0 IAMM 4,8>:,>>> : : 98,>2:,82: 9>,8>:,>>> >::.:%
0:90 IBXB 02,592,:55 02,546,86< 9,92: 9,92: 02,595,,05,,9: 0:,8488 : : 6,,0>: 0:,8488 >::.:%
>540 MNI^ >5,5,068,>52 >,99:,::4 >,>45,994 >8,905,25: >8,>:6,600 2>.2%
>>09 @@R >9,:< : >8,:6 >9,8,>95,565 0,9::,494 >>,89,60,929,>0> 89:,:98 9>5,6:0 >>,4>9,60< >0,:44,9>2 24.:%
>>:9 IYUB >:,082> >:,6,5:,082> >:,6,5::.:%
>5:5 U@Y 08,055,80: 0:,:26,092 >0,>:0,80,:58,>:> >0,>50,258 6,:88,>96 85.5%
,40: >:,>82,6>> >:,::6 2,0:>,029 >::.:%
9969 Y@NP >0,5>2,2>9 >0,>25,995 8,8>8,206 9,9589 @ECC >:,:04,2>6 4,:< 5,9:2,4,689,0>,205 >>0,9:: 9,,:5> 0,:>.0%
0880 MNIZ ,554 0,>>0,8:8 >,0>2,25: 6:.:%
0996 APHY 9,::0,9:2 >,24:,:96 >,48:: 284,94,>:: >>8,92> 62>,:: 94,5:: 0>6,:2> 658,>59 20.9%
8:08,5>> >,5,45: >,222,::2 >,,>05,5:0 -2>,:65 00.>%
8:28 @PCC < >>2,659 40,>>4 8:8,266 8852 YIE 0>5,664 008,964 0:,::: 0:,::: >25,664 0:8,964 2:.2%
>:5> T@I >22,6:0 065,2>9 >80,694 >0,429 56::,405 >::4,52> 6:,020 84.5%
4:,8>2 >62,>:5,00: 65,882 69,282 84.>%
4:84 YFNH 450,>9: 9>&