A SUSTAINABLE FUTURE FOR METAL INDUSTRIES

8/3/2019 A SUSTAINABLE FUTURE FOR METAL INDUSTRIES

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D sustdjbdoic euturc ekr mctdi jbfustrjcs8

D strkbg mdbuedaturjbg odsc js csscbtjdi ekr sustdjbcf cakbkmja prkspcrjty dbf stdojijty jbCurkpc. D ikbgcr tcrm Curkpcdb strdtcgy tk scaurc mkrc dbf octtcr hkos dbf rcfuac

grkwjbg skajk-cakbkmja jbcqudijty must oc tnc odsjs ke Curkpcdb jbtcgrdtjkb jb tnc

akmjbg pcrjkf dbf snkuif ubfcrpjb tnc Curkpc ?0?0 Qtrdtcgy.

Vnc Curkpcdb Mctdiwkrlcrs Ecfcrdtjkbs rdjskb ftrc js tk fcecbf dbfprkmktc d sustdjbdoic euturc ekr Curkpcdb mdbuedaturjbg wkrlcrs,

fflgntjbg ekr tnc rcspcat ke wkrlcrs rjgnts, dbf jmprkvcf wkrljbg dbfijvjbg akbfjtjkbs.

Vnc CME strkbgiy ocijcvcs tndt Curkpcdb mdbuedaturjbg must tdlctnc kppkrtubjty tk rckrjcbt jtscie tkwdrfs db cakbkmja mkfci

odscf kb sustdjbdoic akbsumptjkb dbf prkfuatjkb, tdljbg dpksjtjkb ke mdrlct icdfcr jb tnc fcvcikpmcbt ke bcw gkkfs

dbf jbfustrjdi scrvjacs. Qtrdtcgja dbf akkrfjbdtcf cakbkmjadbf jbfustrjdi pkijajcs snkuif oc fjrcatcf tkwdrfs fcvc-ikpjbg tnjs bcw mkfci ke grkwtn odscf kb jbbkvdtjkb, cak-cefflajcbay, sustdjbdoic tcanbkikgjcs, adrokbicdb prkfua-tjkb dbf tnc jbtcrbdijsdtjkb ke cakikgjadi aksts. D strkbgmdbuedaturjbg odsc js eubfdmcbtdi tk idubanjbg tnjsmkfci, dbf jt js fcpcbfcbt kb tnc ceecatjvc cbgdgcmcbtke mdbuedaturjbg wkrlcrs jb fcfflbjbg jts euturc fjrcatjkb.

PKIJVJADI _CQKISVJKB ?044-?043

d fcacbt dbf krgdbjscf euturc ekr mctdiwkrlcrs jb Curkpc

Akbgrcss ECM 44/?044


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Wjtn fcacbt hkosdt tnc ncdrt ke kur akmmjtmcbts dbf jb tnc edac ke sustdjbcfdttdals kb tnc Curkpcdb skajdi mkfci erkm mdrlct dbf pkijtjadi ekracs, tncCME jbsjsts kb tnc strcbgtncbjbg ke tnc Curkpcdb skajdi dbf cmpikymcbtpkijajcs. Vnc aurrcbt arjsjs stcmmjbg erkm tnc fkmjbdtjkb ke tnc fflbdbajdimdrlcts kvcr tnc rcdi cakbkmy, ds wcii ds tnc jbtcbsjeyjbg prcssurc erkm

gikodijsdtjkb dbf cbvjrkbmcbtdi andiicbgcs, bcacssjtdtcs d eubfdmcbtdiandbgc jb Curkpcs skajdi dbf cakbkmja pkijay erdmcwkrl dbf akrpkrdtcocndvjkur.

Curkpcdb jbtcgrdtjkb must oc grkubfcf kb tnc prjbajpics dbf prdatjacs ke8

tnc fcecbac dbf prkmktjkb ke skajdi dbf idokur rjgnts, jbaiufjbg dgudrdbtccf rjgnt tk strjlc dt Curkpcdb icvci,

arcfjoic ijec-ikbg icdrbjbg, datjvc idokur mdrlct pkijajcs jbaiufjbgdii wkrlcrs, dbf tnc prkmktjkb ke skajdi dbf cakbkmja scaurjty dbfakncsjkb erkm ardfic tk grdvc,

fcmkardtja pdrtjajpdtjkb ke wkrlcrs jb akrpkrdtc strdtcgjcs ds wciids tnc dbtjajpdtjkb dbf mdbdgcmcbt ke andbgc, dbf

tnc fcvcikpmcbt ke jbfustrjdi rcidtjkb systcms dbf strcbgtncbjbg keakiicatjvc odrgdjbjbg rjgnts.

Pidyjbg d rkic jb tnc mctdi jbfustry jbvkivcs ndvjbg d ikbgcr pcrspcatjvctndb tnc bcxt ekur ycdrs. Vnc odsja mctdis, snjpoujifjbg, JAV, mdanjbcrydbf dutkmktjvc jbfustrjcs rcqujrc strdtcgja tnjbljbg dbf jbvcstmcbt kvcrfcadfcs. Jbfustrjdi pkijay adb kbiy oc suaacsseui wncb jt cbakmpdsscs dikbg-tcrm, sustdjbdoic dpprkdan.

Vnjs vjsjkb ke d sustdjbdoic Curkpcdb cakbkmy akbtrdsts wjtn tnc rcdijtyedacf oy mctdiwkrlcrs tkfdy. Vkfdys wkrlcrs drc akberkbtcf oy mutudiiyjbtcbsjeyjbg arjscs8 tnc detcrmdtn ke tnc gikodi cakbkmja arjsjs, tnc rdpjfpdac ke aijmdtc andbgc dbf jbarcdsjbg rcskurac sadrajty, jbaiufjbg jbfustrjdirdw mdtcrjdis, out mkrc wkrryjbgiy wdtcr dbf ekkf suppijcs. Vnc arjsjs wds

eurtncr jbtcbsjfflcf oy tnc sustdjbcf ubfcrmjbjbg ke akiicatjvc odrgdjbjbgsystcms dbf bcgktjdtcf skiutjkbs.

Grccf, jrrcspkbsjojijty, jrrdtjkbdijty dbf douscs ndvc orkugnt bckijocrdimdrlct adpjtdijsm dbf tnc wkrifs fflbdbajdi mdrlcts tk tnc orjbl ke akiidpsc

dbf rdjscf tnc spcatrc ke d prkikbgcf skajdi rcacssjkb. D odbljbg scatkrwnjan arcdtcs trcmcbfkus wcditn ekr d ijmjtcf ecw out wnjan orkugnt mjiijkbske krfjbdry pckpic jbtk ndrfsnjp nds bk skajdi dbf pkijtjadi icgjtjmday. Wjtnjbvcstkrs akbacrbcf prjmdrjiy dokut tnc bcxt qudrtcriy rcpkrt, stkal mdrlct-frjvcb akrpkrdtc dbf puoija pkijay js d rcajpc ekr edjiurc jb mdbuedaturjbgjbfustrjcs. Wc ndvc sccb skmc ke kur cmpikycrs tdlc dfvdbtdgc ke tncsjtudtjkb tk jbtrkfuac ubjidtcrdi rcstruaturjbg, jbtcbsjey wkrlikdfs dbfjbarcdsc prcadrjkus wkrl jb tncjr akmpdbjcs ds d mcdbs ke jbarcdsjbg tncjrprkfflts dgdjbst tnc ikbg-tcrm sustdjbdoic jbtcrcsts ke kur jbfustrjcs. Dii ketnjs nds tdlcb pidac jb d gikodi akbtcxt ke snjetjbg fcmdbf dbf prkfuatjkbtk cmcrgjbg cakbkmjcs. Kur jbfustrjcs bccf rcbcwcf cbtrcprcbcursnjp dbficdfcrsnjp, bkt tnc qujal oual.

Akberkbtcf wjtn tnc ceecats jb Curkpc ke tnc gikodi cakbkmja dbf fflbdbajdiarjsjs, wkrlcrs drc jbarcdsjbgiy wkrrjcf dokut tncjr hko scaurjty. Vcmpkrdrymcdsurcs put jb pidac jb mdby akubtrjcs dbf akmpdbjcs tk prktcat wkrlcrsndvc tk d acrtdjb cxtcbt lcpt fkwb tnc jbarcdsc jb ubcmpikymcbt, out mdbywkrlcrs ndvc sccb tncjr purandsjbg pkwcr akiidpsc ds d rcsuit ke wdgcauts wnjan ndvc occb cbekracf. Mdby wkrlpidacs ndvc occb fcstrkycfdbf jt js ubijlciy tndt tncy wjii oc rcarcdtcf. Cakbkmja vkidtjijty nds occbdaakmpdbjcf oy d nugc fcvcikpmcbt ke prcadrjkus wkrl dbf cxtcbsjvc uscke suoakbtrdatjbg wnjan fccpcbs tnc eccijbg ke jbscaurjty dokut tnc euturcdbf tnrcdtcbs skajdi akncsjkb oy jbarcdsjbg jbcqudijtjcs.

Jb tnjs akbtcxt tnc Curkpc ?0?0 Qtrdtcgy suaaccfjbg tnc Ijsokb Qtrdtcgy,idubancf jb ?000, nds edr erkm euiffliicf cxpcatdtjkbs. Vnc kvcrwncimjbgiyarjtjadi vjcw wds tndt tnc Ijsokb Qtrdtcgy wds cxacssjvciy bckijocrdi jb ekauswjtn skajdi dspcats uscf ds pkijay wjbfkw-frcssjbg, dbf wds bkt trdbspdrcbtkr ojbfjbg cbkugn. Jb krfcr tk dvkjf tnc mjstdlcs ke tnc Ijsokb Qtrdtcgy, tncCurkpc ?0?0 strdtcgy must oc rcodidbacf tk cbsurc tndt euii cmpikymcbt,sustdjbdoic fcvcikpmcbt dbf skajdi akncsjkb drc scrjkus kohcatjvcs, dbf tndt


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strkbg skajdi cbgdgcmcbt js dt tnc acbtrc ke tnc strdtcgy. Eurtncrmkrc, tncstrdtcgy must suppkrt dbf ubfcrpjb tnc dttdjbmcbt ke tnc sdmc kohcatjvcsjb tnc rcst ke Curkpc kutsjfc tnc CS.

Vnc euturc ke Curkpcdb jbfustry js aiksciy ijblcf wjtn cakikgjadi

mkfcrbjsdtjkb, cbcrgy cefflajcbay dbf rcfuacf fcpcbfcbac kb prjmdryrdw mdtcrjdis tnrkugnkut tnc suppiy andjb dbf rcayaijbg8 aikscf-ikkpmdbuedaturjbg (oy wnjan cbf ke ijec, eduity dbf rcturbcf prkfuats ocakmcrcayaicf mdtcrjdis ekr bcw prkfuatjkb). Vnc kbiy wdy ekr Curkpc tk ekstcrikbg-tcrm, sustdjbdoic cakbkmja grkwtn, tk mdjbtdjb jts jbfustrjdi odsc,wnjic cbsurjbg skajdi prkgrcss dbf prkmktc cbvjrkbmcbtdi sustdjbdojijty,js tnrkugn tcanbkikgjadi dbf skajdi jbbkvdtjkb. Vnc sjgbjffladbt sljiis dbfjbvcstmcbt gdps wjtbcsscf tkfdy jb kur jbfustrjcs must oc tdalicf je wcdrc tk mdstcr tnc trdbsjtjkb tk d ikw-adrokb cakbkmy dbf dvkjf eurtncrfcjbfustrjdijsdtjkb.

Vnjs fcmdbfs d strkbg dgcbfd tkwdrfs ykubg dbf scbjkr wkrlcrs,

pdrtjauidriy jb tnc akbtcxt ke cxjstjbg fcmkgrdpnja andbgc, tk cbsurc tndthko dbf trdjbjbg kppkrtubjtjcs jb jbfustry drc prkmktcf, ds wcii ds d edjridokur jmmjgrdtjkb pkijay. Jt js jbarcdsjbgiy aicdr tndt tnc skajdi fjmcbsjkbke tnc Curkpc ?0?0 Qtrdtcgy js prjmdrjiy ekauscf kb idokur mdrlct cxjojijtydbf pkvcrty rcfuatjkb bkt tnc mkrc dbf octtcr hkos prkmjscf oy tnc IjsokbQtrdtcgy.

Mcdbwnjic, fccp, rdpjfiy dppijcf dbf jfckikgjadiiy-frjvcb bdtjkbdi dbfCurkpcdb dustcrjty mcdsurcs drc eubfdmcbtdiiy ubpjaljbg tnc vcry edorjake Curkpcs akiicatjvc skajdi mkfcis jbaiufjbg akiicatjvc odrgdjbjbg systcmsdbf akbscqucbtiy skajdi akncsjkb. Wkrljbg pckpic drc ocjbg ekracf tk pdytnc prjac ekr tnc arjsjs tk tnc vcry datkrs wnk ndvc rcdpcf ocbcfflts erkmjt, wjtn skajdi rjsls jbarcdsjbgiy jbfjvjfudijscf dbf ediijbg ndrfcr kb tncwcdlcst jb skajcty.

Ds d rcsuit ke tnc muitjpic edjiurcs ke tnc pkijtjadi cstdoijsnmcbt tk tdalictnc skajdi jbstdojijty aduscf oy tncsc arjscs, tncrc js jbarcdsjbg dijcbdtjkbdmkbgst Curkpcdb ajtjzcbs tkwdrfs cstdoijsncf pkijtjadi ekracs jb tncmcmocr stdtcs dbf dt Curkpcdb icvci. Wjtn tnc grkwtn ke dbtj-Curkpcdbekracs dbf rjgnt-wjbg cxtrcmjsm darkss tnc Akbtjbcbt, mctdiwkrlcrs drc

njgniy akbsajkus ke tnc rcdi fdbgcrs pkscf oy bdtjkbdijsm dbf xcbkpnkojapkpuijsm.

Fjscbandbtcf, mctdiwkrlcrs ndvc occb ekracf tk rcdijsc tndt, cvcb detcr tnccbidrgcmcbt ke tnc CS tk ?7 mcmocr stdtcs, jt nds bkt occb pkssjoic tk arcdtcd gcbujbc pkijtjadi ubjkb kut ke tnc cakbkmja akmmubjty. Curkpc tncrcekrcbccfs mkrc tndb hkjbt prkhcats ekr tnc euturc. Jt bccfs prkhcats wnjan pckpicadb ocakmc akmmjttcf tk dbf oc jbspjrcf oy.

Vnjs js bkt ubjquc tk tnc Curkpcdb akbtjbcbt. Qkajdi ubcdsc nds occbrccatcf mkst vjsjoiy jb Bkrtn Derjad dbf tnc Mjffic Cdst wncrc ajtjzcbsndvc rjscb dgdjbst pkijtjadi cijtcs dbf fjatdtkrs ds d rcsuit ke pkijtjadi


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kpprcssjkb, cxkrojtdbt prjacs ekr odsja ekkf stdpics, ubsustdjbdoicicvcis ke ubcmpikymcbt (cspcajdiiy ykutn ubcmpikymcbt) dbf tnc idal kekppkrtubjtjcs ekr skajdi jmprkvcmcbt, fcspjtc sjgbjffladbt bdtjkbdi cbcrgyrcskuracs dbf wcditn. Vnc ubprcacfcbtcf sadic ke andbgc ubfcrwdy dikbgCurkpcs okrfcrs wjii ndvc ikbg-tcrm jmpijadtjkbs ekr skajdi dbf cakbkmja

fcvcikpmcbt jb Curkpc dbf kutsjfc.

Wnjic tnc jmmcfjdtc andiicbgc js tk suppkrt tnc trdbsjtjkb cbsurjbgnumdbjtdrjdb djf dbf fjpikmdtja ceekrts, tnjs must gudrdbtcc tnc pcdac dbferccfkm jb tnc rcgjkb wnjan js lcy tk tnc euturc ke Curkpc dbf Derjad.

Erkm tnc Curkpcdb Akmmjssjkb, Curkpcdb Akubaji dbf CurkpcdbPdrijdmcbt, tnc CME fcmdbfs8

Vnc strcbgtncbjbg ke skajdi Curkpc, dbf tnc sustdjbdoicmdbuedaturjbg odsc bccfcf tk suppkrt jt

D rckrjcbtdtjkb ke tnc Curkpc ?0?0 strdtcgy tk ekaus kb qudijty

cmpikymcbt, skajdi akncsjkb dbf sustdjbdoic fcvcikpmcbt

D strkbg jbfustrjdi dbf skajdi strdtcgy jbarcdsjbg jbtcrbdi CSfcmdbf tnrkugn tnc sjbgic mdrlct dbf prkmktjbg jmprkvcmcbts jbpurandsjbg pkwcr ke wkrlcrs tk stjmuidtc akbsumptjkb, dikbgsjfcmcdsurcs tk prkmktc bcw mkfcis ke sustdjbdoic akbsumptjkb dbfprkfuatjkb

Vrjpdrtjtc-bcgktjdtcf dpprkdancs tk bdtjkbdi fcot rcfuatjkb dbfmdarkcakbkmja pkijajcs

Vnc fcvcikpmcbt ke d systcm ke cakbkmja gkvcrbdbac ekr tnccurkzkbc wnjan prkmktcs hkos dbf grkwtn jbstcdf ke dustcrjtyodscf kb akrpkrdtc tdx dbf wdgc fumpjbg wjtnjb dbf ocykbftnc curkzkbc

Vkgctncr wjtn tnc Curkpcdb Vrdfc Sbjkb Akbecfcrdtjkb, tnc CME akmmjts

jtscie tk8

Vnc oujifjbg ke d fjvcrsc akmmubjty-odscf kppksjtjkb tk aurrcbtdustcrjty prkgrdmmcs, wjtn trdfc ubjkbs pidyjbg tnc icdfjbgrkic jb ekrmjbg tnjs orkdf pkpuidr erkbt adiijbg ekr d sustdjbdoiccakbkmja dbf jbfustrjdi euturc jb Curkpc


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Cbsurjbg d sustdjbdoic euturc ekr mctdi jbfustrjcs jb Curkpc

Pidajbg skajdi dbf idokur rjgnts dt tnc acbtrc ke tnc bcw gikodi cakbkmja krfcr

Qtrkbgcr mcdsurcs drc bccfcf tk cbsurc tndt muitjbdtjkbdi akmpdbjcspidyjbg jb tnc gikodi mdrlct pidac drc suohcat tk edjr skajdi, fflsadi dbfcbvjrkbmcbtdi stdbfdrfs. Curkpcdb cxtcrbdi trdfc dbf jbvcstmcbt pkijajcssnkuif oc d lcy jbstrumcbt tk tnjs ceecat. Curkpc bccfs tk jmprkvc jtsakiicatjvc rcspkbsc tk tnc cbtrdbac ke bcw, idrgc cakbkmjcs ijlc Ordzji,_ussjd, Jbfjd dbf Anjbd tk tnc wkrif mdrlcts dbf gck-pkijtjadi erdmcwkrl.Aurrcbtiy, Curkpcdb pkijay-mdlcrs dbf gkvcrbmcbts ndvc ubfcrcstjmdtcftnc sjgbjffladbac ke tnc andbgcs dekkt jb akrpkrdtc ocndvjkur ds d rcsuit ketnc grkwtn ke tnc cmcrgjbg cakbkmjcs odscf kb stdtc adpjtdijsm.

D lcy ceecat ke jbtcbsjfflcf gikodijsdtjkb nds occb tnc daakmpdbyjbg trcbfke vdiuc andjb rcstruaturjbg, wnjan nds frdmdtjadiiy andbgcf tnc edacke Curkpcdb jbfustrjdi cmpikymcbt jb rcacbt fcadfcs, wjtn kutskurajbg,gikodijsdtjkb ke akmmubjadtjkb dbf trdbspkrt ikgjstjas, dbf tcanbkikgjadidfvdbacs cbdoijbg akmpdbjcs tk kpcrdtc wjtnjb d wco ke ketcb akmpicxvdiuc andjbs. Erkm db jbfustrjdi pkijay pcrspcatjvc tnc erdgmcbtdtjkb dbfspcajdijsdtjkb gcbcrdtcf oy vdiuc andjb rcstruaturjbg js d rcdi andiicbgc jbjtscie akbtdjbjbg oktn tnrcdts dbf kppkrtubjtjcs, out tnc lbkal-kb jmpdatcbvjrkbmcbtdiiy dbf skajdiiy prkvjfcs ikbg-tcrm andiicbgcs ekr sustdjbdojijt y.Vnc orkdfcr mdbuedaturjbg suppiy andjbs drc lcy tk tnc akmpctjtjvcbcss dbffcvcikpmcbt ke strdtcgja scatkrs ekr tnc CS cakbkmy. Sp tk tnrcc qudrtcrs ketnc vdiuc ke d fflbdi gkkf mdy stcm erkm tnc suppiy andjb.

Daacss tk Curkpcdb mdrlcts tnrkugn cxtcrbdi trdfc pkijajcs snkuif oc uscfd mcdbs ke icvcrdgjbg tnc jmprkvcmcbt ke wkrlcrs rjgnts gikodiiy rdtncrtndb ds d mcdbs ke gjvjbg arcfjojijty tk gkvcrbmcbts wnk fjsrcgdrf tncjr kwbajtjzcbs rjgnts. Jt js fcpikrdoic ekr tnc CME tndt tnc fflrst ercc trdfc dgrccmcbt sakbaiufcf oy tnc Curkpcdb Akmmjssjkb ubfcr jts rcbcwcf cxtcrbdi trdfcpkijay ndvc occb wjtn akubtrjcs jb wnjan numdb dbf trdfc ubjkb rjgnts drcrkutjbciy kutcf dbf vjkidtcf. D akmprcncbsjvc fcodtc dmkbg tnc mcmocrske tnc Curkpcdb dbf jbtcrbdtjkbdi trdfc ubjkb edmjiy dokut rcacbt dbf euturc

fcvcikpmcbts jb gikodi trdfc snkuif tdlc pidac. Qtrcbgtncbjbg tnc jbtcrbdiadpdajty ke tnc Curkpcdb trdfc ubjkb krgdbjsdtjkbs dbf oujifjbg strkbgcrandbbcis ke fjdikguc gikodiiy js vjtdi jb tnjs rcspcat.

Wjtn Qkajdi Curkpc aurrcbtiy dii out stdiicf, scatkrdi dbf akrpkrdtcrcstruaturjbg wjtnjb vdiuc andjbs nds occb tdljbg pidac jb d vjrtudi skajdivdauum dt CS icvci. Vnc aurrcbt arjsjs fcmkbstrdtcs tnc bccf ekr d prkekubfrcbkvdtjkb ke tnc aurrcbt mkfci ke akrpkrdtc gkvcrbdbac, wnjan nds prkvcfjts ijmjtdtjkbs.


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Erkm tnc Curkpcdb Akmmjssjkb, Curkpcdb Akubaji dbf Curkpcdb Pdrijdmcbt,tnc CME fcmdbfs8

Jbarcdscf ekaus dbf dbdiysjs kb tnc andiicbgcs edajbg Curkpcdbjbfustrjdi wkrlcrs jb tnc akbtcxt ke jbtcbsjeyjbg gikodijsdtjkb wjtnjb

tnc CS jbstjtutjkbs

Vnc rcspcat dbf prkmktjkb ke akrc idokur stdbfdrfs dbf numdbrjgnts jb dii CS cxtcrbdi datjvjtjcs, dbf tnc jbaiusjkb ke tncsc rjgntsjb dii akmmcrajdi kr pkijtjadi dgrccmcbts

D mkrdtkrjum kb Curkpcdb ercc trdfc dgrccmcbts wjtn 1 rfakubtrjcsjb wnjan akrc idokur stdbfdrfs dbf numdb rjgnts drc akbsjstcbtiyvjkidtcf

Vnc rcspcat ekr numdb dbf akrc idokur rjgnts ds d prcakbfjtjkb ekrtnc idubanjbg ke trdfc bcgktjdtjkbs wjtn 1 rfakubtrjcs dbf akbaiufjbgdby ojidtcrdi ercc trdfc kr cakbkmja pdrtbcrsnjp dgrccmcbt

D bcw mkfci ke akrpkrdtc gkvcrbdbac wnjan gjvcs wkrlcrs dstrkbgcr fcmkardtja vkjac jb akrpkrdtc strdtcgy-mdljbg

D erdmcwkrl kb tnc dbtjajpdtjkb dbf mdbdgcmcbt ke andbgc,wnjan gudrdbtccs wkrlcrs ijec-ikbg icdrbjbg arcdtjbgkppkrtubjtjcs ekr prkecssjkbdi mkojijty dbf dvkjfjbg fjsmjssdis

Erkm cmpikycrs, tnc CME fcmdbfs8

Vnc rcspcat ke numdb dbf wkrlcrs rjgnts dbf akiicatjvcdgrccmcbts oy muitjbdtjkbdis dbf tnrkugnkut jbfustrjdisuppiy andjbs dbf oy suo-akbtrdatkrs, rcgdrficss ke ikadtjkb krakbtrdatudi sjtudtjkb

Erkm kur sjstcr ubjkbs ciscwncrc jb tnc wkrif, tnc CME prkpkscs tk oujif8

Qtrkbg ojidtcrdi akkpcrdtjkb tk cbsurc tnc rcspcat ke idokur dbfcbvjrkbmcbtdi rjgnts

Akmmkb admpdjgbs kb CS ojidtcrdi trdfc dbf jbvcstmcbtbcgktjdtjkbs

Jbtcrbdiiy Curkpcdb jbtcgrdtjkb prkmjscf tk fcijvcr grcdtcr tcrrjtkrjdi dbfskajk-cakbkmja akncsjkb prkmktjbg tnc jmprkvcmcbt ke ijvjbg dbf wkrljbgakbfjtjkbs. Nkwcvcr, rcgjkbdi fjspdrjtjcs dbf erdgmcbtdtjkb drc jbarcdsjbgjb Curkpc euciicf oy tnc bckijocrdi ekaus ke CS pkijajcs dbf stjee rcgjkbdiakmpctjtjkb ekr rcskuracs dbf EFJ.

Kbc ke tnc lcy dsscts ke Curkpc snkuif oc jts fjvcrsjty ke bdtjkbdi dbfrcgjkbdi auiturcs dbf trdfjtjkbs.Vncsc akuif prkvjfc d pksjtjvc akmpctjtjvcdfvdbtdgc jb mdby jbstdbacs, diikwjbg fjeecrcbt rcgjkbs tk usc tncjr bdturdi,auiturdi dbf numdb rcskuracs tk ocst ceecat. Vnc Curkpcdb sjbgic mdrlct js

acbtrdi tk cxtcbfjbg mdrlcts ekr Curkpcdb prkfuats dbf scrvjacs. Nkwcvcr,Curkpcdb rcgjkbdi dbf sjbgic mdrlct pkijajcs drc jbarcdsjbgiy pjttjbg wkrlcrsjb fjeecrcbt rcgjkbs dgdjbst cdan ktncr ocadusc ke tnc jmodidbacf bckijocrdidgcbfd dbf fctcrjkrdtjbg wkrljbg akbfjtjkbs.

Wnjic tnc prkacss ke Curkpcdb mdrlct ijocrdijsdtjkb nds daacicrdtcffrdmdtjadiiy jb rcacbt ycdrs, lcy cicmcbts ke cakbkmja pkijay rcmdjb kutsjfctnc CSs mdbfdtc bktdoiy tdxdtjkb icdfjbg tk skajdi dbf tdx fumpjbg.

Wjtnkut skajdi dbf cakbkmja gkvcrbdbac jbsjfc Curkpc8 grcdtcr rcgjkbdi fjspdrjtjcs - bkt strcbgtn jb fjvcrsjty


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Vnc ubprcacfcbtcf mdgbjtufc ke tnc fflbdbajdi arjsjs dbf jts ikbg-idstjbgjmpdat kb grkwtn dbf hkos jb Curkpc nds gcbcrdtcf fcodtc kb tncfjstrjoutjkb ke akmpctcbacs octwccb tnc CS dbf jts Mcmocr Qtdtcs jb tcrmske curkzkbc gkvcrbdbac dbf fflbdbajdi rcguidtjkb ke tnc CS-?7. Qk edr tnjs ndsbkt occb truc ekr tdxdtjkb pkijajcs. Vnc pcrsjstcbac ke tnc ubdbjmjty ruic

jb tnc Ijsokb Vrcdty nds acmcbtcf d stdtus quk odscf kb tnc dssumptjkbtndt tdx akmpctjtjkb js daacptdoic jb CS jbtcgrdtjkb. Vnc CME js jbarcdsjbgiyakbacrbcf oy tnc bcgdtjvc akbscqucbacs ke tdx akmpctjtjkb jb Curkpc,cspcajdiiy akrpkrdtc tdxdtjkb, kb wkrlcrs tcrms dbf akbfjtjkbs, puoijaoufgcts dbf ikbg-tcrm rcgjkbdi fcvcikpmcbt dbf jbvcstmcbt.

Ds tnc spccf ke CS cakbkmja jbtcgrdtjkb nds bkt occb mdtancf oy tncfcvcikpmcbt ke skajdi akncsjkb wjtnjb tnc CS, dttcmpts tk cxpikjt fjeecrcbacsndvc cmcrgcf. Mdssjvc skajdi fjsarcpdbajcs octwccb tnc kif McmocrQtdtcs kb tnc kbc ndbf, dbf tncjr bcw akubtcrpdrts dbf tnc adbfjfdtcQtdtcs drc frjvjbg d akmpctjtjkb wnjan bcgdtjvciy deecats wkrlcrs jb dii tncCS Mcmocr Qtdtcs. Curkpcdb mctdiwkrlcrs tktdiiy kppksc muitjbdtjkbdis

strdtcgjcs tk usc gikodijsdtjkb jb gcbcrdi, dbf spcajffladiiy rcstruaturjbg, ds dmcdbs ke scttjbg wkrlcrs erkm fjeecrcbt akmpdbjcs dbf rcgjkbs dgdjbst cdanktncr, ubfcrauttjbg wkrljbg dbf wdgc akbfjtjkbs dbf wcdlcbjbg akiicatjvcodrgdjbjbg rjgnts dbf struaturcs. Jt js bkt kbiy tnc adsc ke ojg muitjbdtjkbdiakmpdbjcs pidyjbg wkrlcrs ke kbc pidbt kee dgdjbst ktncr sjtcs< tnjs jsdisk fkbc oy bdtjkbdi gkvcrbmcbts. Vnc CME js kppkscf tk tnc prdatjacke akbacssjkb odrgdjbjbg kb wdgcs dbf wkrljbg tjmc jb Curkpc ocadusctnjs rcfuacs wkrlcrs purandsjbg pkwcr, fcstrkys hkos dbf auts csscbtjdircskuracs ekr skajdi scaurjty sancmcs tnrkugnkut Curkpc.

Curkpcdb mctdiwkrlcrs ubjkbs ocijcvc tndt fcecbfjbg dbf fcvcikpjbg tncCurkpcdb skajdi mkfci js eubfdmcbtdi tk cbsurjbg tndt Curkpcdb rcgjkbs drc

doic tk edac tnc andiicbgcs ke gikodijsdtjkb dbf struaturdi andbgc wjtnkutprkmktjbg d rdac tk tnc okttkm.Vncrcekrc, Curkpcdb mctdiwkrlcrs ubjkbsdrc adiijbg ekr tnc fccpcbjbg ke pkijtjadi dbf skajdi jbtcgrdtjkb jb Curkpc,wnjan must oc spcf up jb tnc wdlc ke tnc jbtcgrdtjkb ke tnc jbtcrbdi mdrlctdbf rcacbt ruijbgs ke tnc Curkpcdb Akurt ke Hustjac (CAH) (c.g. tnc Idvdi/Udxnkim, Ujljbg dbf _eecrt adscs).

Vnc jmpkrtdbac ke wkrlcr dbf trdfc ubjkb pdrtjajpdtjkb, skajdi fjdikguc dbfakiicatjvc odrgdjbjbg dt ikadi, bdtjkbdi dbf Curkpcdb icvci nds bcvcr occbnjgncr. Vrdfc ubjkb rjgnts drc d odsja pjiidr ke fcmkardtja skajctjcs, wnjansnkuif oc fcecbfcf oy dii.Qtrcbgtncbjbg akiicatjvc odrgdjbjbg dbf wkrlcrspdrtjajpdtjkb tnrkugn cbidrgcf rjgnts dt akmpdby, bdtjkbdi dbf Curkpcdbicvci must rcmdjb d acbtrdi strdtcgja pjiidr ke Curkpcdb jbtcgrdtjkb. Nkwcvcr,Curkpcdb mctdiwkrlcrs drc akbacrbcf dokut tnc akbacrtcf dbf sustdjbcfdttdal s kb eubfdmcbtdi idokur rjgnts tnrkugn Curkpcdb akurts jb tnc bdmc kejbtcrbdi mdrlct jbtcgrdtjkb. Akmpdbjcs dttcmpts tk usc icgdi ikkp-nkics dbffjeecrcbt hurjsfjatjkbs tk oy-pdss dbf ubfcrmjbc tncsc odsja numdb rjgnts

snkuif oc andiicbgcf oy tnc Curkpcdb jbstjtutjkbs dbf bkt cbakurdgcf dswc ndvc sccb tnrkugn tncsc rcacbt CAH adscs. D strkbg pksjtjkb stdtjbg tndtjbtcrbdi mdrlct erccfkms drc suokrfjbdtc tk eubfdmcbtdi idokur rjgnts mustocakmc d akrbcrstkbc ke Curkpcdb jbtcgrdtjkb. Vnc ditcrbdtjvc njcrdrany wjiiorjbg mkrc strjec dbf skajdi fumpjbg, arcdtjbg db dbtj-skajdi Curkpc dbfubfcrmjbjbg tnc puoija daacptdbac ke Curkpcdb jbtcgrdtjkb.


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Grcdtcr cakbkmja akkrfjbdtjkb octwccb Curkpcdb akubtrjcs tktdalic tnc trdfc jmodidbacs wjtnjb Curkpc dbf cbsurc tndt diircgjkbs drc doic tk prkspcr

Db ceecatjvc dbf gcbujbc pkijay ke ak-krfjbdtjkb ke jbfustrjdijbjtjdtjvcs dbf rcdi skajdi akncsjkb wjtnjb tnc CS tk mdlc surc tndtcbidrgcmcbt ke tnc CS fkcs bkt icdf tk skajdi fumpjbg dbf tncwkrscbjbg ke tnc skajdi sjtudtjkb ke mjiijkbs ke wkrlcrs

CS dbf bdtjkbdi eubfs ekauscf kb prkmktjbg tnc arcdtjkb ke bcwhkos dbf prkmktjbg jbvcstmcbt jb jbbkvdtjkb dbf mkfcrbjsjbgjberdstruaturc (c.g. jb tnc trdbspkrt, cbcrgy, ncditnadrc tcanbkikgjcsdbf JAV scatkrs, cta.) bkt rcikadtjkb ke cxjstjbg hkos

D akbarctc skajdi prkgrcss prktkaki tk gudrdbtcc tndt idokurrjgnts drc bkt suokrfjbdtc tk mdrlct erccfkms

D rchcatjkb ke dii dttcmpts tk kpt-kut ke Curkpcdb skajdi dbfcmpikymcbt ruics dt d bdtjkbdi icvci, dbf tnc euii rcspcat ekr tncAndrtcr ke Eubfdmcbtdi _jgnts dbf Erccfkms tnrkugnkut tnc CS

Vnc fcecbac dbf tnc prkmktjkb ke skajdi dbf idokur rjgnts, jbaiufjbgd gudrdbtccf rjgnt tk strjlc dt Curkpcdb icvci oy dii jbstjtutjkbs

D bcw Mkbtj JJ _cguidtjkb gudrdbtccjbg wkrlcrs eubfdmcbtdirjgnt tk strjlc jb tnc Curkpcdb jbtcrbdi mdrlct ekr scrvjacs

D rcadst ke tnc pkstjbg ke wkrlcrs fjrcatjvc, aiksjbg ikkpnkics dbfcbsurjbg tnc euii rcspcat ke akiicatjvc dgrccmcbts dbf wkrlcrs

rjgnts

D ndit tk tnc erdgmcbtdtjkb dbf ubfcrmjbjbg ke Curkpcdb idokuridw dbf wkrljbg akbfjtjkbs vjd fjeecrcbt jbstrumcbts wnjanarcdtc fjsarjmjbdtjkb octwccb cmpikymcbt rjgnts ke spcajfflagrkups ke wkrlcrs (c.g. sjbgic pcrmjt, scdskbdi wkrlcrs, jbtrd-

akrpkrdtc trdbsecrs, cta.)

Quppkrt ekr octtcr jmpicmcbtdtjkb ke tnc daqujs akmmubdutdjrcoy bdtjkbdi gkvcrbmcbts< prcscrvjbg tnc eubatjkb ke tnc stdtc,jb pdrtjauidr jb rcidtjkb tk tnc hustjac systcm, dffrcssjbg tncprkoicm ke tnc jbekrmdi cakbkmy dbf jbarcdsjbg dbtj-akrruptjkbmcdsurcs

Erkm bdtjkbdi gkvcrbmcbts, tnc CME fcmdbfs8

Octtcr dbf mkrc cefflajcbt usc ke CS eubfs ekr tnc akubtrjcsfcvcikpmcbt, jb pdrtjauidr ekr tnc fcvcikpmcbt ke jberdstruaturc

dbf jbfustry< dbf dssurjbg euii trdbspdrcbay ke tnc usc ke eubfs

Fcvcikpmcbt ke skajdi fjdikguc kb jbfustrjdi pkijay jbaiufjbgskajdi dspcats, dffrcssjbg tnc idal ke vjsjkb dbf jbstrumcbts ekrjbfustrjdi fcvcikpmcbt

Mkbjtkrjbg dbf gudrdbtccjbg tnc jmpicmcbtdtjkb ke idw oymuitjbdtjkbdi akmpdbjcs

Vk danjcvc tncsc cbfs, tnc CME dbf jts defflijdtcs akmmjt tncmscivcs tk8

Ejgnt tkgctncr tk cbsurc tndt Qkajdi Curkpc keecrs akmpdrdoicprkspcats jb dii rcgjkbs ke kur akbtjbcbt

Qtruggic tkgctncr dgdjbst dby ubjidtcrdi fcajsjkb erkm akmpdbjcskr gkvcrbmcbts wnjan arcdtcs nugc rcgjkbdi fjspdrjtjcs


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Curkpcdb jbfustrjdi dbf akrpkrdtc akmpctjtjvcbcss js jbarcdsjbgiyfcpcbfcbt kb akmpdbjcs adpdajty tk fcvcikp dbf dfkpt tcanbkikgjcs dbfstrdtcgjcs ekr mkrc cbcrgy dbf rcskurac cefflajcbay. Ekr mdby ycdrs, tnc CME

nds adiicf ekr d akncrcbt dbf dmojtjkus jbfustrjdi pkijay jb Curkpc< d pkijaydoic tk fcdi wjtn tnc jmpkrtdbt struaturdi andbgcs jbfustry edacs jb tnc ijgntke gikodijsdtjkb dbf aijmdtc andbgc.

Vcanbkikgjcs ekr rcbcwdoic cbcrgy dbf cak-cefflajcbt prkfuatjkb ndvc d vjtdirkic tk pidy jb rcfuajbg tnc aksts ke cbcrgy jb tnc ikbg-tcrm. Nkwcvcr, tnc bcwtcanbkikgjcs, ekr jbstdbac jb rcbcwdoic cbcrgjcs, wjii bkt dbf akuif bkt cxjstwjtnkut pdrtjajpdtjkb kr prkfuats erkm trdfjtjkbdi jbfustrjdi scatkrs. Bcwjbfustrjdi aiustcrs drc bkt cmcrgjbg jbfcpcbfcbt ke tnc cxjstjbg jbfustrjdiedorja, out rdtncr aicdb tcanbkikgjcs drc cmcrgjbg erkm tnc sljiis dbf _&Fke cxjstjbg jbfustrjcs dbf vdiuc andjbs. Vnc struaturdi andbgcs ubfcrwdy jbkur scatkrs must oc daakmpdbjcf oy dfcqudtc skajdi mcdsurcs dbf akmmkb

akbfjtjkbs rcgdrfjbg ikadtjkb jb krfcr tk dvkjf akmpctjtjkb octwccb pidacs/rcgjkbs.

Curkpcdb jbfustry js aurrcbtiy pidgucf oy ediijbg kvcrdii jbvcstmcbtjb jbfustrjdi sjtcs, mdanjbcry dbf aruajdiiy jb Curkpcs grcdtcst dssct8

jts pckpic dbf tncjr sljiis. Wjtnkut dfcqudtc prjvdtc dbf puoija scatkrjbvcstmcbt tnc trdbsjtjkb tk d rcskurac dbf cbcrgy cefflajcbt cakbkmy wjiiocakmc ubdttdjbdoic dbf tnc skajdi dbf cbvjrkbmcbtdi akbscqucbacs kejbdatjkb wjii oc fcvdstdtjbg ekr Curkpc.

_cacbtiy, detcr ycdrs ke bcgicat, tncrc nds occb d mkfcst rcfjsakvcry kejbfustrjdi pkijay jb Curkpc dbf wciakmc dttcmpts tk fcvcikp dbf mkfcrbjsctnc Curkpcdb jbfustrjdi pkijay tkkiokx dt nkrjzkbtdi dbf scatkrdi icvcis.Vncrc ndvc occb skmc pksjtjvc fcvcikpmcbts, suan ds tnc fcvcikpmcbt kejbbkvdtjkb dbf aiustcr pkijajcs, scatkr-spcajffla Njgn-Icvci Wkrljbg Grkupsdbf Vcanbkikgy Pidtekrms. Wjtn bcw rjgnts tk akbsuitdtjkb kb jmpdatdsscssmcbts ubfcr tnc Ijsokb Vrcdty, pdrtjauidriy jb scatkrdi skajdi fjdikgucakmmjttccs, tnc CME must dffrcss jts adpdajtjcs tk fcijvcr ak-krfjbdtcfrcspkbscs kb icgjsidtjvc dbf pkijay prkpksdis.

Nkwcvcr, Curkpc stjii idals d akncrcbt dbf akmprcncbsjvc jbfustrjdi pkijaystrdtcgy, wjtn trdfc ubjkbs rcakgbjscf ds d acbtrdi stdlcnkifcr, dbf tnc

fflbdbajdi mcdbs tk jmpicmcbt akmmkb pkijajcs.

Jb tnc akbtcxt ke tnc arjsjs, mdby CS mcmocr stdtcs skugnt tk ekaus jbfustrjdipkijay-mdljbg odal kb tnc bdtjkbdi icvci rdtncr tndb tnrkugn jbarcdscfCurkpcdb ak-kpcrdtjkb. Vnc rcfuatjkb jb ak-kpcrdtjkb octwccb CS McmocrQtdtcs nds scrjkus jmpijadtjkbs kb tnc fcvcikpmcbt ke sljiis gjvcb tnc nugcfflbdbajdi jbvcstmcbts rcqujrcf ekr ojg jbfustrjdi prkhcats, pdrtjauidriy jb _&F.Vnc sadic ke tnc aksts jbvkivcf mcdbs tndt mdhkr tcanbkikgy prkhcats jb tncmctdiwkrljbg jbfustrjcs adb bk ikbgcr oc prkvjfcf oy d sjbgic gkvcrbmcbtoufgct, cspcajdiiy bkt furjbg d edr-rcdanjbg fflbdbajdi dbf cakbkmja arjsjs. Dstrkbg CS ak-krfjbdtjkb ke bdtjkbdi pkijajcs js bccfcf urgcbt iy tk cbsurc tndtdfcqudtc jbvcstmcbt dbf akkpcrdtjkb js gudrdbtccf.

Oy tdalijbg jbfustrjdi pkijay erkm tnc pcrspcatjvc ke jbfustrjdi suppiyandjbs dbf acbtrdi mdbuedaturjbg jbfustrjcs, tnc CS wjii oc octtcr doic tkdbtjajpdtc tcanbkikgjadi, cakbkmja dbf skajdi andbgcs dbf put jb pidac aicdrdatjkb pidbs tk mdbdgc tncm. Vnjs wkuif diikw tnc CS jbstjtutjkbs, tkgctncrwjtn trdfc ubjkbs dbf cmpikycrs, tk fcvcikp bcw jbfustrjdi strdtcgjcs kbmkojijty, akbstruatjkb dbf oujifjbgs, fcecbac, JAVs cta.

D sustdjbdoic jbfustrjdi pkijay fcijvcrjbg euii cmpikymcbt


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Vnc arcdtjkb ke d spcajffla Akmmjssjkb Fjrcatkrdtc-Gcbcrdi ekr JbfustrjdiPkijay, dbf spcajffla akmmjttccs jb tnc Akubaji dbf CP

Prk-datjvc, akncrcbt dbf sustdjbdoic jbfustrjdi pkijajcs ekauscf kb

arcdtjbg euii cmpikymcbt, akbtdjbmcbt ke sjtc akmpctjtjkb darkssCurkpc, dbf mdbdgjbg tnc trdbsekrmdtjkb ke cxjstjbg jbfustrjcs dbf tncprkmktjkb ke grkwjbg jbfustrjcs/tcanbkikgjcs, jbaiufjbg8

Qystcmdtja sarccbjbg ke vdiuc andjbs oy tnc Akmmjssjkb dbf tdjikr-mdfc scatkrdi pkijajcs, jbvkivjbg scatkrdi skajdi pdrtbcrs jb tncdbdiysjs

CS oufgctdry rcekrm tk cbsurc tndt jbfustrjdi pkijay kohcatjvcs,suppkrtjbg tnc wkrlcrs jb tnc trdbsjtjkb tkwdrfs db cbcrgy- dbfrcskurac-cefflajcbt mkfci, drc dfcqudtciy fflbdbacf, ds wcii ds bcwfflbdbajbg mcdsurcs dbf tkkis, wnjan snkuif oc suohcat tk skajdi dbfcbvjrkbmcbtdi akbfjtjkbdijty, jbaiufjbg8

Ejbdbajdi trdbsdatjkb tdx

Vnc pkssjojijty ekr tnc CAO tk jssuc curk-okbfs ds d tkki tk fflbdbacskvcrcjgb fcot wnjic rcfuajbg tnc sprcdfs jb p uoija okbf mdrlcts,tnus fcarcdsjbg tnc akst ke adpjtdi oy usjbg tnc arcfjtwkrtnjbcsske tnc CS ds d wnkic dbf tk dttrdat fkmcstja dbf ekrcjgb sdvjbgs

Qtrcbgtncbcf Curkpcdb Jbvcstmcbt Odbl

Mcdsurcs dgdjbst tdx fumpjbg dbf cvdsjkb

Vnc arcdtjkb ke db CS eubf tk suppkrt tnc wkrlcrs jbvkivcf jb bcwsustdjbdoic prkfuatjkb prkacsscs

Mcdsurcs tk cbsurc tndt CS eubfs prkmktc sustdjbdoic jbvcstmcbtjbaiufjbg akbfjtjkbs kb CS rcgjkbdi dbf struaturdi eubfs tk mdlcsurc tndt tnc pcrjkf ke akmmjtmcbt erkm akmpdbjcs jb cxandbgc ekrsuosjfjcs js cxtcbfcf erkm 3 tk dt icdst 40 ycdrs wjtn db dmcbfmcbt ketnc Curkpcdb Vrdbspdrcbay Jbjtjdtjvc

Wc bccf db jbfustrjdi pkijay, wnjan ekauscs kb tnc jbtcrcsts dbfbccfs ke tnc cmpikyccs dbf arcdtcs fcacbt wkrl. Vnjs mcdbs tndt dbcbtcrprjsc adb kbiy rcacjvc stdtc djf kr puoija prkaurcmcbt akbtrdats jedt icdst jt akmmjts jtscie tk8

Dvkjf ekracf rcfubfdbajcs

Pdy wdgcs wnjan scaurc d ijvcijnkkf

_cspcat akiicatjvc dgrccmcbts

Qcaurc pcrmdbcbt hkos

Vdlc kvcr dpprcbtjacs

Qustdjbdoic, deekrfdoic dbf scaurc cbcrgy prkfuatjkb ds d odsja

pjiidr ke d prkdatjvc dbf akncrcbt CS jbfustrjdi pkijay strdtcgytnrkugn sjgbjffladbt jbvcstmcbt jb smdrt cbcrgy grjfs dbf rcbcwdoicekrms ke cicatrjajty prkfuatjkb

Ojbfjbg gikodi CS cbcrgy cefflajcbay tdrgcts drc bccfcf dbf prkfuatstdbfdrfs odscf kb Vkp-rubbcr mkfci ke akbtjbudi jmprkvcmcbt

Jbbkvdtjkb pkijajcs odscf kb8

D aiksc bctwkrljbg octwccb njgn-tcan dbf ikw-tcan drcds dswcii ds bcw dbf trdfjtjkbdi jbfustrjcs

D orkdfcr fcfflbjtjkb jbaiufjbg bkb-tcanbkikgjadi jbbkvdtjkb (j.c.skajdi, krgdbjsdtjkbdi, dbf struaturdi dspcats ke jbbkvdtjkb),wjtn d bcw rcspkbsjojijty ekr FG Cmpikymcbt tk adrry kut dmdhkr Curkpcdb admpdjgb kb tnc tncmc ke cmpikycc-frjvcbskajdi jbbkvdtjkb

Mdljbg octtcr usc ke tnc wkrlekrac dbf wkrlcrs rcprcscbtdtjvcs

Vdjikrcf pkijajcs ekr cbcrgy jbtcbsjvc jbfustrjcs ekauscf kbjmprkvjbg prkacss tcanbkikgjcs dbf cbcrgy cefflajcbay, wnjistdvkjfjbg adrokb icdldgc

D rcijdoic daacss tk rdw mdtcrjdis8 suefflajcbt suppijcs, stcppjbg-uprcayaijbg, fcvcikpmcbt ke suostjtutcs

Qcatkrdi datjkb pidbs ekr tnc lcy jbfustrjdi scatkrs

Fcvcikpmcbt ke ikbg-tcrm vjsjkbs/strdtcgjcs kb tnc euturc kemdbuedaturjbg jb Curkpc

Prkmktjkb ke jbbkvdtjvc puoija prkaurcmcbt dbf fcvcikpmcbt keicdf mdrlcts ds tkkis tk jbtrkfuac bcw dbf sustdjbdoic prkfuatsdbf scrvjacs

Erkm kur cmpikycrs, tnc CME fcmdbfs8

Qtrkbg akmmjtmcbts tk Curkpcdb wkrlekracs tnrkugn jbvcstmcbtsjb pckpic, tkkis dbf sustdjbdoic prkfuatjkb

Bk fjsmjssdis dbf gkkf skiutjkbs ekr dii wkrlcrs deecatcf oyrcstruaturjbg


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Cbsurjbg d fcacbt dbf krgdbjscf euturcekr mctdiwkrlcrs jb Curkpc

Ejgnt dgdjbst jbarcdsjbg prcadrjkusbcss dt wkrl dbf rjsjbg jbcqudijty

Jb rcacbt fcadfcs tncrc nds occb d frdmdtja andbgc jb tnc pdttcrb kejbfustrjdi cmpikymcbt. D nugc dbf fccp piy wkrryjbg jbarcdsc jb prcadrjkuswkrl jb dii Curkpcdb akubtrjcs dbf jbfustrjdi scatkrs nds tdlcb pidac. Vncrcjs db crksjkb ke wndt drc aidssjfflcf ds tnc bkrm, stdbfdrf kr typjadi ekrmske cmpikymcbt.

Akbsjfcrjbg tnc cbfcmja sljiis gdps jb mkst mdbuedaturjbg scatkrs, tnc iksske tncsc wkrlcrs dbf tncjr sljiis pkscs d eubfdmcbtdi qucstjkb dokut tncsustdjbdojijty ke kur jbfustrjcs. Ekr tnksc stjii jb wkrl, daqujrcf rjgnts drc

jbarcdsjbgiy ocjbg adiicf jbtk qucstjkb wjtn fcmdbfs ekr mkrc cxjojijtydbf prcadrjkus wkrl drrdbgcmcbts. Ds jbfustrjdi pidbts ndvc rc-idubancf,tnc CME js jbarcdsjbgiy akbacrbcf oy tnc frdmdtjadiiy rcfuacf bumocrske wkrlcrs rc-cmpikycf tk kpcrdtc tncm dbf tnc jbarcdsjbg sljiis gdpscmcrgjbg jb scvcrdi scatkrs. Jb skmc adscs, ndie tnc bumocr ke kpcrdtkrs dbfstdee js kb-sjtc akmpdrcf tk ocekrc tnc arjsjs dbf tnc bumocr ke prcadrjkushkos jb kur jbfustrjcs nds jbarcdscf frdmdtjadiiy.

Vnc jbarcdsc jb prcadrjkus cmpikymcbt, cbakurdgcf oy andbgcs jb icgjsidtjkb,fcstdojijscs idokur mdrlcts dbf fjsakbbcats db jbarcdsjbg bumocr ke pckpicerkm tnc andbac tk rcdan d scaurc dbf dfcqudtc ijec prktcatjkb dbf euturcpcrspcatjvc oy tnc jbakmc ke kwb wkrl. Vnc aurrcbt ekaus ke tnc dgcbfd ke

tnc Curkpcdb Akmmjssjkb dbf ekiikwcf oy mdby CS gkvcrbmcbts skiciy kbcxjojijty, wjtnkut scaurjty, dbf tncjr rkii odal strdtcgy kb idokur dbf skajdirjgnts, wjii ndvc fjsdstrkus ceecats kb tnc Curkpcdb idokur mdrlct. Zkubgpckpic, wkmcb dbf mjgrdbts drc pdrtjauidriy deecatcf oy tnjs fcvcikpmcbt.Vncsc grkups wcrc ubfkuotcfiy tnc fflrst vjatjms ke tnc cakbkmja arjsjs dbf,

dt tnc kbsct ke cakbkmja rcakvcry, prcadrjkus hkos wjii disk oc dmkbgst tncfflrst tk oc keecrcf dgdjb dbf, qujtc pkssjoiy, wjtn cvcb wkrsc akbfjtjkbs tndbtnc kbcs wc lbkw tkfdy.

Vnjs fcvcikpmcbt js jbdaacptdoic ekr skajdi dbf cakbkmja rcdskbs.Fcrcguidtjkb dbf cxtcbsjkb ke prcadrjkus wkrl fkcs bkt arcdtc skajdiprkgrcss oy arcdtjbg dffjtjkbdi hkos. Kb tnc akbtrdry, ekrmdiiy scaurchkos, skajdi stdbfdrfs dbf wkrlcrs rjgnts drc ubfcr prcssurc dbf wjii ocubfcrmjbcf. Dii ceekrts must oc mdfc tk frjvc odal prcadrjkus hkos dbf tk

prktcat skajdi stdbfdrfs ekr tnc cmpikyccs.

Vnc CME dbf jts defflijdtcs tncrcekrc fcajfcf tk jbjtjdtc tnc Qcakbf CMEAkmmkb Fcmdbf kb tnc tkpja ke ekr mkrc scaurc cmpikymcbt dgdjbstprcadrjkus wkrljb tnc akmjbg akiicatjvc odrgdjbjbg rkubfs.

Bcvcrtncicss, bkt cvcrytnjbg adb oc skivcf oy akiicatjvc dgrccmcbts jb diiadscs dbf tnc CME adbbkt bcgicat tnc icgdi dspcats aiksciy rcidtcf tk tnjstkpja.

Vnc CME suppkrts tnc arcdtjkb ke d strkbg Curkpcdb skajdi fjdikgucadpdoicke pidyjbg jts rkic jb Curkpcdb cmpikymcbt dbf skajdi pkijay. Qtrkbg bdtjkbdi

skajdi fjdikguc must disk oc suppkrtcf dbf strcbgtncbcf.

Vnc CME js rcskiutciy dgdjbst tnc bckijocrdi dssduit kb akiicatjvc odrgdjbjbg

dbf skajdi fjdikguc.


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D Curkpcdb cmpikymcbt strdtcgy gudrdbtccjbg qudijty cmpikymcbt

jb kur jbfustrjcs, idokur mkojijty dbf tnc strcbgtncbjbg ke tncscaurjty fjmcbsjkbs ke idokur mdrlct pkijajcs

D ndit tk tnc eurtncr fc-rcguidtjkb ke idokur mdrlcts tnrkugnkut tncCS

Edr strkbgcr pkijtjadi suppkrt ekr tnc skajdi fjdikguc dt dii icvcis,jbaiufjbg rcjbekracf suppkrt ekr adpdajty-oujifjbg ke trdfc ubjkbsdbf cmpikycrs krgdbjsdtjkbs jb Curkpc

Qkajdi pkijajcs wnjan prkmktc qudijty cmpikymcbt dbf akncsjkb bktwkrljbg pkvcrt y

Cqudi cmpikymcbt rjgnts dbf prktcatjkbs ekr 1rf akubtry bdtjkbdis

wkrljbg jb tnc CS

Erkm tnc bdtjkbdi gkvcrbmcbts, dutnkrjtjcs dbf cmpikycrs tnc CMEfcmdbfs8

Kpcb-cbfcf akbtrdats must rcmdjb tnc icgdi kr akiicatjvc

odrgdjbjbg bkrm jb tnc ijgnt ke prcadrjkus cmpikymcbt

Cqudi pdy, cqudi trcdtmcbt dbf cqudi rjgnts ekr tcmpkrdrydgcbay wkrlcrs ds wkrlcrs jb tnc uscr cbtcrprjsc

Jbarcdscf jbvcstmcbt dbf akbtrki pkwcrs tk idokur jbspcatjkbscrvjacs

Datjvc wdgc pkijay ekr edjr, scaurc fcdi ekr dii wkrlcrs

_jsjbg wcditn jbcqudijty dbf mdss wkrljbg pkvcrty wjtnjb dbf octwccbCurkpcdb akubtrjcs js euciijbg d fccp skajdi rcacssjkb jb Curkpc. Vnccxacssjvc fjsprkpkrtjkb jb pdy struaturcs octwccb scbjkr mdbdgcmcbt dbftncjr wkrlekracs nds tk oc rcodidbacf (j.c. tnc mdxjmum okbuscs dwdrfcftk tkp mdbdgcmcbt must oc rcguidtcf). Vnc sndrc octwccb prkfflt dbf

wdgcs snkuif oc mkrc edjriy odidbacf jb krfcr tk suppkrt tnc fcvcikpmcbtke wkrlcrs purandsjbg pkwcr.

Vnc CME adb koscrvc ikwcr akiicatjvc odrgdjbjbg rcsuits fuc tk tnc arjsjs.Vnc ceecatjvc jbakmc, mcdbjbg tnc jbakmc wnjan js datudiiy pdjf tkcmpikyccs, nds dircdfy ediicb jb mdby Curkpcdb akubtrjcs sjbac ?00:.Vnjs js tnc rcsuit ke tnc hko scaurjty mcdsurcs tndt ndvc occb tdlcb, wnjanjbaiufc vdrjkus typcs ke rcfuajbg wkrljbg nkurs. Vnjs dircdfy frdmdtja

trcbf nds frdstjadiiy jbarcdscf sjbac ?040 fuc tk tnc pidbs ke vdrjkusCurkpcdb gkvcrbmcbts tk ercczc kr aut wdgcs. Vnjs js db dttdal kb akiicatjvcodrgdjbjbg, wnjan wc adbbkt daacpt.


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Vnjs jbakmc fcvcikpmcbt wjii oc cvcb mkrc prkoicmdtja fuc tk tnc jbarcdsjbgfjeecrcbacs octwccb jbakmcs jb tnc rcspcatjvc Curkpcdb akubtrjcs.Cxpkrt krjcbtdtcf akubtrjcs jb pdrtjauidr ndvc jbarcdsjbgiy jmprkvcf tncjrakmpctjtjvc pksjtjkbs dbf oy sk fkjbg ndvc cxdacrodtcf tnc jmodidbac wjtnjbtnc Curkpcdb Sbjkb, pdrtjauidriy ocadusc tnc cxpkrts ndvc jbarcdsjbgiy occb

fflbdbacf oy arcfjtjbg bcjgnokurjbg akubtrjcs, suan ds Grccac.

Fuc tk tnc fcsarjocf fcvcikpmcbt ke akiicatjvciy dgrccf wdgcs, wnjan wdsidggjbg ocnjbf tnc prkfuatjvjty fcvcikpmcbt jb skmc Curkpcdb akubtrjcs,dbf tnc cvcr strkbgcr ceecatjvc wdgc frkp koscrvcf ds ke idst ycdr, tncakbvcrgcbac ke jbakmc jb Curkpc pidbbcf tnrkugn akiicatjvc odrgdjbjbgakkrfjbdtjkb nds bkt yct occb danjcvcf. Vnjs bcgdtjvc wdgc frjet wdsarcdtcf oy tnc jbarcdsjbg bumocr ke prcadrjkus hkos, fcarcdsjbg akvcrdgc keakiicatjvc dgrccmcbts dbf tnc jbarcdsjbg bumocr ke fcvjdtjkbs erkm cxjstjbgakiicatjvc dgrccmcbts.

Vncrc js d rdfjadiiy fjeecrcbt skajk-cakbkmja pjaturc jb Qkutn Cdst Curkpc

akmpdrcf tk Acbtrdi dbf Wcstcrb Curkpc. Idokur aksts jb tnc rcgjkb drcgrcdtiy idggjbg ocnjbf tnc dvcrdgc aksts jb Acbtrdi dbf Wcstcrb Curkpc.Dt tnc sdmc tjmc, tnc akst ke ijvjbg nds rdpjfiy rjscb dbf tnc pcracbtdgc kepckpic ijvjbg jb pkvcrty nds jbarcdscf sjgbjffladbtiy.

Jb tnc edac ke tnc arjsjs, Curkpcdb akiicatjvc odrgdjbjbg akkrfjbdtjkbocakmcs suostdbtjdiiy mkrc fjefflauit. Je, jb tnc pdst, jt wds ijmjtcf mdjbiy oybcgdtjvc wdgc fcvcikpmcbts jt bkw cbakubtcrs eurtncr fjefflauitjcs ocaduscke rcstrjatjkbs jmpkscf oy trdbsbdtjkbdi krgdbjzdtjkbs, suan ds tnc CurkpcdbAkmmjssjkb dbf tnc Jbtcrbdtjkbdi Mkbctdry Eubf. Vnc akbskijfdtjkb

prkgrdmmcs ke jbfcotcf CS akubtrjcs rcqujrc frdstja auts jb wdgcs dbfakiicatjvc odrgdjbjbg dutkbkmy. Out bcvcrtncicss tnc Curkpcdb trdfc ubjkbsstjii scc bk ditcrbdtjvc tk tnc akkrfjbdtjkb ke Curkpcdb akiicatjvc odrgdjbjbgpkijay je tncy wdbt tk fcecbf tnc jbtcrcsts ke wkrlcrs jb Curkpc.

Grcdtcr skijfdrjty jb akiicatjvc odrg djbjbg js db csscbtjdi jbstrumcbt tk fcecbfwkrlcrs jbtcrcsts jb tnc arjsjs dbf jts detcrmdtn. Akiicatjvc odrgdjbjbg mustfcecbf db datjvc wdgc pkijay wjtn tnc kohcatjvc ke d strkbg wdgc jbarcdscakvcrjbg tnc jbdtjkb rdtc dbf d odidbacf sndrc ke tnc prkfuatjvjty jbarcdsc.Akiicatjvc odrgdjbjbg must fflbf wkrljbg tjmc skiutjkbs ekr tnc ocbcfflt kewkrlcrs (numdbjsdtjkb ke wkrl dbf wkrl-ijec odidbac mkfcis), fflgnt wdgcauts dbf rcfuac tnc ikw-wdgc scatkr jb Curkpc.

Erkm cmpikycrs dbf tncjr krgdbjsdtjkbs, tnc CME fcmdbfs8

Wdgc jbarcdsc akvcrjbg jbdtjkb-rdtc dbf d odidbacf sndrc ke tncprkfuatjvjty gdjbs

Bk wdgc auts kr ercczcs

Wkrljbg tjmc skiutjkbs gudrdbtccjbg d edjr wkrl-ijec odidbac

Jbarcdsjbg tnc ikwcst jbakmcs. Wncrc dpprkprjdtc, adb tnjs adb ocdanjcvcf tnrkugn mjbjmum wdgcs (wnctncr stdtutkry kr tnrkugnakiicatjvc dgrccmcbt)

Vk danjcvc tncsc gkdis, tnc CME wjii8

Akbtjbuc dbf strcbgtncb tnc CME Curkpcdb wdgc akkrfjbdtjkbstrdtcgy

Cbidrgc dbf fcecbf tnc akvcrdgc rdtc ke akiicatjvciy odrgdjbcfwdgcs


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Vdlc datjkb tk jmprkvc tnc qudijty ke wkrljbg ijec dbf ncditn prktcatjkb

Akmpdbjcs sct up wkrl krgdbjsdtjkb systcms ekr jmmcfjdtc prkfuatjvjtypurpkscs, usudiiy wjtnkut tdljbg tnc cmpikyccs wcii-ocjbg dt wkrl jbtkdaakubt, wjtnkut suefflajcbt akbsjfcrdtjkb ekr tnc cmpikyccs ncditn dbf

wjtnkut keecrjbg vcry muan jb rcturb.

Vnc CME js wjtbcssjbg d fc-akmpdrtmcbtdijzdtjkb ke wkrl, d fudi njcrdrany(hko prkhcat), tnc spccfjbg up ke akmmubjadtjkbs vjd bcw tcanbkikgjcs, cta.Vnc scttjbg ke kohcatjvcs js daakmpdbjcf oy prcssurc tk rcspcat fcdfijbcs,tnc mkrc rdpjf suaacssjkb ke prkhcats, pidbbjbg dbf fcsarjptjkb ke ocstprdatjac dbf tnc mkbjtkrjbg ke cakbkmja jbfjadtkrs tk tnc fctrjmcbt ke tncqudijty ke tnc wkrl ubfcrtdlcb. Vnc cmpikyccs rkkm ekr mdbkcuvrc dbfdutkbkmy js fjmjbjsnjbg dbf wkrl-ikdfs drc ocakmjbg ncdvjcr dbf mkrcstrcsseui, tnus gcbcrdtjbg rjsls kr psyank-skajkikgjadi prkoicms.

Vnc fcmdbfjbg bdturc ke wkrl nds mdby edacts8 ojk-mcandbjadi nypcr-

skijajtdtjkb, suan ds rcpctjtjkb ke mkvcmcbts kr d wjfc rdbgc ke mkvcmcbts,tnc strcbgtn cxcrtcf, prkikbgcf stdtja pksturc, adrryjbg ncdvy ikdfs icdfjbgtk edtjguc dbf musauidr-slcictdi jbhurjcs (MQJ), ikbg wkrljbg nkurs krwkrljbg nkurs tndt rub akubtcr tk ojkikgjadi kr skajdi pdttcrbs suan ds bjgntwkrl, cxpksurc tk ndzdrfkus ancmjadi prkfuats, jbfustrjdi bkjsc, akif, njgntcmpcrdturcs, vjordtjkbs, cta.

Vncsc akbstrdjbts adb ndvc ndrmeui ceecats upkb ncditn dbf ijec cxpcatdbay.Vncy deecat siccp pdttcrbs dbf tnc wkrl-ijec odidbac. Vncy drc disk edatkrs kekaaupdtjkbdi daajfcbts kr jbhurjcs.

Vkfdy, numdb rcskuracs mdbdgcmcbt js ubfcrtdlcb kb tnc odsjs ke d vdrjctyke stdbfdrfs dbf jbfjadtkrs, wnjan mdjbiy scrvc tk cvdiudtc pcrekrmdbacwnjist bcgicatjbg tnc numdb edatkr dbf akbacdi tnc rcdijtjcs ke wkrl.Vnc pdrdfkx js tndt tnc cmpndsjs js put kb jbfjvjfudi cvdiudtjkb systcmswncrcds jt js tnc akiicatjvc wkrl dbf akiicatjvc akmpctcbac tndt prcvdjiswjtnjb akmpdbjcs.

Qkmc datjvjtjcs jbaiufc jbfustrjdi rjsls ekr wkrlcrs dbf ekr tnc cbvjrkbmcbtijblcf tk tnc typc ke suostdbac uscf, mdbjpuidtjkb ke tncsc suostdbacs, tnctkkis uscf, tnc mdbuedaturjbg prkacsscs, trdbspkrt kr stkrdgc, pkiiutjkb,cbcrgy skuracs, cta.

Qkajdi fjdikguc snkuif bkt oc ijmjtcf skiciy tk rcmcfyjbg tnc bcgdtjvcakbscqucbacs ke wkrljbg ijec. Jt js disk bcacssdry prjkr tk mdljbg tnckrgdbjsdtjkbdi ankjacs wnjan wjii deecat wkrljbg dbf ijvjbg akbfjtjkbs.


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Vnc jmprkvcmcbt bkt fcrcguidtjkb ke tnc CS icgdi erdmcwkrlprktcatjbg wkrlcrs ncditn dbf sdecty, jts cbekracmcbt oy db

cefflajcbt idokur jbspcatjkb dbf tnc fcvcikpmcbt ke jbfcpcbfcbtprcvcbtjvc kaaupdtjkbdi ncditn scrvjacs, tkgctncr cbsurjbg tndt rjsldsscssmcbts drc euiiy jmpicmcbtcf jb dii tnc wkrlpidacs wjtn tncpdrtjajpdtjkb ke tnc wkrlcrs dbf tncjr rcprcscbtdtjvcs

Erkm cmpikycrs dbf tncjr krgdbjsdtjkbs, tnc CME fcmdbfs8

Vk prktcat ncditn dbf sdecty dt wkrl dbf jmprkvc tnc qudijty kewkrljbg ijec ekr cmpikyccs wncb mdljbg ankjacs jb rcspcat ke wkrlkrgdbjsdtjkb systcms

Vk cbsurc tndt wkrl krgdbjsdtjkb dbf jts akbscqucbacs ekr

cmpikyccs drc d tkpja ekr skajdi fjdikguc prjkr tk fcajsjkb-tdljbg

Vk cijmjbdtc kaaupdtjkbdi ndrfsnjp dbf ndzdrfs, ds wcii dscbvjrkbmcbtdi jbfustrjdi ndzdrfs kr rcfuac tncsc ds edr ds pkssjoic

Vk tdlc prcvcbtjvc datjkb dgdjbst suan ndrfsnjp dbf ndzdrfs

Vk cbsurc tndt tncjr fcmdbfs tkwdrfs tncjr cmpikyccs drcdaakmpdbjcf oy tnc prkvjsjkb ke dpprkprjdtc mcdbs diikwjbgcmpikyccs mkrc jbjtjdtjvc, mkrc rcspkbsjojijty dbf jbarcdscf

jbvkivcmcbt jb tncjr wkrl. Vncsc mcdbs jbaiufc, jb pdrtjauidr8trdjbjbg, jbekrmdtjkb, aicdr kohcatjvcs, mcdsurdoic tdrgcts dbftnc bcacssdry tjmc dbf kppkrtubjty tk fjsauss akbacrbs rcidtcftk tncjr wkrl jb krfcr tk fflbf rcmcfjcs ekr tnc fjefflauitjcs dbfvkadtjkbdi ndzdrfs

Erkm tnc CVSA, dbf ncbac CVSJ, tnc CME adiis ekr8

D akmmkb trdfc ubjkb strdtcgy kb tnc mdjb jssucs drjsjbg jbtnc kaaupdtjkbdi ncditn dbf sdecty, disk akbsjfcrjbg scatkr/prkecssjkb spcajffla akbacrbs

Edjr dbf scaurc pcbsjkbs8 d erdmcwkrl ekr tkfdys rctjrcf dbf tkmkrrkws mctdiwkrlcrs

Wjtn ?1 mjiijkb ubcmpikycf jb Curkpc dbf jbarcdsjbg bumocrs ke wkrlcrsjb prcadrjkus dbf ikw-pdjf hkos, tnc euturc ke stdtc pcbsjkb systcms ndsoccb andiicbgcf oy ikwcr akbtrjoutjkbs fuc tk tnc jbarcdsjbg skajdi arjsjsdbf tnc cakbkmja arjsjs, tnrcdtcbjbg tk ubfcrmjbc tnc systcm dbf mjiijkbswjtn cifcriy pkvcrty.

Pcbsjkb pkijajcs adbbkt oc sccb ds fjvkracf kr scpdrdtc erkm wjfcrcmpikymcbt pkijajcs, dbf skiutjkbs must oc bcgktjdtcf.

Wjtn suppicmcbtdry pcbsjkb eubfs dt rjsl ds d rcsuit ke tnc bcdr-akiidpscke tnc fflbdbajdi mdrlcts dbf stdtc pcbsjkbs bkw jb tnc cyc ke tnc dustcrjtystkrm, jbarcdsjbg bumocrs ke wkrlcrs drc edajbg db ubacrtdjb rctjrcmcbt dbf

kif-dgc pkvcrty. Fcacbt wkrl must oc ekiikwcf oy fcacbt rctjrcmcbt dbfjbtcr-gcbcrdtjkbdi skijfdrjty.

Pcrsjstjbg cmpikymcbt prkoicms (ubcmpikymcbt, daacss tk cmpikymcbtdbf prcadrjkus wkrljbg akbfjtjkbs) akupicf wjtn tnc dgcjbg ke tncpkpuidtjkb, rcprcscbt cxtcbsjvc rjsls ekr kur skajdi prktcatjkb systcms jbgcbcrdi. Eubfdmcbtdiiy, tnc ikbg-tcrm sustdjbdojijty ke kur skajdi prktcatjkbsystcms js ke fccp akbacrb ekr dii Curkpcdb wkrlcrs (ncditn dbf pcbsjkbs jbpdrtjauidr). Jt js jmpkrtdbt tk fcecbf tnc stdtutkry pcbsjkb systcms wnjic dttnc sdmc tjmc akbtjbuc tk usc ktncr mcdbs dt kur fjspksdi, ijlc akiicatjvcdgrccmcbts, tk cbsurc d edjr rctjrcmcbt ekr kur mcmocrs.


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Nkwcvcr, tnc akbfjtjkbs ke daacss tk kur wciedrc systcms drc ubfcr dttdaltkfdy tnrkugn gkvcrbmcbt auts dbf dustcrjty mcdsurcs fk bkt diwdysgudrdbtcc cqujty dbf skajdi akncsjkb. Wc drc tkfdy edacf, kb tnc akbtrdry,wjtn pcrsjstjbg jbcqudijtjcs dbf eurtncr cxaiusjkbs. Je wc drc tk prcscrvc kurwciedrc systcms dbf cbsurc tndt tncy ocbcfflt tnc grcdtcst bumocr ke pcrskbspkssjoic jb db cqujtdoic mdbbcr, wc must tdlc datjkb jb rcspcat ke tnc datudiakbtcbt ke tnc rcekrms tndt drc tk oc adrrjcf kut.

Cvcrykbc must oc akvcrcf oy bdtjkbdi skajdi prktcatjkb systcms, rcgdrficss

ke cmpikymcbt akbtrdat, bdtjkbdijty, dgc kr gcbfcr, cbsurjbg tndt dii edacfjgbjfflcf rctjrcmcbt prkspcats.

Erkm bdtjkbdi gkvcrbmcbts dbf tnc CS jbstjtutjkbs, tnc CME fcmdbfs8

D strcbgtncbjbg ke skajdi fjdikguc dbf bcgktjdtcf skiutjkbs mustoc ubfcrtdlcb tk cbsurc db jbtcr-gcbcrdtjkbdi pdat adpdoic kegudrdbtccjbg ubjvcrsdi pcbsjkb prkvjsjkb odscf kb skijfdrjty dbffcacbt wkrl, gjvjbg prjkrjty tk cbsurjbg tndt ikw-pdjf wkrlcrs drcakvcrcf

Jbfcx-ijbljbg ke stdtutkry pcbsjkbs tk cbsurc purandsjbg pkwcr dbfdvkjf cifcriy pkvcrty

Qtrkbgcr cmpikymcbt dbf dbtj-fjsarjmjbdtjkb pkijajcs tdrgctjbgkifcr wkrlcrs, pdrtjauidriy tnksc dgcf octwccb tnc dvcrdgcrctjrcmcbt dgc dbf tnc stdtutkry rctjrcmcbt dgc

Qtrkbg datjkb dgdjbst tdx dbf skajdi akbtrjoutjkb dvkjfdbac

Puttjbg prcssurc kb stdtcs tk fcvcikp rcijdoic skajdi scaurjtydbf pcbsjkb systcms, wnjan drc dii tnc mkrc jmpkrtdbt wncb

tnc cakbkmy, idokur mdrlct dbf skajcty ds d wnkic drc bkteubatjkbjbg wcii

Vdljbg nkif ke tnc dgcbfd8 usjbg kur jbekrmdtjkb, akbsuitdtjkb dbf pdrtjajpdtjkb rjgnts ceecatjvciy,rcfcfflbjbg skijfdrjty dbf trdbsbdtjkbdi akmpdby akkpcrdtjkb jb edvkur ke wkrlcrs

Jbfustrjdi fcmkarday js d pjiidr ke tnc Curkpcdb skajdi mkfci. Vnc rjgntke cmpikyccs dbf tncjr rcprcscbtdtjvcs tk oc jbvkivcf jb tnc fcajsjkb-

mdljbg prkacsscs wjtnjb akmpdbjcs js rcakgbjscf jb idw dbf austkm dbfoy dgrccmcbt darkss tnc cbtjrc CS. Curkpcdb icgjsidtjkb sccljbg tk aiksctnc gdp octwccb bdtjkbdi wkrlcr jbekrmdtjkb, akbsuitdtjkb dbf pdrtjajpdtjkbrjgnts dbf tnksc fcvcikpjbg dt tnc Curkpcdb akmpdby icvci (c.g. wjtnjbtnc sakpc ke tnc CWA Fjrcatjvc, tnc QC Fjrcatjvc dbf tnc Curkpcdb PrjvdtcAkmpdby Fjrcatjvc), nds occb aruajdi jb cbsurjbg tndt wkrlcrs drc doictk cxcrt jbucbac dt tnc dpprkprjdtc icvcis jb tkfdys njgniy jbtcgrdtcf,

trdbsbdtjkbdi akmpdbjcs, tncrcoy disk strcbgtncbjbg tncjr ndbf jb ikadibcgktjdtjkb, dbf wncrc tncy cxjst, pdrtjajpdtjkb prkacsscs.

Octtcr wkrlcr jbvkivcmcbt jb sndpjbg tnc euturc ke tncjr akmpdbjcs vjdpdrtjajpdtjkb jb tnc fcvcikpmcbt ke akmpdby pkijajcs snkuif oc d lcyprjkrjty ke tnc Curkpcdb jbstjtutjkbs, jb krfcr tk cbsurc tnc ceecatjvc cxcrajscke jbekrmdtjkb, akbsuitdtjkb dbf pdrtjajpdtjkb rjgnts, ds wcii ds tk scaurcceecatjvc dbtjajpdtjkb dbf mdbdgcmcbt ke andbgc. Jb tkfdys jbtcgrdtcfCurkpc, tncsc wkrlcr jbvkivcmcbt rjgnts must oc akkrfjbdtcf darkss tnc


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ikadi, bdtjkbdi dbf Curkpcdb icvcis wjtnjb akmpdbjcs. Jb krfcr tk danjcvctnjs, wkrlcrs ndvc tk oc jbekrmcf dbf akbsuitcf jb fuc tjmc dokut pidbbcfakmpdby fcajsjkbs. Vncy ndvc tk oc gjvcb tnc pkssjojijty tk cxprcss dbkpjbjkb wnjan wjii oc tdlcb kb okdrf oy mdbdgcmcbt. Mkrckvcr, jb tncakbtcxt ke jbarcdsjbgiy akmpicx vdiuc andjb rcstruaturjbg, bcw ekrms ke

jbekrmdtjkb dbf akbsuitdtjkb drc bccfcf wjtnjb suppiy andjbs tk cbsurc tndtwkrlcrs fcpcbfcbt kb tnc strdtcgja fcajsjkbs ke mdjb mdbuedaturcrs drcdoic tk dbtjajpdtc andbgcs ds wcii.

Akkrfjbdtjkb ke ubjkbs datjvc jb muitjbdtjkbdis adb rcprcscbt d lcy tkgcbcrdtjbg akiicatjvc odrgdjbjbg pkwcr dbf prcvcbtjbg wkrlcrs ocjbgpidycf kee dgdjbst cdan ktncr. Jt disk arcdtcs tnc prcakbfjtjkbs tk akbaiufcCurkpcdb Erdmcwkrl Dgrccmcbts wnjan cbdoic tnc trdfc ubjkbs dt bdtjkbdiicvci tk pkki tncjr strcbgtns dbf bcgktjdtc njgn akmmkb stdbfdrfs ekrwkrlcrs darkss Curkpc. Gkjbg ocykbf mcrc stdtcmcbts ke skijfdrjty tktdljbg akbarctc datjkb js d pdjbstdljbg prkacss ke oujifjbg trust dbf fflbfjbg

akmmkb grkubf. Vnjs prkacss nds tdlcb mdby ycdrs tk fcvcikp wjtnjb tncCME dbf bccfs tk oc akbtjbudiiy burturcf. Vnc CMEs cxjoic jbstrumcbtke trdfc ubjkb akkrfjbdtjkb grkups nds prkvcb jbvdiudoic jb ekstcrjbgtnc jbvkivcmcbt ke dbf wjiijbgbcss tk akkpcrdtc dmkbg CME defflijdtcs jbdffrcssjbg akmpdby-icvci jssucs. Ak-kpcrdtjkb wjtn bdtjkbdi dbf ikadi trdfc

ubjkb rcprcscbtdtjvcs dbf tnc akmpdbjcs js ke njgn jmpkrtdbac tk tnc CME.Fjrcat akbtdat js vjtdi ekr oktn tnc daacptdbac dbf tnc strcbgtncbjbg ke dCurkpcdb vjcw dbf dpprkdan oy wkrlcrs dbf trdfc ubjkb rcprcscbtdtjvcs dtbdtjkbdi, ikadi dbf akmpdby icvci. Curkpcdb wkrls akubajis dbf QC-wkrlsakubajis ndvc d vjtdi rkic tk pidy jb tnjs akkrfjbdtjkb. Wkrlcr rcprcscbtdtjvcsjb tncsc okfjcs snkuif ndvc strcbgtncbcf rjgnts dbf daacss tk edajijtjcs.

Vncrc js stjii muan tk fk tk cbsurc tndt wkrlcrs drc bkt pjttcf dgdjbst cdanktncr oy akmpdbjcs kr pkijtjajdbs. Vnc trdfc ubjkbs disk bccf tk strcbgtncbtncjr fdy-tk-fdy akkpcrdtjkb jb tnc fcecbac ke wkrlcrs rjgnts dbf jbtcrcstdarkss Curkpc.


Aiksc dbf strjbgcbt mkbjtkrjbg ke tnc datudi jmpicmcbtdtjkb ke tncJbekrmdtjkb dbf Akbsuitdtjkb Fjrcatjvc, tnc rcadst CWA Fjrcatjvc, tncQC Fjrcatjvc dbf tnc Curkpcdb Prjvdtc Akmpdby Fjrcatjvc jb krfcr tkcbsurc tndt tnc wkrlcr jbekrmdtjkb, akbsuitdtjkb dbf pdrtjajpdtjkbrjgnts drc euiiy dvdjidoic darkss tnc CS. Vnjs jbaiufcs fcajsjvc datjkboy tnc Curkpcdb jbstjtutjkbs tk cstdoijsn, fcecbf, dbf mdjbtdjb dnjgn icvci ke wkrlcrs rjgnts darkss tnc CS

D icgdi erdmcwkrl dt Curkpcdb icvci kb trdbsbdtjkbdi akiicatjvcodrgdjbjbg dbf d akbsjstcbt dbf mdbfdtkry pkijay kb wkrlcrjbekrmdtjkb, akbsuitdtjkb dbf pdrtjajpdtjkb wjtn ubjekrm fcfflbjtjkbske tncsc tcrms jb dii CS icgjsidtjkb odscf kb tnc njgncst icvci

Erkm mdbuedaturjbg cmpikycrs, tnc CME fcmdbfs8

Ceecatjvc dbf tjmciy jbekrmdtjkb dbf akbsuitdtjkb, ubfcrtdlcb jbgkkf edjtn

Cbgdgcmcbt jb bcgktjdtjbg Curkpcdb erdmcwkrl dgrccmcbtsrcqucstcf oy trdfc ubjkb akkrfjbdtjkb grkups

Akmmjtmcbts dbf bcgktjdtjkbs kb ikbg-tcrm akrpkrdtcstrdtcgjcs dbf trdbspdrcbt jbvcstmcbt dbf skajdi rcspkbsjojijty

pkijajcs

Jmprkvcf dbf trdbspdrcbt mkbjtkrjbg ke scatkrdi dbf akmpdbycakbkmja dbf cmpikymcbt jbfjadtkrs tk octtcr dbtjajpdtcjbfustrjdi andbgc, sljiis bccfs, scgmcbts ke tnc scatkr dt rjsl,dbf tk cbsurc wkrlcrs ndvc daacss tk rcdi jbekrmdtjkb dbfakbsuitdtjkb kb struaturdi dbf wkrl krgdbjsdtjkbdi andbgcs


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Vk danjcvc tncsc cbfs, tnc CME dbf jts defflijdtcs akmmjt tncmscivcs tk8

Qtrcbgtncb prdatjadi akmmjtmcbt tk Curkpcdb skijfdrjty dbf tnc fcvcikpmcbt ke akmmkb akmpdby strdtcgjcs, cspcajdiiy

tnrkugn tnc datjvdtjkb ke df nka trdfc ubjkb akkrfjbdtjkb grkups

Fcvcikp d wjfc-sprcdf dwdrcbcss ke tnc arkss-okrfcr jmpijadtjkbs ke ikadi datjkb

Wkrl tk cbndbac tnc odrgdjbjbg pkwcr ke ikadi ubjkb krgdbjsdtjkbs oy jbtcbsjeyjbg akkpcrdtjkb dbf cxandbgc ke jbekrmdtjkbdarkss okrfcrs

Qtrdtcgjadiiy akmojbc rjgnts tk jbekrmdtjkb, akbsuitdtjkb dbf pdrtjajpdtjkb dbf trdfc ubjkb jbtcrvcbtjkb dt dii icvcis jb krfcrtk danjcvc octtcr akbfjtjkbs ekr dii

Jbvcstjbg jb tkmkrrkws mctdiwkrlcrs tkfdy8 d acbtrdi rkic ke trdjbjbg dbf cfuadtjkb

Gjvcb tnc pdac ke tcanbkikgjadi dbf skajdi andbgc, jbarcdsjbg gikodijsdtjkb,dbf tnc akbscqucbt andbgcs jb wkrl krgdbjsdtjkb, Curkpcdb mctdiwkrlcrsrcakgbjsc tnc bccf tk cbakurdgc trdjbjbg, jmdgjbdtjkb dbf jbbkvdtjkbdbf cqujp cvcry wkrlcr wjtn bcw dbf octtcr sljiis, wjtn lbkwicfgc dbfubfcrstdbfjbg ke jbtcrrcidtcf akbtcxtudi edatkrs.

Cfuadtjkb ekr dii js d odsja prcakbfjtjkb ekr dii fcmkardtja skajctjcs,jbaiufjbg ajvja lbkwicfgc. Vrdjbjbg js csscbtjdi ekr fcmkardtja pdrtjajpdtjkbjb akmpdbjcs. Ekr trdfc ubjkbs, tnjs js d eubfdmcbtdi akrbcrstkbc ke kur

datjkb tk cfuadtc, mkojijsc dbf krgdbjsc wkrlcrs.

Cvcb jb tnc cakbkmjadiiy strkbg mcmocr stdtcs ke tnc Curkpcdb Sbjkb tncprkpkrtjkb ke ikw-sljiicf wkrlcrs js tkk njgn. Eubfdmcbtdiiy, kur jbfustrjcsrciy kb wcii-rcskuracf dbf njgn qudijty stdtc cfuadtjkb systcms, bdtjkbdi dbfCurkpcdb cfuadtjkb pkijajcs dbf jbvcstmcbts must cbsurc njgn stdbfdrfs jbodsja cfuadtjkb ekr dii. Vnc cx pdbsjkb ke tnc dfvdbacf prkecssjkbdi cfuadtjkb

dbf njgncr cfuadtjkb jb ubjvcrsjtjcs, pdrtjauidriy jb sajcbac, cbgjbccrjbgdbf tcanbkikgjcs, ds wcii ds ke tnc stdtc cfuadtjkb dbf vkadtjkbdi trdjbjbgscatkrs, pidys d aruajdi rkic ekr skajdi dbf cakbkmja fcvcikpmcbt ke Curkpc.

Vnc prcscbt rcijdbac kb jbjtjdi cfuadtjkb dbf tnc kaadsjkbdi dbf df-nka upgrdfjbg ke sljiis js jbdfcqudtc dbf kutfdtcf. Je wc drc tk mccttnc andiicbgcs ke tnc ?4st acbtury akmpctcbac fcvcikpmcbt nds tk tdlctnc pidac ke sljiis fcvcikpmcbt. Vrdfjtjkbdi trdjbjbg prkgrdmmcs jb kurjbfustrjcs dbf akmpdbjcs ndvc jmprkvcf tnc akbfjtjkbs ekr hko scaurjty ekr

wkrlcrs wnk cbgdgcf jb tncm. Je trdfjtjkbdiiy rc-trdjbjbg mkstiy ekauscskb tnc daqujsjtjkb ke bcw wkrlpidac-rcidtcf rcqujrcmcbts rdtncr tndb tncfcvcikpmcbt ke akmprcncbsjvc akmpctcbac, jt fkcs bkt bcacssdrjiy icdftk db jbarcdsc jb cmpikydojijty ke wkrlcrs. Je tnc hko tncy drc trdjbcf ekrfjsdppcdrs (bkt mcrciy andbgcs), tnc prcscbt dpprkdan tk trdjbjbg, wnjanekauscs kbiy kb tnc rcqujrcmcbts ke tnc cxjstjbg wkrlpidac dbf rcidtcfdfhustmcbts ke sljiis fkcs bkt prkvjfc wkrlcrs wjtn tnc kaaupdtjkbdi sljiis


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dbf akmpctcbac bccfcf tk fflbf cmpikymcbt ke d fjeecrcbt ljbf qujaliy. Vncsjzc ke tnc andbgcs ubfcrwdy jb kur jbfustrjcs ds d rcsuit ke tnc cakbkmja,aijmdtc/cbcrgy dbf fcmkgrdpnja arjscs fcmdbfs d bcw dpprkdan tk trdjbjbgdbf cfuadtjkb tnrkugn rcarujtmcbt, rctcbtjkb dbf wkrlekrac fcvcikpmcbtpkijajcs. Vncsc drc ocst fcijvcrcf dt scatkrdi icvci tk cbsurc tndt wkrlcrs

tnrkugnkut tnc vdiuc andjb drc doic tk tdlc dfvdbtdgc rcgdrficss ke akmpdbysjzc kr cmpikymcbt akbtrdat. Pdrtjauidr adrc snkuif oc tdlcb tk cbsurc tndtdii wkrlcrs, jbaiufjbg kifcr, ykubgcr dbf mjgrdbt wkrlcrs, ndvc daacss tkqudijeyjbg trdjbjbg kppkrtubjtjcs.

Erkm tnc Curkpcdb Akmmjssjkb, Curkpcdb Akubaji, Curkpcdb Pdrijdmcbtdbf bdtjkbdi gkvcrbmcbts tnc CME fcmdbfs8

Mkrc trdbspdrcbay dbf pcrmcdojijty octwccb dbf wjtnjb bdtjkbdicfuadtjkb systcms

Cqudi daacss tk qudijfflcf trdjbjbg mcdsurcs dbf eurtncr cfuadtjkb,jmprkvcmcbt ke tnc akbfjtjkb ekr qudijfflcf cmpikydojijty cspcajdiiyke ikw-sljiicf wkrlcrs, mjgrdbts dbf skajdiiy fjsdfvdbtdgcf wkrlcrs

Cstdoijsnjbg d fcmkardtja prkacfurc, wjtn euii skajdi pdrtbcrjbvkivcmcbt, tk\fcvcikp dbf jmpicmcbt tnc Curkpcdb TudijffladtjkbsErdmcwkrl (CTE). Bdtjkbdi Tudijffladtjkbs Erdmcwkrls (BT_) ijblcftk tnc CTE must oc trdbspdrcbt. Jbekrmdi akmpctcbacs, suan dsskajdi dbf pcrskbdi akmpctcbacs, must oc rcakgbjscf wjtnjb tncCTE

Icgjsidtjkb gudrdbtccjbg tnc rjgnt tk pdrtjajpdtjkb jb vkadtjkbdicfuadtjkb dbf trdjbjbg ercc ke andrgc ekr tnc ubcmpikycf dbf ekrdii wkrlcrs furjbg bkrmdi wkrljbg tjmc

Erkm cmpikycrs dt dii icvcis, tnc CME fcmdbfs8

Mdjbtcbdbac dbf upgrdfjbg ke tnc sljiis dbf lbkwicfgc ke tnccbtjrc wkrlekrac, jbaiufjbg rcpidajbg rctjrjbg wkrlcrs wjtn bcwstdee dbf mdjbtdjbjbg dpprcbtjacsnjps

Jbaiusjkb ke jbfjvjfudi rjgnts tk vkadt jkbdi trdjbjbg jb dii akiicatjvcdgrccmcbts dbf jmprkvcmcbt ke cxjstjbg prkvjsjkbs

Jbarcdsc ke ncditny hkos dbf trdjbjbg wnjan diikw eurtncrqudijffladtjkb

Curkpc bccfs strkbg mctdi ubjkbstk tdlc kur jbfustrjcs tkwdrfs d sustdjbdoic euturc!


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Okuicvdrf fu _kj Diocrt JJ, 3 (otc 40)

O -4?40 Orusscis

Pnkbc8 +1? (0)?.??7.40.40www.cme-ecm.krg

F j A tj Pn t n D f Mj n ij ^ j F t jt f CME

A SUSTAINABLE FUTURE FOR METAL INDUSTRIES

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