
2SHUDWLQJ LQVWUXFWLRQV
6-
9
&*&
>@
0HDVXUHPHQW PRGH IRU GLUHFWLRQDO GHWHUPLQDWLRQ
&26 3+,
WKH RKPLF FXUUHQW FRPSRQHQW LV GHFLVLYH IRU
GLUHFWLRQDO GHWHUPLQDWLRQ IRU XVH LQ FRPSHQ
VDWHG DQG HDUWKHG V\VWHPV
6,1 3+,
WKH FDSDFLWLYH FXUUHQW FRPSRQHQW LV GHFLVLYH
IRU GLUHFWLRQDO GHWHUPLQDWLRQ IRU XVH LQ V\V
WHPV ZLWKLVRODWHG QHXWUDO
' , 5 0 2 '
& 2 6
3 + ,
6 , 1
3 + ,
>@
&RUUHFWLRQ DQJOH IRU GLUHFWLRQDO GHWHUPLQDWLRQ EDVHG RQ
WKH PHDVXUHPHQW GLUHFWLRQ ZLWK FRV
RU VLQ
VHWWLQJ
6HWWLQJ UDQJH
GHJ WR
GHJ
3 + , & 2 5
G H J
7KH FXUUHQW YDOXH ,((',5 UHSUHVHQWV WKH UHOHDVH
WKUHVKROG IRU GLUHFWLRQDO GHWHUPLQDWLRQ ,Q WKLV FDVH
LW LV WKH FXUUHQW FRPSRQHQW ZKLFK LV UHFWDQJXODU WR
WKH GLUHFWLRQDO FKDUDFWHULVWLF DV GHWHUPLQHG EHIRUH
$GGLWLRQDOO\ \RX FDQ VHW D VWDELOL]DWLRQ WLPH 7'LU6W
IRU GLUHFWLRQ GLVFULPLQDWLRQ LH D GLUHFWLRQ GHWHU
PLQHG RQFH LV PDLQWDLQHG DW OHDVW IRU WKLV WLPH 7KLV
SUHYHQWV IURP LQWHUPLWWHQW GLUHFWLRQ LQGLFDWLRQV LQ
ERUGHU FDVHV
)RU GHWHUPLQDWLRQ RI WKH GLUHFWLRQ RI WKH HDUWK IDXOW LQ
JHQHUDO WKH WKUHVKROG FXUUHQW DGGUHVV
VKRXOG EH VXFK WKDW IDXOW\ RSHUDWLRQ GXH WR DV\P
PHWULFDO FXUUHQWV LQ WKH QHWZRUN DQG WKURXJK WKH FXU
UHQW WUDQVIRUPHUV SDUWLFXODUO\ LQ +ROPJUHHQ FRQ
QHFWLRQ LV DYRLGHG
*HQHUDOO\
WKH IROORZLQJ DSSOLHV ,I GLUHFWLRQDO GHWHU
PLQDWLRQ LV XVHG LQ FRQMXQFWLRQ ZLWKRQH RI WKH VHQVL
WLYH HDUWKFXUUHQW VWDJHV DV GHVFULEHG DERYH
,((!! RU ,((! RU ,((S WKHQ RQO\ D YDOXH VPDOOHU
WKDQ RU HTXDO WR WKH SLFNXS YDOXH RI RQH RI WKH DERYH
VWDJHV LV PHDQLQJIXO IRU ,((',5
,Q
FRPSHQVDWHG
QHWZRUNV GLUHFWLRQDO GHWHUPLQD
WLRQ LV PRUH GLIILFXOW VLQFH D PXFKODUJHU UHDFWLYH FXU
UHQW RI FDSDFLWLYH RU LQGXFWLYH QDWXUH LV VXSHULP
SRVHG RQ WKH FULWLFDO ZDWWPHWULF FXUUHQW 7KH WRWDO
HDUWK FXUUHQW DYDLODEOH WR WKH UHOD\ FDQ WKHUHIRUH GH
SHQGHQW XSRQ WKH QHWZRUN FRQILJXUDWLRQ DQG ORFD
WLRQ RI WKH FRPSHQVDWLRQ FRLO DVVXPH YHU\ GLIIHUHQW
YDOXHV LQ PDJQLWXGH DQG SKDVH DQJOH 7KH UHOD\
KRZHYHU PXVW HYDOXDWH RQO\ WKH DFWLYH FRPSRQHQW
RI WKH HDUWK IDXOW FXUUHQW WKDW LV ,
(
i FRV
7KLV GH
PDQGV H[WUHPHO\ KLJKDFFXUDF\ SDUWLFXODUO\ ZLWKUH
JDUG WR SKDVH DQJOH DFFXUDF\ RI DOO WKH LQVWUXPHQW
WUDQVIRUPHUV $OVR WKH UHOD\ VKRXOG QRW EH VHW XQ
QHFHVVDULO\ VHQVLWLYH :KHQ XVHG LQ FRPSHQVDWHG
QHWZRUNV WKHUHIRUH UHOLDEOH GLUHFWLRQDO GHWHUPLQD
WLRQ LV RQO\ H[SHFWHG ZKHQ FRUH EDODQFH RU ZLQGRZ
W\SH VXPPDWLRQ WUDQVIRUPHUV DUH XVHG 8VH KDOI WKH
YDOXH RI WKH H[SHFWHG PHDVXUHG FXUUHQW ZKHUHE\
RQO\ WKH UHVLGXDO ZDWWPHWULF FXUUHQW LV DSSOLFDEOH
7KLV UHVLGXDO ZDWWPHWULF FXUUHQW LV SURGXFHG PDLQO\
E\ WKH ORVVHV LQ WKH 3HWHUVHQ FRLO
,Q
HDUWKHG
QHWZRUNV WKH WKUHVKROG ,((',5 LV VHW
VOLJKWO\ EHORZ WKH PLQLPXP H[SHFWHG HDUWK IDXOW FXU
UHQW 1RWH WKDW RQO\ WKH FXUUHQW FRPSRQHQW UHFWDQ
JXODU WR WKH GLUHFWLRQDO FKDUDFWHULVWLF LV GHFLVLYH IRU
SLFNXS RI WK H ,((',5 VWDJH
,Q
LVRODWHG
QHWZRUNV DQ HDUWKIDXOW LQ D FDEOH ZLOO DO
ORZ WKH WRWDO FDSDFLWLYH HDUWK IDXOW FXUUHQWV RI WKH HQ
WLUH HOHFWULFDOO\ FRQQHFWHG QHWZRUN ZLWKWKH H[FHS
WLRQ RI WKH IDXOWHG FDEOH LWVHOI WR IORZ WKURXJK WKH
PHDVXULQJ SRLQW ,W LV QRUPDO WR XVH KDOI WKH YDOXH RI
WKLV HDUWK IDXOW FXUUHQW DV WKH WKUHVKROG YDOXH
2Q
HOHFWULFDO PDFKLQHV
LQ EXVEDU FRQQHFWLRQ RQO\
WKH HDUWK FXUUHQW SURGXFHG E\ WKH ORDG UHVLVWRU LV
WDNHQ LQ RUGHU WR NHHS PHDVXUHPHQW LQGHSHQGHQW RI
WKH VZLWFKLQJ FRQGLWLRQV RI WKH V\VWHP