sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi
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foreqsolis momsaxurebis miRebis ufleba aqvT kompaniebis<br />
departamentebs, korporaciebis finansur menejerebs, centralur<br />
bankebsa da sxva institucionalur momxmareblebs. am<br />
birJaze monawileebisaTvis aucilebelia birJis wevrebTan anu<br />
mis market-meikerebTan SeTanxmebis iuridiulad gaformeba.<br />
birJaze mudmivad monawileobs 50-mde market-meikeri da msoflios<br />
umsxvilesi bankebis (Bank of Tokyo-Mitsubishi, Dresden Kleinwort<br />
Benson, Royal Bank of Canada, Royal Bank of Scotland) warmomadgenlebi.<br />
foreqsoli Tavis momxmareblebs eleqtronuli momsaxurebis<br />
sistemiT (STR) uzrunvelyofs. birJaze SesaZlebelia ucxouri<br />
valutiT spot-garigebis, forvard-garigebis, garigeba<br />
`svopisa~ da sxvaTa gaformeba. sxva eleqtronuli birJebis<br />
msgavsad, ganacxadebis raodenoba SeuzRudavia. 1<br />
XX s-is bolo aTwleulSi msoflio <strong>sabirJo</strong> saqmianobaSi<br />
mniSvnelovani gardaqmnebi moxda. kerZod, safondo birJebis<br />
universalizacia ganxorcielda.<br />
adre <strong>sabirJo</strong> vaWroba Senobis konkretuli darbaziT Sez-<br />
Ruduli iyo, romelic yvela SesaZlo msurvels ver itevda.<br />
kavSirgabmulobis Tanamedrove saSualebebis (mag., internetis)<br />
uqonloba, fizikuri yofnis gareSe, birJaze monawileobas SeuZlebels<br />
xdida. amitom brokeri, romelic parizSi imyofeboda,<br />
niu-iorkis birJaze ver vaWrobda da, piriqiT. yovelive ki,<br />
birJis monawileTa raodenobas mkacrad zRudavda, xolo am<br />
uflebis miReba garkveuli privilegia iyo. rogorc wesi, bir-<br />
Jebi monawileTa mizidvaSi erTmaneTs konkurencias ver uwevdnen<br />
da sxv.<br />
urTierTobis Tanamedrove maRalteqnologiebma arsebiTad<br />
Secvala <strong>sabirJo</strong> saqmianoba da amgvari vaWroba eleqtronul<br />
formaze gadaiyvana, roca ukve mniSvneloba ara aqvs, Tu sad<br />
imyofeba garigebis uSualo monawile _ birJis savaWro darbazSi,<br />
Tu mis gareT. gaCnda axali eleqtronuli teqnologia<br />
_ <strong>sabirJo</strong> vaWrobaze distanciuri (daSorebuli) daSveba, ramac<br />
birJebis saqmianobaSi damatebiTi momxmareblebis mizidvis<br />
didi SesaZleblobebi Seqmna. dRes ukve araviTar teqnikur<br />
sirTules ar warmoadgens is, rom myidveli erT qveyanaSi imyofebodes<br />
da meore qveyanaSi vaWrobdes. SesaZloa arsebobdes<br />
garkveuli iuridiuli winaaRmdegobebi, magram savaluto ur-<br />
TierTobebis liberalizaciam da qveynebis kanonmdeblobaTa<br />
1 Рот А., Бернард Р. и др. Основы государственного регулирования<br />
финансового рынка. М., 2002, С. 442-443.<br />
115
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