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Seiqmna, romlebic oficialur bazarze daSvebis pirobebs ver<br />

akmayofileben. am bazarze mxolod sakaso garigebebi ideba.<br />

is fasiani qaRaldebi, romlebic ar daiSvebian oficialur<br />

da meorad bazarze, ara<strong>sabirJo</strong> Tavisufali bazris vaWrobis<br />

obieqtia. aqac sakaso garigebebi ideba.<br />

<strong>sabirJo</strong> vaWroba orSabaTidan paraskevis CaTvliT 11 30 sTdan<br />

14 30 sT-mde tardeba. muSaobis pirveli ori saaTis ganmavlobaSi<br />

mimoqcevis obieqtia sajaro da kerZo obligaciebi,<br />

xolo Semdeg _ franguli da ucxouri aqciebi.<br />

mainis frankfurtis safondo birJa<br />

(FSE _ Frankfurt Stock Exchange)<br />

aSS-isa da didi britaneTisagan gansxvavebiT, germaniaSi<br />

centraluri da adgilobrivi birJebis mkafiod dayofa ar<br />

arsebobs. miuxedavad amisa, mainis frankfurtis safondo<br />

birJa, araoficialurad, germaniis safinanso centrad iTvleba.<br />

germaniaSi rva safondo birJa arsebobs, vaWrobis saerTo<br />

moculobis 2/3 ki mainis frankfurtSia Tavmoyrili. mag., bolo<br />

periodSi am birJaze aqciebis brunvaSi sabazro kapitalizaciis<br />

donem orjer gauswro tokiosa da niu-iorkis safondo birJebis<br />

dones 1 da sxv.<br />

arsebobs azri, rom am SemTxvevaSi geografiuli mdebareoba<br />

gadamwyvet rols asrulebs da amitom evropis safinanso<br />

centri, TandaTanobiT, londonidan mainis frankfurtSi<br />

gadainacvlebs.<br />

aseTi Sexedulebis mTavari mizezia is, rom gaerTianebuli<br />

(ekonomikurad integrirebuli) evropa, savaraudod, sabanko-safinanso<br />

centrs evropis kontinentze gadmoitans. aRniSnuls<br />

isic ganapirobebs, rom germaniis ekonomika yvelaze Zlieria<br />

evropaSi da evrokavSiris centraluri bankic swored mainis<br />

frankfurtSi mdebareobs.<br />

tradiciulad, safondo bazari germaniaSi decentralizebulia<br />

da birJebis saqmianoba miwebis (mxareebis) specialuri<br />

organoebiT regulirdeba. miuxedavad amisa, savaluto birJebis<br />

sistemas samTavrobo organoebic mkacrad akontroleben. ker-<br />

Zod, mainis frankfurtis birJis sakurso anu ufros maklers<br />

Tanamdebobaze hesenis (germaniis mxare, miwa) mTavroba niSnavs.<br />

federaluri mTavroba, `birJebis Sesaxeb~ kanonis Tanaxmad<br />

(Tavi 34, §1), eqstremalur situaciaSi (mag., mZime krizisuli vi-<br />

1 Тьюлз Р. и др. Фондовый рынок. М., 1997, C. 270.<br />

160

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