aileron market balance: issue 31

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  • 7/30/2019 Aileron Market Balance: Issue 31

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    Muie 3( 4204

    @ohetai K`tle~ D`h`ice

    Ossue 30

    Woso~ Us= IaIaiseise^t`noij)cak

    Ek`oh= `ohetaik`tle~d`h`iceBjk`oh)cak

    E`cf iezshe~~et ai Suin`y ~f ~ zohh cai~`oi ky~faujf~s gat ~fe zeel `fe`n zohh f`we `i `unoa gohe~f`~ `ccakr`ioes o~) ^fe `unoa gohe ~f`~ os `ssaco ~enzo~f ~fos RNG zohh cai~`oi ky ne~ ohen ~faujf~s

    kawoij gatz`tn oi~a ~fe iev~ zeel) ^fos RNG gohe oske`i~ ~a setwe `s ` taujf( jeiet`h au~hoie ~a ~fe `unoagohe ~f`~ k`iy sudsctodets `te goinoij kate`nw`i~`jeaus)

    Oiwes~oij Au~haal=

    Ia~e= @s ` tekoinet) ~fe sf`te rutcf`ses ag ~fe Nowonein

    Oiwes~oij *Sos~et* zohh de ev~tekehy sk`hh) O~ os ky oi~ei~ ~anekais~t`~e faz ~a jtaz ~fe so}e ag ~fese raso~oais gtak 4 sf`tes(~a 322 sf`tes usoij ~fe ~ftee sos~ets rat~gahoa k`i`jekei~

    s~yhe) ^fe Nowonein Oiwes~oij *Sos~et* @ccaui~ zohh `hsa

    okrhekei~ ~fe Retk`iei~ Rat~gahoa Ke~fan dejoiioij oi 4204zo~f .0(042)22 ag ~fe c`sf nenoc`~en ~az`tns o~)

    Ia gut~fet nowonein rutcf`ses `te rh`iien oi ~feurcakoij zeel) ^fe NTOR os agg ai `hh s~acls)Nowoneins teceowen zohh de oi ~fe gatk ag s~t`ojf~ c`sf

    ^fe retk`iei~ rat~gahoa sec~oai ag ~fos `ccaui~ f`sdeei duoh~( `in iaz zohh de k`i`jen ai ` haijet ~etkd`sos)

    ^t`noij Au~haal=

    Ia~e= Dy z`y ag tekoinet( soice ~fe Kaneh Rat~gahoa f`s aihy.02(077)03 oi ~fe Cakkano~y Gu~utes `in S~acl ^t`noij rat~oaiag ~fe rat~gahoa( ~fete zohh aihy de *dtoeg n`y ~t`nes* `~ ~fos s~`jeag ~fe j`ke gat Cakkano~y Gu~utes ~t`noij oi atnet ~a esc`re ~fetosl ag awet+hewet`jen j`r areis oi ~fe cakkano~y gu~utesk`tle~s) ^fos os `i `~~ekr~ ~a nekais~t ~e faz `ccaui~ so}e

    teh`~es ~a ~t`noij s~yhe) @s O kei~oai oiky ke~fanahajy setoes0 (

    `s ~fe cakkano~y *~t noij sos~et* `rrta cfes .32(222 O zohhjt`nu`~e ~fe `ccaui~ oi~a *szoij+~t`noij* `in nekais~t`~e faz Ozauhn ja `dau~ naoij ~fos) S~acl ~t`nes k`y h`s~ kate ~f`i aien`y) ^fe Gatev `ccaui~ f`s .75)52 `in os caisoneten ` kocta+gatev`ccaui~ gat ~fe rutrases ag ~fe kaneh rat~gahoa)

    S~acl( E^G `in Gatev ^t`nes Cakkano~y

    ^t`nes

    O~ os ~oke ~a z`o~)

    O f`we ag~ei s~`~en ~f`~ tosl cai~tah os mad iukdet aie)Og yau cai~tah yaut tosl( yau c`i sutwowe)

    @s O raoi~en au~ oi ~fe `unoa gohe ~f`~ `ccakr`ioes ~fosRNG gohe( O zohh de ~t`wehoij) @in O f`we duoh~ ~ferat~gahoa `~ ~fos raoi~ oi ` wety srecogoc k`iiet) Oi `k`iiet caisos~ei~ zo~f *tuhe iukdet aie*) Cai~tahhoijky tosl)

    ^fetegate( O `k rter`ten ~a z`o~( `in z`~cf) ^ferat~gahoa f`s deei duoh~( ~a z`o~ `in z`~cf) Dec`use o~f`s deei cais~tuc~en ~a ~`le ~fese sat~ ag fo~s( `induoh~ ~a sutwowe( cai~tahhoij ky tosl)

    ^fete `te ia ~t`nes au~hoien gat Kain`y katioij)O*we `hte`ny ru~ ~fe rat~gahoa zfete O dehoewe o~ ieens~a de)

    O~*s ~oke ~a z`~cf ~fe Nahh`t( z`~cf ~fe EUT!USN(z`~cf ~fe Cteno~ K`tle~s &U)S) Dains( ia~`dhy ~fe 02ye`t/( `in z`~cf Ctune Aoh)

    O~ seeks ze f`we `ia~fet keh~nazi ai aut f`ins)Eutare os he`noij ~fe z`y ~fos ~oke)

    0 Ev`c~ Hoil +f~~r=!!iaiaiseise~t`noij)cak!ke~fanahajy)f~kh

    0

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  • 7/30/2019 Aileron Market Balance: Issue 31

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    Sukk`ty ag ~fe @)K)D) Kaneh

    Rat~gahoa

    Ia~e=Oi ~fe dejoiioij ag ~fos fyra~fe~oc`h rat~gahoa( ~fe sf`terutcf`ses ag ~fe Nowonein Oiwes~oij *Sos~et* zohh de ev~tekehy

    sk`hh) O~ os ky oi~ei~ ~a nekais~t`~e faz ~a jtaz ~fe so}e ag ~feseraso~oais gtak 4 sf`tes( ~a 322 sf`tes usoij ~fe ~ftee sos~ets

    rat~gahoa k`i`jekei~ s~yhe) O~ os `hsa uinets~aan ~f`~ te`nets ag~fos iezshe~~et f`we ` gotk uinets~`inoij ag ky *~ftee sos~ets*

    rat~gahoa k`i`jekei~ sys~ek &See ~fe Sreco`h Tegeteice ossue ag@ohetai K`tle~ D`h`ice4gat `i evrh`i`~oai ag ~fos sys~ek/)

    _au*hh ia~e ~f`~ O f`n ~a cf`ije ~fe areioij d`h`ice ag~fe retk`iei~ rat~gahoa) ^fos os dec`use O tesetwen.462)22 gat ~fe JHN rutcf`se) Du~ ~fei zfei zerutcf`sen JHN h`s~ zeel( ze f`n ~a duy ~za sf`tes `~.057)04( `in ~fetegate( ~fe areioij d`h`ice teghec~s~f`~ rtoce `nmus~kei~)

    S'R 522 _e`t ~a N`~e= ,0)54> %

    @KD a~`h Rat~gahoa Te~uti _e`t ~a N`~e= , 4)74> %

    Oiwes~oij @ccaui~ D`h`ice= .>(20>)>4

    Te~uti ! _oehn ur 0)2>7 % _e`t ~a n`~e

    >)273526 sf`tes agRER&NTOR ai _oehn os3)06 % /> sf`tes `~ .73)30 ai 00!05!4200 z! .5)20 Cakkossoais2)234473 sf`tes NTOR `~ .77)?5 ai 0!3!42042)2340>5 sf`tes NTOR `~ .77)45 ai 3!32!4204

    Iev~ Nowonein= 7!4?!4204 R`y N`~e

    >)27:7 sf`tes agRJ&NTOR ai _oehn os 3)75% /> sf`tes `~ .70)?> ai 00!46!4200 z! .5)20 Cakkossoais2)343?4 sf`tes NTOR `~ .7>)63 ai 4!05!42042)35426 sf`tes NTOR `~ .7>)0? ai 5!05!4204

    Iev~ Nowonein= Ia~ ye~ iiauicen

    >)235 sf`tes agMIM&NTOR ai _oehn os 3)?5%/> sf`tes `~ .74)30 ai 00!46!4200 z! .5)20 Cakkossoais2)235 sf`tes ~ .75)0> ai 3!03!4204

    Iev~ Nowonein= 7!04!4204 R`y N`~e

    6)260325 sf`tes agZK&NTOR ai _oehn os>)>4 %/6 sf`tes `~ .34)3? ai 04!44!4200 z! .5)20 Cakkossoais

    2)260325 sf`tes NTOR `~ .3>)?3 ai 3!43!4204Iev~ Nowonein= 7!44!4204

    Retk`iei~ Rat~gahoa.0(042)22 ag c`sf O tesetwen gat Retk`iei~

    Rat~gahoa Rutcf`ses

    4 Ev`c~ Hoil +f~~r=!!zzz)sctodn)cak!nac!:34367>5!@ohetai+K`tle~+D`h`ice+Sreco`h+Tegeteice+Ossue+Rat~gahoa+K`i`jekei~

    Te~uti gtak .0264):4 ; ,2)40 %+ .4 sf`tes B 057)04 ag JHN & .304)4> /

    & Cuttei~hy .305)22/

    & 4?)2? % ag R)R /

    + 4 sf`tes B 03?)56 ag SR_ & .4:?)07 /

    & Cuttei~hy .457)34 /& 43)7: % ag R)R /

    + 4 sf`tes B 006)0: ag ^H^ & .437)3>/

    & Cuttei~hy .470)4? /

    & 4>)26 % ag R)R /

    + 3 sf`tes B 6>)>5 ag SF_ & .453)35/

    &Cuttei~hy .453)>7 /

    & 43)>2 % ag R)R /

    Urai ~fe iev~ te+d`h`ice SF_zohh ois~e`n zatl `s rute c`sf

    Tek`oioij C`sf= .0(6?5)0> & >:)40 % /Retcei~`jes ag ~f`~ C`sf+.0(5:5)0> ag ~fos K`ieuwetoij C`ro~`h O tesetwe gat Fenjoij`in Iez Rutcf`ses & 63)00 % /

    +.62)22 ag ~fos K`ieuwetoij C`ro~`h O tesetwe ~a Nahh`t Cas~@wet`je RER gut~fet oi ~fe gu~ute & >)44 % /

    NC@ Rtoce ai RER + .72)22+.62)22 ag ~fos c`sf O tesetwe ~a Nahh`t Cas~ @wet`je RJ gut~fetoi ~fe gu~ute & >)44 % /

    NC@ Rtoce ai RJ+ .56)22+.62)22 ag ~fos c`sf O tesetwe ~a Nahh`t Cas~ @wet`je MIM gut~fetoi ~fe gu~ute & >)44 % /

    NC@ Rtoce ai MIM + .5?)22+.62)22 ag ~fos c`sf O tesetwe ~a Nahh`t Cas~ @wet`je ZKgut~fet oi ~fe gu~ute & >)44 % /

    NC@ Rtoce ai ZK + .46)22

    .476)3> & 7)77 % ag ~fos `ccaui~ / `w`oh`dhe

    gtak Shusf Guin

    Nowonein Oiwes~oij Sos~et_e`t ~a N`~e

    4

    http://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Managementhttp://www.scribd.com/doc/73238645/Aileron-Market-Balance-Special-Reference-Issue-Portfolio-Management
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    S~acl ! Gu~utes ! Gatev t`noij D`h`ice= .02(077)03

    & Te~uti ! _oehn ur , >)535 % _e`t ~a N`~e /

    Cakkano~y Gu~utes `in S~acl D`h`ice= .02(022)73

    Te~uti ! _oehn ur , >)5?5 % _e`t ~a N`~e Iev~ Te+Nos~todu~oai Ja`h= .02(:22)22

    Atojoi`h 3% tosl ~ahet`ice jowes us`rrtavok`~ehy .464)5> gat ky nt`znazi

    ~ahet`ice)

    .476)3> w`oh`dhe gtak Shusf Guin

    Gu~utes *Sos~et* @ccaui~

    _e`t ~a N`~e

    Ky cuttei~ kaiey k`i`jekei~ s~`~s `g~et ~fase ~t`nesh`s~ zeel

    Kocta+Gatev D`h`ice= .75)52

    Te~uti ! _oehn +>)220 % _e`t ~a N`~e

    Rf`se 4 Te~uti= 2)06 %

    Rf`se 3 Te~uti= +2)30> %

    .476)3> `w`oh`dhe gtak Shusf Guin

    Gatev *Sos~et* @ccaui~_e`t ~a N`~e

    @in zo~f ~fe tedaa~ rtacess iaz uinetz`y( fete `te~fe kaiey k`i`jekei~ s~`~os~ocs gat ~fe h`s~ > ~t`nes

    3

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    Muie 3( 4204

    S`woijs Sone+Racle~ @ccaui~ D`h`ice= .0(:?6)5:

    C`ro~`h os +00)33 % _e`t ~a N`~e) _oehnTe~uti ai C`ro~`h os 2)55?0 %

    .4:2)3> gat ` Shusf guin ! Nt`znazi Lohh

    Szo~cf guin &.43>)62 azen ~a ~fos Guin/ .0(202)4? gat ` D`se S`woijs

    Retcei~`jes ag ~f`~ C`sf=

    .60>)4? ag ~fos c`sf tesetwen gat Haij ^etkW`to`dhe C`ro~`h RR + & 62)72 % /

    .042)22 ag ~fos c`sf tesetwen gat CN H`nnetcte`~oai & 00)66 % /+ Aie .02)22 Aie _e`t CN rutcf`sen ai 00!40!4200`~ 2)72%+ Aie .02)22 Aie _e`t CN Rutcf`se ai 04!40!4200`~ 2)52%+ Aie .02)22 Aie _e`t CN Rutcf`se ai 0!40!4204`~ 2)52%+ Aie .02)22 Aie _e`t CN Rutcf`se ai 4!40!4204`~ 2)52%+ Aie .02)22 Aie _e`t CN Rutcf`se ai 3!40!4204

    `~ 2)52%+ Aie .02)22 Aie _e`t CN Rutcf`se ai >!40!4204`~ 2)52%+ Aie .02)22 Aie _e`t CN Rutcf`se ai 5!40!4204`~ 2)52%

    .42)22 ag ~fos c`sf tesetwen gat ~fe gots~ sone+racle~rutcf se & 0)?6 % /

    .42)22 ag ~fos c`sf O tesetwe gat ~fe secain sone+racle~ rutcf`se & 0)?6 % /

    .37)22 ag ~fos c`sf O tesetwe gat ~fe fenjoij `ccaui~& 3)573 % /

    .525)0> gat Eketjeicy S`woijs

    Je~~oij R`on Guin= .04)62

    ^a~`h Rat~gahoa D`h`ice= .05(?:?)04 + a~`h @KD

    Oicer~oai ~a N`~e Te~uti= , 7)54: % Te~uti ! _oehnur , 4)74> %ye`t ~a n`~e/

    S'R 522 _e`t ~a N`~e= ,0)54> %

    Og yau f`we `iy pues~oais tej`tnoij ky retsai`h au~haal( at `iy a~fet cakkei~s( rhe`se geeh gtee ~a cai~`c~ ke`~n`i)sfyBjk`oh)cakat`ohetaik`tle~d`h`iceBjk`oh)cak) O zohh s`y ~f ~ og yau f`we pues~oais `dau~ yautazi ~t`noij `in yau z`i~ ~a `sl gat ky oiru~1 Rhe`se oichune yaut kas~ tecei~ kaiey k`i`jekei~retgatk`ice s~`~os~ocs oi `iy ek`oh cattesraineice)

    Ui~oh iev~ ~oke( s~`y s`ge ~t`ne zehh( `in tekekdet ~f`~ hawoij a~fet rearhe naesi*~ cas~ ` noke)

    Ia~e= O( ~fe `u~fat na ia~ jt`i~ ~fos zatl gat zone nos~todu~oai deyain `iy soijhe oinowonu`h sudsctodet `s ~fos rudhoc`~oai os rta~ec~en dyU)S) @in Oi~eti`~oai`h Carytojf~ h`zs) @hh tojf~s tesetwen) Ia hoceise os jt`i~en ~a ~fe uset evcer~ gat ~fe uset*s retsai`h use) Ia r`t~ ag

    ~fos rudhoc`~oai at o~s cai~ei~s k`y de caroen( naziha`nen( s~aten oi ` te~toew`h sys~ek( gut~fet ~t`isko~~en at a~fetzose tertanucen( s~aten(nossekoi`~en( ~t`isgetten( at usen( oi `iy gatk at dy `iy ke`is evcer~ `s retko~~en uinet ~fe atojoi`h sudsctor~oai `jteekei~ at zo~f rtoat

    zto~~ei retkossoai) ^fe `dawe s~`~ekei~s sfauhn ia~ de cais~tuen `s `i oiwes~kei~ at ~t`noij tecakkein`~oai) @ohetai K`tle~ D`h`ice os `

    iezshe~~et ~f`~ `hhazs sudsctodets ~a haal *awet ky sfauhnet* `s o~ zete( gat ky azi retsai`h srecogoc ~t`noij `in oiwes~oij one`s `in

    ~faujf~s gat ~fe iev~ zeel) Du~ ~fey `te aihy ~faujf~s `s ag ~fe kakei~ ag rudhoc`~oai( `in `te sudmec~ ~a cf`ije) ^fete os ia ju`t`i~ee~f`~ O zohh ei~et( at f`we ei~eten `iy ag ~fe ~t`noij at oiwes~oij one`s ~f`~ O noscuss oi ~fos iezshe~~et< `s h`tjet `ccaui~s k`y tepuote `

    noggetei~ s~t`~ejy `s ~fe aies rtesei~en fete) @iy ~t`nes at oiwes~kei~s ~f`~ O noscuss zo~foi ~fos iezshe~~et `te sokrhy ky azi ~faujf~s

    tej`tnoij ky azi oiwes~oij `in ~t`noij au~haal) O noscuss zfocf ~t`nes O ~`le `in na ia~ ~`le ai ~fe Ia Iaiseise ^t`noij Gatuks( `s zehh

    `s ~fe Wei~toha Waoce Setwet) Tekekdet ~f`~ ei~etoij `iy k`tle~ os `i oinowonu`h necosoai) ^fos iezshe~~et sokrhy cai~`ois ky ~t`noij `inoiwes~oij ~faujf~s gat ~fe iev~ zeel) O retsai`hhy aihy ei~et `iy k`tle~ `g~et z`~cfoij `in te`noij ~fe ~`re `in O ~t`ne usoij kaiey

    k`i`jekei~ rtoicorhes3) ^fe hasses oi ~t`noij c`i de wety te`h( `in nereinoij ai ~fe oiwes~kei~ wefoche `in k`tle~( c`i evceenyaut

    3 Ev`c~ Hoil + f~~r=!!iaiaiseise~t`noij)cak!KaieyK`i`jekei~)f~kh

    >

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    Muie 3( 4204

    oio~o`h oiwes~kei~) O `k ia~ ` hoceisen ~t`noij at oiwes~kei~ `nwoset( at goi`ico`h rh`iiet) Du~ O na f`we 07 ye`ts ag evretoeice oi ~t`noij `in

    oiwes~oij oi ~fese k`tle~s) ^fe Kaneh Rat~gahoa `ccaui~s `te fyra~fe~oc`h `ccaui~s(zo~f `hh ag ~fe oifetei~ rtadheks ~feteoi( zfocf `te usenzo~foi ~fos iezshe~~et oi `i `~~ekr~ ~a ~t`cl ~fe tesuh~s ag ~fos iezshe~~et( `in os tui gat ~fe enuc`~oai ag a~fet ~t`nets zfa sfauhn k`le ~feot

    azi necosoais d`sen agg ~feot azi tese`tcf( nue nohojeice( `in ~ahet`ice gat tosl) @iy roc~utes usen zo~foi ~fos iezshe~~et `te dehoewen ~a de

    rudhoc nak`oi) @iy cf`t~s ~f`~ `te nosrh`yen usoij ~fe ^foilatSzok rh`~gatk( `in a~fet roc~utes zete ad~`oien ~ftaujf Zoloreno`*s rudhoc

    nak`oi rahocy)

    5