..

severalgroupnumber,thenwithb±a,=c,cisismethylbtwoverticalboxbetweenofaccuratesize.Per-2~3measurement,suchasproceedsofcvaluesareequalandequaltothedesignvalue,thentheverticalinstallationaccurate.Forexamplea,b,andcvalueswhileonhorizontalverticalerrorsformeasurement,Generalinironanglecodebitatmeasurementlevelpointsgriderrors,specificmethodisfrombaselinetomethylverticalboxcenterlinedistancefora,,tobverticalboxdistanceforb,listcanmeasured

.v.

severalgroupnumber,thenwithb±a,=c,cisismethylbtwoverticalboxbetweenofaccuratesize.Per-2~3measurement,suchasproceedsofcvaluesareequalandequaltothedesignvalue,thentheverticalinstallationaccurate.Forexamplea,b,andcvalueswhileonhorizontalverticalerrorsformeasurement,Generalinironanglecodebitatmeasurementlevelpointsgriderrors,specificmethodisfrombaselinetomethylverticalboxcenterlinedistancefora,,tobverticalboxdistanceforb,listcanmeasured

?÷??×ó2???1???×ê?e1üàí·???

×ê?e?ˉ?D1üàíê??óòμ?ˉí?×ê?e1üàíμ?ò?????òaì??÷￡?2???1???ê?êμ???óòμ?ˉí?×ê?e?ˉ?D1üàí×??a??òaμ???ì???ò??￡?ú?-??è??ò?ˉoíD??￠??ê????í·￠?1μ?oê1?±3?°??￡??ú?ˉí?μ?1??￡oíμ?óü???è??à′??′ó?￠×é?ˉ?á11oí?-óa(chǎn)áìóò??à′???′?ó?ˉoí?à?a?ˉμ?·￠?1D?ê???￡??T??ê?′ó?ˉí???ì?·￠?1μ????????è?????1ê?′ó?ˉí?2???1üàíμ???ì????ú????￡??T??ê?′ó?ˉí?ía2?μ?êêó|?üá|oí?o?ù?üá|?????1ê?′ó?ˉí??ú2?μ??????üá|oí1üàí?üá|????￡???ê±?????ˉí??ú2??÷3é?±?óòμμ?×ê?e×′??￡?2￠′ó?ˉí???ì?μ?à?ò?3?·￠?ú?ˉí?·??§?ú??×ê?e??DD?ˉ?Dμ÷?è?￠o?àí?????￠êμê±?à??oíóDD§1üàí￡???óD??????òaμ?òaò??￡μ±?°￡?′óDí??1ú?ˉí????á?è?ú??′úD??￠??ê?ê???￡?í¨1y×ê?e?ˉ?D1üàíμ?·?ê?￡???ê±?????ˉí??ú2?μ?×ê?eá÷?ˉoí2???×′??￡?2￠3?·?·￠?ó×ê?eμ???ì?ó?ê?￡?êμ???ˉí???ì×?-??à?ò?μ?×?′ó?ˉ?￡?÷??×ó2???1????a?÷??×ó?ˉí??°???ùóD3é?±?óòμìá1?רòμ?ˉ?￠è?·???μ??eèú×é?ˉ·t??oí?eèú2????§3?μè￡?óDD§μ?????á??óòμ?ˉí?μ??eèú·???￡?ìáéyá?×??￡1üàíμ?D§?ê￡?è?μ?á?????μ??-??D§ò??￡

?÷??×ó?ˉí?μ￥?àéèá￠2???1???μ??-òò?é?üóDò?????μ?￡o

ò?ê?3?óú????1üàíμ?Dèòa￡??D??2???2??o?e?????ˉí?μ??eèú????ó??t2????¨￡???2???1????ò?o?e?t2?μ??′DDó???ì???×÷￡?

?tê??àá￠éèá￠2???1???óDà?óú?eèúòμ??μ??μáD?ˉà???￡?2???±?óúêêó|μ±μ?μ?·¨?éoí?t2?òa?ó￡?áé???à±?￡?

èyê?±?óú????·???￡??eèú???ˉ±?éí??óDò??¨μ?רòμD??￠?′?óD?oí·???D?￡?×é?¨?àá￠μ?1??????ˉí??ú2?μ??eèúòμ????DD?-óa(chǎn)￡?óDà?óúרòμ?ˉí???￡?ò2±?óú????òμ??·???￡????eèú·???ó??ˉí??-óa(chǎn)·???·???1üàí?￡?D??2???2?oí2???1???ê??÷??×ó?ˉí?á?′ó2???1üàí2???￡??°?üé?óD??±e￡??°???÷òa?o?e?eèú????oí?t2????¨￡?oó???÷òa?o?e?t2?μ??′DDoí??ì???×÷￡?á?????ìy?üóú?ˉí?μ?CEO?￡

?÷??×ó2???1????ú1üàí?ˉí?×ê?eê±￡??÷òaí¨1y???a?°×ê?e1üàí2?à′×é?ˉè??ˉí?μ?×ê?e??×÷￡??àμ±óú?ˉí?μ??°?ú2?ò?DD?±?￡?ü2??????ú2?ìá1???è?í·′?1üàí?￠×ê?e?ˉ?D?￠?ú2??á???°??ía?§???￠·???1üàíó?ía????ò×μè1|?ü￡????òò22?ó?×ê±?êD3???ò×￡??ò?ˉí?oí3é?±?óòμìá1???2??§3??￡í?ê±￡??ü?1?òía2?￡¨μúèy·?￡?ìá1?×é?ˉ?￠??ê??à?μ?￠1??êμè·t???￡??2????ú2?·??a????òμ??°??é￡o???e1üàíó??§??òμ???￠·???1??êó?èú×êòμ???￠×ê±?êD3?òμ??￡?ò??°?o?eD??￠????μ?IT2????￡′?ía￡??÷??×ó?ˉí??a?ó??×ê?e1üàí￡?????3é?±?óòμ??DD×ê?e?ˉ?D1üàí￡?2￠?úè??ò?¨á￠á?60??×ê?e3?￡?ó?60?òò?DD??DDo?×÷￡??????°×ê?e3?D-òé?±￡??¨á￠á?óà?????§￡??è?ú×?2?í?μ???3é?±?óòμ×ê?e?§???á??μ?Dèòa￡?ó????ˉí?×????êóà???????ú??μí????￡?×?′ó?T?èμ?à?ó?×ê?e￡?±ü?a?D???￡

?÷??×óμ￥?àéèá￠2???1???2￠?3óè???àó|?°?üμ?×?·¨ó??ˉí?1???éè??2????DD???DD1üàíμ??÷òa??±e?úóú2???1???ê??àá￠·¨è?￡???2????DD?ê??ˉí??ú2?μ??°?ü?ú11￡?á???μ?·¨?éμ???oíè¨?T2?í?￡???ía3Dμ￡μ??eè¨2?ò??ù￡?1ü??μ?3é±?oí·???ò22?í??￡

′ó?÷??×ó2???1???×ê?e1üàí?D??μ?μ???ê?￡o(1)?óòμ?ˉí?òaêμê?×ê?e?ˉ?D1üàí￡?2???1???ê?×???1¤??￡?ê??¨ò???ì¨?￡×ê?e?ˉ?Dê???′ú?óòμ?ˉí?×???òaμ?????1üàíê????ú′ó?àêy?óòμ?ˉí??ú2??àò?DD?t?üá??ò??1??¨μ?·?ê?￡???3é?±?óòμ?éè?μ?í3ò??ˉ?Dμ?×ê?e1üàíì??μ?D?￡￡¨2￡???ò?2??÷è·2???1???μ??°?ü?¨??￡?ê?3?·?·￠?ó2???1????eèú·t????ì¨×÷ó?￡?ìá???ˉí?àí2??üá|μ?1??ü?￡3?·??÷è·2???1???μ??°?ü?¨??￡?í??ˉ2???1???í¨1yרòμ?ˉμ?·t??ó?1üàí￡?3?·?·￠?ó?°1üàí2????±oí?°?-óa(chǎn)êμì??±μ?????×÷ó?￡?ê??óòμ?ˉí?êμ??2????ˉ?D1üàí??±ê?￠ìáéy?o?ùá|μ?1??üòò????ò??￡￡¨3￡?íêé?μ?D??￠?μí3ê?êμ??×ê?e?ˉ?D1üàí?￠·???óDD§ê?±eó??????￠?μμí3é±?2￠ìá??D§?êμ??ù′?￡?Dèòa?óòμ?ˉí?ó?2???1??????è??êó?￡￡¨4￡?רòμ?ˉμ?·t??Dèòaרòμ?ˉμ?????è?2?￡??ú1ú?ú?eèúêD3?2???·￠?1oíéy??μ?ê±′ú￡?2???1???±?D????ììá??è?2?רòμ?ˉ3ì?è?￡òaìá??2???1???μ?רòμ?ˉ????oí×?o?·t???üá|￡?Dèòa2???1??????ììá??′óòμè??±???ê￡?í¨1y???óía2?????è?2?μ?òy??oí?ú2?o?êêè?2?μ??à??￡??ó?ìרòμ?ˉ?üá|μ???ì?ìá??￡?í?ê±òa?y??2?ó??eèúêD3?μ??÷??′′D????ˉ￡??ú????·???μ??°ìá???-Dò?￥??￡??§?°à?ó??÷???eèú1¤??￡?2￠2???′′?ì?eèú2ú?·￡?·t??óú?ˉí?Dè?ó?￡2??üòòò-·?ê3￡?òò?-ê??é￡??12?2??°?￡￡¨5￡??à1ü?t2?ó|3?·?????2???1???μ?ì?êaD?￡?′′?ìá?o?μ??eèú′′D?ó?·￠?1?·?3?￡

?÷??×ó2???1???μ?×ê?e1üàíì?μ?￡o

???§?ˉ?D?????÷??×ó?ˉí?òa?ó?ùóD3é?±?óòμ??±?D??úSFS?aá￠???§￡?2￠?ò???§?á11ó|í3ò??ˉ?￡í?ê±￡??÷??×ó?ˉí??11??¨￡?3é?±?óòμμ??ùóD??ò×ó|??×?′ó?é?üí¨1y?ú2????§??DD￡???ò×·￠éú?ú?°?????±1ú?ò￡??ò??±ò2??é×?óé?ò??μ?1ú?ò￡??ò1??¨ía1úè?2??êDí?úμ±μ??aéè±?±ò???§μ?1ú?ò3yía?￡?Yá??a￡??÷??×ó?ˉí?12óD??ê??óòμ1900?ò￡?ò?DD???§5900?à??￡????°ò??-óD1100?à?ò?óòμμ?3900?à?????§?óêüSFS?±?ó1üàí?￡′?ía￡??÷??×ó?ˉí?3é?±?óòμò?DD???§μ??a?§è¨?ˉ?D?úSFS￡????????ü?????ú?-SFSè??éμ?ò?DD?aá￠???§?￡

?á??oí?§???ˉ?D????òa?ó?úSFS?a?§μ?í?ê±￡??÷??×ó?ˉí??1òa?ó?ùóD3é?±?óòμ????μ??§??oí?á??±?D?í¨1ySFS￡?3é?±μ￥??????2?μ??±?ó?á??￡?SFS?ùóú3é?±μ￥??μ??§????á???DD?§???￡??óú?úía??1ü???ò???°ê??T??1ú?òμ?3é?±?óòμ????￡??-?òé??ˉí??áòa?ó?????ú?°±ü?°ììì??±μèμ???DD?é?°3???￡?êμ?úè?2?1yè￥ê±￡?2??êDí?óòμí¨1yμ±μ?ò?DD×?DD?§??￡?μ?ê?×ê?eè?±?D??úμ±μ??ˉ?D1üàí?￡????′?ía￡?SFS?1???ˉá???íaó|ê?????￡¨A/R￡?oíó|??????￡¨A/P￡?μ?1üàí￡???è?????2?í?μ?ê?/????·?ê?￡?2à??μ?óD?ù2?í?￡?μ?ê???±êò???￡??′×?′ó3ì?èμ?í¨1ySFSêμ????ò××??ˉ?ˉ′|àí￡??μμí??ò×3é±??￡

?o?e?¨á￠×ê?e3??????÷??×ó?ˉí?μ?×ê?e3?óéSFSμ????e1üàíoí?§??2??o?e?¨á￠?￡???á2007?êμ×￡??÷??×ó?úè??ò12óD55??×ê?e3?￡????D￡??·?T￡¨μ?1ú3yía￡?30??￡?μ?1ú12??￡????T5??￡??à1ú3??￡??à?T￡¨?à1ú3yía￡?3??￡?°??T2??￡?12é??°17??±ò??￡?1160?????§?￡ò?°??é????ê?ò???1ú?òò???×ê?e3?￡??ò??ê?ò?????±òò???×ê?e3??￡?ú??ò???×ê?e3??ú2?￡?×ê?eμ?1é?ˉ??ê?×??ˉé?ê?μ?￡?μ?ê?2?í?×ê?e3?????μ?×ê?e??2|?òDèòa??á?￡?àyè?μ??°?￠′???μè?￡?÷×ê?e3?×???o?2￠μ??·?a?￠?à?a?￠ó￠°÷μè?????÷òaμ??DD?×ê?e3??￡?????÷??×óó?o?×÷ò?DD????μ??°×ê?e3?D-òé?±ò?á?óà?????§￡¨ZBA￡??a?ù′?￡?í¨1yêμ??3é?±μ￥??ó??ˉí???×ê?eμ?×??ˉ??×a￡???3é?±μ￥?????§êμDDè???á?óà??1üàí?￡o?×÷ò?DDè?1?òò?a?í1??-òò?T·¨ìá1?á?óà?????§￡????íDèòaìá1?Dé?a×ê?e3?￡??′?ˉí?3é?±μ￥??μ?ò?DD???§×ê?e??óD±?êμ?ê??×a￡???ê?óéò?DDà′3??ú2?ó????§?Dμ??è′?·?óà??￡?ò?′?è·±￡?t2?￡¨netting￡?oóμ????è×ê?e?ˉ?D?￡

?o?e?ˉí?è??ò·???1üàí????SFS???÷??×ó?ˉí?è??òμ?à??ê·????￠??±ò·???oíá÷?ˉD?·?????DDí3ò???×÷oí1üàí￡?óé·???1üàíoíèú×ê2?ó??eèúêD3?2?á???2?????ì??o?e?￡????·???1üàíoíèú×ê2?μ?·???1üàí?°?üàà??óú?t2????¨￡??üí¨1yé?è?·????ˉí?×ê2ú?o??±í?￠éD?′íê3éμ???ò×o?í?oí?′????ò×￡?ò??°?′à′èy????μ??úê??ò??ò×????μè￡?????ía????í·′?oí??±ò3¨?ú￡?2￠?Y′?ó??à1??óòμ????o?í??￡°′???÷??×ó?ˉí?μ?1??¨￡?·???1üàíoíèú×ê2?òa?óóé3é?±?óòμ×?DD????·???3¨?ú2￠×??÷???¨ê?·???DD±ü??￡?ò??°±ü??￡¨hedging￡?μ?1??￡?￡μ?ê?è?1?3é?±?óòμ????±ü??￡??òSFS±?D?????·???3¨?úμ?75%??DD±ü??1üàí￡¨cover￡?￡??′3¨?ú2?3?1y25%?￡?????eèúêD3?2??òê??ù?Y·???1üàíoíèú×ê2?ìá3?μ?òa?ó￡??o?eó?ía2?ò?DD?°êD3?μ???ì?2ù×÷?￡??ì??úèY°üà¨￡o￡¨1￡?à??ê1üàí?￡1üàíóé?eèú??ò×òy?eμ?à??ê·???￡??ú?¤??·??§?úò???éù?ˉí?ía2?èú×ê3é±??a??±ê?￡?÷òa??ó?μ?1¤??oí2ú?·°üà¨à??êμ??ú?￠à??ê?ú???￠???úà??êD-òé￡¨FRAs￡??￠à??êé??T/???T￡¨Caps/Floors￡?ò??°μ÷?ú?úè¨￡¨swaptions￡?μè￡?￡¨2￡????ê1üàí?￡°üà¨oê1?1üàíoí?￠1?1üàí￡???μ?ê?í¨1y1üàíè??ò13???÷òa??±òμ?ía??×ê?e￡?êμ??ía??ê?ò?μ?×?′ó?ˉ?￡í¨1y·????ˉí?μ??????á11?￠?ú?T?á11μè￡???DD???ú????oíà??ê?á11ó??ˉ?￡?÷òa??ó?μ??eèú1¤??°üà¨￡o??±ò?′?ú￡¨spot￡??￠???ú￡¨forward￡??￠μ÷?ú￡¨swaps￡?oí???òμ￥μ?′ó?úDí?úè¨￡¨plainvanillaoption￡?μè￡?￡¨3￡?á÷?ˉD?1üàí?￡?÷òa1|?üê??ú3?·?±￡??1????y3￡?§??μ??é????￡???á|ìá??á÷?ˉD??°ê?ò??￡?÷òa2ú?·°üà¨￡o?ì?ú′????òí?×ê￡?μúèy·???1o￡?·￠DDéìòμ?±?Y￡?×ê2ú?¤èˉ?ˉ￡¨ABS￡??±?Y￡?ò??°??±ò?￥??μè?￡????SFS?ú×ê±?êD3?é?μ???ò××??-????μ?·???????3ìDòoí1üàí1??¨￡?2???òaêμDD????μ???ò×/±ü??·?à??-?ò￡??1òa?ù?Y·???×′??????×ê±??ò×ê?′￡?ò?±￡?¤è??òD?·????ù?éμ?μ?1?±ü￡¨globalcoverage￡??￡′?ía￡??′ê1?ú?????T?¨??ò×ì??t?￠??ò