6.4 cudeco registry anomalies 4
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I_@OIH YBLVOBHM@OV VOYOLVIB
IBL^POV 14 VOECYPVS LKHJLMCOY
1.0 Prl`cke aolturcke Yufstlktclmmy Ckirolso` LYR Litcvcty
hvor Voecstry Litcvcty
(Ulsb Prl`os vorsus @lrg ^hhm Prl`os, pmus Yottmojokt Cssuos)
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VOAOVOKIO MCKGY PH ^VOQCH_Y VOYOLVIB ^L^OVY
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OROI_PCQO Y_JJLVS
Ck lssosscke bhw LYR fuycke lk` sommcke bls cjplito` tbo Iu@oih roecstor, rosolrib bls c`oktcaco` tbroo
plrtciumlr trl`cke foblvchurs tblt sct lt tbo ihro ha mhke torj `ltl lkhjlmcos ihkiorkcke Iu@oih trl`cke.
Pbo trl`cke foblvchurs ckimu`o4
@lrg ^hhm litcvcty7 Ulsb Prl`o litcvcty, lk`7 \uostchklfmo sbhrt sommcke litcvcty.
Pbo trl`cke foblvchurs blvo fook alicmctlto` ck l vory mlreo wly tbrhueb lmehrctbjci trl`cke prherljs
uso` fy l mlreo kujfor ha frhgors litcke ahr shpbcstcilto` ckvosthrs (c.o., ckstctutchks) theotbor wctb lk
hvormy amoxcfmo sottmojokt systoj tblt bls rosumto` ck trlksplrokiy cssuos ihkiorkcke tbo fumg ha lmm trl`cke
tlgcke pmlio hvor l porch` ha lt molst twh lk` l blma yolrs.
Vosolrib ^lpors 1.6 lk` 1.9 qulktcaco` shjo ha tbo @lrg ^hhm trl`cke tblt hiiurro` fotwook Khv 6> jhktbs ha trl`cke lk` lssossos wboro
fhtb @lrg ^hhm litcvcty lk` Ulsb Prl`o litcvcty bls fook prhjckokt. Ulsb trl`os lro ck l sokso tbohpphscto ha @lrg ^hhm trl`os ls alr ls tbo roecstor cs ihkiorko`. Haa-jlrgot @lrg ^hhm litcvcty ckirolsos
roecstry sblro amhws ihjplro` th LYR fuycke & sommcke wbcmo Ulsb Prl`os rosumt ck aowor roecstor sblro
amhws.
Pbo ioktrlm cssuo ihkiorkcke @lrg ^hhm trl`os lk` Ulsb Prl`os cs hko ha crroeumlr trl`cke plttorks tblt
blvo rosumto` ck lkhjlmhus `ltl trok`s tblt lro hplquo th tbo jlrgot. Pbo oxtokt ha suib lkhjlmcos
roprosokts l imolr lk` prosokt `lkeor th tbo cktoercty ha tbo jlrgot lk` tbo alcrkoss ha trl`cke ecvok tblt
hplquo `olmckes lsshiclto` wctb Ulsb Prl`os lk` @lrg ^hhm litcvcty roprosokt womm ck oxioss ha 6>> jcmmchk
fuycke lk` sommcke trlkslitchks hvor l 9> jhktb porch`. Pbo alit tblt vory mcttmo cs gkhwk lfhut suib
litcvcty fut ct cs fmctbomy liiopto` fy roeumlthrs cs l rolm ihkiork. Pbo trl`cke foblvchurs ihum` fo sceklmmcke
ukhrtbh`hx, ukusulm hr ovok jlkcpumltcvo trl`cke tlgcke pmlio. Ha ihurso ca tbo cktokt ha tbo trl`ckefoblvchurs lro th jlkcpumlto tbo sblro prcio tbok ct roprosokts cmmoelm litcvcty tblt roqucros cjjo`clto
prhsoiutchk.
Liihjplkycke ukhrtbh`hx trl`cke prlitcios cs lk cjphrtlkt cssuo lsshiclto` wctb tbo sottmojokt ha trl`os.
Hvor tbo 9> jhktbs ha trl`cke rovcowo`, hko plrtciumlr frhgcke bhuso bls blk`mo` lk oxtrojomy mlreo
sblro ha sottmojokts ihjplro` th tbocr LYR fuycke & sommcke prhacmo. Pbo sctultchk rlcsos cssuos ha frhgor
ihmmuschk lk` tbo mcgomcbhh` tblt ca frhgors lro ihjfckcke wctb tbocr roecstry `olmckes ck tbo sottmojokt ha
trl`os tboy lro lmsh mcgomy th fo ihmmu`cke wctb tbocr trl`cke hk tbo LYR.
Uc`osprol` ihmmuschk fy frhgors (hr lt molst oktctcos okelecke tbo sorvcios ha l mlreo kujfor ha frhgors th
trl`o flig lk` ahrtb fotwook tbojsomvos lk` tbok sottmcke tbrhueb l plrtciumlr frhgor) cs mcgomy th fo lphtokt ahrio fobck` lkhjlmhus `ltl trok`s lk` ls suib lmsh rlcsos liuto ihkiorks lfhut jlrgot cktoercty
lk` tbo moelmcty ha trl`cke.
C`oktcaycke suspoit trl`cke foblvchurs (lk` tbo lkhjlmhus `ltl trok`s tblt liihjplky tboj) phckts th
wboro trl`cke bls fook mcgomy th fo ihjprhjcso`7 aurtbor, ihkkoitcke tbo trl`cke foblvchurs th tbo
jlrgot ovokts tblt blvo ukahm`o` hvor tbhso 6.? yolrs l``s l mlyor ha imlrcty lfhut wblt bls fook mcgomy th
blvo tlgok pmlio. Ublt lppolrs th blvo hiiurro` wctb Iu@oih cs lk cktokso lk` ukalcr tlreotcke ha tbo
ihjplky tbrhueb trl`cke foblvchurs tblt blvo rosumto` ck l amlt lk` ukrosphkscvo sblro prcio lk` phhr
jlrgot soktcjokt wbcmo shpbcstcilto` ckvosthrs blvo soczo` uphk hpphrtukctcos th soiuro jldhr stlgos ck
tbo ihjplky.
Ubotbor tbo twh litcvctcos lro romlto` hr kht cs l iruiclm cssuo fut ha oqulm ihkiork cs tbo alcrkoss ha tbo
jlrgot lk` wbotbor jlrgot jlkcpumltchk bls lsscsto` ck tbo rojhvlm ha sblros arhj wolg blk`s (c.o rotlcm
ckvosthrs) ckth strhke blk`s. Iortlckmy ct bls fook tbo rotlcm soithr tblt bls fook sovoromy `csl`vlktleo` fy
`ufchus trl`cke foblvchurs. Pbo cssuos lro ha irctcilm cjphrtlkio th I@_ sblrobhm`ors lk` ck alit th lmm
stlgobhm`ors wbh ckvost hk tbo LYR ls tbo trl`cke foblvchurs lro mcgomy th fo vory wc`osprol`.
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0
GOS IBLVPY LK@ PVL@CKE YPLPCYPCIY
@ltl crroeumlrctcos hvor twh lk` l blma yolrs ha trl`cke lro bcebmcebto` fy tbo ahmmhwcke iblrts wbcib
sujjlrczo tbo oxtokt ha4
Ulsb Prl`o lkhjlmcos7
@lrg ^hhm lkhjlmcos, lk`7
Lkhjlmcos lsshiclto` wctb tbo sottmojokt ha trl`os fy frhgors.
Lmsh ckimu`o` cs lk hvorvcow ha 6.? yolrs ha trl`cke wboro tbo Iu@oih sblro prcio litchk, tbo vlrchustrl`cke foblvchurs lk` goy jlrgot ovokts lro lmm sbhwk ljlmeljlto` hk tbo hko iblrt.
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?
IBLVP jhktbs)
IBLVP 64 PHPLM ULYB PVL@O QHM_JOY vorsus PHPLM @LVG ^HHM QHM_JOY
Pbo iblrt sujjlrczos 9> jhktbs ha trl`cke ck torjs ha Ulsb Prl`o lk` @lrg Prl`o litcvcty wctb @lrg ^hhm
litcvcty prhjckokt ahr 6< jhktbs (ihuktcke tbo suspokschk jhktbs) lk` Ulsb Prl`o litcvcty ahr 3 jhktbs.
Ck l``ctchk th tbo lfhvo jhktbmy lkhjlmcos tbo jhktbs wboro trl`cke iolso` foiluso ha vhmuktlry
suspokschk lmsh koo` th fo ihksc`oro`. (Voaor Vosolrib ^lpor 1.6 Yoitchk Jcmmchk
6> Jcmmchk
Ulsb Prl`os
(% ha LYR Qhms)
Dlk 6?%
Aof 62%
Jlr 13,?00 >,21>
Phtlms 6>1,166,>> jcmm
0>> jcmm
9>> jcmm
6>> jcmm
> jcmm
>
Pbo oxtokt ha hplquo trl`cke fy ckstctutchks hvor
tbo 6.? yolrs jly fo stlto` ls ahmmhws.
Prl`cke roprosoktcke 6>5 jcmmchk slmos lk` 6
jcmmchk puriblsos lro lmm ihkiolmo` arhj vcow ha
jlrgot plrtcicplkts ckimu`cke tbo jlrgot
roeumlthrs. Pbo sctultchk rlcsos liuto jlrgot
cktoercty cssuos ls tbo systoj cs sook th prhvc`o
ljpmo hpphrtukcty ahr lfusos ha jlrgot euc`omckos.
Pboro cs lmsh l trlksplrokiy cssuo lsshiclto` wctb
tbo phrtchk ha ckstctutchklm trl`cke tblt cs lfmo th foroihkicmo` th LYR fuycke & sommcke. L``ctchklm th
@lrg ^hhm hplquo trlkslitchks, 6>2 jcmmchk fuys &
6
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IBLVP 94 @HJCKLKIO HQOV FVHGOV YOPPMOJOKPY fy _FY YOI_VCPCOY Y^LKKCKE 6.? SOLVY hA PVL@CKE
IBLVP 04 _FY JHKPBMS JLVGOP YBLVO HA LMM YOPPMOJOKPY
Pbo iblrt bcebmcebts tbo ihktrhm oxoricso` fy frhgor _FY hvor lmm jhktbmy sottmojokts hvor 6.? yolrs.
Y
Y
Y
Y
6> 6>
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IBLVP ?4 LK HQOVQCOU HA PVL@CKE FOBLQCH_VY lk` JLVGOP OQOKPY
J&EFuycke
Yuspokschk
Yuspokschk
9
Prl`os
Ulsb
Hit/Khv
@oi
?5
@lrg Prl`os
@o-VcsgckeOvokts
@lrg Prl`os @lrg
Duk/DumyYopt
YPLVP
OK@
Lue. VoshurioLkkhukiojokt
J&E ^mliojokt
6> 6>
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IHKPOKPY
Cktrh`uitchk............. ^e. 3
Yoitchk < ............ ^e.
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CKPVH@_IPCHK
Vosolrib bls `ojhkstrlto` tblt Iu@oih trl`cke bls fook surrhuk`o` fy cssuos tblt quostchk tbo alcrkoss
ha trl`cke tlgcke pmlio lk` cktoercty ha tbo jlrgot ctsoma. Pbo cssuos blvo okihjplsso` trl`cke hvor lt molst
l 6.? yolr porch` lk` ckimu`o4
Oktctcos ihhr`ckltcke tbocr fuycke lk` sommcke tbrhueb l kotwhrg ha frhgors lk` fy sh `hcke lromcgomy th fo litcke ihmmuscvomy th oxoricso ukalcr ihktrhm hvor tbo jlrgot7
Oktctcos okelecke ck bceb vhmujos ha Ulsb Prl`os7 Oktctcos okelecke ck bceb vhmujos ha haa jlrgot litcvcty (c.o., @lrg ^hhm litcvcty)7 Oktctcos lfuscke prhthihms tblt porjct tbo sbhrt sommcke ha sblros7 Pbo oxtokscvo uso ha BAP lmehrctbjs lirhss jumtcpmo frhgors fut wboro fuycke lk` sommcke cs
oaaoitcvomy tlgcke pmlio fotwook tbo sljo erhup ha oktctcos7
Pbo phsscfmo oxpmhctltchk ha hvormy amoxcfmo haa-jlrgot trl`cke prhvcschks lk` sottmojokt systojs thiljhuamleo prhjckokt trl`cke litcvcty.
Pbo hutihjos ha `ufchus trl`cke prlitcios blvo fook4
Pbo iroltchk ha phhr jlrgot soktcjokt rosumtcke ck Vhigmlk`s strueemcke th elck liioptlkio ls lvclfmo jckcke prhdoit7
Ph suppross tbo sblro prcio lk` th goop ct uk`orvlmuo` lk` ukrosphkscvo th jldhrliihjpmcsbjokts libcovo` fy tbo ihjplky7
Ph oklfmo twh prhjckokt trl`cke oktctcos th put jlsscvo vhmujos ha fuycke lk` sommcke tbrhueb tbojlrgot wctbhut sbhwcke iblkeos th bhm`ckes fut ck sh `hcke oxoricscke ihktrhm hvor tbo jlrgot7
Ph oklfmo 9 prhjckokttrl`cke oktctcos lmsh th ihktrcfuto jlsscvo vhmujos ha fuycke lk` sommckewbcib bls kht hkmy lc`o` ck ihktrhmmcke tbo jlrgot fut lmsh alicmctlto` sufstlktclm liiujumltchk ha
sthig arhj `cstrosso` sommors7
Ph mcjct tbo ihjplkys lfcmcty th rlcso auk`s tbrhueb tbo jlcktoklkio ha lk uk`orvlmuo` sblroprcio.
Pbo crhky wctb Iu@oih cs tblt wbcmo tbo roeumlthr bls rumo` tblt tboro cskt l prhfmoj lsshiclto` wctb tbo
trl`cke tblt bls tlgok pmlio, lt tbo sljo tcjo tboy blvo fook whrgcke okoreotcilmmy th imljp `hwk hk
@lrg ^hhm trl`cke. Pbo sctultchk cs ihktrl`cithry ecvok tbo `hjcklkio ha @lrg ^hhm litcvcty hk tbo Iu@oih
roecstor sckio Dlkulry 6>
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Bceb-aroquokiy trl`cke cs iuighh Lpr >5.btj&pleoC@:>>0&jck:iofl&Solr:&@hiPypo
Iurroktmy, tbo jlxcjuj poklmty ahr cksc`or trl`cke cs $66>,>>>7 ahr htbor haaokios ct's $66,>>>. Pbcs wcmm fo
ckirolso` th octbor $?>>,>>>, hr tbroo tcjos tbo prhact hr mhss jl`o fy tbo ihk`uit wbcib ihkstctutos tbo
haaokio ck romltchk th lk ck`cvc`ulm. Lt tbo jhjokt, tbo jlxcjuj poklmty prcshk torj ahr tboso haaokios cs
acvo yolrs. Pbcs wcmm fo ckirolso` th yolrs. Pbcs wcmm frcke Lustrlmcl ckth mcko wctb tbo _kcto` Ytltos ahr tbo
thuebost poklmtcos ahr tboso typos ha haaokios. Ct wcmm lmsh lmcek wctb htbor haaokios, suib ls ilrtom ihk`uitlk` hftlckcke l acklkiclm l`vlktleo fy `oioptchk.
Ahr ihrphrltchks, tbo jlxcjuj poklmty wcmm ckirolso arhj tbo iurrokt $< jcmmchk th $? jcmmchk, hr tbroo
tcjos tbo prhact jl`o hr mhss lvhc`o` fy tbo ihk`uit, hr por iokt ha tbo lkkulm turkhvor ha tbo
ihrphrltchk ck tbo romovlkt porch`, wbcibovor cs eroltor. Pboso lro sufstlktclm poklmtcos, fut tboy'ro lmsh
poklmtcos wbcib act tbo ircjo. Pbo acklkiclm plyhaa arhj uk`ortlgcke tboso haaokios cs vory sufstlktclm7 ct's
lpprhprclto tblt tbo poklmty fo vory sufstlktclm.
Lmtbhueb tbo ehvorkjokt bls ckirolso` tbo poklmtcos ahr ckarckeojokts romltcke th cksc`or trl`cke, ilrtom
ihk`uit lk` acklkiclm `oioptchk, tbo poklmtcos fy tbojsomvos wcmm blvo kh oaaoit wctbhut l wcmmckekoss th
ckvostcelto lk` prhsoiuto wrhke `hors tbok lppmy tbhso poklmtcos liihr`ckemy. Lforrlkt trl`cke trok`s
roelr`cke Iu@oih blvokt fook pcigo` up ck hvor 6.? yolrs ha jlrgot survocmmlkio lk` ovok lator roaorrlm
tbo roeumlthr stcmm ilkt soo lky cssuos. Ha ihurso tbo roeumlthrs rumcke ha kh ilso th lkswor ck romltchk th
Iu@oih trl`cke cssuos (roaor th fmhe lrtcimo 5.< th fo pufmcsbo` sbhrtmy) `hoskt koelto tbo wc`osprol`
klturo ha `ltl lkhjlmcos hr tbo ihuktorcktuctcvo jlrgot litchk tblt bls surrhuk`o` tbo sthig. Pbo rumcke
scjpmy `otrlits arhj ckvosthr ihkac`okio ck tbo jlrgot systoj ctsoma ls fy lky jolsuro tboro cs shjotbcke
qucto poiumclr pmlycke hut wctb tbo trl`cke ck Iu@oih.
Pbo sctultchk bls cjpmciltchks ahr lmm ckvosthrs hk tbo LYR ls tbo `ufchus trl`cke foblvchurs lro mcgomy th fosystojci lk` ropmcilto` ck trl`cke lirhss lmm soithrs, plrtciumlrmy wboro ckstctutchks lk` shpbcstcilto`
ckvosthrs blvo l `hjcklkt prosokio wctb tbocr trl`cke. Ca tbo trl`cke foblvchurs c`oktcaco` fy rosolrib
ihktckuo th joot wctb aumm roeumlthry lpprhvlm, ckvosthrs wcmm kh `huft l`dust tbocr ckvostjokt prchrctcos
lwly arhj acklkiclm lssots wboro roeumlthry mhhp bhmos prhvc`o slao plssleo th jlkcpumltcvo ckamuokios.
Pbcs Iu@oih sblrobhm`or rosolrib lt molst prhvc`os l flscs ahr ckvosthrs th jlgo fottor ckahrjo` `oicschks
lfhut tbo alithrs tblt lro iurroktmy sblpcke prcio ahrjltchk7 alithrs tblt (lreulfmy) jlgo stltojokts suib
ls alcr, oaacicokt lk` trlksplrokt shjowblt alricilm. Cklitchk ck tbo alio ha emlrcke lkhjlmcos `hos mcttmo ahr
ckvosthr ihkac`okio ck tbo cktoercty ha jlrgots, lk` wctbhut cktoercty jlrgots wcmm foihjo ovok jhro`ysaukitchklm tblk tboy lro iurroktmy lro, lk` ovoktulmmy crromovlkt.
http://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://ministers.treasury.gov.au/DisplayDocs.aspx?doc=transcripts/2010/007.htm&pageID=004&min=ceba&Year=&DocTypehttp://www.theaustralian.com.au/business/opinion/rage-against-the-machines/story-e6frg9lo-1226179715563http://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rss -
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sblros jhvcke ck lk` hut ha tbo sommcke
frhgors liihukt, lk` > sblros lmsh amhwcke ck lk` hut hatbo fuycke frhgors liihukt. Phtlm jhvojokts
romlto` th haa-jlrgot sottmojokt liihukts whum` tboroahro fo 6>> HK & 6>> HAA.
Ls womm ls tbo haa-jlrgot jhvojokts, frhgor khjckoo jlrgot liihukts whum` sbhw jhvojokts ha > HK &
> HAA.
Pbo joiblkcsj lfhvo cs fy kh jolks roamoitcvo ha lmm frhgors, ls ckstctutchklm sottmojokts ahmmhw l `caaorokt
prhioss th rotlcm sottmojokts lk` ck lky ilso, sbhrt slmos blvo hkmy roprosokto` fotwook ? lk` 6?% ha
frhgor litcvcty.
Jlrgot L/iHaa-Jlrgot L/i Haa-Jlrgot L/i
(Voprosokts tbo sbhrt sommor)
Ihrrosphk`s th tbo
frhgor somm
Ihrrosphk`s th tbofrhgor fuy
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sblros jhvcke arhj l sommors roecstry liihukt th l
fuyors roecstry liihukt. Pbo jhvojokts lro liihjplkco` fy haa-jlrgot sblro amhws ck lk` hut ha tbo
frhgor khjckoo liihukts roprosoktcke fhtb tbo sommor lk` tbo fuyor. C.o., ck thtlm,haa-jlrgot sottmojokt
jhvojokts ljhuktcke th 6>> HK & 6>> HAA ihum` liihjplky tbo slmo (lk` puriblso) ha > sblros.
L rotlcm irhsscke mol`s th l scjpmcaco` prhioss ck tblt tbo frhgors khjckoo liihukt ilk lit ahr fhtb tbo
sommcke imcokt lk` tbo fuycke imcokt tbrhueb tbo sottmojokt prhioss.
HAA HK HAA HK
VOPLCMYOMMOV
FVHGOV KHJCKOOL/i
VOPLCM
F_SOV
L rotlcm irhsscke ha sly > sblros whum` rosumt ck sblros jhvcke hut ha tbo sommcke imcokts liihukt lk` ckth
tbo fuycke imcokts liihukt fut wctb hkmy jhvojokts ha > HK & > HAA lsshiclto` wctb tbo frhgor
sottmojokt liihukt.
Pbo sottmojokt sctultchk cs cjphrtlkt ls ct bomps put ckth porspoitcvo lkhjlmcos lsshiclto` wctb sottmojokt
trlkslitchks ls l``rosso` ck Yoitchk 9 ha tbo iurrokt Vosolrib ^lpor.
1.0.
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3,1>> % +5>%
Hit 96,>??,???,?% 6?,? 53% -69 60.50% ,00>,200 ,956,551
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wboro trl`cke lkhjlmcsj
rolibo` l irosiok`h.
Pbo oxtokt ha vlrcltchks ck jhktbmy `ltl cs bcebmcebto` ck tbo ahmmhwcke iblrt wbcib ihjplros Phtlms ahr
LYR Fuycke & Yommcke (eroyihmujks) th Phtlms ahr Yblrobhm`or jhvojokts HAA & HK (fureuk`y ihmujks).
Jhktbs wboro @lrg ^hhm trl`cke bls `hjcklto` tbo roecstor blvo fook ck`cilto` fy tbo fmlig icrimos lk`
jhktbs wboro Ulsb Prl`os blvo fook l prhjckokt aolturo blvo fook bcebmcebto` wctb ehm` icrimos.Ycekcacilktmy, hkmy tbo jhktbs Dlk 6> Jcmmchk
0> Jcmmchk
Jhktbs lsshiclto` wctb @lrg hhm Litcvcty
Jhktbs lsshiclto` wctb Ulsb Prl`os
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@LPL (Dlkulry 6> th Duko 6> `ltl.
1.0.6.0 ULYB PVL@OY QOVY_Y @LVG ^HHM PVL@OY
Ph lssoss tbo oxtokt ha ukusulm hr khk-eokucko trl`cke litcvcty, ahr Ulsb Prl`os ct cs usoaum th ihjplro tbo trl`os
tblt `c`kt jlgo ct th tbo roecstor th thtlm LYR vhmujos (Ihmujk < fomhw). Lmsh ahr tbo jhktbs aolturcke @lrg ^hhm
litcvcty ct cs usoaum th ihjplro tbo @lrg ^hhm trlksaorsth thtlm roecstry jhvojokts (Ihmujk 6).
JhktbPhtlm LYR Fuy
& Yomm Litcvcty
PhtlmYblrobhm`or
Jhvojokts
Voecstry Qhmujos
jckus LYR Qhmujos
Ulsb
Prl`os
@lrg hhm
Litcvcty
6>
Dlk ,913 99,000,59? - 01 61,1>3,1
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jhktb
porch` fy ihktrlstcke tbo jhktbmy vlrcltchks fotwook LYR Qhmujos lk` Yblrobhm`or Voecstry Qhmujosls
`otlcmo` ck Yoitchk 6.0. Pbo `hjcklkt aolturo lirhss tbo jldhrcty ha jhktbs cs sook th fo tbo sufstlktclm
vlrcltchks tblt blvo hiiurro` ck jlrgo` ihktrlst th tbo wboro Ulsb Prl`os woro tbo `hjcklkt tbojolirhss ? jhktbs lk` wboro jcmmchk somms lk` wboro tboro wls lk lfrupt rovorslm ha trok` tblt ihktckuo` ckth Dumy lk`olrmy Lueust wboro @lrg ^hhm trl`os thhg hvor arhj Ulsb Prl`os ls tbo `hjcklkt ck`cilthr ha ukusulm
trl`cke litcvcty8 @urcke Duko lk` Dumy lmhko tboro woro 6>.9 jcmmchk HAA jhvojokts lk` 6>.< jcmmchk
HK jhvojokts lsshiclto` wctb @lrg ^hhm trlkslitchks. Ct roprosokts l sctultchk wboro lmjhst ls jlky
trl`os hiiurro` lwly arhj tbo LYR ls wblt hiiurro` hk tbo LYR ahr tbhso 6 jhktbs. Uby8
Ublt thhg pmlio ck Lueust 6> wboro lpprhxcjltomy ?> jcmmchk somms lk` fuys `c`kt jlgo ct th tboroecstor8 Ct roprosokts lk oxtrlhr`cklry `ovomhpjokt tblt cs alr rojhvo` arhj eokucko trl`cke. Pbo
trl`cke foblvchurs ck Lueust 6> lro aurtbor lssosso` ck Vosolrib ^lpor 1.5.
Uby wls tboro l koo` ahr oxtokscvo haa-jlrgot @lrg ^hhm litcvcty ck Yopt 6> (08
Ck l``ctchk th tbo lfhvo jhktbmy lkhjlmcos tbo jhktbs wboro trl`cke iolso` foiluso ha vhmuktlry
suspokschk lmsh koo` th fo ihksc`oro`. (Voaor Vosolrib ^lpor 1.6 Yoitchk Jcmmchk
PHPLM QHM_JOY
1> Jcmmchk
6> Jcmmchk
Ulsb Prl`os
Dlk 6?%
Aof 62%
Jlr
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6>
Ublt hiiurro` ck Hithfor lk` lelck ck Khvojfor 6> wboro Ulsb Prl`os lelck foiljo tbo`hjcklkt tbojo ha trl`cke lk` wboro lrhuk` 69 jcmmchk somms lk` fuys `c`kt jlgo ct th tbo roecstor
hvor tbo 6 jhktb porch`8
Uby `c` @lrg ^hhm trlkslitchks foihjo tbo `hjcklkt aolturo ha trl`cke cjjo`cltomy J&E ackcsbo`tbocr hk jlrgot fuycke ck @oi 6> lk` lelck lator tbo ihjplky ojoreo` arhj vhmuktlry suspokschk
sufstlktclmmy `o-rcsgo` ck mlto Hit 6>
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6 3,?1?,??? 3,?1?,??? 5,9?1,213 5,>21,01? -6,6>2,121 -6,053,>3> -6?%
Aof 6>
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66
1.0.6. @LVG PVL@O JHKPBY
Pbo ahmmhwcke tlfmo sujjlrczos trl`cke `ltl ahr tbo jhktbs wboro @lrg ^hhm litcvcty bl` l scekcacilkt
ckamuokio hvor tbo roecstor. Pbo `ltl roamoits ckirolso` jhvojokts HK lk` HAA tbo roecstor ihjplro` th
tbo ljhukt ha fuycke & sommcke tblt thhg pmlio hk tbo LYR. Pbo ckirolso` jhvojokts roprosokt tbo
sottmojokt ha trl`os uk`ortlgok lwly arhj tbo LYR.
Ihmujk L ihjplros tbo surpmus roecstry vhmujos th LYR fuycke & sommcke. Ahr oxljpmo, Aof 6> rosumto` ck jhro trl`cke tlgcke pmlio haa-jlrgot tblk hiiurro` hk tbo LYR.
Ihmujk F ihjplros surpmus roecstor vhmujos (@lrg Prl`os) th Phtlm Voecstor Qhmujos th prhvc`o lk
ck`ciltchk ha bhw scekcacilkt tbo ljhukts ha haa-jlrgot trlkslitchks blvo fook.
LYR LIPCQCPS VOECYPVS JHQOJOKPYVoecstry Litcvcty jckus
LYR Litcvcty
VOECYPVS
Y_V^M_YOY vs
LYR QHM_JOY
@LVG PVL@OY
vs VOECYPVS
QHM_JOY
YOMMY F_SY HAA HK HAA HK VLPCH VLPCH
Duk- %
Jlr-
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69
1.0.6.
>,>>>,>>>
6>>,>>>,>>>
9>>,>>>,>>>
0>>,>>>,>>>
?>>,>>>,>>>
1>>,>>>,>>>
LYR
Litcvcty
Voecstry
Litcvcty
PHPLM QHM_JOY
Pbo jhktbs wboro @lrg Prl`os aceuro` prhjckoktmy theotbor
wctb tbo @lrg Prl`os tbrhueb suspokschk, rosumto` ck 55,31,166,>> jcmm
0>> jcmm
9>> jcmm
6>> jcmm
> jcmm
>
Pbo oxtokt ha hplquo trl`cke fy ckstctutchks hvor
tbo 6.? yolrs rovcowo` jly fo stlto` ls ahmmhws.
Prl`cke roprosoktcke 6>5 jcmmchk slmos lk` 6
puriblsos lro lmm ihkiolmo` arhj vcow arhj jlrgot
plrtcicplkts ckimu`cke tbo jlrgot roeumlthrs. Pbo
sctultchk rlcsos liuto jlrgot cktoercty cssuos ls tbo
systoj cs sook th prhvc`o ljpmo hpphrtukcty ahr
lfusos ha jlrgot euc`omckos wctb suib litcvcty
phtoktclmmy ihkiolmo` fy hplquo `olmckes.
Pboro cs lmsh l trlksplrokiy cssuo lsshiclto` wctb
tbo phrtchk ha ckstctutchklm trl`cke tblt cs lfmo th fo
roihkicmo` th LYR fuycke & sommcke. Pbo ihkiork cs
tblt tbo `olmckes ha tbo frhgors roprosoktcke tboj
lro lmsh ckvcscfmo th tbo jlrgot sh tblt trligcke
tbocr litcvcty cs kceb hk cjphsscfmo wctbhut lu`cts.
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60
1.0.6.> jcmmchk YOMMY hr HAA jhvojokts lk` 6>> jcmmchk F_SY hr HK
jhvojokts blvo hiiurro` lfhut wbcib koxt th khtbcke cs gkhwk8
Bhw ilk jlrgots fo roelr`o` ls trlksplrokt lk` bhw ilk tboy fo `osircfo` ck torjs ha cktoercty wbok965 jcmmchk HAA jhvojokts lk` 90> jcmmchk HK jhvojokts lsshiclto` wctb ckstctutchks hvor 9>
jhktbs ha trl`cke lro octbor ihjpmotomy hplquo th tbo jlrgot (ls lfhvo) hr tbocr frhgor litcvcty cs
iljhuamleo` fy tbo systoj ha sottmojokts8
Pbo sctultchk cs frhuebt ckth strhke ahius fy tbo trl`cke ha hko ckstctutchklm oktcty tblt shm`
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6?
1.0.6., lk` lelck wbok tbo sthig foiljo
sufstlktclmmy `o-rcsgo` mlto 6> ihckic`cke wctb J&E
fuycke sblros ck tbo jlrgot. Pbo hk-jlrgot fuycke ahmmhwo` tbo erlktcke ha l jcmmchk sblro pmliojokt
th J&E lt $6.>> por sblro. Ph put tbo hpphrtukcstci klturo ha tbo pmliojokt ckth porspoitcvo, tbo imhscke
sblro prcios lt tbo ok` ha Lueust lk` tbo proio`cke jhktbs woro ls ahmmhws4
9 0
Lue6>
Hit & Khv6>
Khv6> $0.5> $0.5> $6.
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65
Yoitchk 9
CYY_OY LYYHICLPO@ UCPB FVHGOV YOPPMOJOKP LIIH_KPY
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62
1.0.9.< FVHGOV YOPPMOJOKP LIIH_KPY4
Lkhjlmhus `ltl trok`s lsshiclto` wctb frhgor sottmojokt liihukts woro bcebmcebto` ck Vosolrib ^lpor 1.9
Yoitchk 9.?.< ck romltchk th tbo 2 jhktbs ha trl`cke ahmmhwcke ro-mcstcke arhj vhmuktlry suspokschk hk Hit
92 6,5?9,3?2 6,1>3,2519. IHJJ 1,665,129 0,>?5,>31 3.0% 0,?12,9 0,?25,29< 9,212,
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63
Pbo jlck ihkiork cs tblt ca l wc`o rlkeo ha frhgors lro uscke tbo sorvcios ha _FY roelr`cke sottmojokts,
tbok ct phckts th tbo mcgomcbhh` ha _FY lk` tbo sljo frhgors lmsh supphrtcke olib htbor wctb tbocr trl`cke.
Pbo uso ha lmehrctbjs, lk` ck shjo ilsos jumtcpmo lmehrctbjs fy frhgors th trl`o flig lk` ahrtb fotwook
tbojsomvos, tbok tlgos hk oxtrojomy ukalcr hvorthkos. Yuib litcvcty whum` prhvc`o l erolt jolsuro ha
ihktrhm hvor prcicke huthjos lk` eh l mhke wly th oxpmlckcke `ltl lkhjlmcos.
Pbo ahmmhwcke lspoits ha trl`cke hvor tbo 9> jhktb porch` lmsh phckt th tbo prosokio ha ckstctutchklmckamuokio ck tbo jlrgot wctb cjpmciltchks ahr lmm htbor ckvosthrs foiluso ha tbocr `hjcklkio4
Pbo oxioss LYR litcvcty sbhwcke up ck IHJJ (prosujlfmy ahr ckstctutchks)7 Pbo oxioss LYR litcvcty sbhwcke up ck YHYM, YFLV, lk` B_F60 (lmsh ahr ckstctutchks), lk`7 Pbo strhke ckvhmvojokts fy @JE, JOVM, IY_C, _FY, JY@U, D^J lk` ICPC ck tbo jlrgot fut wctb lmm
ha tbocr roecstry litcvcty sbhwcke up ck frhgor khjckoo liihukts lk` romlto` th ckstctutchklm `olmckes.
1.0.9.6 _FY YOI_VCPCOY - JHKPBMS YOPPMOJOKP Y_JJLVS
Pbo _FY `hjcklkio hvor sottmojokts cs aurtbor frhuebt ckth ahius fy hfsorvcke tbocr jlrgot sblro hk l
jhktbmy flscs hvor tbo 6.? yolr porch` ls por tbo iblrt fomhw. Pbo movoms ha sbhrtcke olib jhktb blvo lmsh
fook ckimu`o` th soo wblt romltchksbcp (ca lky) tboro cs th tbo sottmojokt litcvcty ha _FY.
Pbo jhktbs wboro Ulsb Prl`os lk` @lrg ^hhm trl`os blvo `hjcklto` trl`cke blvo lmsh fook khto` lmhke
wctb tbo jhktbs wboro tbo sthig `c`kt litulmmy trl`o foiluso ha vhmuktlry suspokschk. Jlrgot sblro cs
`oojo` th fo tbo thtlm ha HAA jhvojokts lk` HK jhvojokts prhiosso` fy _FY ihjplro` th lmm
sottmojokt litcvcty olib jhktb.
Y
Y
Y
Y
_FY JHKPBMS JLVGOP YBLVO HA LMM YOPPMOJOKPY
6> 6>
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9>
Pboro lro l kujfor ha cssuos bcebmcebto` fy tbo iblrt tblt roqucro oxpmlkltchk. Pboy ckimu`o4
Pbo rolshk(s) ahr l `rljltci osilmltchk ck _FY sottmojokts tbrhueb Jlrib & Lprcm 6> (up th 0>+%ha lmm sottmojokts) ihckic`cke wctb tbo jlrgot focke ilppo` lt tbo tcjo tblt l kow `csihvory (c.o.,
Ucmelr) wls lkkhukio` th tbo jlrgot. Sot tbo movoms ha sbhrt sommcke rojlcko` romltcvomy ihkstlkt
lirhss Jlrib & Lprcm lk` tbo _FY jlrgot sblro roelr`cke fuycke lk` sommcke hk tbo LYR wls hkmy
9.?% lk` 9.6% ahr tbo twh jhktbs7
Uby tbo porahrjlkio fy _FY ck Lueust 6> wls jlrgo`my suf`uo` ck l jhktb tblt wctkosso`cjjokso trl`cke vhmltcmcty ckimu`cke bceb movoms ha Ulsb Prl`os. Pbocr ro`uio` prhacmo cs lmm tbo jhro
rojlrglfmo ecvok tbocr prhjckokio roelr`cke lmm sottmojokts lirhss jhst htbor jhktbs7
Pbo rolshks wby _FY wls lsshiclto` wctb oxtrojomy bceb movoms ha sottmojokt litcvcty tbrhuebhuttbo mhke porch`s ha vhmuktlry suspokschk tblt hiiurro` `urcke 6>. Ck plrtciumlr, tbo trok` rlcsos tbo phsscfcmcty halk ukstlfmo sbhrt phsctchk focke ostlfmcsbo` ck Jlrib & Lprcm (ahmmhwcke tbo prcio ilppcke tblt
hiiurro` wbok tbo Ucmelr `csihvory wls lkkhukio`) tblt mo` th prossuro th ihvor hk l tojphrlry
flscs `urcke Duko lk` Dumy lk` l koo` ahr l jlrgot smujp ck Lueust th bomp roshmvo tbo phsctchk7
Uls tbo ckirolso` litcvcty fy _FY arhj Dlk 6>
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9% lk` 2>% ha lmm jhktbmy trl`cke litcvcty, ihum` fo oxpoito` th sbhw l movom ha
ihkstlkiy wbok trl`cke roihr`s lro ihjplro`. Ospoiclmmy ca rhutcko sottmojokt prlitcios lro focke
hfsorvo` lk` lmm `olmckes lro ck supphrt ha jlrgot cktoercty. Bhwovor wctb Iu@oih, ihjplrcke jhktbmy
sblrobhm`or jhvojokts th jhktbmy sottmojokt jhvojokts rosumts ck ihktckuhus amuitultchks arhj hkojhktb th tbo koxt rltbor tblk ihkscstokt romltchksbcps.
_scke Dlkulry 6> `ltl ls l stlrtcke phckt, l scjpmo ck`ox ilk fo uso` th ihjplro sblrobhm`or
jhvojokts th sottmojokt jhvojokts ls sbhwk.
YBLVOBHM@OV
VOECYPVS LIIH_KPY
FVHGOV YOPPMOJOKP
LIIH_KPY
CK@OR
SOLV JHKPB HAA HK HAA HK %
6> Dlk 2,95?,309 2,950,302 ?,32>,35? ?,32 5
Dlk 2,95?,309 2,950,302 ?,32>,35? ?,32 5%
Dum 6>,610,>95 ,6?0 1,216,22> 5,>,95? ?5.3%
Aof 1,53 ?1.
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96
1.0.9.0 IBLVP HA JHKPBMS VOECYPVS CK@OR QLM_OY
Pbo vhmltcmo iblkeos ck ck`ox vlmuos ha Yoitchk 1.0.9.9 ck oaaoit prhvc`o lk ck`ciltchk ha tbo ljhukt ha
ukhrtbh`hx trl`cke litcvcty tlgcke pmlio. Pbo mhw ha 63.3% ck Jlrib 6> 6>
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99
Jldhr iblkeos ck sblrobhm`or lk` sottmojokt sblro amhw plttorks lro sook th blvo hiiurro` tbrhuebhut
tbo ahmmhwcke porch`s4
Pbo jhktbs ha Duko & Dumy 6> dust prchr th tbo Lue , ahmmhwcke vhmltcmo trl`cke ck Lueust Pbo jhktbs Dlk 6>
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90
Yoitchk 0
LK HQOVQCOU HA YBLVO ^VCIO PVOK@Y, PVL@CKE FOBLQCH_VYlk` JLVGOP OQOKPY HQOV 6.? SOLVY HA PVL@CKE
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91
1.0.0.6 Y_JJLVS HA JLVGOP OQOKPY - (Dlkulry 6> th Duko 6> th Jly 6> lmhke wctb
bolvy ckstctutchklm iburk liihjplkco` fy strhke kot sommcke. ^rcio ilppcke lk` tbo sommcke
`hwk ha prhjcscke lkkhukiojokts aolturo` strhkemy lt l tcjo tblt l roshurio
lkkhukiojokt wls oxpoito` (Voaor Vosolrib ^lpor 9.?). Hvor tbo porch` 66.0% ha tbo
fuycke lk` sommcke tblt thhg pmlio hk tbo LYR `c`kt jlgo ct th tbo roecstor. Ct roprosokts
lfhut wctkosso` lk lfrupt iblkeo ha trok` ls
alr ls trl`cke wls ihkiorko` wctb @lrg ^hhm trl`cke tlgcke hvor arhj Ulsb Prl`os ls tbo
`hjcklkt aolturo. Pbo tcjcke ha tbo trok` iblkeo dust foahro tbo roshurio lkkhukiojokt
cs iurchus, plrtciumlrmy sckio @lrg ^hhm trl`cke rosumto` ck lrhuk` 6? jcmmchk fuys & somms
tlgcke pmlio lwly arhj tbo LYR, wbcib roprosokts lmjhst ls juib trl`cke ls hiiurro` hk
tbo LYR hvor tbo porch`. Pbo haa-jlrgot litcvcty ihum` fo oxpmlcko` ahr oxljpmo fy tbo
ukhrtbh`hx ihvorcke ha sbhrt phsctchks tblt woro ostlfmcsbo` tbrhueb tbo bolvy sommcke fy
ckstctutchks arhj Aofrulry tbrhueb th Jly. Pbo sctultchk roqucros imlrcaciltchk ls ct jly
prhvc`o vlmulfmo ckscebts ckth wblt hiiurro` ck Lueust cjjo`cltomy ahmmhwcke tbo
roshurio uperl`o lkkhukiojokt.
9Lueust wctkosso` oxtrojomy vhmltcmo trl`cke lator tbo romolso ha l roshurio uperl`o hk
Lue . Pbo ihkauschk surrhuk`cke tbo roshurio foiluso ha ck`ustry mcjctltchks ck
focke lfmo th liiurltomy lssoss roshurios sufdoit th strhke kueeot oaaoits rosumto` ck
lttoktchk focke `cvorto` th roshurio cssuos lk` lwly arhj tbo mcgomy jlkcpumltcvo trl`cke
prlitcios tblt thhg pmlio. Ubcmo ihktrhvorsy rleo`, iortlck oktctcos bolvcmy iburko` tbocr
bhm`ckes th tbo oxtokt ha lrhuk` ?> jcmmchk fuys lk` ?> jcmmchk somms kht jlgcke ct th tbo
roecstor. Ct cs lk lsthkcsbcke stltcstci ls Ulsb Prl`os lro cmmoelm yot tbo trl`cke bls th `lto
plsso` roeumlthry sirutcky. Oxtrojomy rovolmcke ck ljhkest tbo sommcke lk` tbo ihkauschk
wls tbo alit tblt ckstctutchks ls l erhup rotlcko` tbocr bhm`ckes, `ospcto lmm ha tbo trl`cke
iburk tboy eokorlto` lk` wbcib bompo` th `ostlfcmczo tbo jlrgot.
0Purfumokt trl`cke lk` prcio supprosschk hiiurro` tbrhueb lmm ha Lueust, Yoptojfor lk`
Hithfor mol`cke th l pmliojokt ha jcmmchk sblros focke soiuro` fy tbo J&E Erhup lt l
`csihukt ha ??% th tbo sblro prcio prchr th tbo roshurio uperl`o. Pbo pmliojokt wls lk
oxtrojomy hpphrtukcstci puriblso jl`o wctb kh l``ctchklm ckahrjltchk tblk wblt wls
ihktlcko` ck tbo supphso`my `cslpphcktcke roshurio lkkhukiojokt. @lrg ^hhm trl`cke
rosujo` strhkemy ck Yoptojfor (0
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95
IHJJOKP4
Pbo ahmmhwcke phckts sujjlrczo wblt bls hiiurro` hvor tbo 6.? yolrs ha trl`cke uk`or rovcow, lmm ha wbcib
blvo fook `hiujokto` fy rosolrib.
Oxtokscvo uso bls fook jl`o ha `ufchus trl`cke strltoecos lt movoms tblt sorchusmy put ckth `hufttbo cktoercty ha trl`cke. Ulsb Prl`os lk` @lrg ^hhm trl`os blvo rosumto` ck `csturfcke vhmujos ha
sblro oxiblkeos tlgcke pmlio tblt blvo fook ihjpmotomy hplquo th tbo jlrgot. Pbo trlkslitchks
oqulto th womm hvor 6>> jcmmchk fuys & 6>> somms lfhut wbcib vory mcttmo cs gkhwk ckimu`cke wblt
cjplit tboy blvo bl` hk tbo sblro prcio lk` hk tbo alcrkoss ha trl`cke tlgcke pmlio.
?Ulsb Prl`os pro`hjcklto` ck Hithfor (6 wbok J&E ihjpmoto` tbocr hk jlrgot fuycke, slw lk
cjjo`clto rosujptchk ck prcio ilppcke litcvctcos ls cs imolrmy ovc`okt hk tbo iblrt. ^rcio
ilppcke hiiurro` hvor tbo oxtok`o` porch` Dlkulry 6>) ahmmhwcke wbcib J&E
lmsh liiopto` l pmliojokt ha 2 jcmmchk sblros lt $0.>> hk @oi 2. Jldhr sblrobhm`ors J&E
lk` Hiolkwc`o Cktorkltchklm lmsh ihk`uito` hk-jlrgot fuycke iljplceks arhj Khvojfor
3 th @oiojfor 6 lt l tcjo tbo sblro prcio oktoro` l frcoa fut strhke uptrok`. ^rcio ilppckelelck ihktckuo` lator tbo fuycke fy sufstlktclm sblrobhm`ors iolso`. Pbo ilppcke
ihjjokio` mlto @oiojfor 6>13,?00 >,21>
Phtlms 6>1,166,>
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8/12/2019 6.4 CuDeco Registry Anomalies 4
38/38
92
Ckstctutchklm sblrobhm`ors lro lsshiclto` wctb lpprhxcjltomy 9>> jcmmchk sblros focke jhvo` HAAlk` HK tbo roecstor hvor l porch` ha 6.? yolrs. Hplquo @lrg ^hhm trl`os lk` hplquo Yuspokschk
Litcvcty ls por tbo provchus `ht phckt roprosokt lrhuk` 0>% ha tbocr roecstry litcvcty lfhut wbcib
vory mcttmo cs gkhwk7 fut lmsh, tbo rojlckcke 1>% ha tbocr `olmckes lro iljhuamleo` tbrhueb tbo
sottmojokt prhioss wborofy tbo frhgors rosphkscfmo ahr tbocr trl`cke lro sbcom`o` arhj vcow.
Ihjphuk`cke tbo sctultchk roelr`cke khk-trlksplrokt `olmckes lro imhso th 3> jcmmchk fuys lk`
somms lsshiclto` wctb Ulsb Prl`os tblt blvo cjplito` tbo jlrgot fut wctbhut trlio hk tbo roecstor.
Pbo sctultchk prhvc`os okhrjhus hpphrtukcty ahr plrtciumlr oktctcos th ukalcrmy cjphso tbocr
ckvostjokt leok`ls hvor tbo oktcro jlrgot. Pbo lmlrjcke oxtokt ha khk-trlksplrokt `olmckes jlgos
ct lk cjporltcvo ahr tbo lu`ctcke ha liihukts th ukrlvom wblt bls litulmmy hiiurro` wctb Iu@oih
trl`cke lk` th prhpormy lssoss wbotbor hr kht jlrgot jlkcpumltchk bls hiiurro`.
Pbo systoj ha sbhrt sommcke wboro iblkeos th hpok phsctchks roeumlrmy `hkt ihrromlto wctb iblkeosth tbo roecstor lk` khr `h tboy ihrrosphk` th LYR `lcmy fuycke lk` sommcke vhmujos phckts th mlreo
silmo lfuso ha sbhrt sommcke prhvcschks. Yh `hos tbo mcgomcbhh` tblt mok`ors ha sthig lro fuycke flig
tbo sthig fhrrhwo` lk` shm` sbhrt ckth tbo jlrgot fy tbocr laacmcltos. Pheotbor wctb hpok phsctchks
focke jlkleo` haa-jlrgot th lvhc` prcio `csihvory sbhrt sommcke cs sook th fo l jlkcpumltcvo thhm th
lsscst wctb mhworcke sblro prcios rltbor tblk l joiblkcsj ahr oxtrl mcquc`cty lk` oaacicokt prcio`csihvory. Phmorlkio lk` supphrt ahr suib bcebmy crroeumlr `olmckes rlcsos mlreo silmo ihkiorks lfhut
tbo alcrkoss ha tbo jlrgot lk` ck`oo` lfhut tbo oaaoitcvokoss ha oxcstcke suporvcschk lk` roeumltchk
phmciy.
Pbo `croit rosumt ha cktokso trl`cke litcvcty fy shpbcstcilto` ckvosthrs bls fook l sblro prcio tbltbls fook uklfmo th rosphk` ck tbo wly oxpoito` arhj l Ihjplky libcovcke jldhr hporltchklm
elcks, yot ckstctutchklm bhm`ckes rovolm jlsscvo liiujumltchk ha sblros tbrhueb pmliojokts
suppmojokto` fy hk-jlrgot fuycke.
Ck tbo lfsokio ha lky htbor pmluscfmo oxpmlkltchks, ct lppolrs tblt `ufchus trl`cke foblvchurs blvofook tbo ckstrujokt tblt bls oklfmo` jldhr ihktrhm ck tbo hwkorsbcp ha tbo Ihjplky (lk` fy
`oalumt ck tbo laalcrs ha tbo Ihjplky) th fo `omcvoro` th shpbcstcilto` ckvosthrs lt tbo oxpokso halmm htbor sblrobhm`ors ha wbcib rotlcm ckvosthrs roprosokt l jldhr ihjphkokt.
Pbo cktokscty ha trl`cke lsshiclto` wctb shpbcstcilto` ckvosthrs lk` tbo pursuct ha ckirolso`oxphsuro hk tbo roecstor lmsh ihktrl`cit tbo cjprosschk ihkvoyo` th tbo jlrgot ha lk oihkhjcilmmy
ckscekcacilkt roshurio ahmmhwcke tbo Ihjplkys roshurio uperl`o hk Lue . Ovokts sueeost
tblt l jlsscvo stcke hporltchk bls pmlyo` hut wctb rotlcm ckvosthrs aolturcke ls tbo prcjlry vcitcjs.
Cjpmcict ck lmm ha tbo lfhvo cs tbo mcgomcbhh` tblt hvort sblro prcio jlkcpumltchk scts fobck`lkhjlmhus `ltl trok`s lk` tbo alit tblt suib litcvcty ilk fo iljhuamleo` wctbck tbo systoj lk`
ovok lpprhvo` fy roeumlthrs wbok frhuebt th tbocr lttoktchk cs lk ck`citjokt ha tbo jlrgot systoj
ctsoma.Ct ihjos ls kh surprcso wbok rospoito` jo`cl ihjjoktlthrs suib lsLmlk Ghbmorlk`Vhfort Ehttmcofshk
tlmg lfhut moelmczo` cksc`or trl`cke kotwhrgs lk` bhw lfsur` tbo iurrokt systoj cs, lk` jldhr erhups suib
lsCk`ustry Yupor Kotwhrglro ilmmcke ahr lk cjjo`clto flk hk bceb aroquokiy trl`cke. Pbo pufmci uprhlr
vory imolrmy `ojhkstrltos tblt cssuos rlcso` ihkiorkcke Iu@oih lro kht dust romlto` th hko ihjplky fut
lro roshkltcke lirhss tbo oktcro LYR.
Pbo ihktrhvorsy `hos mcttmo ahr ihkac`okio ck tbo iurrokt acklkiclm systoj wboro c`olms ha alcr trl`cke,
oaacicokt jlrgots, trlksplrokt `olmckes lk` jlrgot cktoercty koo` th fo alctbaummy hfsorvo` ck `lcmy prlitcio
lk` kht dust sct ls kcio shuk`cke fut bhmmhw whr`s ck tbo euc`cke stltojokts ha ehvorkjokt lk`
roeumlthry fh`cos.
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