Professional Documents
Culture Documents
Electronica General
Electronica General
Electronica General
(OHFWUyQLFD*HQHUDO
*8$','&7,&$'(/352)(625
Pablo Alcalde San Miguel
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
3UHVHQWDFLyQGHODJXtD
/D JXtD GHO SURIHVRU GHO PyGXOR (OHFWUyQLFD *HQHUDO VH KD HODERUDGR FRQ HO RE
MHWLYR GH SUHVWDU DO SURIHVRU TXH LPSDUWH OD DVLJQDWXUD XQD SURSXHVWD GLGiFWLFD GH
DSR\R SHGDJyJLFR SDUD HO GHVDUUROOR GH VX IXQFLyQ GRFHQWH
(Q OD JXtD VH LQFOX\HQ \ VH GHVFULEHQ ORV PDWHULDOHV FXUULFXODUHV TXH SUHVHQWy HO 0L
QLVWHULR GH (GXFDFLyQ \ &LHQFLD FXDQGR VH GLVHxDURQ ORV FLFORV IRUPDWLYRV \ HQ ORV TXH
VH GHVDUUROODQ OD GHILQLFLyQ \ HO GHVDUUROOR GH ORV SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH GH
ORV FLFORV IRUPDWLYRV WDQWR GH JUDGR VXSHULRU FRPR GH JUDGR PHGLR GH OD )RUPDFLyQ
3URIHVLRQDO DFWXDO
(Q HVWD JXtD VH UHFRJH HO 5HDO 'HFUHWR GH GH IHEUHUR GH Q~PHUR SX
EOLFDGR HQ HO %2( HO GH DJRVWR GH GRQGH VH HVWDEOHFH HO WtWXOR GH
\ ODV FRUUHVSRQGLHQWHV HQVHxDQ]DV PtQLPDV
/D JXtD VLJXH ODV GLUHFWULFHV WUD]DGDV SRU HO OLEUR HGLWDGR SRU HO 0LQLVWHULR GH (GX
FDFLyQ \ &LHQFLD VREUH SURSXHVWDV GLGiFWLFDV GH DSR\R DO SURIHVRU HGLWDGR SRU OD 'L
UHFFLyQ *HQHUDO GH )RUPDFLyQ 3URIHVLRQDO 5HJODGD \ 3URPRFLyQ (GXFDWLYD HQ HO TXH
VH RULHQWD DO SURIHVRU VREUH OD SURJUDPDFLyQ GH ORV FRQWHQLGRV \ ODV DFWLYLGDGHV GH
IRUPDFLyQ TXH SXHGHQ VHU DGDSWDGDV \ DSOLFDGDV SRU ORV GRFHQWHV GH IRUPD GLUHFWD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
$QDOL]DU ORV IHQyPHQRV HOpFWUL 5HODFLRQDU ORV IHQyPHQRV HOpFWULFRV \ HOHFWURPDJQpWL
FRV \ HOHFWURPDJQpWLFRV TXH FRV PiV UHOHYDQWHV TXH VH SUHVHQWDQ HQ ORV FLUFXLWRV
DSDUHFHQ HQ ORV FLUFXLWRV HOHF HOHFWUyQLFRV FRQ ORV HIHFWRV TXH SURGXFHQ \ ODV FDXVDV
WUyQLFRV TXH ORV RULJLQDQ
(QXQFLDU ODV OH\HV \ ORV SULQFLSLRV HOpFWULFRV \ HOHFWUR
PDJQpWLFRV IXQGDPHQWDOHV OH\HV GH 2KP .LUFKKRII
-RXOH /HQ]
'HILQLU ODV PDJQLWXGHV HOpFWULFDV \ HOHFWURPDJQpWLFDV
IXQGDPHQWDOHV \ VXV XQLGDGHV GH PHGLGD SUHVHQWHV HQ
ORV FLUFXLWRV GH FRUULHQWH FRQWLQXD \ GH FRUULHQWH DOWHUQD
$SOLFDU OH\HV \ WHRUHPDV HOpF (Q XQ VXSXHVWR SUiFWLFR GH DQiOLVLV GH XQ FLUFXLWR HOpF
WULFRV IXQGDPHQWDOHV \ UHDOL]DU WULFR FRQ FRPSRQHQWHV SDVLYRV HQ FRQH[LRQHV VHULH SD
ORV FiOFXORV QHFHVDULRV SDUD HO UDOHOR \ PL[WD WUDEDMDQGR HQ && \ HQ &$
DQiOLVLV GH FLUFXLWRV HOpFWULFRV 6HOHFFLRQDU OD OH\ R UHJOD PiV DGHFXDGD SDUD HO DQi
DQDOyJLFRV EiVLFRV HQ FRUULHQWH OLVLV \ UHVROXFLyQ GH ORV FLUFXLWRV HOpFWULFRV
FRQWLQXD \ HQ FRUULHQWH DOWHUQD &DOFXODU ODV FDUDFWHUtVWLFDV UHDFWLYDV GH ORV FRPSR
QHQWHV HOHFWUyQLFRV SDVLYRV LQGXFWDQFLDV \ FRQGHQ
VDGRUHV
&DOFXODU ODV PDJQLWXGHV HOpFWULFDV FDUDFWHUtVWLFDV GHO
FLUFXLWR UHVLVWHQFLD R LPSHGDQFLD HTXLYDOHQWH LQWHQ
VLGDGHV GH FRUULHQWH FDtGDV GH WHQVLyQ \ GLIHUHQFLDV
GH SRWHQFLDO SRWHQFLDV HWF
&DOFXODU ODV PDJQLWXGHV HOpFWULFDV HQ FLUFXLWRV HOpF
WULFRV UHVRQDQWHV VHULH \ SDUDOHOR H[SOLFDQGR OD UHOD
FLyQ HQWUH ORV UHVXOWDGRV REWHQLGRV \ ORV IHQyPHQRV
ItVLFRV SUHVHQWHV
5HDOL]DU FRQ SUHFLVLyQ \ VHJX ([SOLFDU ODV FDUDFWHUtVWLFDV PiV UHOHYDQWHV OD WLSRORJtD
ULGDG ODV PHGLGDV GH ODV PDJQL \ SURFHGLPLHQWRV GH XVR GH ORV LQVWUXPHQWRV GH PHGLGD
WXGHV HOHFWUyQLFDV DQDOyJLFDV XWLOL]DGRV HQ HOHFWUyQLFD DQDOyJLFD
IXQGDPHQWDOHV XWLOL]DQGR HO LQV (Q HO DQiOLVLV \ HVWXGLR GH YDULRV FLUFXLWRV HOHFWUyQLFRV
WUXPHQWR SROtPHWUR RVFLORVFR DQDOyJLFRV
SLR \ ORV HOHPHQWRV DX[LOLDUHV 6HOHFFLRQDU HO LQVWUXPHQWR GH PHGLGD SROtPHWUR
PiV DSURSLDGRV HQ FDGD FDVR RVFLORVFRSLR HWF \ ORV HOHPHQWRV DX[LOLDUHV PiV
DGHFXDGRV HQ IXQFLyQ GH OD PDJQLWXG TXH VH YD D
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
(ODERUDU XQ LQIRUPHPHPRULD GH ODV DFWLYLGDGHV GH
VDUUROODGDV \ UHVXOWDGRV REWHQLGRV HVWUXFWXUiQGROD
HQ ORV DSDUWDGRV QHFHVDULRV SDUD XQD DGHFXDGD GR
FXPHQWDFLyQ GH ODV PLVPDV GHVFULSFLyQ GHO SURFHVR
VHJXLGR PHGLRV XWLOL]DGRV HVTXHPDV \ SODQRV H[
SOLFDFLyQ IXQFLRQDO PHGLGDV FiOFXORV HWF
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
2SHUDU GLHVWUDPHQWH FRQ ODV 'HVFULELU ORV SURFHGLPLHQWRV EiVLFRV VROGDGXUD GHVRO
KHUUDPLHQWDV XWLOL]DGDV HQ ODV GDGXUD HQVDPEODMH GH FRPSRQHQWHV \ HOHPHQWRV DX[L
RSHUDFLRQHV GH VXVWLWXFLyQ VRO OLDUHV GH UHIULJHUDFLyQ XWLOL]DGRV HQ ODV RSHUDFLRQHV GH
GDGXUD \ GHVROGDGXUD GH FRP VXVWLWXFLyQ GH FRPSRQHQWHV HQ HTXLSRV HOHFWUyQLFRV
SRQHQWHV HQ FLUFXLWRV (QXPHUDU ODV KHUUDPLHQWDV EiVLFDV XWLOL]DGDV HQ HOHF
HOHFWUyQLFRV DVHJXUDQGR OD FDOL WUyQLFD FODVLILFiQGRODV SRU VX WLSRORJtD \ IXQFLyQ
GDG ILQDO GH ODV LQWHUYHQFLRQHV GHVFULELHQGR ODV FDUDFWHUtVWLFDV SULQFLSDOHV GH ODV
PLVPDV
(Q YDULRV FDVRV SUiFWLFRV GH PRQWDMH \ GHVPRQWDMH GH
FRPSRQHQWHV HQ FLUFXLWRV HOHFWUyQLFRV
6HOHFFLRQDU ODV KHUUDPLHQWDV SURSLDV GH ORV SURFH
GLPLHQWRV TXH VH YDQ D DSOLFDU
3UHSDUDU ORV FRPSRQHQWHV \ PDWHULDOHV TXH VH YDQ D
XWLOL]DU VLJXLHQGR SURFHGLPLHQWRV QRUPDOL]DGRV
6ROGDU ORV GLVWLQWRV FRPSRQHQWHV VLJXLHQGR SURFH
GLPLHQWRV QRUPDOL]DGRV DSOLFiQGROHV QRUPDV GH VH
JXULGDG GH ORV PLVPRV IUHQWH D ORV HIHFWRV WpUPLFRV \
HOHFWURVWiWLFRV
'HVROGDU ORV GLVWLQWRV FRPSRQHQWHV VLJXLHQGR SUR
FHGLPLHQWRV QRUPDOL]DGRV DSOLFDQGR ODV QRUPDV GH
VHJXULGDG GH ORV PLVPRV IUHQWH D ORV HIHFWRV WpUPL
FRV \ HOHFWURVWiWLFRV
(QVDPEODU ORV FRPSRQHQWHV HOHFWUyQLFRV DVHJXUDQ
GR VX DGHFXDGD ILMDFLyQ PHFiQLFD \ GLVLSDFLyQ WpU
PLFD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
2ULHQWDFLRQHVPHWRGROyJLFDV
6H YDQ D H[SRQHU XQD VHULH GH RULHQWDFLRQHV PHWRGROyJLFDV HQFDPLQDGDV D FRQVH
JXLU TXH HO DOXPQR FRQR]FD OD LPSRUWDQFLD GHO PyGXOR GH HOHFWUyQLFD JHQHUDO GHQWUR
GHO SURFHVR SURGXFWLYR GH FXDOTXLHU LQGXVWULD VHUYLFLR UHVLGHQFLD HWF \ VH LQWHUHVH
SURIHVLRQDOPHQWH HQ HVWD PDWHULD WpFQLFD
$WHQGLHQGR D OR H[SXHVWR HQ OD /2*6( $UWtFXOR SXQWR OD PHWRGRORJtD
TXH D FRQWLQXDFLyQ VH UHIOHMDUi SUHWHQGH SURPRYHU OD LQWHJUDFLyQ GH FRQWHQLGRV
FLHQWtILFRV WHFQROyJLFRV \ RUJDQL]DWLYRV TXH IDYRUH]FDQ HQ HO DOXPQR OD FDSDFLGDG
SDUD DSUHQGHU SRU Vt PLVPR \ SDUD WUDEDMDU GH IRUPD DXWyQRPD \ HQ JUXSR
/RV WHPDV GHEHQ H[SRQHUVH HQ XQ OHQJXDMH VHQFLOOR D OD YH] TXH WpFQLFR SDUD
TXH HO DOXPQR IXWXUR SURIHVLRQDO YD\D FRQRFLHQGR OD WHUPLQRORJtD TXH VH XWLOL]D
HQ HO FDPSR GH OD HOHFWUyQLFD
/RV GLIHUHQWHV WHPDV TXH FRPSRQHQ HO PyGXOR VRQ PDWHULDV SDUD ODV FXDOHV HV
IiFLO HQFRQWUDU DSR\R SUiFWLFR SRU PHGLR GH GLVSRVLWLYRV FRPHUFLDOHV FRPR SXHGHQ
VHU IXHQWHV GH DOLPHQWDFLyQ UHFHSWRUHV GH UDGLR DPSOLILFDGRUHV HWF DGHPiV GH
EHPRV YDOHUQRV GH PDWHULDO JUiILFR FRPR GLDSRVLWLYDV YtGHRV FDWiORJRV FRPHUFLD
OHV HWF SDUD TXH HO DOXPQR FRQR]FD ORV PDWHULDOHV \ FLUFXLWRV HOHFWUyQLFRV $TXt
WDPELpQ HV LPSRUWDQWH LQWURGXFLU OD E~VTXHGD GH FRQWHQLGRV H LQIRUPDFLyQ GH WRGR
WLSR D WUDYpV GH ,QWHUQHW
6H GHEHQ VXPLQLVWUDU D ORV DOXPQRV SUR\HFWRV UHDOHV VHQFLOORV SDUD TXH SXHGDQ
FRUUHODFLRQDU OD LQIRUPDFLyQ WHyULFD LPSDUWLGD FRQ HO GHVDUUROOR SUiFWLFR HQ HO
PXQGR ODERUDO GH ORV GLIHUHQWHV WHPDV
8WLOL]DU LQIRUPDFLyQ WpFQLFD FRPHUFLDO GH HPSUHVDV IDEULFDQWHV R GLVWULEXLGRUDV
GH PDWHULDO HOHFWUyQLFR SDUD TXH ORV DOXPQRV FRQR]FDQ ORV PDWHULDOHV FDUDFWHUtVWL
FDV DSOLFDFLRQHV IRUPDV GH FRPHUFLDOL]DFLyQ HWF
)RPHQWDU HO WUDEDMR HQ HTXLSR GLVHxDQGR ORV WUDEDMRV R DFWLYLGDGHV SRU HTXLSRV GH
DOXPQRV R SRU DFWLYLGDG GH HVWD IRUPD SRGHPRV FRQVHJXLU TXH ORV SDUWLFLSDQWHV
GH OD DFFLyQ IRUPDWLYD VH IDPLOLDULFHQ FRQ HVWDV WpFQLFDV GH WUDEDMR HQ HO PXQGR ODER
UDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
(VWUXFWXUDGHODVXQLGDGHVGHWUDEDMRGHOOLEURGHODOXPQR
&DGD XQD GH ODV XQLGDGHV GLGiFWLFDV R FDStWXORV GHO OLEUR HVWiQ FRPSXHVWRV SRU
ORV VLJXLHQWHV DSDUWDGRV
,QWURGXFFLyQ
&RQWHQLGRV
2EMHWLYRV
'HVDUUROOR GH ORV FRQWHQLGRV
([SHULHQFLDV
(MHPSORV GH DSOLFDFLyQ
3UREOHPDV SURSXHVWRV \ DFWLYLGDGHV
'LVWULEXFLyQWHPSRUDOGHODV8QLGDGHVGH&RQWHQLGR
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
/RV FRQGHQVDGRUHV
/D FRUULHQWH DOWHUQD
6HPLFRQGXFWRUHV HO GLRGR
7UDQVLVWRUHV
$PSOLILFDGRUHV
$PSOLILFDGRUHV GH SRWHQFLD
)XHQWHV GH DOLPHQWDFLyQ
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
(OHPHQWRVFXUULFXODUHVRXQLGDGHVGHWUDEDMR
/RV HOHPHQWRV FXUULFXODUHV TXH GHILQHQ FDGD XQD GH ODV 8QLGDGHV GH &RQWHQLGR
GHO OLEUR VRQ
/$ (/(&75,&,'$' &21&(3726 *(1(5$/(6
6LVWHPDV GH SURGXFFLyQ WUDQVSRUWH \ GLVWUL
&RQRFLPLHQWR GH ODV PDJQLWXGHV EiVLFDV EXFLyQ GH OD HQHUJtD HOpFWULFD
WHQVLyQ IHP LQWHQVLGDG GH OD FRUULHQWH (IHFWRV GH OD HOHFWULFLGDG
,QWHUSUHWDFLyQ GH HVTXHPDV 1DWXUDOH]D GH OD HOHFWULFLGDG
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR &DUJD HOpFWULFD
SURFHGLPLHQWRV QRUPDOL]DGRV &RUULHQWH HOpFWULFD
(O FLUFXLWR HOpFWULFR
)RUPDV GH SURGXFLU HOHFWULFLGDG
,QWHQVLGDG GH OD FRUULHQWH HOpFWULFD \ VX
PHGLGD
&RUULHQWH FRQWLQXD \ FRUULHQWH DOWHUQD
7HQVLyQ HOpFWULFD \ VX PHGLGD
)XHU]D HOHFWURPRWUL]
'HILQLFLyQ GH ODV SULQFLSDOHV PDJQLWXGHV ([SOLFDU FXDOLWDWLYDPHQWH HO IXQFLRQDPLHQWR
HOpFWULFDV GH XQ FLUFXLWR VLPSOH GHVWLQDGR D SURGXFLU
&RPSUREDFLyQ H[SHULPHQWDO GH ORV HIHFWRV OX] HQHUJtD PRWUL] R FDORU VHxDODQGR ODV UH
GH OD FRUULHQWH HOpFWULFD ODFLRQHV H LQWHUDFFLRQHV HQWUH ORV IHQyPHQRV
&RPSUREDFLyQ H[SHULPHQWDO GH ODV GLIHUHQ TXH WLHQHQ OXJDU HQ pO
WHV IRUPDV GH SURGXFLU HOHFWULFLGDG 0HGLU ODV PDJQLWXGHV EiVLFDV GH XQ FLUFXLWR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD HOpFWULFR VHOHFFLRQDQGR XQ DSDUDWR GH PH
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR GLGD DGHFXDGR FRQHFWiQGROR FRUUHFWDPHQWH
\ HOLJLHQGR OD HVFDOD ySWLPD
([SOLFDU ORV SULQFLSLRV \ SURSLHGDGHV GH OD
FRUULHQWH HOpFWULFD VX WLSRORJtD \ HIHFWRV HQ
ORV FLUFXLWRV GH && \ GH &$
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,QWHUSUHWDFLyQ GH HVTXHPDV 'LIHUHQFLD HQWUH FRQGXFWRU \ DLVODQWH
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 5HVLVWHQFLD HOpFWULFD \ VX PHGLGD
SURFHGLPLHQWRV QRUPDOL]DGRV /H\ GH 2KP
7HRUHPDV IXQGDPHQWDOHV GH DQiOLVLV GH 3RWHQFLD \ HQHUJtD HOpFWULFD
FLUFXLWRV 5HVLVWHQFLD GH XQ FRQGXFWRU UHVLVWLYLGDG
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV ,QIOXHQFLD GH OD WHPSHUDWXUD VREUH OD UHVLV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD WLYLGDG
ItD \ ORV PDQXDOHV WpFQLFRV 5HVLVWHQFLDV SDUD FLUFXLWRV HOHFWUyQLFRV
0HGLGD GH WHQVLyQ FRUULHQWH \ UHVLVWHQFLD 'LIHUHQFLDU HQWUH DLVODQWH EXHQ FRQGXFWRU \
&RPSUREDFLyQ H[SHULPHQWDO GH OD OH\ GH PDO FRQGXFWRU GH OD FRUULHQWH HOpFWULFD
2KP (PSOHDU HO yKPHWUR GH XQD IRUPD DGHFXDGD
,GHQWLILFDFLyQ GH UHVLVWHQFLDV PHGLDQWH $SOLFDU OD OH\ GH 2KP SDUD OD UHVROXFLyQ GH
yKPHWUR \ FyGLJR GH FRORUHV SUREOHPDV GRQGH LQWHUYHQJDQ ODV PDJQLWX
9HULILFDFLyQ GHO HIHFWR GH YDULDFLyQ HQ GHV HOpFWULFDV LQWHQVLGDG WHQVLyQ \ UHVLV
UHVLVWHQFLDV YDULDEOHV \ GHSHQGLHQWHV WHQFLD
3UR\HFWR GH IDEULFDFLyQ GH XQD HVWXID $SOLFDU ODV H[SUHVLRQHV PDWHPiWLFDV GH OD
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD SRWHQFLD \ HQHUJtD HOpFWULFD SDUD UHVROYHU
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR FXHVWLRQHV SUiFWLFDV
%~VTXHGD HQ ,QWHUQHW GH XQ IDEULFDQWH GH 5HODFLRQDU OD UHVLVWHQFLD GH XQ FRQGXFWRU
UHVLVWHQFLDV SDUD FLUFXLWRV HOHFWUyQLFRV \ FRQ VX ORQJLWXG VHFFLyQ \ FRQVWLWXFLyQ
DQiOLVLV GH ODV FDUDFWHUtVWLFDV GH ORV GLIHUHQ &DOFXODU OD UHVLVWHQFLD HOpFWULFD GH XQ FRQ
WHV WLSRV IDEULFDGRV FRPR SXHGHQ VHU WLSRV GXFWRU
GH UHVLVWHQFLDV DSOLFDFLRQHV GLPHQVLRQHV 9DORUDU OD LQIOXHQFLD GH OD WHPSHUDWXUD
SRWHQFLDV YDORUHV yKPLFRV IDEULFDGRV HWF VREUH OD UHVLVWHQFLD GH ORV PDWHULDOHV
,GHQWLILFDU ORV GLIHUHQWHV WLSRV GH UHVLVWHQ
FLDV TXH VH XWLOL]DQ FRPR FRPSRQHQWHV HQ
FLUFXLWRV HOHFWUyQLFRV DVt FRPR FRQRFHU VXV
DSOLFDFLRQHV \ FDUDFWHUtVWLFDV PiV VLJQLILFD
WLYDV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,QWHUSUHWDFLyQ GH HVTXHPDV 5HVROXFLyQ GH FLUFXLWRV FRQHFWDGRV HQ VHULH
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR SDUDOHOR \ PL[WR
SURFHGLPLHQWRV QRUPDOL]DGRV
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ
WDOHV GH FiOFXOR GH PDJQLWXGHV HOpFWULFDV
7HRUHPDV IXQGDPHQWDOHV GH DQiOLVLV GH
FLUFXLWRV
0HGLGD GH PDJQLWXGHV HOpFWULFDV HQ XQ 'LVWLQJXLU HQWUH DFRSODPLHQWR HQ VHULH \ HQ
FLUFXLWR VHULH SDUDOHOR
0HGLGD GH PDJQLWXGHV HOpFWULFDV HQ XQ 5HDOL]DU ORV FiOFXORV SUHFLVRV SDUD UHVROYHU
FLUFXLWR SDUDOHOR XQ FLUFXLWR HOpFWULFR FRQ YDULDV FDUJDV FR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD QHFWDGDV HQWUH Vt
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR 0HGLU ODV PDJQLWXGHV HQ XQ FLUFXLWR VHULH
SDUDOHOR \ PL[WRV H LQWHUSUHWDU \ UHODFLRQDU
VXV UHVXOWDGRV
([SOLFDU FXDOLWDWLYDPHQWH ORV IHQyPHQRV
GHULYDGRV GH XQD DOWHUDFLyQ HQ XQ HOHPHQWR
GH XQ FLUFXLWR HOpFWULFR VHQFLOOR \ GHVFULELU
ODV YDULDFLRQHV HVSHUDEOHV HQ ORV YDORUHV GH
WHQVLyQ \ FRUULHQWH
(PSOHDU ORV DJUXSDPLHQWRV GH JHQHUDGRUHV
FRUUHFWDPHQWH SDUD FRQVHJXLU XQ FRQMXQWR
GH XQDV GHWHUPLQDGDV FDUDFWHUtVWLFDV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,QWHUSUHWDFLyQ GH HVTXHPDV /H\HV GH .LUFKKRII
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 5HVROXFLyQ GH FLUFXLWRV PHGLDQWH WUDQVIRU
SURFHGLPLHQWRV QRUPDOL]DGRV PDFLRQHV GH WULiQJXOR HVWUHOOD \ YLFHYHUVD
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD 7HRUHPD GH VXSHUSRVLFLyQ
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD 7HRUHPD GH 7KqYHQLQ
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ
WDOHV GH FiOFXOR GH PDJQLWXGHV HOpFWULFDV
7HRUHPDV IXQGDPHQWDOHV GH DQiOLVLV GH
FLUFXLWRV
9HULILFDFLyQ GH XQ FLUFXLWR FRPSXHVWR SRU 5HDOL]DU ORV FiOFXORV SUHFLVRV SDUD UHVROYHU
YDULDV PDOODV XQ FLUFXLWR HOpFWULFR FRQ YDULDV FDUJDV R YD
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD ULRV JHQHUDGRUHV FRQHFWDGRV HQWUH Vt
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR (PSOHDU HO PpWRGR PiV LGyQHR SDUD OD
UHVROXFLyQ GH XQ FLUFXLWR GH &&
$SOLFDU ODV OH\HV GH .LUFKKRII SDUD OD UHVR
OXFLyQ GH FLUFXLWRV FRQ YDULDV PDOODV HQ &&
8WLOL]DU ODV WUDQVIRUPDFLRQHV GH WULiQJXOR D
HVWUHOOD \ YLFHYHUVD SDUD OD REWHQFLyQ GH OD
UHVLVWHQFLD HTXLYDOHQWH GH XQ FLUFXLWR FRP
SOHMR
5HVROYHU FLUFXLWRV DSOLFDQGR ORV WHRUHPDV
GH VXSHUSRVLFLyQ \ 7KqYHQLQ
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
/26 &21'(16$'25(6
,QWHUSUHWDFLyQ GH HVTXHPDV )XQFLRQDPLHQWR \ HVWUXFWXUD GHO FRQGHQVD
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR GRU
SURFHGLPLHQWRV QRUPDOL]DGRV &DSDFLGDG GH XQ FRQGHQVDGRU
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD &DUJD \ GHVFDUJD GH XQ FRQGHQVDGRU
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD 7LSRV GH FRQGHQVDGRUHV
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ $VRFLDFLyQ GH FRQGHQVDGRUHV
WDOHV GH FiOFXOR GH PDJQLWXGHV HOpFWULFDV
$QiOLVLV GH ODV FDUDFWHUtVWLFDV GH XQ FRQGHQ
VDGRU
7HRUHPDV IXQGDPHQWDOHV GH DQiOLVLV GH
FLUFXLWRV
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
,GHQWLILFDFLyQ GH FRQGHQVDGRUHV 'HVFULELU HO IXQFLRQDPLHQWR \ OD IXQFLyQ GH
&DUJD \ GHVFDUJD GH XQ FRQGHQVDGRU ORV FRQGHQVDGRUHV
&RQVXOWDV HQ ,QWHUQHW VREUH ORVWHPDVUHOD (YDOXDU ORV SURFHVRV GH FDUJD \ GHVFDUJD GH
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR XQ FRQGHQVDGRU
%~VTXHGD HQ ,QWHUQHW GH XQ IDEULFDQWH GH 6HOHFFLRQDU DGHFXDGDPHQWH ODV PDJQLWXGHV
FRQGHQVDGRUHV SDUD FLUFXLWRV HOHFWUyQLFRV \ GH XQ FRQGHQVDGRU
DQiOLVLV GH ODV FDUDFWHUtVWLFDV GH ORV GLIHUHQ 5HFRQRFHU ORV WLSRV GH FRQGHQVDGRUHV
WHV WLSRV IDEULFDGRV FRPR SXHGHQ VHU WLSRV &DOFXODU OD FDSDFLGDG HTXLYDOHQWH DO DVRFLDU
GH FRQGHQVDGRUHV IDEULFDGRV DSOLFDFLRQHV FRQGHQVDGRUHV HQ VHULH \ HQ SDUDOHOR
GLPHQVLRQHV WHQVLRQHV WROHUDQFLDV YDORUHV
FDSDFLWLYRV IDEULFDGRV HWF
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ ,PDQHV
WDOHV GH FiOFXOR GH PDJQLWXGHV HOHFWURPDJ &DPSR PDJQpWLFR GH XQ LPiQ
QpWLFDV (OHFWURPDJQHWLVPR
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV 0DJQLWXGHV PDJQpWLFDV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD &XUYD GH PDJQHWL]DFLyQ
ItD \ ORV PDQXDOHV WpFQLFRV ,QGXFFLyQ HOHFWURPDJQpWLFD
$XWRLQGXFFLyQ %RELQDV
([SHULHQFLD GH )DUDGD\ (QWHQGHU ORV HIHFWRV GH ORV FDPSRV PDJQp
)XHU]D PDJQHWRHOpFWULFD WLFRV
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD 'HWHUPLQDU HO HVSHFWUR PDJQpWLFR GH XQ
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR LPiQ
%~VTXHGD HQ ,QWHUQHW GH XQ IDEULFDQWH GH 5HODFLRQDU ODV PDJQLWXGHV IXQGDPHQWDOHV
ERELQDV SDUD FLUFXLWRV HOHFWUyQLFRV \ DQiOL EiVLFDV GH XQ FDPSR PDJQpWLFR FRQ VXV
VLV GH ODV FDUDFWHUtVWLFDV GH ORV GLIHUHQWHV WL XQLGDGHV GH PHGLGD \ HQWHQGHU VX LPSRU
SRV IDEULFDGRV FRPR SXHGHQ VHU WLSRV GH WDQFLD HQ XQ FLUFXLWR PDJQpWLFR
ERELQDV DSOLFDFLRQHV GLPHQVLRQHV YDORUHV 'HWHUPLQDU OD UHODFLyQ H[LVWHQWH HQWUH ODV
GH OD LQGXFWDQFLD GLVSRQLEOHV HWF FRUULHQWHV HOpFWULFDV \ ORV FDPSRV PDJQpWL
FRV
'HWHUPLQDU HO VHQWLGR GH ODV OtQHDV GH
IXHU]D GH XQ FDPSR HOHFWURPDJQpWLFR DVt
FRPR OD LQWHQVLGDG \ GHQVLGDG GHO PLVPR
$SUHFLDU OD LPSRUWDQFLD GH OD SHUPHDELOL
GDG PDJQpWLFD HQ OD FRQVWUXFFLyQ GH Q~
FOHRV SDUD ERELQDV
,QWHUSUHWDU OD FXUYD GH PDJQHWL]DFLyQ
'HVFULELU ORV SURFHVRV TXH VH GDQ HQ OD
LQGXFFLyQ HOHFWURPDJQpWLFD
$SUHFLDU ORV HIHFWRV GH DXWRLQGXFFLyQ TXH
VH SURGXFHQ HQ ODV ERELQDV
$QDOL]D ORV IHQyPHQRV TXH VH GDQ HQ OD
DSHUWXUD \ HO FLHUUH GH XQ FLUFXLWR FRQ EREL
QD
&RPSUHQGHU OD LPSRUWDQFLD GHO FRHILFLHQWH
GH DXWRLQGXFFLyQ GH XQD ERELQD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
/$ &255,(17( $/7(51$
,QWHUSUHWDFLyQ GH HVTXHPDV *HQHUDFLyQ GH XQD &$ VHQRLGDO
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 9DORUHV IXQGDPHQWDOHV GH OD &$
SURFHGLPLHQWRV QRUPDOL]DGRV &LUFXLWR FRQ UHVLVWHQFLD SXUD HQ &$
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD &LUFXLWR FRQ ERELQD SXUD HQ &$
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD 5HDFWDQFLD LQGXFWLYD
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ &LUFXLWR FRQ FRQGHQVDGRU SXUR HQ &$
WDOHV GH FiOFXOR GH PDJQLWXGHV HOpFWULFDV 5HDFWDQFLD
7HRUHPDV IXQGDPHQWDOHV GH DQiOLVLV GH
FLUFXLWRV
0HGLGD GH PDJQLWXGHV DVRFLDGDV D XQD 'HILQLU ORV SURFHVRV TXH GDQ HQ OD JHQHUD
WHQVLyQ VHQRLGDO FLyQ GH XQD FRUULHQWH DOWHUQD
0DQHMR GHO RVFLORVFRSLR \ JHQHUDGRU GH ,GHQWLILFDU ORV YDORUHV IXQGDPHQWDOHV GH XQD
VHxDOHV &$ DVt FRPR VHOHFFLRQDU HO LQVWUXPHQWR GH
0HGLGD GHO iQJXOR GH GHVIDVH HQ XQ FLUFXLWR PHGLFLyQ DGHFXDGR SDUD VX PHGLGD
GH &$ 0DQHMDU DGHFXDGDPHQWH HO RVFLORVFRSLR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD SDUD PHGLU ODV PDJQLWXGHV DVRFLDGDV D XQ
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR &$ VHQRLGDO
([SOLFDU ORV SURFHVRV TXH VH GDQ HQ XQ
FLUFXLWR GH &$ DO FRQHFWDU UHVLVWHQFLDV ER
ELQDV \ FRQGHQVDGRUHV
,QWHUSUHWDFLyQ GH HVTXHPDV &LUFXLWR VHULH 5/
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 3RWHQFLDV HQ &$
SURFHGLPLHQWRV QRUPDOL]DGRV &LUFXLWR VHULH 5&
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD &LUFXLWR VHULH 5/&
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD 5HVROXFLyQ GH FLUFXLWRV GH &$ PHGLDQWH HO
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ FiOFXOR YHFWRULDO FRQ Q~PHURV FRPSOHMRV
WDOHV GH FiOFXOR GH PDJQLWXGHV HOpFWULFDV 2SHUDFLRQHV FRQ Q~PHURV FRPSOHMRV
7HRUHPDV IXQGDPHQWDOHV GH DQiOLVLV GH &LUFXLWRV RVFLODQWHV
FLUFXLWRV 5HVRQDQFLD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
9HULILFDFLyQ GH FLUFXLWRV 5/& HQ &$ 5HVROYHU FLUFXLWRV VHULH GH FLUFXLWRV GH &$
&RPSUREDFLyQ GHO HIHFWR GH RVFLODFLyQ 'LVWLQJXLU \ FDOFXODU ORV WUHV WLSRV GH SRWHQ
DPRUWLJXDGD FLD GH XQ FLUFXLWR GH &$
5HVRQDQFLD HQ VHULH &DOFXODU ODV PDJQLWXGHV HOpFWULFDV HQ FLU
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD FXLWRV SDUDOHORV \ PL[WRV GH &$
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR ,QWHUSUHWDU ORV SURFHVRV TXH VH GDQ HQ XQ
FLUFXLWR UHVRQDQWH
,QWHUSUHWDFLyQ GH HVTXHPDV (UURUHV GH PHGLFLyQ \ SUHFLVLyQ GH XQ
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR DSDUDWR GH PHGLGD
SURFHGLPLHQWRV QRUPDOL]DGRV 6LVWHPDV GH PHGLGD
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD 0HGLGD GH LQWHQVLGDG \ DPSOLDFLyQ GHO
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD DOFDQFH GH XQ DPSHUtPHWUR
$SOLFDFLyQ GH OH\HV \ WHRUHPDV IXQGDPHQ 0HGLGD GH WHQVLyQ \ DPSOLDFLyQ GHO DOFDQFH
WDOHV GH FiOFXOR GH PDJQLWXGHV HOpFWULFDV GH XQ YROWtPHWUR
,QWHUSUHWDFLyQ GH OD GRFXPHQWDFLyQ WpFQLFD (O SROtPHWUR
GH ORV LQVWUXPHQWRV GHO ODERUDWRULR GH (OHF 0HGLGD GH UHVLVWHQFLDV
WUyQLFD *HQHUDO (O RVFLORVFRSLR
0DQHMR GH ELEOLRJUDItD \ PDQXDOHV WpFQLFRV (O JHQHUDGRU GH IXQFLRQHV
0DQHMR GH ORV LQVWUXPHQWRV GH PHGLGD GHO
ODERUDWRULR GH (OHFWUyQLFD *HQHUDO
1RUPDV GH VHJXULGDG HQ OD RSHUDFLyQ GH
DSOLFDFLRQHV HOHFWUyQLFDV \ HQ OD UHDOL]DFLyQ
GH PHGLGD
,GHQWLILFDFLyQ GH DSDUDWRV GH PHGLGD 'HVFULELU ODV FDUDFWHUtVWLFDV PiV UHOHYDQWHV
0DQHMR GHO SROtPHWUR WLSRV GH HUURUHV SUHFLVLyQ SRVLFLyQ GH WUD
0DQHMR GH SXHQWH GH PHGLGD EDMR HWF OD WLSRORJtD FODVHV \ SURFHGL
0DQHMR GHO RVFLORVFRSLR PLHQWRV GH XVR GH ORV LQVWUXPHQWRV GH
0DQHMR GHO JHQHUDGRU GH IXQFLRQHV PHGLGD XWLOL]DGRV HQ ORV FLUFXLWRV HOHFWUR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD WpFQLFRV EiVLFRV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR 5HDOL]DU FRQ SUHFLVLyQ \ VHJXULGDG ODV PH
&RQVHJXLU LQIRUPDFLyQ HQ ,QWHUQHW VREUH OD GLGDV GH ODV PDJQLWXGHV HOpFWULFDV IXQGD
LQVWUXPHQWDFLyQ EiVLFD TXH VH HPSOHD HQ HO PHQWDOHV WHQVLyQ LQWHQVLGDG UHVLVWHQFLD
ODERUDWRULR GH (OHFWUyQLFD \ DQDOL]DU VXV FD SRWHQFLD IUHFXHQFLD XWLOL]DQGR HQ FDGD
UDFWHUtVWLFDV IXQFLRQDPLHQWR \ DSOLFDFLRQHV FDVR HO LQVWUXPHQWR SROtPHWUR YDWtPHWUR
RVFLORVFRSLR \ ORV HOHPHQWRV DX[LOLDUHV
DSURSLDGRV
,QWHUSUHWDFLyQ GH HVTXHPDV /RV VHPLFRQGXFWRUHV
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR (O GLRGR GH XQLyQ
SURFHGLPLHQWRV QRUPDOL]DGRV 'LVSRVLWLYRV RSWRHOHFWUyQLFRV GLRGRV /('
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD \ IRWRGLRGRV
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD
5HFRQRFLPLHQWR GH FRPSRQHQWHV HOHFWUyQL
FRV DQDOyJLFRV
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
0RQWDMH GH SHTXHxRV FLUFXLWRV HOHFWUyQLFRV
EiVLFRV VREUH SODFD SURWRERDUG R VLPLODU
\X RUGHQDGRU
&yPR VH SXHGH FRPSUREDU HO EXHQ HVWDGR $QDOL]DU OD WLSRORJtD \ FDUDFWHUtVWLFDV IXQ
GH XQ GLRGR FLRQDOHV GH ORV GLRGRV
,GHQWLILFDFLyQ GH ODV FDUDFWHUtVWLFDV GH ORV 'HVFULELU ODV FXUYDV FDUDFWHUtVWLFDV PiV
GLRGRV VHPLFRQGXFWRUHV UHSUHVHQWDWLYDV GH ORV GLRGRV H[SOLFDQGR OD
2EWHQFLyQ GH OD FDUDFWHUtVWLFD GH SRODUL]D UHODFLyQ H[LVWHQWH HQWUH ODV PDJQLWXGHV IXQ
FLyQ GH XQ GLRGR GH VLOLFLR GDPHQWDOHV TXH ORV FDUDFWHUL]DQ
'LVHxR \ FRQVWUXFFLyQ GH FLUFXLWR SDUD GRV ,QWHUSUHWDU ORV SDUiPHWURV IXQGDPHQWDOHV
QLYHOHV GH LOXPLQDFLyQ TXH DSDUHFHQ HQ ODV KRMDV WpFQLFDV GH ORV ID
,GHQWLILFDFLyQ GH FRPSRQHQWHV RSWRHOHFWUy EULFDQWHV GH GLRGRV
QLFRV $QDOL]DU OD WLSRORJtD \ FDUDFWHUtVWLFDV IXQ
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD FLRQDOHV GH ORV GLVSRVLWLYRV RSWRHOHFWUyQLFRV
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR
%~VTXHGD HQ ,QWHUQHW GH XQ IDEULFDQWH GH
GLRGRV SDUD FLUFXLWRV HOHFWUyQLFRV DQiOLVLV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,QWHUSUHWDFLyQ GH HVTXHPDV (O WUDQVIRUPDGRU
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 5HFWLILFDGRU GH PHGLD RQGD \ RQGD FRPSOHWD
SURFHGLPLHQWRV QRUPDOL]DGRV )LOWURV
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD 'LVHxR GH FLUFXLWRV LPSUHVRV \ WpFQLFDV GH
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD VROGDGXUD GH FRPSRQHQWHV HOHFWUyQLFRV
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
0RQWDMH GH SHTXHxRV FLUFXLWRV HOHFWUyQLFRV
EiVLFRV VREUH SODFD SURWRERDUG R VLPLODU
\X RUGHQDGRU
,QWHUSUHWDFLyQ GH OD GRFXPHQWDFLyQ WpFQLFD
GH OD DSOLFDFLyQ \ GH OD LQVWUXPHQWDFLyQ GH
PHGLGD
,GHQWLILFDFLyQ \ DQiOLVLV GH ORV EORTXHV
IXQFLRQDOHV
5HFRQRFLPLHQWR GH FRPSRQHQWHV HOHFWUyQL
FRV DQDOyJLFRV
0DQHMR GH ODV KHUUDPLHQWDV DGHFXDGDV HQ HO
PRQWDMH \ OD VXVWLWXFLyQ GH FRPSRQHQWHV
HOHFWUyQLFRV HQ FLUFXLWRV DQDOyJLFRV
6ROGDGXUD \ GHVROGDGXUD GH FRPSRQHQWHV
HOHFWUyQLFRV DQDOyJLFRV
(QVDPEODMH \ GHVPEODMH GH FRPSRQHQWHV
HOHFWUyQLFRV DQDOyJLFRV
$SOLFDFLyQ GH SURFHGLPLHQWRV \ QRUPDV GH
VHJXULGDG QRUPDOL]DGRV HQ HO PRQWDMH \ VXV
WLWXFLyQ GH FRPSRQHQWHV HOHFWUyQLFRV
&RQVWUXFFLyQ PDQXDO GH FLUFXLWRV LPSUHVRV
0RQWDMH PDQXDO \ SXHVWD D SXQWR GH SHTXH
xRV FLUFXLWRV DQDOyJLFRV HQ SODFD GH FLUFXLWR
LPSUHVR
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
'LVHxR \ PRQWDMH GH XQ UHFWLILFDGRU GH RQGD $QDOL]DU OD WLSRORJtD \ FDUDFWHUtVWLFDV IXQ
FRPSOHWD HQ FLUFXLWR LPSUHVR FLRQDOHV GH ORV FLUFXLWRV GH UHFWLILFDFLyQ
(VWXGLR SUiFWLFR GH XQ UHFWLILFDGRU GH PHGLD 2SHUDU GLHVWUDPHQWH FRQ ODV KHUUDPLHQWDV
RQGD XWLOL]DGDV HQ ODV RSHUDFLRQHV GH VXVWLWXFLyQ
(VWXGLR SUiFWLFR GH XQ SXHQWH UHFWLILFDGRU VROGDGXUD \ GHVROGDGXUD GH FRPSRQHQWHV HQ
,GHQWLILFDFLyQ GH ODV FDUDFWHUtVWLFDV GH SXHQ FLUFXLWRV HOHFWUyQLFRV DVHJXUDQGR OD FDOLGDG
WHV UHFWLILFDGRUHV HQFDSVXODGRV ILQDO GH ODV LQWHUYHQFLRQHV
/RFDOL]DFLyQ GH DYHUtDV HQ XQD IXHQWH GH 'LDJQRVWLFDU DYHUtDV HQ FLUFXLWRV HOHFWUyQL
DOLPHQWDFLyQ FRV DQDOyJLFRV GH DSOLFDFLyQ JHQHUDO HP
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD SOHDQGR SURFHGLPLHQWRV VLVWHPiWLFRV \
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR QRUPDOL]DGRV HQ IXQFLyQ GH GLVWLQWDVFRQVL
%~VTXHGD HQ ,QWHUQHW GH SXHQWHV GH GLRGRV GHUDFLRQHV
SDUD FLUFXLWRV HOHFWUyQLFRV DQiOLVLV GH ODV
FDUDFWHUtVWLFDV GH ORV GLIHUHQWHV WLSRV IDEUL
FDGRV
75$16,6725(6
,QWHUSUHWDFLyQ GH HVTXHPDV )XQFLRQDPLHQWR GHO WUDQVLVWRU ELSRODU
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR &DUDFWHUtVWLFDV GHO WUDQVLVWRU
SURFHGLPLHQWRV QRUPDOL]DGRV 3RODUL]DFLyQ GHO WUDQVLVWRU
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
0RQWDMH GH SHTXHxRV FLUFXLWRV HOHFWUyQLFRV
EiVLFRV VREUH SODFD SURWRERDUG R VLPLODU
\X RUGHQDGRU
,QWHUSUHWDFLyQ GH OD GRFXPHQWDFLyQ WpFQLFD
GH OD DSOLFDFLyQ \ GH OD LQVWUXPHQWDFLyQ GH
PHGLGD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,GHQWLILFDFLyQ GH WUDQVLVWRUHV $QDOL]DU OD WLSRORJtD \ FDUDFWHUtVWLFDV IXQ
2EWHQFLyQ GH ORV SDUiPHWURV GH XQ WUDQVLVWRU FLRQDOHV GH ORV WUDQVLVWRUHV
'LVHxR \ PRQWDMH GH XQ FLUFXLWR GH SRODUL 'HVFULELU ODV FXUYDV FDUDFWHUtVWLFDV PiV
]DFLyQ SRU UHDOLPHQWDFLyQ GHO FROHFWRU UHSUHVHQWDWLYDV GH ORV WUDQVLVWRUHV H[SOLFDQ
'LVHxR \ PRQWDMH GH XQ LQWHUUXSWRU FUHSXV GR OD UHODFLyQ H[LVWHQWH HQWUH ODV PDJQLWXGHV
FXODU IXQGDPHQWDOHV TXH ORV FDUDFWHUL]DQ
'LVHxR \ PRQWDMH GH XQ FLUFXLWR GH DSHUWXUD ,QWHUSUHWDU ORV SDUiPHWURV IXQGDPHQWDOHV
DXWRPiWLFD GH SXHUWD GH JDUDMH SRU EDUUHUD TXH DSDUHFHQ HQ ODV KRMDV WpFQLFDV GH ORV ID
IRWRHOpFWULFD EULFDQWHV GH WUDQVLVWRUHV
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD 'HVFULELU ORV FLUFXLWRV GH SRODUL]DFLyQ GHO
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR WUDQVLVWRU
%~VTXHGD HQ ,QWHUQHW GH WUDQVLVWRUHV DQiOL
VLV GH ODV FDUDFWHUtVWLFDV GH ORV GLIHUHQWHV WL
SRV IDEULFDGRV FRPR SXHGHQ VHU WLSRV GH
WUDQVLVWRUHV IDEULFDGRV DSOLFDFLRQHV GLPHQ
VLRQHV HQFDSVXODGRV GHQRPLQDFLRQHV FR
PHUFLDOHV JDQDQFLD GH FRUULHQWH WHQVLRQHV
GH UXSWXUDFRUULHQWH GH FROHFWRU Pi[LPD
SRWHQFLD Pi[LPD FXUYDV FDUDFWHUtVWLFDV HWF
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
$03/,),&$'25(6
,QWHUSUHWDFLyQ GH HVTXHPDV &ODVLILFDFLyQ GH ORV DPSOLILFDGRUHV
0RQWDMH GH SHTXHxRV FLUFXLWRV HOHFWUyQLFRV &DUDFWHUtVWLFDV GH ORV DPSOLILFDGRUHV
EiVLFRV VREUH SODFD SURWRERDUG R VLPLODU
\X RUGHQDGRU
,GHQWLILFDFLyQ \ DQiOLVLV GH ORV EORTXHV
IXQFLRQDOHV
5HDOL]DFLyQ GH PHGLGDV GH ODV PDJQLWXGHV
HOpFWULFDV HQ HO DMXVWH \ SXHVWD D SXQWR GH
SHTXHxRV FLUFXLWRV DQDOyJLFRV
,GHQWLILFDFLyQ GH ODV SDUWHV GH XQ DPSOLILFD 'LVWLQJXLU ORV GLIHUHQWHV WLSRV GH DPSOLILFD
GRU GRUHV
9HULILFDFLyQ GH XQ DPSOLILFDGRU &DOFXODU OD JDQDQFLD GH XQ DPSOLILFDGRU
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD 9DORUDU OD LPSRUWDQFLD GH OD LPSHGDQFLD GH
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR XQ DPSOLILFDGRU
,QWHUSUHWDFLyQ GH HVTXHPDV $PSOLILFDGRU GH HPLVRU FRP~Q
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR $PSOLILFDGRU GH FROHFWRU FRP~Q
SURFHGLPLHQWRV QRUPDOL]DGRV $PSOLILFDGRU GH EDVH FRP~Q
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD &LUFXLWRV HTXLYDOHQWHV GH ORV DPSOLILFDGRUHV
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD $FRSODPLHQWR GH DPSOLILFDGRUHV
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
0RQWDMH GH SHTXHxRV FLUFXLWRV FRQ DPSOLIL
FDGRUHV GH SHTXHxD VHxDO VREUH SODFD SURWR
ERDUG R VLPLODU \X RUGHQDGRU
,GHQWLILFDFLyQ \ DQiOLVLV GH ORV EORTXHV
IXQFLRQDOHV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
9HULILFDFLyQ GH XQ DPSOLILFDGRU GH HPLVRU 'HVFULELU HO IXQFLRQDPLHQWR GH ORV DPSOLIL
FRP~Q FDGRUHV GH SHTXHxD VHxDO H[SOLFDQGR ODV
9HULILFDFLyQ GHO DFRSODPLHQWR GH DPSOLIL FDUDFWHUtVWLFDV YDORUHV GH ODV PDJQLWXGHV
FDGRUHV HOpFWULFDV HO WLSR \ IRUPD GH ODV VHxDOHV SUH
'LVHxR \ PRQWDMH GH XQ FLUFXLWR SDUD ULHJR VHQWHV \ HO WUDWDPLHQWR TXH VXIUHQ GLFKDV VH
DXWRPiWLFR xDOHV D OR ODUJR GHO FLUFXLWR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD ([SOLFDU HO IXQFLRQDPLHQWR GH ORV DPSOLIL
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR FDGRUHV GH SHTXHxD VHxDO LGHQWLILFDQGR ODV
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ PDJQLWXGHV HOpFWULFDV TXH OR FDUDFWHUL]DQ
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH DPSOLIL LQWHUSUHWDQGR ODV VHxDOHV SUHVHQWHV HQ ORV
FDGRUHV GH SHTXHxD VHxDO TXH VH SXHGDQ PLVPRV
HQFRQWUDU HQ ,QWHUQHW &DOFXODU OD JDQDQFLD GH ORV DPSOLILFDGRUHV
HQ VXV GLIHUHQWHV FRQILJXUDFLRQHV
9DORUDU OD LPSRUWDQFLD GH OD LPSHGDQFLD GH
HQWUDGD \ VDOLGD GH ORV DPSOLILFDGRUHV
&RQRFHU ODV DSOLFDFLRQHV GH FDGD XQD GH ODV
FRQILJXUDFLRQHV GH ORV DPSOLILFDGRUHV
,QWHUSUHWDFLyQ GH HVTXHPDV &DUDFWHUtVWLFDV GH WUDQVLVWRUHV )(7 \ 026
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR )(7
SURFHGLPLHQWRV QRUPDOL]DGRV &LUFXLWRV GH SRODUL]DFLyQ SDUD )(7 \
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD 026)(7
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD $PSOLILFDGRUHV FRQ WUDQVLVWRUHV )(7 \
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV 026)(7
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,GHQWLILFDFLyQ GH WUDQVLVWRUHV XQLSRODUHV $QDOL]DU OD WLSRORJtD \ FDUDFWHUtVWLFDV IXQ
9HULILFDFLyQ GH XQ DPSOLILFDGRU FRQ )(7 FLRQDOHV GH ORV WUDQVLVWRUHV GH HIHFWR GH
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD FDPSR
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR 'HVFULELU ODV FXUYDV FDUDFWHUtVWLFDV PiV
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ UHSUHVHQWDWLYDV GH ORV WUDQVLVWRUHV GH HIHFWR
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH DPSOLIL GH FDPSR H[SOLFDQGR OD UHODFLyQ H[LVWHQWH
FDGRUHV GH SHTXHxD VHxDO FRQ DPSOLILFDGR HQWUH ODV PDJQLWXGHV IXQGDPHQWDOHV TXH ORV
UHV GH HIHFWR GH FDPSR TXH VH SXHGDQ FDUDFWHUL]DQ
HQFRQWUDU HQ ,QWHUQHW 'HVFULELU ORV FLUFXLWRV GH SRODUL]DFLyQ GH
ORV WUDQVLVWRUHV GH HIHFWR GH FDPSR
&RQRFHU ODV DSOLFDFLRQHV GH FDGD XQD GH ODV
FRQILJXUDFLRQHV GH ORV DPSOLILFDGRUHV FRQV
WUXLGRV FRQ WUDQVLVWRUHV GH HIHFWR GH FDPSR
,QWHUSUHWDFLyQ GH HVTXHPDV 7LSRV GH GLVWRUVLyQ HQ ORV DPSOLILFDGRUHV
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 3ULQFLSLR GH UHDOLPHQWDFLyQ
SURFHGLPLHQWRV QRUPDOL]DGRV 3URFHGLPLHQWRV XWLOL]DGRV HQ OD UHDOLPHQWD
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD FLyQ GH DPSOLILFDGRUHV
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD (O DPSOLILFDGRU RSHUDFLRQDO
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV $SOLFDFLRQHV SUiFWLFDV FRQ DPSOLILFDGRUHV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD RSHUDFLRQDOHV
ItD \ ORV PDQXDOHV WpFQLFRV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
9HULILFDFLyQ GH XQ DPSOLILFDGRU UHDOLPHQWDGR &RQRFHU ORV GLIHUHQWHV WLSRV GH GLVWRUVLyQ
$QiOLVLV GH XQ $2 FRQ UHDOLPHQWDFLyQ TXH SXHGH SURYRFDU XQ DPSOLILFDGRU
LQYHUVRUD GH WHQVLyQ 8WLOL]DU OD UHDOLPHQWDFLyQ HQ ORV DPSOLILFD
'LVHxR \ PRQWDMH GH XQ FLUFXLWR PH]FODGRU GRUHV SDUD PHMRUDU VX UHVSXHVWD \ GLVPLQXLU
SDUD DXGLR OD GLVWRUVLyQ
'LVHxR \ PRQWDMH GH XQ FLUFXLWR SDUD LQWHU 5HFRQRFHU ODV FDUDFWHUtVWLFDV GH XQ DPSOLIL
UXSWRU FUHSXVFXODU FRQ $2 FDGRU RSHUDFLRQDO
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD &RQVWUXLU FLUFXLWRV FRQ DPSOLILFDGRUHV
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR RSHUDFLRQDOHV
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV FRQ DPSOL
ILFDGRUHV RSHUDFLRQDOHV TXH VH SXHGDQ HQ
FRQWUDU HQ ,QWHUQHW
,QWHUSUHWDFLyQ GH HVTXHPDV 5HQGLPLHQWR GH XQ DPSOLILFDGRU
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR $PSOLILFDGRU GH SRWHQFLD GH FODVH $
SURFHGLPLHQWRV QRUPDOL]DGRV $PSOLILFDGRU GH SRWHQFLD GH FODVH %
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD $PSOLILFDGRU GH SRWHQFLD GH FODVH $%
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD $PSOLILFDGRU GH SRWHQFLD LQWHJUDGR
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV /RFDOL]DFLyQ \ UHSDUDFLyQ GH DYHUtDV HQ XQ
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD DPSOLILFDGRU
ItD \ ORV PDQXDOHV WpFQLFRV
0RQWDMH GH SHTXHxRV DPSOLILFDGRUHV GH
SRWHQFLD VREUH SODFD SURWRERDUG R VLPLODU
\X RUGHQDGRU
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
9HULILFDFLyQ GH XQ DPSOLILFDGRU FRPHUFLDO 9DORUDU OD LPSRUWDQFLD GHO UHQGLPLHQWR HQ
/RFDOL]DFLyQ \ UHSDUDFLyQ GH DYHUtDV HQ XQ XQ DPSOLILFDGRU GH SRWHQFLD
DPSOLILFDGRU &RQRFHU ODV FDUDFWHUtVWLFDV GH ORV GLIHUHQWHV
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD WLSRV GH DPSOLILFDGRUHV GH SRWHQFLD
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR 'HVFULELU ODV WpFQLFDV JHQHUDOHV XWLOL]DGDV
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ SDUD OD ORFDOL]DFLyQ \ GLDJQyVWLFR GH DYHUtDV
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH DPSOLIL HQ ORV DPSOLILFDGRUHV HPSOHDQGR SURFHGL
FDGRUHV GH DXGLR TXH VH SXHGDQ HQFRQWUDU PLHQWRV VLVWHPiWLFRV \ QRUPDOL]DGRV HQ
HQ ,QWHUQHW IXQFLyQ GH GLVWLQWDV FRQVLGHUDFLRQHV
,QWHUSUHWDFLyQ GH HVTXHPDV &DUDFWHUtVWLFDV GHO GLRGR =HQHU
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR (O =HQHU FRPR UHJXODGRU GH WHQVLyQ
SURFHGLPLHQWRV QRUPDOL]DGRV &DUDFWHUtVWLFDV GH XQD IXHQWH GH DOLPHQWD
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD FLyQ
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD )XHQWHV GH DOLPHQWDFLyQ HVWDELOL]DGDV
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV )XHQWHV GH DOLPHQWDFLyQ FRQ UHJXODGRUHV GH
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD WHQVLyQ LQWHJUDGRV
ItD \ ORV PDQXDOHV WpFQLFRV )XHQWHV GH DOLPHQWDFLyQ FRQPXWDGDV
0RQWDMH GH SHTXHxRV IXHQWHV GH DOLPHQWD
FLyQ UHJXODGDV EiVLFRV VREUH SODFD SURWR
ERDUG R VLPLODU \X RUGHQDGRU
,GHQWLILFDFLyQ \ DQiOLVLV GH ORV EORTXHV
IXQFLRQDOHV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
9HULILFDFLyQ GH XQ GLRGR =HQHU $QDOL]DU OD WLSRORJtD \ FDUDFWHUtVWLFDV IXQ
9HULILFDFLyQ GH XQD )XHQWH GH DOLPHQWDFLyQ FLRQDOHV GH ORV GLRGRV =HQHU \ GH ORV UHJX
HVWDELOL]DGD FRQ GLRGR =HQHU ODGRUHV GH WHQVLyQ LQWHJUDGRV
9HULILFDFLyQ GH IXHQWH GH DOLPHQWDFLyQ GH $QDOL]DU HO IXQFLRQDPLHQWR GH XQD IXHQWH GH
ODERUDWRULR DOLPHQWDFLyQ HVWDELOL]DGD H[SOLFDQGR ODV FD
'LVHxR \ PRQWDMH GH XQD IXHQWH GH DOLPHQ UDFWHUtVWLFDV YDORUHV GH ODV PDJQLWXGHV HOpF
WDFLyQ UHJXODGD WULFDV HO WLSR \ IRUPD GH ODV VHxDOHV
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD SUHVHQWHV \ HO WUDWDPLHQWR TXH VXIUHQ GLFKDV
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR VHxDOHV D OR ODUJR GHO FLUFXLWR
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ 6HOHFFLRQDU ODV FDUDFWHUtVWLFDV GH XQD IXHQWH
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH GLIHUHQ GH DOLPHQWDFLyQ
WHV WLSRV GH IXHQWHV GH DOLPHQWDFLyQ TXH VH
SXHGDQ HQFRQWUDU HQ ,QWHUQHW
,QWHUSUHWDFLyQ GH HVTXHPDV *HQHUDGRUHV VHQRLGDOHV
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 2VFLODGRUHV 5& \ /&
SURFHGLPLHQWRV QRUPDOL]DGRV 2VFLODGRUHV GH FULVWDO
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD 0XOWLYLEUDGRUHV
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD (O WHPSRUL]DGRU DQDOyJLFR &,
,QWHUSUHWDFLyQ GH ODV FDUDFWHUtVWLFDV WpFQLFDV 2VFLODGRUHV LQWHJUDGRV
GH FRPSRQHQWHV \ FLUFXLWRV HQ OD ELEOLRJUD
ItD \ ORV PDQXDOHV WpFQLFRV
0RQWDMH GH SHTXHxRV FLUFXLWRV HOHFWUyQLFRV
FRQ RVFLODGRUHV \ WHPSRUL]DGRUHV EDVDGRV
HQ HO &, VREUH SODFD SURWRERDUG R VLPL
ODU \X RUGHQDGRU
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
&DUDFWHUtVWLFDV GH ORV JHQHUDGRUHV GH VHxDO ([SOLFDU \ GHVFULELU HO IXQFLRQDPLHQWR GH
9HULILFDFLyQ GH XQ RVFLODGRU ORV RVFLODGRUHV H[SOLFDQGR ODV FDUDFWHUtVWL
9HULILFDFLyQ GH XQ PXOWLYLEUDGRU DVWDEOH FDV YDORUHV GH ODV PDJQLWXGHV HOpFWULFDV HO
'LVHxR \ PRQWDMH GH XQ FLUFXLWR SDUD OXFHV WLSR \ IRUPD GH ODV VHxDOHV SUHVHQWHV \ HO
GH VHPiIRUR WUDWDPLHQWR TXH VXIUHQ GLFKDV VHxDOHV D OR
'LVHxR \ PRQWDMH GH XQ WHPSRUL]DGRU ODUJR GHO FLUFXLWR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD 'LVWLQJXLU ORV GLIHUHQWHV WLSRV GH RVFLODGRUHV
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR &DOFXODU OD IUHFXHQFLD GH XQ RVFLODGRU
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ (VWXGLDU ODV DSOLFDFLRQHV GHO &,
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH GLIHUHQ
WHV WLSRV GH RVFLODGRUHV TXH VH SXHGDQ HQ
FRQWUDU HQ ,QWHUQHW
&RQVHJXLU HQ ,QWHUQHW ODV FDUDFWHUtVWLFDV
WpFQLFDV GHO &, GH FULVWDOHV RVFLODGRUHV
\ GH RVFLODGRUHV LQWHJUDGRV HQ OD SiJLQD
ZHE GH DOJXQRV GH VXV IDEULFDQWHV SDUD HV
WXGLDUODV FRQ GHWHQLPLHQWR
,QWHUSUHWDFLyQ GH HVTXHPDV 6LVWHPDV GH WUDQVPLVLyQ \ UHFHSFLyQ SRU
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR UDGLR
SURFHGLPLHQWRV QRUPDOL]DGRV 0RGXODFLyQ HQ $0 \ )0
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,GHQWLILFDFLyQ GH ODV SDUWHV GH XQ UHFHSWRU &RQRFHU ORV IXQGDPHQWRV GH ODV WUDQVPLVLR
GH $0)0 QHV SRU UDGLR
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD ,GHQWLILFDU ORV EORTXHV IXQFLRQDOHV SUHVHQWHV
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR HQ FLUFXLWRV GH WUDQVPLVLyQ \ UHFHSFLyQ SRU
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ UDGLR H[SOLFDQGR VXV FDUDFWHUtVWLFDV \ WLSR
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH GLIHUHQ ORJtD
WHV WLSRV HPLVRUHV \ UHFHSWRUHV TXH VH SXH 'LIHUHQFLDU HQWUH ORV VLVWHPDV GH WUDQVPL
GDQ HQFRQWUDU HQ ,QWHUQHW VLyQ \ UHFHSFLyQ HQ $0 \ )0
$QDOL]DU HO IXQFLRQDPLHQWR GH PRGXODGRUHV
\ GHPRGXODGRUHV GH DPSOLWXG \ IUHFXHQFLD
,QWHUSUHWDFLyQ GH HVTXHPDV 7LULVWRUHV
5HDOL]DFLyQ GH PHGLGDV HOpFWULFDV XVDQGR 6&5 WULDF GLDF \ 8-7
SURFHGLPLHQWRV QRUPDOL]DGRV &RQWURO GH SRWHQFLD HQ && \ &$ FRQ 6&5
&DOLEUDFLyQ FRQH[LyQ \ RSHUDFLyQ GH OD 6&5 \ WULDF FRQWURODGR SRU GLDF
LQVWUXPHQWDFLyQ GH PHGLGD DGHFXDGD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,GHQWLILFDFLyQ GH WLULVWRUHV $QDOL]DU OD WLSRORJtD \FDUDFWHUtVWLFDV IXQ
&RQWURO GH YHORFLGDG GH PRWRU PHGLDQWH FLRQDOHV GH ORV WLULVWRUHV
6&5 \ GLDF 'HVFULELU ODV FXUYDV FDUDFWHUtVWLFDV PiV
&LUFXLWR GH FRQWURO GH OD LOXPLQDFLyQ GH UHSUHVHQWDWLYDV GH ORV WLULVWRUHV H[SOLFDQGR
OiPSDUDV LQFDQGHVFHQWHV OD UHODFLyQ H[LVWHQWH HQWUH ODV PDJQLWXGHV
5HOp HVWiWLFR PHGLDQWH WULDF IXQGDPHQWDOHV TXH ORV FDUDFWHUL]DQ
7HUPRVWDWR HOHFWUyQLFR ,QWHUSUHWDU ORV SDUiPHWURV IXQGDPHQWDOHV
&RQVXOWDV HQ ,QWHUQHW VREUH ORV WHPDV UHOD TXH DSDUHFHQ HQ ODV KRMDV WpFQLFDV GH ORV ID
FLRQDGRV FRQ HVWD 8QLGDG GH &RQWHQLGR EULFDQWHV GH WLULVWRUHV
(VWXGLR GHO IXQFLRQDPLHQWR \ FRPSRVLFLyQ $SOLFDU ORV WLULVWRUHV D FLUFXLWRV GH FRQWURO
GH GLIHUHQWHV FLUFXLWRV SUiFWLFRV GH GLIHUHQ GH SRWHQFLD
WHV WLSRV FRQ WLULVWRUHV TXH VH SXHGDQ HQ
FRQWUDU HQ ,QWHUQHW
%XVTXHGD HQ ,QWHUQHW GH XQ IDEULFDQWH GH
VHPLFRQGXFWRUHV GH SRWHQFLD SDUD FRQVHJXLU
ODV KRMDV GH HVSHFLILFDFLRQHV WpFQLFDV GH ORV
PLVPRV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
$FWLYLGDGHVFXHVWLRQHVSUREOHPDV\SUiFWLFDVSURSXHVWDV
/DV DFWLYLGDGHV FXHVWLRQHV SUREOHPDV \ SUiFWLFDV SURSXHVWDV HQ HO OLEUR GHO
DOXPQR VH GHEHQ FRQVLGHUDU FRPR RULHQWDWLYDV SDUD TXH ORV SURIHVRUHV SXHGDQ WHQHU
XQD EDVH GH ORV HMHUFLFLRV GH SRVLEOH UHDOL]DFLyQ SRU ORV DOXPQRV VLHQGR pVWH TXLHQ
GHFLGD OD FRQYHQLHQFLD GH VX DSOLFDFLyQ FRPR PHMRU FRQRFHGRU GH ODV SDUWLFXODUL
GDGHV GH VX JUXSR GH DOXPQRV (Q WRGR FDVR VH SURSRQH XQD VHULH GH DFWLYLGDGHV
FRQ HO ILQ GH DPSOLDU ODV SRVLELOLGDGHV SURSXHVWDV HQ HO OLEUR \ IDFLOLWDU DO SURIHVRU
OD E~VTXHGD GH UHFXUVRV
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
S 5HSDUWLU GLIHUHQWHV WLSRV GH UHVLVWHQFLDV SDUD TXH ORVDV DOXPQRVDV DYHULJHQ WLSR
SRWHQFLD \ YDORU yKPLFR
&,5&8,726 6(5,( 3$5$/(/2 < 0,;72
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
75$16,6725(6
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
0DWHULDOSHGDJyJLFRGHDSR\RSDUDODH[SRVLFLyQGHODPDWHULDGHO
PyGXOR
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
0DWHULDOSHGDJyJLFRGHDSR\RSDUDODLPSDUWLFLyQGHOPyGXOR
$TXt VH LQFOX\HQ OD PD\RU SDUWH GH ODV LOXVWUDFLRQHV GHO WH[WR GH (OHFWUyQLFD *HQHUDO 6H DXWRUL
]D HO XVR GH HVWH PDWHULDO JUiILFR SDUD VX LQFOXVLyQ HQ WUDQVSDUHQFLDV R SUR\HFFLyQ GH SUHVHQWD
FLRQHV FRQ HO 3& HQ HO DXOD
,7(63$5$1,1)2
*XtD GLGiFWLFD (OHFWUyQLFD JHQHUDO
(Q HVWH DSDUWDGR KHPRV LQFOXLGR XQD VHULH GH LOXVWUDFLRQHV TXH SRGUtDQ VHU WDPELpQ GH XWLOLGDG
SDUD OD SUHVHQWDFLyQ GH ODV 8QLGDGHV GH &RQWHQLGR (O PDWHULDO JUiILFR TXH DTXt VH SUHVHQWD KD
VLGR UHFRSLODGR HQ VX PD\RU SDUWH GH ,QWHUQHW TXHGDQGR VX XVR OLPLWDGR SDUD VX LQFOXVLyQ HQ
WUDQVSDUHQFLDV R SUR\HFFLyQ GH SUHVHQWDFLRQHV FRQ HO 3& HQ HO DXOD
,7(63$5$1,1)2