L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
British Standard
A single copy of this British Standard is licensed to
eduartliuqian eduartliuqian
24 September 2003
This is an uncontrolled copy. Ensure use of the most current version of this document by searching British
Standards Online at https://www.doczj.com/doc/e711473666.html,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRITISH STANDARD BS EN
12668-1:2000
The European Standard EN12668-1:2000has the status of a
British Standard
ICS19.100
Non-destructive
testingD
Characterization and
verification of
ultrasonic examination
equipmentD
Part1:Instruments
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
This British Standard,having been prepared under the direction of the Engineering
Sector Committee,was published under the authority of the
Standards Committee and comes into effect on 15July 2000?BSI 07-2000
ISBN 0580348776
BS EN
12668-1:2000
Amendments issued since publication Amd.No.
Date
Comments
National foreword
This British Standard is the official English language version of EN 12668-1:2000.It supersedes BS 4331-2:1972which is withdrawn.
The UK participation in its preparation was entrusted to Technical Committee WEE/46,Non-destructive testing,which has the responsibility to:Daid enquirers to understand the text;
DEuropean committee any enquiries on the
proposals for change,and keep the UK interests informed;Dand European developments and promulgate them in the UK.A list of organizations represented on this committee can be obtained on request to its secretary.Cross-references
The British Standards which implement international or European publications
referred to in this document may be found in the BSI Standards Catalogue under the section entitled aInternational Standards Correspondence Indexo,or by using the aFindofacility of the BSI Standards Electronic Catalogue.
A British Standard does not purport to include all the necessary provisions of a https://www.doczj.com/doc/e711473666.html,ers of British Standards are responsible for their correct https://www.doczj.com/doc/e711473666.html,pliance with a British Standard does not of itself confer immunity from legal obligations.
Summary of pages
This document comprises a front cover,an inside front cover,the EN title page,pages 2to 42,an inside back cover and a back cover.
The BSI copyright notice displayed in this document indicates when the document was last issued.
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
(8523($1 67$1'$5'1250( (8523e(11((8523b,6&+( 1250
(1
0D\
,&6
(QJOLVK YHUVLRQ
1RQ GHVWUXFWLYH WHVWLQJ &KDUDFWHUL]DWLRQ DQG YHULILFDWLRQ RI XOWUDVRQLF H[DPLQDWLRQ HTXLSPHQW 3DUW ,QVWUXPHQWV
(VVDLV QRQ GHVWUXFWLIV &DUDFWpULVDWLRQ HW YpULILFDWLRQ GH O?DSSDUHLOODJH GH FRQWU{OH SDU XOWUDVRQV 3DUWLH $SSDUHLOV
=HUVW|UXQJVIUHLH 3U IXQJ &KDUDNWHULVLHUXQJ XQG 9HULIL]LHUXQJ GHU 8OWUDVFKDOO 3U IDXVU VWXQJ 7HLO
3U IJHUlWH
7KLV (XURSHDQ 6WDQGDUG ZDV DSSURYHG E\ &(1 RQ $SULO
&(1 PHPEHUV DUH ERXQG WR FRPSO\ ZLWK WKH &(1 &(1(/(& ,QWHUQDO 5HJXODWLRQV ZKLFK VWLSXODWH WKH FRQGLWLRQV IRU JLYLQJ WKLV (XURSHDQ 6WDQGDUG WKH VWDWXV RI D QDWLRQDO VWDQGDUG ZLWKRXW DQ\ DOWHUDWLRQ 8S WR GDWH OLVWV DQG ELEOLRJUDSKLFDO UHIHUHQFHV FRQFHUQLQJ VXFK QDWLRQDO VWDQGDUGV PD\ EH REWDLQHG RQ DSSOLFDWLRQ WR WKH &HQWUDO 6HFUHWDULDW RU WR DQ\ &(1 PHPEHU
7KLV (XURSHDQ 6WDQGDUG H[LVWV LQ WKUHH RIILFLDO YHUVLRQV (QJOLVK )UHQFK *HUPDQ $ YHUVLRQ LQ DQ\ RWKHU ODQJXDJH PDGH E\ WUDQVODWLRQ XQGHU WKH UHVSRQVLELOLW\ RI D &(1 PHPEHU LQWR LWV RZQ ODQJXDJH DQG QRWLILHG WR WKH &HQWUDO 6HFUHWDULDW KDV WKH VDPH VWDWXV DV WKH RIILFLDO YHUVLRQV
&(1 PHPEHUV DUH WKH QDWLRQDO VWDQGDUGV ERGLHV RI $XVWULD %HOJLXP &]HFK 5HSXEOLF 'HQPDUN )LQODQG )UDQFH *HUPDQ\ *UHHFH ,FHODQG ,UHODQG ,WDO\ /X[HPERXUJ 1HWKHUODQGV 1RUZD\ 3RUWXJDO 6SDLQ 6ZHGHQ 6ZLW]HUODQG DQG 8QLWHG .LQJGRP
(8523($1 &200,77(( )25 67$1'$5',=$7,21&20,7e (8523e (1 '( 1250$/,6$7,21,6&+(6 .20,7(( )h 5 125081*
&(1
$OO ULJKWV RI H[SORLWDWLRQ LQ DQ\ IRUP DQG E\ DQ\ PHDQV UHVHUYHG ZRUOGZLGH IRU &(1 QDWLRQDO 0HPEHUV
5HI 1R (1 (
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
&RQWHQWV
3DJH
)RUHZRUG
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
/LQHDULW\ RI WLPH EDVH
$QQH[ $ QRUPDWLYH 6SHFLDO FRQGLWLRQV IRU XOWUDVRQLF LQVWUXPHQWV ZLWK ORJDULWKPLF DPSOLILHUV $ ,QWURGXFWLRQ $ %DVLF UHTXLUHPHQWV $ WHVWV %LEOLRJUDSK\
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
)RUHZRUG
7KLV (XURSHDQ 6WDQGDUG KDV EHHQ SUHSDUHG E\ 7HFKQLFDO &RPPLWWHH &(1 7& 1RQ GHVWUXFWLYH WHVWLQJ WKH VHFUHWDULDW RI ZKLFK LV KHOG E\ $)125
7KLV (XURSHDQ 6WDQGDUG VKDOO EH JLYHQ WKH VWDWXV RI D QDWLRQDO VWDQGDUG HLWKHU E\ SXEOLFDWLRQ RI DQ LGHQWLFDO WH[W RU E\ HQGRUVHPHQW DW WKH ODWHVW E\ 1RYHPEHU DQG FRQIOLFWLQJ QDWLRQDO VWDQGDUGV VKDOO EH ZLWKGUDZQ DW WKH ODWHVW E\ 1RYHPEHU
$FFRUGLQJ WR WKH &(1 &(1(/(& ,QWHUQDO 5HJXODWLRQV WKH QDWLRQDO VWDQGDUGV RUJDQL]DWLRQV RI WKH IROORZLQJ FRXQWULHV DUH ERXQG WR LPSOHPHQW WKLV (XURSHDQ 6WDQGDUG $XVWULD %HOJLXP &]HFK 5HSXEOLF 'HQPDUN )LQODQG )UDQFH *HUPDQ\ *UHHFH ,FHODQG ,UHODQG ,WDO\ /X[HPERXUJ 1HWKHUODQGV 1RUZD\ 3RUWXJDO 6SDLQ 6ZHGHQ 6ZLW]HUODQG DQG WKH 8QLWHG .LQJGRP
7KLV VWDQGDUG FRQVLVWV RI WKH IROORZLQJ SDUWV
(1 1RQ GHVWUXFWLYH WHVWLQJ &KDUDFWHUL]DWLRQ DQG YHULILFDWLRQ RI XOWUDVRQLF H[DPLQDWLRQ HTXLSPHQW
3DUW ,QVWUXPHQWV
(1 1RQ GHVWUXFWLYH WHVWLQJ &KDUDFWHUL]DWLRQ DQG YHULILFDWLRQ RI XOWUDVRQLF H[DPLQDWLRQ HTXLSPHQW
3DUW 3UREHV
(1 1RQ GHVWUXFWLYH WHVWLQJ &KDUDFWHUL]DWLRQ DQG YHULILFDWLRQ RI XOWUDVRQLF H[DPLQDWLRQ HTXLSPHQW
3DUW &RPELQHG HTXLSPHQW
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
6FRSH
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
1RUPDWLYH UHIHUHQFHV
7KLV (XURSHDQ 6WDQGDUG LQFRUSRUDWHV E\ GDWHG RU XQGDWHG UHIHUHQFH SURYLVLRQV IURP RWKHU SXEOLFDWLRQV 7KHVH QRUPDWLYH UHIHUHQFHV DUH FLWHG DW WKH DSSURSULDWH SODFHV LQ WKH WH[W DQG WKH SXEOLFDWLRQV DUH OLVWHG KHUHDIWHU )RU GDWHG UHIHUHQFHV VXEVHTXHQW DPHQGPHQWV WR RU UHYLVLRQV RI DQ\ RI WKHVH SXEOLFDWLRQV DSSO\ WR WKLV (XURSHDQ 6WDQGDUG RQO\ ZKHQ LQFRUSRUDWHG LQ LW E\ DPHQGPHQW RU UHYLVLRQ )RU XQGDWHG UHIHUHQFHV WKH ODWHVW HGLWLRQ RI WKH SXEOLFDWLRQ UHIHUUHG WR DSSOLHV
(1 1RQ GHVWUXFWLYH WHVWLQJ 7HUPLQRORJ\ 3DUW 7HUPV XVHG LQ XOWUDVRQLF WHVWLQJ
(1 1RQ GHVWUXFWLYH WHVWLQJ &KDUDFWHUL]DWLRQ DQG YHULILFDWLRQ RI XOWUDVRQLF H[DPLQDWLRQ HTXLSPHQW ±3DUW &RPELQHG HTXLSPHQW
(1 ,62 4XDOLW\ V\VWHPV 0RGHO IRU TXDOLW\ DVVXUDQFH LQ GHVLJQ GHYHORSPHQW SURGXFWLRQ LQVWDOODWLRQ DQG VHUYLFLQJ ,62
(1 ,62 4XDOLW\ V\VWHPV 0RGHO IRU TXDOLW\ DVVXUDQFH LQ SURGXFWLRQ LQVWDOODWLRQ DQG VHUYLFLQJ ,62
'HILQLWLRQV
)RU WKH SXUSRVHV RI WKLV VWDQGDUG WKH GHILQLWLRQV JLYHQ LQ (1 DSSO\ WRJHWKHU ZLWK WKH IROORZLQJ GHILQLWLRQV
DPSOLILHU IUHTXHQF\ UHVSRQVH
YDULDWLRQ RI WKH JDLQ RI DQ DPSOLILHU YHUVXV IUHTXHQF\
127(
8VXDOO\ VSHFLILHG E\ D SORW RI JDLQ QRUPDOL]HG WR WKH SHDN JDLQ YDOXH YHUVXV IUHTXHQF\
DPSOLILHU EDQGZLGWK
ZLGWK RI WKH IUHTXHQF\ VSHFWUXP EHWZHHQ WKH KLJK DQG ORZ FXW RII IUHTXHQFLHV 7KLV VWDQGDUG XVHV DV OLPLWV WKH SRLQWV DW ZKLFK WKH JDLQ LV G% EHORZ WKH SHDN YDOXH
FURVVWDON GDPSLQJ GXULQJ WUDQVPLVVLRQ
GHILQHV WKH DPRXQW RI HQHUJ\ WUDQVIHU IURP WKH WUDQVPLWWHU RXWSXW WR WKH UHFHLYHU LQSXW GXULQJ WKH WUDQVPLVVLRQ SXOVH ZLWK WKH XOWUDVRQLF LQVWUXPHQW VHW IRU WZLQ SUREH ZRUNLQJ VHSDUDWH WUDQVPLWWHU DQG UHFHLYHU
FDOLEUDWHG G% VZLWFK
GHYLFH FRQWUROOLQJ WKH RYHUDOO JDLQ RI WKH XOWUDVRQLF LQVWUXPHQW FDOLEUDWHG LQ GHFLEHOV
GHDG WLPH DIWHU WUDQVPLWWHU SXOVH
WLPH LQWHUYDO IROORZLQJ WKH VWDUW RI WKH WUDQVPLWWHU SXOVH GXULQJ ZKLFK WKH DPSOLILHU LV XQDEOH WR UHVSRQG WR LQFRPLQJ VLJQDOV ZKHQ XVLQJ WKH SXOVH HFKR PHWKRG EHFDXVH RI VDWXUDWLRQ E\ WKH WUDQVPLWWHU SXOVH
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
GLJLWL]DWLRQ VDPSOLQJ HUURU
HUURU LQWURGXFHG LQWR WKH GLVSOD\HG DPSOLWXGH RI DQ LQSXW VLJQDO E\ WKH SHULRGLF QDWXUH RI PHDVXUHPHQWV WDNHQ E\ DQ DQDORJXH WR GLJLWDO FRQYHUWHU
G\QDPLF UDQJH
UDWLR RI WKH DPSOLWXGH RI WKH ODUJHVW VLJQDO WR WKH VPDOOHVW VLJQDO ZKLFK D XOWUDVRQLF LQVWUXPHQW FDQ GLVSOD\ 7KH VPDOOHVW VLJQDO PD\ EH OLPLWHG E\ QRLVH LQ WKH V\VWHP WKH ODUJHVW E\ WKH VDWXUDWLRQ RI WKH DPSOLILHU RU E\ WKH PD[LPXP DWWHQXDWLRQ ZKLFK FDQ EH LQWURGXFHG WR EULQJ D ODUJH VLJQDO RQWR WKH VFUHHQ
HTXLYDOHQW LQSXW QRLVH
D PHDVXUH RI WKH HOHFWURQLF QRLVH OHYHO REVHUYHG RQ WKH XOWUDVRQLF LQVWUXPHQW VFUHHQ DQG GHILQHG E\ WKH LQSXW
VLJQDO OHYHO PHDVXUHG DW WKH UHFHLYHU LQSXW WHUPLQDOV WKDW ZRXOG JLYH WKH VDPH OHYHO RQ WKH VFUHHQ LI WKH DPSOLILHU LWVHOI ZHUH QRLVHOHVV
H[WHUQDO DWWHQXDWRU
D VWDQGDUG DWWHQXDWRU FDOLEUDWHG WR D WUDFHDEOH VRXUFH XVHG WR WHVW WKH XOWUDVRQLF LQVWUXPHQW
IDOO WLPH RI SURSRUWLRQDO RXWSXW
WKH WLPH LW WDNHV WKH SURSRUWLRQDO JDWH RXWSXW WR IDOO IURP WR RI LWV SHDN YDOXH
IUHTXHQF\ UHVSRQVH RI SURSRUWLRQDO JDWH RXWSXW
PHDVXUH RI KRZ WKH DPSOLWXGH RI WKH SURSRUWLRQDO JDWH RXWSXW YDULHV ZLWK LQSXW VLJQDO IUHTXHQF\
KROG WLPH RI VZLWFKHG RXWSXWV
WKH WLPH IRU ZKLFK WKH VZLWFKHG RXWSXW IURP D PRQLWRU JDWH ZLOO UHPDLQ DERYH RI LWV PD[LPXP RXWSXW IROORZLQJ D VLJQDO LQ WKH PRQLWRU JDWH ZKLFK LV DERYH WKH WKUHVKROG
KROG WLPH RI SURSRUWLRQDO RXWSXW
WKH WLPH IRU ZKLFK WKH SURSRUWLRQDO RXWSXW LV DERYH RI LWV SHDN RXWSXW IROORZLQJ D VLJQDO LQ WKH PRQLWRU JDWH
OLQHDULW\ RI SURSRUWLRQDO RXWSXW
PHDVXUH RI KRZ FORVH WKH YROWDJH RXWSXW IURP WKH SURSRUWLRQDO JDWH LV WR EHLQJ GLUHFWO\ SURSRUWLRQDO WR WKH LQSXW VLJQDO DPSOLWXGH
OLQHDULW\ RI WLPH EDVH
PHDVXUH RI KRZ FORVH WKH KRUL]RQWDO JUDWLFXOH UHDGLQJ RQ WKH XOWUDVRQLF LQVWUXPHQW VFUHHQ LV WR EHLQJ GLUHFWO\ SURSRUWLRQDO WR WKH WLPH RI IOLJKW RI DQ HFKR
OLQHDULW\ RI YHUWLFDO GLVSOD\
PHDVXUH RI KRZ FORVH WKH YHUWLFDO JUDWLFXOH UHDGLQJ RI D VLJQDO RQ WKH XOWUDVRQLF LQVWUXPHQW VFUHHQ LV WR EHLQJ GLUHFWO\ SURSRUWLRQDO WR WKH LQSXW VLJQDO DPSOLWXGH
PLG JDLQ SRVLWLRQ
XOWUDVRQLF LQVWUXPHQW JDLQ VHWWLQJ ZD\ EHWZHHQ WKH PD[LPXP DQG PLQLPXP JDLQV PHDVXUHG LQ
JDLQ SRVLWLRQ ZRXOG EH G%
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
PRQLWRU JDWH
D VHFWLRQ RI WKH WLPH EDVH RQ WKH $ VFDQ GLVSOD\ LQ ZKLFK WKH DPSOLWXGH LV FRPSDUHG WR D WKUHVKROG DQG RU FRQYHUWHG WR DQ DQDORJXH RXWSXW
PRQLWRU WKUHVKROG
WKH PLQLPXP VLJQDO DPSOLWXGH WKDW ZLOO RSHUDWH WKH PRQLWRU JDWH RXWSXW
QRLVH RI SURSRUWLRQDO RXWSXW
SURSRUWLRQDO RXWSXW
RXWSXW IURP WKH XOWUDVRQLF LQVWUXPHQW ZKLFK JLYHV D G F YROWDJH QRPLQDOO\ SURSRUWLRQDO WR WKH DPSOLWXGH RI WKH ODUJHVW UHFHLYHG VLJQDO ZLWKLQ D PRQLWRU JDWH
SXOVH GXUDWLRQ
WLPH LQWHUYDO GXULQJ ZKLFK WKH PRGXOXV RI WKH DPSOLWXGH RI D SXOVH LV RU PRUH RI LWV SHDN DPSOLWXGH
SXOVH UHSHWLWLRQ IUHTXHQF\
IUHTXHQF\ DW ZKLFK WKH WUDQVPLVVLRQ SXOVH LV WULJJHUHG
SXOVH ULVH WLPH
WLPH WDNHQ IRU WKH DPSOLWXGH RI WKH OHDGLQJ HGJH RI D SXOVH WR ULVH IURP WR RI LWV SHDN YDOXH
SXOVH UHYHUEHUDWLRQ
D VHFRQGDU\ PD[LPXP LQ WKH WUDQVPLWWHU SXOVH ZDYHIRUP DIWHU WKH LQWHQGHG RXWSXW
UHFHLYHU LQSXW LPSHGDQFH
FKDUDFWHUL]DWLRQ RI WKH LQWHUQDO LPSHGDQFH RI WKH UHFHLYHU DV D SDUDOOHO UHVLVWDQFH DQG FDSDFLWDQFH
UHVSRQVH WLPH RI GLJLWDO XOWUDVRQLF LQVWUXPHQWV
WKH WLPH RYHU ZKLFK D VLJQDO KDV WR EH GHWHFWHG E\ D GLJLWDO XOWUDVRQLF LQVWUXPHQW EHIRUH LW LV GLVSOD\HG DW RI LWV SHDN DPSOLWXGH
ULVH WLPH RI SURSRUWLRQDO RXWSXW
WKH WLPH LQWHUYDO WKDW LW WDNHV WKH SURSRUWLRQDO JDWH RXWSXW WR ULVH IURP WR RI LWV SHDN YDOXH
WHPSRUDO UHVROXWLRQ
WKH PLQLPXP WLPH LQWHUYDO RYHU ZKLFK WZR SXOVHV DUH UHVROYHG E\ D GURS LQ DPSOLWXGH RI G%
WLPH GHSHQGHQW JDLQ 7'*
WLPH GHSHQGHQW RU VZHSW JDLQ IXQFWLRQ ILWWHG WR VRPH XOWUDVRQLF LQVWUXPHQWV WR FRUUHFW IRU WKH GLVWDQFH UHODWHG UHGXFWLRQ LQ UHIOHFWHG DPSOLWXGH
VKRUW SXOVH
XQUHFWLILHG SXOVH ZKLFK KDV IHZHU WKDQ F\FOHV LQ WKH WLPH LQWHUYDO RYHU ZKLFK WKH SXOVH DPSOLWXGH H[FHHGV KDOI LWV PD[LPXP SHDN DPSOLWXGH
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
VXSSUHVVLRQ
SUHIHUHQWLDO UHMHFWLRQ RI VLJQDOV QHDU WKH EDVHOLQH RI WKH VFUHHQ GHOLEHUDWHO\ LQWURGXFHG WR UHPRYH JUDVV DQG QRLVH RU WR VWHHSHQ WKH WUDLOLQJ HGJHV RI ODUJHU HFKRHV
VZLWFKLQJ K\VWHUHVLV
WKH GLIIHUHQFH LQ DPSOLWXGH EHWZHHQ WKH VLJQDO ZKLFK WXUQV RQ DQG WXUQV RII D PRQLWRU JDWH
6\PEROV
7DEOH 6\PEROV
6\PERO8QLW0HDQLQJ
$R $Q G%$WWHQXDWRU VHWWLQJV XVHG GXULQJ WHVWV
&PD[S)3DUDOOHO FDSDFLW\ RI UHFHLYHU DW PD[LPXP JDLQ
&PLQ S)3DUDOOHO FDSDFLW\ RI UHFHLYHU DW PLQLPXP JDLQ
'6G%&URVVWDON GDPSLQJ GXULQJ WUDQVPLVVLRQ
D I J+])UHTXHQF\ EDQGZLGWK PHDVXUHG DW SURSRUWLRQDO JDWH RXWSXW
I JR+]&HQWUH IUHTXHQF\ PHDVXUHG DW SURSRUWLRQDO JDWH RXWSXW
I JX+]8SSHU IUHTXHQF\ OLPLW DW G% PHDVXUHG DW SURSRUWLRQDO JDWH
RXWSXW
I JO+]/RZHU IUHTXHQF\ OLPLW DW G% PHDVXUHG DW SURSRUWLRQDO JDWH
RXWSXW
I JPD[+])UHTXHQF\ ZLWK WKH PD[LPXP DPSOLWXGH LQ WKH IUHTXHQF\ VSHFWUXP
PHDVXUHG DW SURSRUWLRQDO JDWH RXWSXW
I R+]&HQWUH IUHTXHQF\
I X+]8SSHU IUHTXHQF\ OLPLW DW G%
I O+]/RZHU IUHTXHQF\ OLPLW DW G%
I PD[+])UHTXHQF\ ZLWK WKH PD[LPXP DPSOLWXGH LQ WKH IUHTXHQF\ VSHFWUXP
D I+])UHTXHQF\ EDQGZLGWK
,PD[$$PSOLWXGH RI WKH PD[LPXP FXUUHQW WKDW FDQ EH GULYHQ E\ WKH
SURSRUWLRQDO JDWH RXWSXW
11XPEHU RI PHDVXUHPHQWV WDNHQ
FRQWLQXHG
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
7DEOH 6\PEROV FRQFOXGHG
*HQHUDO UHTXLUHPHQWV IRU FRPSOLDQFH
$Q XOWUDVRQLF LQVWUXPHQW FRPSOLHV ZLWK WKLV VWDQGDUG LI LW VDWLVILHV WKH IROORZLQJ FRQGLWLRQV D WKH XOWUDVRQLF LQVWUXPHQW VKDOO FRPSO\ ZLWK FODXVH
E HLWKHU D GHFODUDWLRQ RI FRQIRUPLW\ LVVXHG E\ DQ RUJDQL]DWLRQ FHUWLILHG LQ DFFRUGDQFH ZLWK (1 ,62 RU
(1 ,62 RU D FHUWLILFDWH LVVXHG E\ DQ RUJDQL]DWLRQ DFFUHGLWHG DFFRUGLQJ WR WKH (1 VHULHV RU D WHVW UHSRUW LVVXHG E\ DQ RUJDQL]DWLRQ SHUIRUPLQJ LQ KRXVH FDOLEUDWLRQ F WKH XOWUDVRQLF LQVWUXPHQW LV FOHDUO\ PDUNHG WR LGHQWLI\ WKH PDQXIDFWXUHU W\SH DQG VHULHV DQG FDUULHV D XQLTXH
VHULDO QXPEHU PDUNHG RQ ERWK WKH FKDVVLV DQG WKH FDVH G WKHUH LV DYDLODEOH D XVHUV LQVWUXFWLRQ PDQXDO IRU WKH SDUWLFXODU W\SH DQG VHULHV RI WKH XOWUDVRQLF LQVWUXPHQW H WKHUH LV DYDLODEOH D PDQXIDFWXUHU V WHFKQLFDO VSHFLILFDWLRQ IRU WKH DSSURSULDWH W\SH DQG VHULHV RI XOWUDVRQLF
LQVWUXPHQW ZKLFK GHILQHV WKH SHUIRUPDQFH FULWHULD LQ DFFRUGDQFH ZLWK FODXVH
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
127(7KLV VSHFLILFDWLRQ FDQ IRUP SDUW RI WKH XOWUDVRQLF LQVWUXPHQW LQVWUXFWLRQ PDQXDO RU FDQ EH VHSDUDWH IURP LW EXW LW VKDOO VWDWH WKH W\SH DQG VHULHV RI WKH XOWUDVRQLF LQVWUXPHQW WR ZKLFK LW DSSOLHV 7KH PDQXIDFWXUHU V WHFKQLFDO VSHFLILFDWLRQ GRHV QRW LQ LWVHOI FRQVWLWXWH WKH FHUWLILFDWH RI PHDVXUHG YDOXHV UHTXLUHG LQ E
0DQXIDFWXUHU V WHFKQLFDO VSHFLILFDWLRQ IRU XOWUDVRQLF LQVWUXPHQWV
*HQHUDO
7KH PDQXIDFWXUHU V WHFKQLFDO VSHFLILFDWLRQ IRU D SDUWLFXODU PRGHO RI XOWUDVRQLF LQVWUXPHQW VKDOO FRQWDLQ DV D PLQLPXP WKH LQIRUPDWLRQ OLVWHG LQ WR 9DOXHV REWDLQHG IURP WKH WHVWV GHVFULEHG LQ FODXVH VKDOO EH TXRWHG DV QRPLQDO YDOXHV ZLWK WROHUDQFHV JLYHQ DV LQGLFDWHG
*HQHUDO DWWULEXWHV
7KH IROORZLQJ VKDOO EH GHWDLOHG
D VL]H
E ZHLJKW DW DQ RSHUDWLRQDO VWDJH
F W\SH V RI SRZHU VXSSO\
G W\SH V RI SUREH VRFNHWV
H EDWWHU\ RSHUDWLRQDO WLPH DV QHZ DW PD[LPXP SRZHU FRQVXPSWLRQ
I WHPSHUDWXUH DQG YROWDJH PDLQV DQG RU EDWWHU\ UDQJHV LQ ZKLFK RSHUDWLRQ FRPSOLHV ZLWK WKH WHFKQLFDO
VSHFLILFDWLRQ ,I D ZDUP XS SHULRG LV QHFHVVDU\ WKH GXUDWLRQ RI WKLV VKDOO EH VWDWHG
J IRUP RI LQGLFDWLRQ JLYHQ ZKHQ D ORZ EDWWHU\ YROWDJH WDNHV WKH XOWUDVRQLF LQVWUXPHQW SHUIRUPDQFH RXWVLGH RI VSHFLILFDWLRQ
K WKH SHUFHQWDJH FKDQJH LQ DPSOLWXGH DQG WLPH EDVH SRVLWLRQ RI D QRPLQDOO\ FRQVWDQW VLJQDO RYHU WKH EDWWHU\ YROWDJH UDQJH GXULQJ LWV QRUPDO GLVFKDUJH DQG UHFKDUJH F\FOH
L SXOVH UHSHWLWLRQ IUHTXHQFLHV 35)V VZLWFKHG SRVLWLRQV DQG RU YDULDEOH UDQJHV
M XQUHFWLILHG L H UDGLR IUHTXHQF\ 5) DQG RU UHFWLILHG VLJQDO RXWSXW DYDLODEOH YLD VRFNHW
N VLJQDO PRQLWRU RXWSXWV SURYLGHG L H JR QR JR DQG RU SURSRUWLRQDO DQG ZKHUH DSSOLFDEOH RXWSXW UHVSRQVH WLPH OLQHDULW\ PD[LPXP FXUUHQW GULYH FDSDELOLW\ DQG VWDELOLW\ RI SURSRUWLRQDO RXWSXW V 7KH K\VWHUHVLV DQG
DFFXUDF\ RI WKH WKUHVKROG RI DQ\ JR QR JR JDWH WRJHWKHU ZLWK WKH KROG WLPH RI DQ\ VZLWFKHG RXWSXW 'LVSOD\
7KH IROORZLQJ VKDOO EH GHWDLOHG
D GLPHQVLRQV RI GLVSOD\ JUDWLFXOH DUHD
E QXPEHU RI PDMRU DQG PLQRU VXEGLYLVLRQV LQ YHUWLFDO DQG KRUL]RQWDO GLUHFWLRQV
F
G
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
7UDQVPLWWHU
7KH IROORZLQJ VKDOO EH GHWDLOHG
D VKDSH RI WUDQVPLWWHU SXOVH L H VTXDUH ZDYH XQL GLUHFWLRQDO RU EL GLUHFWLRQDO DQG ZKHUH DSSOLFDEOH SRODULW\
E DW HDFK SXOVH HQHUJ\ VHWWLQJ DQG SXOVH UHSHWLWLRQ IUHTXHQF\ ZLWK WKH RXWSXW ORDGHG ZLWK D W QRQ UHDFWLYH
UHVLVWRU
SXOVH ULVH WLPH
SXOVH GXUDWLRQ IRU VTXDUH ZDYH WKH UDQJH RYHU ZKLFK WKH SXOVH GXUDWLRQ FDQ EH VHW HIIHFWLYH RXWSXW LPSHGDQFH ZLWK WROHUDQFH SXOVH IDOO WLPH IRU VTXDUH ZDYH RQO\ SXOVH UHYHUEHUDWLRQ DPSOLWXGH IUHTXHQF\ VSHFWUXP SORW
$PSOLILHU DQG DWWHQXDWRU
7KH IROORZLQJ VKDOO EH GHWDLOHG
D FKDUDFWHULVWLFV RI FDOLEUDWHG DWWHQXDWRU VRPHWLPHV FDOOHG JDLQ FRQWURO L H G% UDQJH VWHS VL]H DFFXUDF\
E FKDUDFWHULVWLFV RI DQ\ XQFDOLEUDWHG YDULDEOH JDLQ L H GHFLEHO UDQJH
F YHUWLFDO OLQHDULW\ PHDVXUH
G ZLWK UHVSHFW WR WK
H VFUHHQ JUDWLFXOH
G FHQWUH IUHTXHQF\ DQG EDQGZLGWK EHWZHHQ G% SRLQWV RI HDFK EDQG VHWWLQJ JLYH WROHUDQFHV 7KH HIIHFW LI
DQ\ RI WKH DWWHQXDWRU VHWWLQJ H GHDG WLPH DIWHU WUDQVPLWWHU SXOVH LQFOXGLQJ WKH HIIHFWV RI SXOVH HQHUJ\ GDPSLQJ DWWHQXDWRU JDLQ FRQWURO DQG
IUHTXHQF\ EDQG VHWWLQJ I LQSXW HTXLYDOHQW QRLVH PLFURYROWV DW DOO IUHTXHQF\ VHWWLQJV
J PLQLPXP LQSXW YROWDJH IRU VFUHHQ KHLJKW RYHU DOO VSHFLILHG IUHTXHQF\ UDQJHV K G\QDPLF UDQJH RI WKH XOWUDVRQLF LQVWUXPHQW RYHU DOO WKH VSHFLILHG IUHTXHQF\ UDQJHV
L HTXLYDOHQW LQSXW LPSHGDQFH RI WKH XOWUDVRQLF LQVWUXPHQW RYHU DOO WKH VSHFLILHG IUHTXHQF\ UDQJHV
M GHWDLOV RI DQ\ GLVWDQFH DPSOLWXGH FRUUHFWLRQ '$& IXQFWLRQ LQFOXGLQJ WKH G\QDPLF UDQJH WKH PD[LPXP
FRUUHFWLRQ VORSH LQ GHFLEHOV SHU PLFURVHFRQG WKH IRUP RI WKH FRUUHFWLRQ DQG WKH LQIOXHQFH RI DQ\ '$&FRQWUROV )RU LQVWUXPHQWV ZLWK ORJDULWKPLF DPSOLILHUV VHH DQQH[ $
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
'LJLWDO XOWUDVRQLF LQVWUXPHQWV
,Q DGGLWLRQ WR WKH LQIRUPDWLRQ JLYHQ DERYH LQ WR GHWDLOV VKRXOG EH VXSSOLHG RQ WKH SULQFLSOHV RI
D WKH DQDORJXH WR GLJLWDO FRQYHUVLRQ
E WKH QXPEHU RI SL[HOV XVHG WR GLVSOD\ WKH $ VFDQ
F WKH GDWD RXWSXW DQ
G VWRUDJ
H IDFLOLWLHV
G WKH SULQWHU RXWSXW
H WKH FDOLEUDWLRQ VWRUDJH IDFLOLWLHV
I WKH GLVSOD\ DQG UHFDOO IDFLOLWLHV
J WKH DXWRPDWLF FDOLEUDWLRQ
K WKH W\SH RI GLVSOD\ DQG LWV UHVSRQVH WLPH
:KHUH DSSOLFDEOH WKHVH GHWDLOV VKRXOG DOVR LQFOXGH VDPSOLQJ UDWHV XVHG HIIHFW RI SXOVH UHSHWLWLRQ IUHTXHQF\ RU GLVSOD\ UDQJH RQ WKH VDPSOLQJ UDWH DQG UHVSRQVH WLPH ,Q DGGLWLRQ WKH SULQFLSOHV RI DQ\ DOJRULWKP XVHG WR SURFHVV GDWD IRU GLVSOD\ VKRXOG EH GHVFULEHG DQG WKH YHUVLRQ RI DQ\ VRIWZDUH LQVWDOOHG VKDOO EH TXRWHG
3HUIRUPDQFH UHTXLUHPHQWV IRU XOWUDVRQLF LQVWUXPHQWV
7R PHHW WKH SHUIRUPDQFH UHTXLUHPHQWV RI WKLV VWDQGDUG DQ XOWUDVRQLF LQVWUXPHQW VKDOO EH YHULILHG XVLQJ WKH WZR JURXSV RI WHVWV GHVFULEHG EHORZ
*URXS WHVWV WR EH SHUIRUPHG E\ WKH PDQXIDFWXUHU RU KLV DJHQW RQ D UHSUHVHQWDWLYH VDPSOH RI WKH XOWUDVRQLF LQVWUXPHQWV SURGXFHG $ KLJK OHYHO RI HOHFWURQLF PHDVXULQJ HTXLSPHQW LV UHTXLUHG IRU WKHVH WHVWV
*URXS WHVWV WR EH SHUIRUPHG RQ HYHU\ XOWUDVRQLF LQVWUXPHQW
E\ WKH PDQXIDFWXUHU RU KLV DJHQW SULRU WR WKH VXSSO\ RI WKH XOWUDVRQLF LQVWUXPHQW ]HUR SRLQW WHVW
E\ WKH PDQXIDFWXUHU WKH RZQHU RU D ODERUDWRU\ DW WZHOYH PRQWKV LQWHUYDOV WR YHULI\ WKH SHUIRUPDQFH RI WKH XOWUDVRQLF LQVWUXPHQW GXULQJ LWV OLIHWLPH
IROORZLQJ WKH UHSDLU RI WKH XOWUDVRQLF LQVWUXPHQW
2QO\ EDVLF HOHFWURQLF PHDVXUHPHQW HTXLSPHQW LV UHTXLUHG IRU WKH WHVWV LQ JURXS
%\ DJUHHPHQW EHWZHHQ WKH SDUWLHV LQYROYHG WKHVH WHVWV PD\ EH VXSSOHPHQWHG ZLWK DGGLWLRQDO WHVWV IURP JURXS
$ WKLUG JURXS RI WHVWV IRU WKH FRPSOHWH V\VWHP XOWUDVRQLF LQVWUXPHQW DQG SUREH FRPELQHG DUH JLYHQ LQ
(1 'XULQJ WKHLU OLIHWLPH WKHVH DUH SHUIRUPHG DW UHJXODU LQWHUYDOV RQ VLWH 7DEOH VXPPDUL]HV WKH WHVWV
SHUIRUPHG RQ XOWUDVRQLF LQVWUXPHQWV
)RU XOWUDVRQLF LQVWUXPHQWV PDUNHWHG EHIRUH WKH LQWURGXFWLRQ RI WKLV VWDQGDUG FRQWLQXLQJ ILWQHVV IRU SXUSRVH VKDOO EH GHPRQVWUDWHG E\ SHUIRUPLQJ WKH JURXS SHULRGLF WHVWV HYHU\ WZHOYH PRQWKV
)ROORZLQJ UHSDLU DOO SDUDPHWHUV KDYH EHHQ LQIOXHQFHG E\ WKH UHSDLU VKDOO EH FKHFNHG XVLQJ WKH 0DQXIDFWXUHU V WHVWV DUH JURXS WHVWV WRJHWKHU ZLWK JURXS WHVWV
=HUR SRLQW SHULRGLF WHVWV DQG UHSDLU WHVWV DUH JURXS WHVWV
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
7DEOH /LVW RI WHVWV IRU XOWUDVRQLF LQVWUXPHQWV
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
7DEOH /LVW RI WHVWV IRU XOWUDVRQLF LQVWUXPHQWV FRQFOXGHG
3DUW 8OWUDVRQLF LQVWUXPHQWV3DUW
&RPELQHG
HTXLSPHQW
7LWOH RI WHVW0DQXIDFWXUHU V WHVWV3HULRGLF DQG UHSDLU
WHVWV
6XEFODXVH6XEFODXVH6XEFODXVH /LQHDULW\ RI YHUWLFDO GLVSOD\
/LQHDULW\ RI HTXLSPHQW JDLQ
/LQHDULW\ RI WLPHEDVH
0RQLWRU JDWH
5HVSRQVH WKUHVKROG DQG VZLWFKLQJ
K\VWHUHVLV ZLWK D IL[HG PRQLWRU
WKUHVKROG
6ZLWFKLQJ K\VWHUHVLV ZLWK DGMXVWDEOH
PRQLWRU WKUHVKROG
+ROG WLPH RI VZLWFKHG RXWSXW
3URSRUWLRQDO RXWSXW
,PSHGDQFH RI SURSRUWLRQDO JDWH
RXWSXW
/LQHDULW\ RI SURSRUWLRQDO JDWH RXWSXW
)UHTXHQF\ UHVSRQVH RI SURSRUWLRQDO
JDWH RXWSXW
1RLVH RQ SURSRUWLRQDO JDWH RXWSXW
,QIOXHQFH RI WKH PHDVXUHPHQW VLJQDO
SRVLWLRQ ZLWKLQ WKH JDWH
(IIHFW RI SXOVH VKDSH RQ WKH
SURSRUWLRQDO JDWH RXWSXW
5LVH IDOO DQG KROG WLPH RI
SURSRUWLRQDO JDWH RXWSXW
$GGLWLRQDO WHVWV IRU GLJLWDO XOWUDVRQLF LQVWUXPHQWV
/LQHDULW\ RI WLPH EDVH IRU GLJLWDO
XOWUDVRQLF LQVWUXPHQWV
'LJLWL]DWLRQ VDPSOLQJ HUURU
5HVSRQVH WLPH RI GLJLWDO XOWUDVRQLF
LQVWUXPHQWV
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
*URXS WHVWV
(TXLSPHQW UHTXLUHG IRU *URXS WHVWV
7KH LWHPV RI HTXLSPHQW HVVHQWLDO WR SHUIRUP JURXS WHVWV RQ XOWUDVRQLF LQVWUXPHQWV DUH DV IROORZV D HLWKHU
RVFLOORVFRSH ZLWK D PLQLPXP RI 0+] DQG D VSHFWUXP DQDO\VHU ZLWK D EDQGZLGWK RI DW
OHDVW 0+] RU 7UDQVIRUPV E W DQG W QRQ UHDFWLYH UHVLVWRUV
F VWDQGDU
G W DWWHQXDWRU ZLWK G% VWHSV DQG D WRWDO UDQJ
H R
I G% 7KH DWWHQXDWRU VKDOO KDYH D FXPXODWLYH
HUURU RI OHVV WKDQ G% LQ DQ\ G% VSDQ IRU VLJQDOV ZLWK D IUHTXHQF\ XS WR 0+] G HLWKHU
DQ DUELWUDU\ ZDYHIRUP JHQHUDWRU RU
WZR SXOVHG VLJQDO JHQHUDWRUV ZLWK H[WHUQDO WULJJHUV RU JDWHV FDSDEOH RI SURGXFLQJ WZR JDWHG EXUVWV RI
VLQXVRLGDO UDGLR IUHTXHQF\ VLJQDOV 7KH DPSOLWXGHV RI WKH WZR VLJQDOV VKDOO EH LQGHSHQGHQWO\ YDULDEOH E\ XS WR G%
127( ,I WZR SXOVHG VLJQDO JHQHUDWRUV DUH XVHG WKHQ VXLWDEOH PDWFKLQJ FLUFXLWV ZLOO KDYH WR EH XVHG WR FRPELQH WKH RXWSXW RI WKH WZR JHQHUDWRUV LQWR RQH WHVW VLJQDO
H D SURWHFWLRQ FLUFXLW $Q H[DPSOH LV VKRZQ LQ ILJXUH
I GLJLWDO FRXQWHU WLPHU FDSDEOH RI JHQHUDWLQJ DQ RYHUIORZ SXOVH DIWHU WULJJHU SXOVHV DQG PHDVXULQJ WKH
LQWHUYDO EHWZHHQ WZR SXOVHV ZLWK DQ DFFXUDF\ RI J LPSHGDQFH DQDO\VHU K HQYLURQPHQWDO WHVW FKDPEHU
$OO WKH WHVWV LQ *URXS H[FHSW IRU WKH WHVW RI VWDELOLW\ DJDLQVW WHPSHUDWXUH XVH HOHFWURQLF PHDQV RI JHQHUDWLQJ WKH UHTXLUHG VLJQDOV 7KH FKDUDFWHULVWLFV RI WKH HTXLSPHQW HPSOR\HG DQG LWV VWDELOLW\ VKDOO EH DGHTXDWH IRU WKH SXUSRVH RI WKH WHVWV
127( %HIRUH FRQQHFWLQJ WKH RVFLOORVFRSH DQG RU VSHFWUXP DQDO\VHU WR WKH WUDQVPLWWHU RI WKH XOWUDVRQLF LQVWUXPHQW DV UHTXLUHG IRU VRPH RI WKH WHVWV LQ WKLV VWDQGDUG FKHFN WKDW LW ZLOO QRW EH GDPDJHG E\ WKH KLJK WUDQVPLWWHU YROWDJH
6WDELOLW\ DJDLQVW WHPSHUDWXUH
3URFHGXUH
*HQHUDWH WZR HFKRHV RQ WKH XOWUDVRQLF LQVWUXPHQW VFUHHQ XVLQJ H J D ]HUR GHJUHH FRPSUHVVLRQ ZDYH SUREH ZLWK D FHQWUH IUHTXHQF\ EHWZHHQ 0+] WR 0+] DQG D WHVW EORFN 7KH DPSOLWXGH RI WKH ILUVW HFKR VKDOO EH DGMXVWHG WR RI IXOO VFUHHQ KHLJKW DQG WKH WLPH EDVH DGMXVWHG VR WKDW WKH VLJQDOV DUH DW DQG RI VFUHHQ ZLGWK 'XULQJ WKH WHVW WKH WHPSHUDWXUH RI WKH SUREH DQG WHVW EORFN VKDOO QRW YDU\ E\ PRUH WKDQ & DQG WKH QHFHVVDU\ SUHFDXWLRQV VKDOO EH WDNHQ WR DYRLG YDULDWLRQV LQ FRXSOLQJ
7KH XOWUDVRQLF LQVWUXPHQW LV SODFHG LQWR D FOLPDWLF FKDPEHU DQG VXEMHFWHG WR YDU\LQJ DPELHQW WHPSHUDWXUHV 7KH HFKR KHLJKWV DQG SRVLWLRQV DUH WR EH UHDG RII DQG UHFRUGHG DW D PD[LPXP RI & LQWHUYDOV RYHU WKH WHPSHUDWXUH UDQJH VSHFLILHG E\ WKH PDQXIDFWXUHU
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
$FFHSWDQFH FULWHULRQ
7KH DPSOLWXGH DQG UDQJH RI WKH UHIHUHQFH HFKR VKDOO QRW FKDQJH E\ PRUH WKDQ DQG UHVSHFWLYHO\ IRU HDFK & FKDQJH LQ WHPSHUDWXUH
7UDQVPLWWHU SXOVH SDUDPHWHUV
*HQHUDO
7KLV FODXVH FRQWDLQV WHVWV IRU SXOVH UHSHWLWLRQ IUHTXHQF\ RXWSXW LPSHGDQFH DQG IUHTXHQF\ VSHFWUXP 7HVW PHWKRGV DQG DFFHSWDQFH FULWHULD IRU WUDQVPLWWHU SXOVH VKDSH DQG DPSOLWXGH DUH JLYHQ LQ
3XOVH UHSHWLWLRQ IUHTXHQF\
3URFHGXUH
6ZLWFK WKH XOWUDVRQLF LQVWUXPHQW WR GRXEOH SUREH ZRUNLQJ VHSDUDWH WUDQVPLWWHU DQG UHFHLYHU DQG FRQQHFW DQ RVFLOORVFRSH WR WKH WUDQVPLWWHU WHUPLQDO
127( &KHFN WKDW WKH RVFLOORVFRSH LQSXW ZLOO QRW EH GDPDJHG E\ WKH KLJK WUDQVPLWWHU YROWDJH
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
$FFHSWDQFH FULWHULRQ
$W HDFK VHWWLQJ WKH PHDVXUHG YDOXH RI WKH SXOVH UHSHWLWLRQ IUHTXHQF\ VKDOO EH ZLWKLQ RI WKDW JLYHQ LQ WKH WHFKQLFDO VSHFLILFDWLRQ
(IIHFWLYH RXWSXW LPSHGDQFH
3URFHGXUH
8VLQJ WKH PHWKRGV LQ PHDVXUH WKH WUDQVPLWWHU SXOVH YROWDJH 9 ZLWK WKH WUDQVPLWWHU WHUPLQDWHG E\ D W QRQ UHDFWLYH UHVLVWRU 5HSODFH WKH W UHVLVWRU ZLWK D W UHVLVWRU DQG PHDVXUH XVLQJ WKH RVFLOORVFRSH WKH WUDQVPLWWHU SXOVH YROWDJH 9 ZLWK WKH WUDQVPLWWHU WHUPLQDWHG E\ D W UHVLVWRU 7KH PHDVXUHPHQW VKDOO EH PDGH IRU HDFK SXOVH HQHUJ\ VHWWLQJ DQG WUDQVPLWWHU SXOVH IUHTXHQF\ DW PD[LPXP DQG PLQLPXP SXOVH UHSHWLWLRQ IUHTXHQFLHV ZLWK ERWK PD[LPXP DQG PLQLPXP GDPSLQJ
)RU HDFK SXOVH VHWWLQJ FDOFXODWH WKH HIIHFWLYH RXWSXW LPSHGDQFH =R E\ PHDQV RI WKH HTXDWLRQ
R9
9
9
9
=
-
-
= W 127( 9ROWDJHV 9 DQG 9 DUH WKH YDOXHV RI WKH PD[LPXP H[FXUVLRQV RI WKH UHVSHFWLYH SXOVHV IURP WKH EDVHOLQH
$FFHSWDQFH FULWHULRQ
7KH HIIHFWLYH RXWSXW LPSHGDQFH RI WKH YDOXH LQ WKH WHFKQLFDO VSHFLILFDWLRQ DQG VKDOO EH QR JUHDWHU WKDQ W
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I
3DJH
(1
%6,
7UDQVPLWWHU SXOVH IUHTXHQF\ VSHFWUXP
3URFHGXUH
0HDVXUH WKH IUHTXHQF\ VSHFWUXP RI WKH WUDQVPLWWHU SXOVH XVLQJ HLWKHU D VSHFWUXP DQDO\VHU RU DQ RVFLOORVFRSH FDSDEOH RI SHUIRUPLQJ )DVW )RXULHU 7UDQVIRUPV 7KH VSHFWUXP VKDOO EH SORWWHG IRU DW OHDVW WKH G% OLPLWV RI WKH IUHTXHQF\UHVSRQVH 7KH SXOVH VHWWLQJV DQG WKH ZLQGRZ SDUDPHWHUV VKDOO EH UHFRUGHG 7KH ZLQGRZ VKDOO EH WZLFH WKH SXOVH GXUDWLRQ DQG FHQWUHG DERXW WKH SXOVH
$FFHSWDQFH FULWHULRQ
5HFHLYHU
*HQHUDO
7KLV FODXVH JLYHV WHVWV WR PHDVXUH WKH WUDQVPLWWHU UHFHLYHU FURVVWDON GDPSLQJ UHFHLYHU VHQVLWLYLW\ GHDG WLPH GXH WR WUDQVPLWWHU SXOVH G\QDPLF UDQJH LQSXW LPSHGDQFH GLVWDQFH DPSOLWXGH FRUUHFWLRQ DQG WHPSRUDO UHVROXWLRQ 7KH PHWKRGV DQG DFFHSWDQFH FULWHULD IRU DPSOLILHU EDQGZLGWK HTXLYDOHQW LQSXW QRLVH DFFXUDF\ RI FDOLEUDWHG DWWHQXDWRU DQG YHUWLFDO GLVSOD\ OLQHDULW\ DUH JLYHQ LQ
&URVVWDON GDPSLQJ IURP WUDQVPLWWHU WR UHFHLYHU GXULQJ WUDQVPLVVLRQ
3URFHGXUH
7KH SXOVHU DQG UHFHLYHU DUH WHUPLQDWHG ZLWK W DQG WKH HTXLSPHQW VHW IRU WZLQ SUREH ZRUNLQJ VHSDUDWH WUDQVPLWWHU DQG UHFHLYHU 7KH SHDN WR SHDN YROWDJHV DW WKH SXOVHU RXWSXW 9 PHDVXUHG LQ DQG WKH UHFHLYHU LQSXW 9( DUH PHDVXUHG ZLWK DQ RVFLOORVFRSH DV VKRZQ LQ ILJXUH 7KH ORJDULWKP RI WKH UDWLR RI ERWK YROWDJHV LV VSHFLILHG DV WKH FURVVWDON GDPSLQJ GXULQJ WUDQVPLVVLRQ 'V JLYHQ LQ GHFLEHOV
ORJ (
V 99'=
$FFHSWDQFH FULWHULRQ
7KH FURVVWDON GDPSLQJ GXULQJ WUDQVPLVVLRQ 'V VKDOO EH PRUH WKDQ G% 'HDG WLPH DIWHU WUDQVPLWWHU SXOVH
3URFHGXUH
&DOLEUDWH WKH XOWUDVRQLF LQVWUXPHQW VFUHHQ ZLGWK IURP m V WR m V DW IXOO VFDOH 7KHQ DGMXVW WKH ]HUR RIIVHW VR WKDW WKH OHDGLQJ HGJH RI WKH WUDQVPLWWHU SXOVH FRLQFLGHV ZLWK WKH ]HUR VFUHHQ GLYLVLRQ
&RQQHFW WKH FLUFXLW VKRZQ LQ ILJXUH ZLWK WKH XOWUDVRQLF LQVWUXPHQW LQ VLQJOH HOHPHQW ZRUNLQJ FRPELQHG WUDQVPLWWHU DQG UHFHLYHU
127( 7KH FLUFXLW VKRZQ LQ ILJXUH LV XVHG WR SURWHFW WKH IXQFWLRQ JHQHUDWRU IURP WKH WUDQVPLWWHU VSLNH 6XLWDEOH JDWHG SXOVHV RI 5) IRU PRVW XOWUDVRQLF LQVWUXPHQWV DUH m V LQ GXUDWLRQ DQG m V VSDFLQJ
6HOHFW HDFK IUHTXHQF\ EDQG VHWWLQJ RI WKH XOWUDVRQLF LQVWUXPHQW LQ WXUQ DQG DGMXVW WKH UDGLR IUHTXHQF\ RI WKH LQSXW VLJQDO WR JLYH DSSUR[LPDWHO\ PD[LPXP OHYHO VLJQDO RQ VFUHHQ DV VKRZQ LQ ILJXUH $GMXVW WKH DPSOLWXGH WR KDOI VFUHHQ KHLJKW DW WKH PD[LPXP UDQJH RI WKH VFUHHQ ,Q GRLQJ WKLV FKHFN E\ YDU\LQJ WKH LQSXW VLJQDO OHYHO WKDW WKH XOWUDVRQLF LQVWUXPHQW DPSOLILHU LV QRW VDWXUDWHG
([SUHVV WKH GHDG WLPH DV WKH WLPH LQ PLFURVHFRQGV IURP WKH WUDQVPLWWHU SXOVH V OHDGLQJ HGJH WR WKH SRLQW RQ WKH WLPH EDVH ZKHUH WKH DPSOLWXGH LV VFUHHQ KHLJKW L H RI LWV DPSOLWXGH DW WKH HQG RI WKH VFUHHQ
L i c e n s e d C o p y : e d u a r t l i u q i a n e d u a r t l i u q i a n , U n i v e r s i t y o f E d i n b u r g h , 24 S e p t e m b e r 2003, U n c o n t r o l l e d C o p y , (c ) B S I
3DJH
(1
%6,
$FFHSWDQFH FULWHULRQ
)RU WKH ZRUVW FDVH IUHTXHQF\ EDQG VHWWLQJ WKH GHDG WLPH DIWHU WKH WUDQVPLWWHU SXOVH VKDOO EH OHVV WKDQ m V
'\QDPLF UDQJH
3URFHGXUH
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
6HW WKH XOWUDVRQLF LQVWUXPHQW JDLQ FRQWUROV FDOLEUDWHG DQG XQFDOLEUDWHG WR PD[LPXP JDLQ
,I WKH QRLVH OHYHO DW WKH JDLQ VHWWLQJ LV KLJKHU WKDQ RI WKH VFUHHQ KHLJKW WKHQ GHFUHDVH WKH JDLQ XQWLO WKH QRLVH OHYHO LV RI WKH VFUHHQ KHLJKW
$GMXVW WKH DPSOLWXGH RI WKH LQSXW VLJQDO VR WKDW LW LV GLVSOD\HG DW VFUHHQ KHLJKW 0HDVXUH WDNLQJ GXH DFFRXQW RI WKH VWDQGDUG DWWHQXDWRU VHWWLQJ WKH LQSXW YROWDJH DPSOLWXGH 9PLQ
127( ,I WKH SXOVHG JHQHUDWRU LV XQDEOH WR SURYLGH VXIILFLHQWO\ ORZ YROWDJH WKHQ UHVHW WKH XOWUDVRQLF LQVWUXPHQW WR G% DERYH PLQLPXP JDLQ DQG PDNH WKH QHFHVVDU\ FRUUHFWLRQ WR WKH PHDVXUHPHQW
7KH XVDEOH G\QDPLF UDQJH LV JLYHQ E\
G%
ORJ
PLQ
PD[
üüY
?
ììí
?
9
9
H[FHSW ZKHUH 9PLQ LV OHVV WKDQ WKH LQSXW HTXLYDOHQW QRLVH 9HLQ ZKHQ WKH G\QDPLF UDQJH LV OLPLWHG WR
G%
ORJ
HLQ
PD[
üüY
?
ììí
?
9
9
$FFHSWDQFH FULWHULD
7KH XVDEOH G\QDPLF UDQJH VKDOO EH DW OHDVW G% DQG WKH PLQLPXP LQSXW YROWDJH 9PLQ VKDOO EH ZLWKLQ WKH WROHUDQFH TXRWHG LQ WKH PDQXIDFWXUHU V WHFKQLFDO VSHFLILFDWLRQ
5HFHLYHU LQSXW LPSHGDQFH
3URFHGXUH
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
$FFHSWDQFH FULWHULRQ
$W 0+] WKH UHDO SDUW RI LPSHGDQFH 5PD[ DW PD[LPXP JDLQ VKDOO EH JUHDWHU WKDQ RU HTXDO WR W DQG OHVV WKDQ RU HTXDO WR .W 7KH SDUDOOHO FDSDFLW\ &PD[ VKDOO EH OHVV WKDQ RU HTXDO WR S) 7KH UHDO FRPSRQHQWV RI WKH LQSXW LPSHGDQFH DW PD[LPXP JDLQ 5PD[ DQG DW PLQLPXP JDLQ 5PLQ VKDOO PHHW WKH IROORZLQJ FRQGLWLRQ
L
i
c
e
n
s
e
d
C
o
p
y
:
e
d
u
a
r
t
l
i
u
q
i
a
n
e
d
u
a
r
t
l
i
u
q
i
a
n
,
U
n
i
v
e
r
s
i
t
y
o
f
E
d
i
n
b
u
r
g
h
,
2
4
S
e
p
t
e
m
b
e
r
2
3
,
U
n
c
o
n
t
r
o
l
l
e
d
C
o
p
y
,
(
c
)
B
S
I