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6246667E8708f9ea85c628e01a T.C GAZ İ ÜN İVERS İTES İ SOSYAL B İLİMLER ENST İTÜSÜ İKT İSAT ANAB İLİM DALI İKT İSAT B İLİM DALI VADEL İ İŞ LEM BORSALARININ F İNANSAL P İYASALARA ETK İSİ VE TÜRK İYE ÜZER İNE UYGULAMALARI YÜKSEK L İSANS TEZ İ Hazırlayan Hakan KAYA Tez Danı şmanı Yrd. Doç. Dr. Metin SARAÇO ĞLU Ankara–2010 T.C GAZ İ ÜN İVERS İTES İ SOSYAL B İLİMLER ENST İTÜSÜ İKT İSAT ANAB İLİM DALI İKT İSAT B İLİM DALI VADEL İ İŞ LEM BORSALARININ F İNANSAL P İYASALARA ETK İSİ VE TÜRK İYE ÜZER İNE UYGULAMALARI YÜKSEK L İSANS TEZ İ Hazırlayan Hakan KAYA Tez Danı şmanı Yrd. Doç. Dr. Metin SARAÇO ĞLU Ankara–2010 ONAY Hakan KAYA tarafından hazırlanan “Vadeli İş lem Borsalarının Finansal Piyasalara Etkisi Ve Türkiye Üzerine Uygulamaları” ba şlıklı bu çalı şma 23.12.2010 tarihinde yapılan savunma sınavı sonucunda (oy birli ği/oy çoklu ğu) ile ba şarılı bulunarak jürimiz tarafından İktisat Anabilim dalında Yüksek Lisans Tezi olarak kabul edilmi ştir. …………………………... Prof.Dr. Serdar ALTINOK (Ba şkan) …………………………... Doç.Dr. İbrahim TOKATLIO ĞLU …………………………... Yrd.Doç.Dr. Metin SARAÇO ĞLU ÖNSÖZ Türev ürün piyasalarının günümüzdeki önemi hem dünyada hem de ülkemizde gittikçe artmaktadır. 1880’lerden itibaren mal piyasalarında kullanılan, 1970’li yıllardan sonra da finansal piyasalarda kullanılmaya ba şlanan türev ürünler dünyada de ğişen şartlar sonucu ortaya çıkan yeni risk yönetim anlayı şının önemli bir unsuru haline gelmi ştir. Ülkemizde 1980’lerden itibaren finansal liberalle şmeye gidilmesi, yeni finansal araçların geli şmesine yol açmı ş, bu tarihten itibaren sermaye piyasalarının geli şimine ba ğlı olarak türev ürün piyasalarında da ilk kıpırdanmalar ba şlamı ştır. 2001 yılında ya şanan ekonomik krizin ardından dalgalı döviz kuru sistemini benimseyen ülkemizde döviz kuru riskinin getirdi ği baskıların da etkisiyle ilk vadeli i şlemler İMKB bünyesinde yapılmaya ba şlanmı ştır. 2005 yılında ise bu piyasaya özgü bir borsanın kurulması vadeli işlemlerin hızlı artı şını da beraberinde getirmi ştir. 2008 yılının son çeyre ğinde ba şlayarak 2009 yılında etkisini derinle ştiren küresel finansal krizin derinle şmesinde türev piyasalarının da rolü oldu ğu literatürde sıklıkla i şlenen konulardan biri olmu ştur. Bu durum, türev i şlem hacmini artırmaya çalı şan ülkemiz için de özellikle analiz edilmesi gereken bir konu olarak kar şımıza çıkmaktadır. Türev ürünlerin tartı şma alanına dâhil edilen bir di ğer husus da bu piyasaların para ve maliye politikalarının i şlevselli ğini etkileme gücüdür. Bu çalı şmanın amacı da bu tartı şmalar çerçevesinde türev ürün piyasalarının dünyadaki ve ülkemizdeki mevcut durumunu ve geli şimini analiz etmek, para ve maliye politikalarındaki önemine ve rolüne açıklık getirmek ve yapılan analizler çerçevesinde ülkemizde bu piyasalara i şlerlik kazandırmaktan sorumlu organizasyon olan Vadeli İş lem ve Opsiyon Borsa’sının i şleyi şine ili şkin öneriler getirmektir. ii Tez çalı şması esnasında özverili deste ğini esirgemeyen, bilgi ve tecrübesi ile yol gösterici olan danı şmanım Sayın Yrd. Doç. Dr. Metin SARAÇO ĞLU’na, hayatımın her anında oldu ğu gibi tez çalı şmam sırasında da bana yardımcı olan ve de ğerli önerilerini benimle payla şan a ğabeyim Abdullah KAYA’ya ve varlıklarıyla bana güç veren aileme, çalı şmada sıkıntıya dü ştü ğüm konularda kendisinden her zaman destek gördü ğüm arkada şım Hakkı KARATA Ş’a, tez süresince her konuda sabırla yardımlarını benden esirgemeyen sevgili e şim Ay şegül KAYA’ya te şekkürlerimi sunarım. iii İÇİNDEK İLER ÖNSÖZ ............................................................................................................ i İÇİNDEK İLER ................................................................................................ iii KISALTMALAR D İZİNİ .................................................................................. vii TABLOLAR D İZİNİ .......................................................................................... x ŞEK İLLER D İZİNİ .......................................................................................... xi GİRİŞ ............................................................................................................. 1 1. GENEL OLARAK F İNANSAL PİYASALAR ............................................. 4 1.1. FİNANSAL P İYASA YAPILANMASI ................................................. 4 1.1.1. Fon Arz Edenler ............................................................................ 6 1.1.2. Fon Talep Edenler ........................................................................ 6 1.1.3. Finansal Kurumlar ......................................................................... 6 1.1.4. Finansal Araçlar ............................................................................ 7 1.1.5. Hukuki ve İdari Düzen ................................................................... 7 1.2. F İNANSAL P İYASA TÜRLER İ ............................................................. 7 1.2.1. Sürelerine Göre Ayrım (Para ve Sermaye Piyasaları)................... 7 1.2.2.Örgütlenme Biçimine Göre Ayrım (Organize ve Tezgahüstü Piyasalar) ................................................................................................ 9 1.2.3.Finansal Varlı ğın Piyasaya Sunulma Durumuna Göre Ayrım (Birincil ve İkincil Piyasalar) .................................................................. 10 1.2.4. Fon Transfer Biçimine Göre Ayrım.............................................. 11 1.2.5. Spot ve Türev Piyasalar .............................................................. 12 1.3. F İNANSAL P İYASALARDA YER ALAN OYUNCULAR ..................... 13 1.3.1. Finansal Kurumların Fonksiyonları ............................................. 13 1.3.2. Finansal Kurumların Çe şitleri ...................................................... 15 1.4. F İNANSAL P İYASA ARAÇLARI ........................................................ 23 1.4.1. Finansal Araçların Tanımı ve Özellikleri ...................................... 23 1.4.2. Para Piyasası Araçları ................................................................ 25 1.4.3. Sermaye Piyasası Araçları .......................................................... 28 iv 1.5. F İNANSAL P İYASALARIN EKONOM İ POL İTİKALARINDAK İ ROLÜ VE ÖNEM İ ................................................................................................ 36 1.5.1. Para Politikası Açısından Finansal Piyasaların Önemi ............... 37 1.5.2. Maliye Politikası Açısından Finansal Piyasaların Önemi ............. 38 2. TÜREV ÜRÜN P İYASALARI .................................................................... 40 2.1. TÜREV ÜRÜNLER İN ORTAYA ÇIKI ŞI VE TAR İHSEL GEL İŞİ Mİ ..... 40 2.2. TÜREV ÜRÜN P İYASALARININ TEMEL FONKS İYONLARI ............ 44 2.2.1. Risk Yönetimi .............................................................................. 44 2.2.2. Spekülasyon ............................................................................... 45 2.2.3. Arbitraj ........................................................................................ 47 2.2.4. Gelece ğe Yönelik Fiyat Ke şfi ...................................................... 47 2.2.5. Alım Satım Kolaylı ğı .................................................................... 48 2.2.6. Güvence ve Likidite Sa ğlama ..................................................... 48 2.2.7. Üretim Verimlili ğini Artırma ......................................................... 49 2.2.8. Otomatik İstikrar Sa ğlayıcılı ğı ..................................................... 49 2.2.9. Ekonomi Politikaları Müdahalelerinde Esneklik Sa ğlama ............ 49 2.2.10. Uluslararası Fon Transferini Artırma ......................................... 50 2.3. TÜREV ÜRÜN P İYASALARI VE İŞ LEY İŞ MEKAN İZMASI ............... 50 2.3.1. Forward Sözle şmeler .................................................................. 50 2.3.2. Future Piyasalar .......................................................................... 55 2.3.3. Swap Piyasalar ........................................................................... 60 2.3.4. Opsiyonlar ................................................................................... 63 2.4. DÜNYADAK İ TÜREV ÜRÜN P İYASASI GÖRÜNÜMÜ ..................... 66 2.4.1. Kuzey Amerika ............................................................................ 66 2.4.2. Latin Amerika .............................................................................. 67 2.4.3. Avrupa ........................................................................................ 67 2.4.4. Asya-Pasifik ................................................................................ 68 2.5. VER İLERLE VADEL İ İŞ LEM VE OPS İYON BORSALARI ................. 69 2.6.TÜRK İYE’DE TÜREV ÜRÜN P İYASALARININ TAR İHÇES İ VE GEL İŞİ Mİ .................................................................................................. 73 3. TÜRK İYE VADEL İ İŞ LEM VE OPS İYON BORSASI: VOB. A. Ş ............... 77 3.1. VADEL İ İŞ LEM VE OPS İYON BORSASI’NIN TAR İHÇES İ ............... 77 v 3.2. VADEL İ İŞ LEM VE OPS İYON BORSASI’NIN KURULU Ş AMACI ..... 78 3.3. VADEL İ İŞ LEM VE OPS İYON BORSASI’NIN ORTAKLIK YAPISI ... 79 3.4. VADEL İ İŞ LEM VE OPS İYON BORSASI’NDA İŞ LEM GÖREN ÜRÜNLER ................................................................................................ 80 3.5. VADEL İ İŞ LEM VE OPS İYON BORSASI ÇALI ŞMA ESASLARI ...... 97 3.6. VADEL İ İŞ LEM VE OPS İYON BORSASI’NDA TAKAS MERKEZ İ .... 99 3.7. VADEL İ İŞ LEM VE OPS İYON BORSASI’NDA GARANT İ FONU .... 101 3.8. VADEL İ İŞ LEM SÖZLE ŞMELER
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