DOCSLIB.ORG

Report of Expert Committee on Integration of Commodity Spot and Derivatives Markets

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Report of Expert Committee on Integration of Commodity Spot and Derivatives Markets Report of Expert Committee on Integration of Commodity Spot and Derivatives Markets Department of Economic Affairs Ministry of Finance Government of India New Delhi February 2018 Table of Contents FOREWORD ............................................................................................................... 3 LETTER OF TRANSMITTAL.................................................................................. 4 BACKGROUND ........................................................................................................ 6 PROCEEDINGS OF THE COMMITTEE AND CONSTITUTION OF GROUPS ...................................................................................................................... 8 ACKNOWLEDGEMENTS ..................................................................................... 11 EXECUTIVE SUMMARY ....................................................................................... 14 1. COMMODITIES MARKET ........................................................................... 20 Agricultural commodities ................................................................................... 25 Non-agricultural commodities ........................................................................... 27 Derivatives market ............................................................................................... 29 2. ELECTRONIC SPOT MARKET PLATFORM ............................................ 31 Benefits and advantages ..................................................................................... 32 Key operative principles ..................................................................................... 34 Challenges ............................................................................................................. 35 Issues in regulating commodity spot exchanges ............................................ 38 Possible models of regulating electronic spot market trading platforms / spot exchanges for commodities........................................................................ 38 e-NAM trading platform in Agriculture Sector ............................................. 40 3. CHALLENGES, SUGGESTIONS FOR INTEGRATION OF SPOT AND DERIVATIVES MARKETS ................................................................................... 43 4. ROADMAP AND ACTION PLAN FOR INTEGRATION OF SPOT AND DERIVATIVES MARKETS ........................................................................ 47 ABBREVIATIONS ................................................................................................... 65 Annexure 1: Report of the Group on Agricultural Commodities .................. 66 Annexure 2: Report of the Group on Non-Agricultural Commodities ...... 203 2 FOREWORD It gives me immense pleasure to submit the Report of the Expert Committee on Integration of Commodity Spot and Derivatives Markets. With increasing commercialization in the space of commodities, marketing reforms become imperative to align the transaction avenues of commodities with changing demands of consumers, traders, processors and other value chain participants. The Committee has gainfully used the rich experience of its members to debate concurrent policy issues related to integration of spot and derivatives markets like spot exchanges for commodities, and to suggest ways to strengthen the existing institutions regulating the physical markets, which tend to be more segmented vis-a-vis derivative markets. However, the ultimate test of recommendations of the Committee would be confidence it inspires among the stakeholders and its applicability, as seen by the policy makers. Finally, I must place on record the sincere efforts of Dr. Shashank Saksena, Adviser, Dept. of Economic Affairs and Member–Secretary of the Committee and Ms. Leena Kumar, Assistant Director (Commodity Derivatives), Dept. of Economic Affairs for providing very effective coordinating support and Sh. SK Mohanty, Executive Director, SEBI and Sh. Vikas Sukhwal, DGM, SEBI for providing excellent research assistance to the Committee. I would also like to acknowledge the contribution of Dr. R. Amalorpavanathan, Dy MD, NABARD and Sh. SK Mohanty in preparing the report on Agricultural Commodities and Non Agricultural Commodities, respectively. Prof. Ramesh Chand Chairman, Expert Committee and Member – NITI Aayog 3 LETTER OF TRANSMITTAL Dated the 12th February 2018 Shri Arun Jaitely Hon’ble Finance Minister Ministry of Finance Government of India North Block New Delhi – 110001 Subject: Report of Expert Committee on Integration of Commodity Spot and Derivatives Markets Respected Sir Pursuant to Union Budget Announcement 2017-18, the Department of Economic Affairs, Ministry of Finance had set up an Expert Committee in June 2017 to study and promote creation of an operational and legal framework to integrate spot market and derivatives market for commodities trading. We are pleased to submit the Report of the Expert Committee on Integration of Commodity Spot and Derivatives Markets. With kind regards Dr. Shashank Saksena Sh. S K Mohanty Sh. P K Swain* Member-Secretary Executive Director, SEBI Joint Secretary (Marketing) Adviser, Dept. of Economic Department of Agriculture Affairs Cooperation and Farmers’ Welfare Sh. Nilambuj Sharan Sh. Santosh Kumar Sarangi Sh. A K Choudhary Economic Adviser Joint Secretary (Export Economic Adviser Department of Food and Promotion- Agri) Department of Consumer Public Distribution Department of Commerce Affairs 4 Dr. R.J.R. Kasibhatla Sh. R. Amalorpavanathan Dr. B Pattanaik Deputy Legal Adviser Deputy Managing Director, Member, WDRA Department of Legal Affairs NABARD Sh. T. Rabi Sankar Chief General Manager, RBI Sh. Bijay Kumar Sh. Chandrashekhar Principal Secretary Vashistha (Agriculture & Marketing), Addl. Director (State Agricultural Marketing Govt. of Maharashtra Board), Govt. of Madhya Pradesh Dr. Kirit N. Shelat Dr. Abhinav Trikha@ Sh. S. Sivakumar Retd.IAS, Special Secretary Vice Chairman(ITC Executive Chairman (Expenditure), Infotech India Ltd.) (National Council for Govt. of Punjab Subject Expert as Non- Climate Change, Official Member Sustainable Development and Public Leadership) Subject Expert as Non- Official Member *Dr. Alka Bhargava, former Joint Secretary (Marketing) was the previous representative of DAC&FW #Sh. Manoj Ahuja, former Principal Secretary (Agriculture and Farmers' Empowerment Department) was the previous representative of Govt. of Odisha @Sh. Rajat Agarwal, former Special Secretary (Expenditure) was the previous representative of Govt. of Punjab. 5 BACKGROUND 1. While presenting the Union Budget for the financial year 2017-18, in his budget speech the Hon’ble Finance Minister made following announcement: “The Commodities markets require further reforms for the benefits of farmers. An expert committee will be constituted to study and promote creation of an operational and legal framework to integrate spot market and derivatives market for commodities trading. e-NAM would be an integral part of such framework.” 2. In pursuance thereof, the Government of India (GoI) set up an Expert Committee under the Chairmanship of Prof. Ramesh Chand, Member, NITI Aayog with the following terms of reference (ToR): Better price realization for farmers by creating liquid and transparent spot as well as derivatives markets. Better access for farmers and businesses to agricultural goods and services across India. Empowerment of farmers with knowledge, information and capability to undertake market-driven production. Improved efficiency, competitiveness, supporting infrastructure and strong Institutional mechanism by integrating spot with commodity derivatives markets. Recommend measures to achieve operationally seamless interconnectedness between fragmented physical commodity markets / commodity exchanges / electronic platforms, the supporting infrastructure, institutions and the various participants. Development of regulated electronic spot exchanges both for agricultural and non-agricultural commodities like gold, silver, base metals, energy products for better price discovery and disseminating reference prices for derivatives markets, Ease of doing business in the commodities market and related areas in the country. Any other matter that government may specify or the Committee considers relevant in this regard. 3. To sum up, the mandate of the Expert Committee was to examine the legal, technical and operational aspects of the commodity spot and derivatives markets with a view to eliminate the gaps and overlaps that 6 exist between these two markets and recommend requisite measures for achieving the desired integration between the commodity spot and derivatives markets in India. 4. The Expert Committee constituted by the Government comprises two external experts and representatives from various Departments of GoI, State Governments and regulatory organizations as listed out below : Department of Agriculture Cooperation and Farmers’ Welfare Department of Commerce Department of Consumer Affairs Department of Economic Affairs Department of Food and Public distribution Department of Legal Affairs Government of Gujarat , Karnataka, Madhya Pradesh, Maharashtra, Odisha and Punjab National Bank for Agriculture and Rural Development (NABARD) Reserve Bank of India (RBI) Securities and Exchange Board of India (SEBI) Warehousing Development and Regulatory Authority (WDRA) 7 PROCEEDINGS OF THE COMMITTEE AND CONSTITUTION OF GROUPS 1. In the first meeting held on August 02, 2017, the members
Load more

Recommended publications
  • The Emergence of Emerging Markets Derivatives Exchanges
    Ensayos–Volumen XXIV, núm.2, noviembre 2005, pp.31-82 Development and volume growth of organized derivatives trade in emerging markets∗ Lourdes Treviño∗ Abstract This paper updates and extends reviews of the development of emerging market derivatives exchanges for a sample of 58 emerging countries and 83 derivatives exchanges from 1999 to 2005. Active exchanges are found in 29 emerging market countries, mostly trading financial products. Volume concentration measures suggest that smaller exchanges have increased their market shares outpacing larger ones. This is confirmed by a clear and significant reduction in the concentration index between developed and emerging market exchanges in favor of the latter. Non-US exchanges have dominated US counterparts, while trade has increasingly concentrated on financial derivatives rather than commodities. Exchange-traded derivatives showed a greater concentration than OTC markets, although these described a faster increase in concentration levels. JEL Classification: G1; F1 Keywords: Emerging markets, Derivatives exchanges, Derivatives volume. 1. Introduction At year-end 1999, just as the new millennium started, volume on U.S. futures exchanges had fallen 7%. It was due to an increase of 11% on the non-U.S. exchanges that global volume actually rose 10% that year to total 2.4 billion contracts traded. Six years later, at year-end 2005, global volume stood an astonishing 312% higher at 9.9 billion contracts traded.1 And, although price discovery and risk management is happening all over the world, the number of active exchanges has not grown. While new exchanges have developed, almost an equal number have disappeared, mainly because of consolidation.
    [Show full text]
  • WRAP Theses Giraudo 2017.Pdf
    A Thesis Submitted for the Degree of PhD at the University of Warwick Permanent WRAP URL: http://wrap.warwick.ac.uk/103850 Copyright and reuse: This thesis is made available online and is protected by original copyright. Please scroll down to view the document itself. Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page. For more information, please contact the WRAP Team at: [email protected] warwick.ac.uk/lib-publications Uneven development and the governance of agricultural commodity booms: the case of soybean in South America Maria Eugenia Giraudo Thesis submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Politics and International Studies University of Warwick, Department of Politics and International Studies September 2017 Table of Contents Acknowledgments ................................................................................................ v Declaration ........................................................................................................... vii Abstract ................................................................................................................. viii List of Figures ........................................................................................................ ix List of Abbreviations ........................................................................................... x 1. Introduction ...................................................................................................
    [Show full text]
  • Commodity Derivative Market
    Commodity Derivative Market ISFM, Best Stock Market School 0124-2200689, 9540008689, 8368025252 www.isfm.co.in Why Commodity Exchange in India • 47% of GDP is Commodity related • 23% of GDP is from Agriculture • Over 65% of 1 trillion population depend on agriculture directly • Over 7500 physical market yards History of more than 150 years of • ISFM, Best Stock Market School derivatives trading 2 0124-2200689, 9540008689, 8368025252 www.isfm.co.in Basis • General meaning of ‘derivatives’ – By Product – Imitative – Unoriginal What are ‘Financial’ derivatives? – Instruments (tools) whose value (price) depends on the prices of underlying – Underlying can be • Commodities like gold, wheat, crude oil, ISFM,• Currencies Best eg. US dollar, Stock Euro Market School • Stocks eg. Infosys, Reliance, stock indices like BSE Sensex • Weather products on rainfall, temperature, etc. • Govt.securities 0124-2200689, 9540008689, 8368025252 www.isfm.co.in As defined in the RBI guidelines A derivative is a financial instrument: (a)whose value changes in response to the change in a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable (sometimes called the 'underlying') (b) that requires no initial net investment or little initial net investment relative to other types of contracts that have a similar responseISFM, to Best changes Stock in market Market conditions; School and (c) that is settled at a future date. 0124-2200689, 9540008689, 8368025252 www.isfm.co.in Commodity Futures contract & Exchange A commodity futures /forward contract is a binding agreement between a seller and a buyer to give (by the seller) and to take (by the buyer) delivery of the underlying commodity at a specified future date with agreed upon payment terms.
    [Show full text]
  • Commodity Derivatives: Modeling and Pricing Zaizhi Wang
    Commodity Derivatives: Modeling and Pricing Zaizhi Wang To cite this version: Zaizhi Wang. Commodity Derivatives: Modeling and Pricing. Economics and Finance. École Na- tionale Supérieure des Mines de Paris, 2011. English. NNT : 2011ENMP0088. pastel-00712137 HAL Id: pastel-00712137 https://pastel.archives-ouvertes.fr/pastel-00712137 Submitted on 26 Jun 2012 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. N°: 2009 ENAM XXXX École doctorale n° 396 : Économie, Organisation, Société Doctorat ParisTech T H È S E pour obtenir le grade de docteur délivré par l’École nationale supérieure des mines de Paris Spécialité “ Finance Quantitative ” présentée et soutenue publiquement par Zaizhi WANG le 14/12/2011 Produits Dérivés des Matière s Premières: Modélisation et Evaluation Commodity Derivatives: Modeling and Pricing Directeur de thèse : Alain GALLI Co-encadrement de la thèse : Eric BENHAMOU Jury T Mme. Delphine LAUTIER , Professeur, Université Paris Dauphine Rapporteur M. Bernard LAPEYRE, Professeur, Ecole des Ponts ParisTech Rapporteur H M. René AID, Directeur
    [Show full text]
  • FOUNDATIONS of Agricultural Technology Ecosystems a Collaborative Study Between Universidad Austral, Washington University in St
    FOUNDATIONS OF agricultural technology ecosystems A collaborative study between Universidad Austral, Washington University in St. Louis – Olin Business School, and The Yield Lab Team Gabe Berkland (MBA 2019) Ankita Bhalla (BSBA 2020) Grace Lee (MBA 2019) Abbey MacDonald (MBA, MSW 2019) Nick Wozniak (MBA 2019) Advisors Daniel Bentle, CEL Director Jeff Brown, CEL Fellow Barton Hamilton, Faculty Advisor Partners Ana E. Galiano, Universidad Austral Washington University in Saint Louis- Olin Business School The Yield Lab Executive Summary This paper is the product of a collaboration between Washington University in St. Louis, The Yield Lab, and Universidad Austral in Argentina to explore agricultural technology ecosystems and what makes them successful. We utilized St. Louis, Missouri and the greater area as a model AgTech ecosystem which has experienced significant success in the space. With this model in-place, we researched its sister city, Rosario, Santa Fe and greater area in Argentina, to ultimately build a critical analysis of both ecosystems which share similar geographic features, crop production, and climate to better understand key drivers of AgTech ecosystems, best practices, and key obstacles which need to be overcome to bring about a successful AgTech ecosystem. Approach We began our fieldwork by reviewing existing research and thought leadership in the AgTech space including work done by the Brookings Institute and other organizations with the goal of being additive to their work. With an understanding of existing research, we began by independently reviewing at St. Louis and greater area as a model which has had significant success in the agricultural technology sector. We first looked to understand why St.
    [Show full text]
  • 32175 Dividend
    Dividend University of Michigan Business School Spring 1999 REUNION,REUNION, TogetherTogether Again!Again! PLUS: Gene Imhoff on Foreign Investing in U.S. Markets University of Michigan Business School Reunion99 October 21 –24, 1999 We’re holding a spot for you Celebrating all alumni, and especially the Classes of ’59, ’74, ’79, ’89, ’94, and ’98. For further information, call Alumni Relations: 734-763-5775 E-mail: [email protected] Details and registration on web site: www.bus.umich.edu/ reunion99 It’s time to come back to Ann Arbor! Volume 30, No. 1 Dividend Spring 1999 2 Across the Board News of the University of Michigan Business School—Asian Business Conference… C. K. Prahalad and Kenneth Lieberthal win McKinsey Award… Wolverine Venture Fund…Global Learning Center— from Ann Arbor and around the world. 7 Faculty Opinion Barbara Everitt Bryant, former director of the U.S. Bureau of the Census, explains why there is no consensus on the census. 9 Quote Unquote Who is saying what…and where. Page 10 10 Reunion ’98 For three days, 900 B-School graduates gathered for a weekend like no other. 20 Putting the MBA to Work Alumni panel shares experience and advice during Reunion ’98. 22 Compromising Standards Threatens Capitalism Gene Imhoff, chair of the Department of Accounting, discusses foreign investing in the U.S. capital markets. 27 Ovation Financial support boosts professorships, endowment and recruiting. Page 20 31 Club News Boston, Hong Kong, Los Angeles, New York, Chicago, Detroit, San Francisco, Seattle, South Florida, Washington, D.C. 33 Alumni Club Calendar of Events Page 22 34 Class Notes The goings-on of friends and colleagues, plus profiles of Aparna Agrawal, MBA 82; John W.
    [Show full text]
  • Greater Transparency in Commodity Markets
    United Nations TD/B/C.I/MEM.2/49 United Nations Conference Distr.: General 22 January 2020 on Trade and Development Original: English Trade and Development Board Trade and Development Commission Multi-year Expert Meeting on Commodities and Development Twelfth session Geneva, 1 and 2 April 2020 Item 4 of the provisional agenda Greater transparency in commodity markets Note by the UNCTAD secretariat Summary In this background note, issues related to transparency in commodity markets are reviewed. The need for transparency is highlighted as a precondition for accountability and good governance of the commodity sectors. Transparency can help to prevent corruption, mismanagement, loss of public revenue and illicit financial flows from commodity- dependent developing countries. In the note, it is argued that improving transparency in commodity markets requires a joint and coordinated effort between commodity-dependent developing countries and developed countries. In this regard, it is crucial that commodity- dependent developing countries, together with development partners, build the capacity that is required to ensure transparency and discourage illicit financial flows. Also, participation in international and regional initiatives, as well as application of standards and certification schemes, can help to strengthen transparency. Furthermore, promoting the availability of market information contributes to transparency. Technology can also play a role, particularly in terms of product traceability and improving the market access of smallholder farmers. GE.20-00938(E) TD/B/C.I/MEM.2/49 Introduction 1. Paragraph 208 of the Accra Accord (TD/442) gives a mandate to the Trade and Development Board of the United Nations Conference on Trade and Development (UNCTAD) to establish a multi-year expert meeting on commodities and development.
    [Show full text]
  • Ent 207 Basic Fianacial Literacy
    COURSE GUIDE ENT 207 BASIC FIANACIAL LITERACY Course Team Dr. Sheu Abdullahi Araga (Course Writer) Department of Financial Studies Faculty of Management Sciences National Open University of Nigeria Prof. Olowe Rufus Ayodeji (Course Editor) Department of Finance, University of Lagos Dr. Lawal Kamaldeen A. A (H.O.D) Department of Entrepreneurial Studies Faculty of Management Sciences National Open University of Nigeria Dr. Timothy Ishola (Dean) Faculty of Management Sciences National Open University of Nigeria NATIONAL OPEN UNIVERSITY OF NIGERIA 1 National Open University of Nigeria Headquarters University Village Plot 91 Cadastral Zone Nnamdi Azikiwe Expressway Jabi, Abuja. Lagos Office 14/16 Ahmadu Bello Way Victoria Island, Lagos e-mail: [email protected] URL: www.noun.edu.ng Published by: National Open University of Nigeria ISBN: Printed: 2017 All Rights Reserved 2 CONTENTS Introduction Course Contents Course Aims Course Objectives Working through This Course Course Materials Study Units Textbooks and References Assignment File Assessment Tutor-Marked Assignment Final Examination and Grading How to get the Best out of this Course Facilitators/Tutors and Tutorials Useful Advice Summary 3 INTRODUCTION ENT 207: Basic Financial Literacy is a semester course work of two credit units. It will be available to all students in the Department of Entrepreneurial Studies, Faculty of Management. The course consists of 4 modules involving the subject area of Basic Financial Literacy. The course guide tells you what the course is all about and the relevant materials that you require to make your study very successful. Other vital information contained in this course guide deals with Assessment which consists of the Tutor- Market Assignments, and written examination.
    [Show full text]
  • Young Agent and Broker Award 2015 Ebook
    THE FEDERATION OF NATIONAL ASSOCIATIONS OF SHIP BROKERS AND AGENTS FONASBA YOUNG SHIP AGENT OR SHIPBROKER OF THE YEAR AWARD The Collected Essays From the Inaugural 2015 Award YOUNG SHIP AGENT OR SHIPBROKER OF THE YEAR AWARD 2015 2 Copyright © FONASBA 2015 YOUNG SHIP AGENT OR SHIPBROKER OF THE YEAR AWARD 2015 3 TABLE OF CONTENTS Introduction by the President 5 Introduction by the Vice - President for Education and Chairman of the Award Review Committee 7 Support from the Award Sponsors 9 - 10 The Papers: 11 Renan Queiroz, Brazil 2015 Award Winner 13 - 50 Diego Agüero, Argentina 51 - 77 Giulia de Paolis, Italy 78 - 91 Luisa Mastellone, Italy 92 - 113 Aleksandar Obućina, Serbia 114 - 130 Nils Reinhardt, Germany 131 - 148 Frédéric Van Mechelen, Belgium 149 - 181 2016 Entry Criteria and Timetable 182 - 184 YOUNG SHIP AGENT OR SHIPBROKER OF THE YEAR AWARD 2015 4 YOUNG SHIP AGENT OR SHIPBROKER OF THE YEAR AWARD 2015 5 INTRODUCTION By the President of FONASBA It gives me great pleasure to write the foreword to this first collection of entries for the FONASBA Young Ship Agent or Ship Broker Award. The Award was launched early in 2015 with the aim of encouraging younger members of our profession to look in detail at one or more aspects of the ship agency, ship broking or wider maritime sector and to research and produce a thesis level paper on that topic. In spite of the impact of relatively short deadlines for this first Award on the already limited time available to a working ship agent or ship broker, our younger members responded magnificently.
    [Show full text]
  • Argentina / Chile Wine Tour
    Argentina AgriBusiness Tours A product of International Tours & Meetings Operator – Founded in 1944 Head Office - Maipú 640 – CP 2000 Rosario – ARGENTINA - Tel. +54-341-4216524 - Fax +54-341-4287818 [email protected] – www.argentinaagribusinesstours.com Argentina farming tour Best Lands Route Welcome to the Best Lands Route. We propose a tour across the best soils in Argentina and one of the best in the world. The humid pampas, the “zona núcleo”, the grain belt in Argentina; where thousands of immigrants in the last century made this country the world’s granary. Day 1 – Sunday : China / Buenos Aires Arrive in Buenos Aires Meet your Chinese speaking guide and transfer to the Hotel Evening: Welcome dinner Overnight Buenos Aires Day 2 – Monday : Buenos Aires: Buenos Aires / Rosario - BLD 08:00 h Morning: meeting with members of AACREA (1). The Argentinean Association of CREA (Regional Consortiums of Agricultural Experimentation) is a non profit private organization of farmers who work in small groups to improve each farming enterprise. The whole association is formed by more than 2000 medium and big farmers who work in technological development in agricultural production. They will talk about their experience in grains and cattle beef 10:00 h Depart to Rosario (2) (300 km) 12:00 h Lunch 15:00 h Meeting with a rural contractor, who rent many farms to plant, harvest and manage. Visit the field to see the condition of crops, visit the farm machinery area to see the farming machinery (tractors, combines, seeders, sprayers, etc) 18:00 h Arrive in Rosario / Overnight Rosario Day 3 – Tuesday: Rosario / Roldan / Armstrong / Rosario - BL 09:00 h Visit a seed production company specialized in soybean 11:00 h Continue to Armstrong 12:00 h Lunch 14:00 h Visit a planters company, specialized in no-till farming equipment.
    [Show full text]
  • 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.
    [Show full text]
  • International Food and Agribusiness Management Review
    International Food and Agribusiness Management Review Official Journal of the International Food and Agribusiness Management Association Volume 19 Issue 2 2016 International Food and Agribusiness Management Review Editorial Staff Executive Editor Peter Goldsmith, University of Illinois, USA Administrative Editor Kathryn White, IFAMA, USA Regional Managing Editors Asia, Australia, and New Zealand Murray McGregor, University of South Australia, Australia A. Derek Baker, UNE Business School, Australia Nicola M. Shadbolt, Massey University, New Zealand Europe Jacques Trienekens, Wageningen University, The Netherlands Vera Bitsch, Technical University of Munich, Germany Alessio Cavicchi, University of Macerata, Italy Diogo Souza Monteiro, University of Kent, United Kingdom Yuliya Bolotova, Clemson University, USA (Russia) North America Ram Acharya, New Mexico State University, USA Michael Gunderson, Purdue University, USA Vincent R. Amanor-Boadu, Kansas State University, USA Mark Hansen, Brigham Young University, USA R. Brent Ross, Michigan State University, USA Aleksan Shanoyan, Kansas State University, USA David Van Fleet, Arizona State University, USA South America Joao Martines-Filho, University of São Paulo, Brazil Africa Ajuruchukwu Obi, University of Fort Hare, South Africa Editorial Board Filippo Arfini, Universita’ di Parma, Italy Woody Maijers, INHOLLAND University, The Netherlands Stefano Boccaletti, Universita’ Cattolica, Italy Marcos Fava Neves, FEA / USP / PENSA, Brazil Michael Boehlje, Purdue University, USA Onno Omta, Wageningen
    [Show full text]