Sermaye piyasasında kredili menkul kıymet alımları,açığa satış ve menkul kıymet ödünç işlemleri: Teori ve Türkiye uygulaması
Margin trading, short selling and securuities lending: Theory and practice in Turkey
- Tez No: 310807
- Danışmanlar: DOÇ. DR. A. OSMAN GÜRBÜZ
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, İşletme, Economics, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasaları ve Finans Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 181
Özet
Özet yok.
Özet (Çeviri)
As in the goods and services markets, trading in the securities markets may be effected either against prepeyment or on loan. The basic reason for loan utulization in transactions on securities is that the investor has not sufficient cash or securities on the date of transaction or if this is not the case, that the investor wishes to use loan to benefit by the leverage effect of borrowing. In margin trading that occurs as margin buying or short selling, the broker lends part of the amount to be paid by the customer effecting the transaction. While cash is lent in in margin buying, securities are lent in short sales. Investors may barrow the following two types of credits in the securities markets: Firstly, obtaining cash credits so as to purchase securities, and secondly obtaining securities the investor wishes to sell while there exist no such securities held by such investor, in other words obtaining securities on credit. Therefore, the concept of margin trading and short selling should be considered together as regards margin trading in the securities markets. Margin buying in securities market is the purchase of securities by utulizing cash credits if the investor has not sufficient funds or if the investor wishes to benefit by the leverage effect of borrowing in cases where cost of borrowed funds are lowered than funds. ShOli selIing is the sale of a kind of security that the seller first borrows then reselIs as the selle1' does not own 0 1' does not wish to sell such secUl1'ity. Short selling is effected when thel'e is an anticipation of dec1'ease in p1'ices. When the anticipation 1'ealizes, the investo1' who has s이d the security that it does not have, purchase and returns the same security to the lender at a lower price. In fact, this practise is the same as the buy cheaply, sell expensively strategy that is tried to be practised in the securities market, but the sequence of transactions is modified. In this study, margin buying and short selling will be discussed togethe1', reviewing as a seperate part those securities lending. Throu방lout this study margin buying shall mean pu1'chase on loan of securities and ma1'gin trading sha11 mean margin buying and short selling together. In this context, securities lending transactions that enables short selling are also conside1'ed as included in ma1'gin trading. There are also theoretical 1'easons to discuss margin trading, short selling and securities lending transactions together. Such transactions a1'e always effected togethe1' in the securities markets. In othe1' wo1'ds, either they a1'e a11 practised in one ma1'ket, or none in the other as each of margin buying 0 1' short selling transactaions act as insurance against drawbacks may be caused by the othe1'. For example, if margin buying opportunity exist, it has a demand incerasing effect, the1'efo1'e a price boosting effect. On the other hand, the fi1'st effect of short selling is p1'eventive of price ince1'eases, even accele1'ating dec1'eases. Therefore, whi1e on the one hand 1'equi1'ements fo1' owned funds are imposed so as to limit the price boosting effect of margin buying, some requi1'ements fo1' owned funds are imposed so as to lessen the p1'ice dc1'easing effect of short selling on the othe1'. As a matte1' of fact , Decree Serial V, N 0 .18 by the Capital Ma1'ket Boa1'd of Tu1'key, authorizing securities trading on loan in the capital ma1'ket in the country also 1'egulates ma1'gin t1'ading, short selling and securites lending togethe1', legalizing such t1'ansactions. In the USA, whi1e actual p1'actise of cash credits and securities credits has a history of a century, the history of 1'egulations thereof is older than 60 years. The Nedher1ands has tried to prevent short selling since the year 1610. Although London Stock Exchange was established in 1773, Legal 1'egulations to p1'event such t1'ansactions ove1' the ma1'ket was made in 1733. As for Turkey, the fi1'st 1'egulation autho1'izing the subject transactions was b1'ought on the agenda by Law No.3794 amending the Capital Market Law No.2499 in the year 1992 and Regulation Serial V, No.l8 by the Capital Market Boa1'd dete1'mines principles regarding such t1'ansactions as published in Official Gazette dated 26th Decembe1' 1994. A1thou맹 its attraction towa1'd investors has entered into tendency of decrease as the recent intoduction of derivative markets and capital market instruments, the effect of margin trading on the ma1'ket has long been discussed. Since margin trading has been deemed a reason inc1'easing the effect of 1929 Stock Exchange Collapse, both margin buying and short selling t1'ansactions have always critized. However, when considering that margin buying has the effect of promoting the market by increasing demand (which effect was the reason for the intoduction of margin trading in Japan in 1950) and that technical short selling provides ma1'ket continuity, ma1'gin trading may be deemed a requirement for the ma1'ket. Then, reasons for margin t1'ading should be examined so as to comp1'ehend the matte1' in all respects. For this purpose, afte1' technical structure of margin t1'ading in the developed markets is discussed in this study, a review will be made as fo1' the p1'actise method and conditions of margin trading, for which regulations a1'e enfo1'ced, but effective practise of which has not started in Tu1'key yet. In the first part of the study ma1'gin buying related to securities is discussed. Afte1' some info1'mation is given on the histo1'ical development of margin buying, 1'elated regulations and procedure of ma1'gin buying, economic effects of ma1'gin buying and the reason of regulations 1'ega1'ding credits are explained. In the second part, p1'actice method, 1'easons and types of ma1'gin trading, and practise in the country a1'e discussed. Securities lending t1'ansactions, indispensable for short selling, will also be dea1t with in the second part. P1'incipally, p1'actise in the USA, which, as for ma1'gin t1'ading, has had a leading 1'01e fOl' other countries, is examined in the fi1'st two parts.For this reason, the cur1'ency of examples given in the first two parts is the US dollar. Anothe1' point to be made is that although ma1'gin t1'ading is in gene1'al effected fo1' stocks, in p1'actise capital market instruments with fixed yield may be subject of margin trading in some countries. Therefore, margin trading for securities is discussed so as to specify that issues dealt with in the first two parts are also capable to capital market instruments with fixed yield. In Turkey, as margin trading are foreseen for stocks only in the cUITent regulations, the expression“margin trading for stocks”is prefeITed, even if the headline of the related Regulation is Principles with regard to margin t1'ading fo1' securities, short selling and securities lending t1'ansactions. In the thi1'd part, afte1' CMB (Capital Ma1'ket Boa1'd), ISE, (Istanbul Stock Exchange) and TAKASBANK (the Settlement and Custody Bank) regulations 1'ega1'ding ma1'gin t1'ading for stocks in Turkey, infolTllation is p1'esented on the practise. In the final part, a b1'ief summary and gene1'al evaluation of the subject matter is p1'esented and 1'equired regulations and conditions to be pl'Ovided a1'e discussed so that margin t1'ading are effected in a fashion εffective and compliant with with regulations in Turkey.
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