Tezgahüstü piyasalar
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- Tez No: 82388
- Danışmanlar: DOÇ. DR. OSMAN GÜRBÜZ
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1997
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 90
Özet
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Özet (Çeviri)
SUMMARY OVER-THE-COUNTER (OTC) MARKETS It is possible to divide securities markets into two : Stock Exchanges and Over- the-counter (OTC) markets.The most important function of stock exchanges and OTC markets is to form“continuous market”. Stock exchanges obtain the formation of securities' prices based on auction with a central place for investors and securities firms. OTC markets,apart from stock exchanges, are the markets in which especially securities of small and medium-sized firms are bought and sold by way of negotiation. OTC market is based on multiple-market-maker system. There is no central place in OTC market.All buyers and sellers are geographically dispersed and transactions are realised by way of computer networks. OTC markets have been organised together with NASDAQ system in USA. All securities transactions are started to be realised through computer terminals by way of computers and telecommunications networks.NASDAQ has developed as a prototype of organised OTC market and it has become the second largest stock market in terms of dollars volume trading in the world. Today,NASDAQ has become a major national and international stock market that uses computers and telecommunications networks to facilitate the trading and surveillance of thousands of securities.Through the NASDAQ system, securities firms are able to compete freely with one another in a screen-based, floorless trading environment. JASDAQ in Japan,CDN in Canada^EASDAQ in Europe and other organised OTC markets in different countries which are established as similar to NASDAQ have been largely preferred by investors and firms. In Turkey there is no OTC market yet.All securities transactions are realised only in Istanbul Stock Exchange.But it has been felt a great necessity of an OTC market in which especially securities of small and medium-sized firms are transacted. Finally in this study OTC markets are discussed in detail and the examples of OTC markets in different countries are given.In addition to this,it has been stressed that there is a necessity of an organised OTC market in Turkish Capital Market.
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