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Vadeli işlemler piyasasının takas işlemleri ve yabancı ülkelerdeki uygulamalar

Clearing and settlement for derivatives markets and related applications in foreign countries

  1. Tez No: 86086
  2. Yazar: CENGİZ ÖZÜBEK
  3. Danışmanlar: DOÇ. DR. HAYRİ KOZANOĞLU
  4. Tez Türü: Yüksek Lisans
  5. Konular: Bankacılık, Ekonomi, Banking, Economics
  6. Anahtar Kelimeler: Belirtilmemiş.
  7. Yıl: 1999
  8. Dil: Türkçe
  9. Üniversite: Marmara Üniversitesi
  10. Enstitü: Bankacılık ve Sigortacılık Enstitüsü
  11. Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
  12. Bilim Dalı: Belirtilmemiş.
  13. Sayfa Sayısı: 154

Özet

Özet yok.

Özet (Çeviri)

7. SUMMARY Derivatives markets emerged for risk management purposes throughout the world. These new instrument types, including futures, forwards, swaps and options, based on commodities or financial instruments, created a whole new segment with their technicalities for both trading and clearing purposes. Due to the professional experience of the writer of this dissertation on clearing,settlement and custody issues,“clearing”has been taken as the core subject of this study. Within this context the newly developed derivatives market infrastructure at the Istanbul Stock Exchange and the clearinghouse responsibilities of Takasbank has been analysed and commended on. Derivative instruments are essential ingredients of developed financial markets. These financial instruments and the markets that they are traded have somehow different and peculiar characteristics than the spot markets of their underlying instruments. Derivatives enable the risks to be identified and transferred to speculators. Complied with the high financial leverage of these instruments, clearing house guarantee for settlement makes these instruments attractive for both hedgers and speculators. Guaranteed settlement provided by the clearinghouse is one of the vital components of these markets where management of collateral is of almost same importance. As clearing house is expected to become a party to the trade; membership types and criteria, account maintenance, margin calls, netting and default procedure are have to be dealt with due consideration. ;. 137 % %istanbul Stock Exchange started the project to set up a derivatives market in Takasbank is authorised to perform the clearinghouse functions for the ISE Derivatives Market. Takasbank is the Central Securities Depository of Turkey and the Central Clearing & Settlement Institution for the Istanbul Stock Exchange. These two important functions together with the niche developed in Takasbank on clearing,settlement and custody business are the key factors that support Takasbank' s capability for its guarantee function for derivatives settlement. Although Takasbank is a fairly small company with rather limited resources, well-managed collaterals, timely and accurate margin calls at optimum levels and sound account maintenance will be the key factors behind the success of Takasbank as the clearing house for derivatives market in Turkey. As a result, derivatives market in not an easy task to handle but an essential part of sophisticated financial market where risk should be well specified and handled by all parties to the contracts. *'N. 138

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