{"id":10755,"date":"2012-01-23T19:22:14","date_gmt":"2012-01-23T17:22:14","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=10755"},"modified":"2012-01-23T19:25:01","modified_gmt":"2012-01-23T17:25:01","slug":"turev-urunlerin-u-s-bankalarinda-kullanimi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/turev-urunlerin-u-s-bankalarinda-kullanimi\/","title":{"rendered":"T\u00fcrev \u00dcr\u00fcnlerin U.S. Bankalar\u0131nda Kullan\u0131m\u0131"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>T\u00dcREV \u00dcR\u00dcNLER\u0130N U.S. BANKALARINDA KULLANIMI<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1679306131\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p style=\"text-align: center;\"><strong><\/strong><strong>Prof.Dr. Nurg\u00fcl Chambers<\/strong><\/p>\n<p><strong>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>G\u0130R\u0130\u015e<\/strong><\/p>\n<p>Global ekonominin \u00f6n\u00fcm\u00fczdeki aylarda b\u00fcy\u00fck boyutlu sorunlarla m\u00fccadele etmeyi s\u00fcrd\u00fcrece\u011fi anla\u015f\u0131lmaktad\u0131r. Yunanistan\u2019\u0131n iflas\u0131 \u015fimdiden kabullenilmi\u015f gibi g\u00f6r\u00fcn\u00fcyor. Portekiz, \u0130talya, \u0130rlanda ve \u0130spanya\u2019n\u0131n yan\u0131s\u0131ra di\u011fer baz\u0131 Avrupa \u00fclkeleri \u00f6nemli finansal sorunlarla u\u011fra\u015fmak durumunda kalabilir. Krizin domino etkisi bir kez ba\u015flarsa, di\u011fer bir\u00e7ok \u00fclkenin yan\u0131s\u0131ra U.S. finansal sistemi de bundan olumsuz bir \u015fekilde etkilenebilecektir. U.S bankalar\u0131 Avrupa\u2019daki bankalar\u0131n kredi riskiyle kar\u015f\u0131la\u015fabilir. Zaten Amerika\u2019da mortgage piyasas\u0131nda A\u011fustos 2007\u2019de ba\u015flayan ve 2009\u2019da etkisinin azald\u0131\u011f\u0131 kabul edilen krizin izleri daha silinmemi\u015fti.<\/p>\n<p>Bor\u00e7 krizinin yo\u011fun olarak hissedildi\u011fi d\u00f6nemlerde firma ve bireylerin Avrupa Bankalar\u0131na para yat\u0131rmakta \u00e7ekingen davrand\u0131klar\u0131 hatta bankalar\u0131n birbirine bor\u00e7 vermemeye \u00e7al\u0131\u015ft\u0131klar\u0131 bilinmektedir. Bunun temelinde bankalara olan g\u00fcvensizlik yatmaktad\u0131r. Bankalar\u0131n finansal a\u00e7\u0131dan k\u0131r\u0131lgan oldu\u011fu ve her an yeni tehlikelerle kar\u015f\u0131la\u015fabilecekleri endi\u015fesi bu g\u00fcvensizli\u011fin temel kayna\u011f\u0131d\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p>Ge\u00e7ti\u011fimiz aylarda baz\u0131 Avrupa \u00a0\u00fclkelerinin bor\u00e7lanmas\u0131nda tahvil faizlerinin d\u00f6nem d\u00f6nem olduk\u00e7a y\u00fcksek oranlarda seyretmesi, finansmana \u015fiddetle ihtiya\u00e7 duyan bu \u00fclkeleri zor durumda b\u0131rakm\u0131\u015ft\u0131r. Bir \u00fclkenin \u00e7\u0131kard\u0131\u011f\u0131 tahvile y\u00fcksek faiz \u00f6demek zorunda kalmas\u0131, o \u00fclkenin riskli bir \u00fclke oldu\u011fu anlam\u0131na gelir. \u00dclkenin risk primi art\u0131k\u00e7a, bu \u00fclkenin tahviline yat\u0131r\u0131m yapmay\u0131 d\u00fc\u015f\u00fcnen yat\u0131r\u0131mc\u0131lar da tahvilden bekledikleri getiri oran\u0131n\u0131 y\u00fckseltirler. Riskli bir \u00fclkenin tahviline yat\u0131r\u0131m yapt\u0131klar\u0131 i\u00e7in elde edecekleri getirinin \u00fclke riskini de kapsayacak \u015fekilde y\u00fcksek olmas\u0131n\u0131 beklerler. Bu da \u00fclke a\u00e7\u0131s\u0131ndan bor\u00e7lanma maliyetinin artmas\u0131 ve finansal sorunlar\u0131n\u0131n derinle\u015fmesine neden olur. Ancak zaman zaman piyasalar\u0131n bu kural\u0131n d\u0131\u015f\u0131na \u00e7\u0131kt\u0131\u011f\u0131 g\u00f6zlenmektedir. \u00d6rne\u011fin ge\u00e7ti\u011fimiz g\u00fcnlerde S&amp;P\u2019un Avrupa\u2019da Fransa ba\u015fta olmak \u00fczere 9 \u00fclkenin notunu d\u00fc\u015f\u00fcrmesi sonras\u0131nda, Fransa\u2019n\u0131n a\u00e7t\u0131\u011f\u0131 tahvil ihalesinde faiz oranlar\u0131n\u0131n d\u00fc\u015ft\u00fc\u011f\u00fc ve dolay\u0131s\u0131yla Fransa\u2019n\u0131n daha ucuza bor\u00e7land\u0131\u011f\u0131 g\u00f6zlendi. Halbuki bir \u00fclkenin kredi notunun d\u00fc\u015fmesi o \u00fclkenin \u00f6nceye g\u00f6re daha riskli hale geldi\u011finin g\u00f6stergesidir.<\/p>\n<p>B\u00f6lgeyi resesyona itebilecek Avrupa\u2019daki bor\u00e7 krizi nedeniyle U.S. bankalar\u0131n\u0131n riske maruz kalaca\u011f\u0131 konusunda endi\u015feler bulunmaktad\u0131r. FED, krizin Amerika\u2019ya s\u0131\u00e7rama tehdidine kar\u015f\u0131, bankalar\u0131n olas\u0131 bir f\u0131rt\u0131naya haz\u0131rl\u0131kl\u0131 olup olmad\u0131\u011f\u0131ndan emin olmak istemektedir.\u00a0 Bu nedenle 22 Kas\u0131m 2011 tarihinde bir a\u00e7\u0131klama yaparak, 19 bankaya yeni bir stres testi uygulanaca\u011f\u0131n\u0131 ve bu bankalar aras\u0131nda \u00f6nde gelen 6 b\u00fcy\u00fck bankan\u0131n da olaca\u011f\u0131n\u0131 belirtmi\u015ftir. Bu testin amac\u0131, Avrupa\u2019daki bor\u00e7 krizinin artmas\u0131 durumunda olas\u0131 piyasa \u015foklar\u0131na kar\u015f\u0131 bankalar\u0131n dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131 \u00f6l\u00e7mek olarak belirlenmi\u015ftir. Ayn\u0131 zamanda \u00f6nde gelen U.S. bankalar\u0131n\u0131n, olas\u0131 bir resesyon kar\u015f\u0131s\u0131nda ayakta kal\u0131p kalamayaca\u011f\u0131n\u0131 anlamaya y\u00f6nelik bir testtir.<\/p>\n<p>Stres testi kapsam\u0131nda, 19 b\u00fcy\u00fck bankan\u0131n makroekonomik durum ve finansal piyasalara ili\u015fkin \u00e7e\u015fitli k\u00f6t\u00fcmser senaryolar kar\u015f\u0131s\u0131nda, en olumsuz ko\u015fullarda bile faaliyetlerini s\u00fcrd\u00fcrecek yeterli sermayeye sahip olup olmad\u0131klar\u0131 saptanmaya \u00e7al\u0131\u015f\u0131lacakt\u0131r. Bankalara sermaye planlar\u0131n\u0131 19 Ocak 2012\u2019ye kadar sunmalar\u0131 i\u00e7in s\u00fcre verilmi\u015fti.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3378682107\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>FED, stres testi uygulanacak bankalar aras\u0131nda \u00f6nde gelen 6 banka olarak; \u00a0Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase,<strong> <\/strong>Morgan Stanley ve Wells Fargo\u2019yu a\u00e7\u0131klam\u0131\u015ft\u0131r. FED, 6 b\u00fcy\u00fck bankadan \u00a0Avrupa\u2019daki \u00e7alkant\u0131larla ilgili olas\u0131 finansal \u015foklar kar\u015f\u0131s\u0131nda do\u011fabilecek kay\u0131plar\u0131n\u0131 \u00f6l\u00e7melerini istemektedir.<\/p>\n<p>Amerika\u2019da t\u00fcrev \u00fcr\u00fcnleri yo\u011fun olarak kullanan \u00f6nde gelen 5 banka; JP Morgan, Citibank, Bank of America, Goldman Sachs ve HCBC Bank olarak s\u0131ralanmaktad\u0131r. Bu bankalardan HSBC d\u0131\u015f\u0131nda di\u011fer d\u00f6rd\u00fc \u00a0FED\u2019in belirledi\u011fi \u00f6nde gelen 6 banka aras\u0131nda bulunmaktad\u0131r. HSBC, \u00a0her ne kadar s\u00f6zkonusu\u00a0\u00a0\u00a0 6 banka aras\u0131nda yer almasa da stres testi uygulanacak bankalar aras\u0131ndad\u0131r. \u00a0FED\u2019in belirledi\u011fi 6 banka aras\u0131nda yer alan Wells Fargo ve Morgan Stanley, t\u00fcrev \u00fcr\u00fcnlerin kullan\u0131m\u0131nda HSBC\u2019den sonra gelmektedir. Bu nedenle, bu \u00e7al\u0131\u015fmada ele al\u0131nmam\u0131\u015flard\u0131r. \u00c7al\u0131\u015fmada t\u00fcrev \u00fcr\u00fcnlerde yo\u011funla\u015fan s\u00f6zkonusu 5 banka, \u00f6nde gelen bankalar olarak incelenecektir.<\/p>\n<p>T\u00fcrev \u00fcr\u00fcnler mevcut bir varl\u0131\u011f\u0131n ba\u015fka bir finansal varl\u0131\u011fa d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015f hali olarak da nitelendirilebilir. \u00a0\u00d6rne\u011fin hisse senedi veya alt\u0131n, bir futures kontrata veya opsiyon kontrata d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir. Sabit getirili bir tahvil swap i\u015flemiyle de\u011fi\u015fken getirili bir finansal varl\u0131\u011fa, ba\u015fka bir deyi\u015fle sentetik bir varl\u0131\u011fa d\u00f6n\u00fc\u015febilir. Sabit faizli bir bor\u00e7, swap edilerek de\u011fi\u015fken faizli bir bor\u00e7 haline gelebilir ya da tersi olur. Bu i\u015flevleriyle t\u00fcrev \u00fcr\u00fcnler mevcut varl\u0131\u011f\u0131n do\u011fas\u0131n\u0131 de\u011fi\u015ftirmi\u015f olurlar.<\/p>\n<p>Amerika\u2019da bankalara yeni bir stres testi uygulanacak olmas\u0131, bankalar\u0131n t\u00fcrev \u00fcr\u00fcnleri ne \u00f6l\u00e7\u00fcde kulland\u0131\u011f\u0131 ve t\u00fcrev \u00fcr\u00fcnlerin bankalar aras\u0131nda da\u011f\u0131l\u0131m\u0131n\u0131n nas\u0131l oldu\u011fu konular\u0131n\u0131 akla getirmi\u015ftir. Bu \u00e7al\u0131\u015fmada bu konular incelenmeye \u00e7al\u0131\u015f\u0131lacakt\u0131r. \u00c7al\u0131\u015fmadaki veriler OCC\u2019den (Office of the Comptroller of the Currency) al\u0131nm\u0131\u015ft\u0131r. OCC, ge\u00e7ti\u011fimiz g\u00fcnlerde en son verileri 2011 y\u0131l\u0131 3. \u00e7eyrek itibariyle a\u00e7\u0131klam\u0131\u015ft\u0131r. Veriler 1088 banka ve finansal kurulu\u015ftan derlenerek elde edilmi\u015f olup bu say\u0131 2. \u00e7eyre\u011fe g\u00f6re 17 banka fazlad\u0131r.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-296973888\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong>2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>T\u00dcREV \u00dcR\u00dcNLER\u0130N U.S. BANKALARINDA KULLANIM DURUMU<\/strong><\/p>\n<p><strong>2.1. <\/strong><strong>\u00a0\u00a0T\u00fcrev \u00dcr\u00fcnlerin U.S. Bankalar\u0131nda <\/strong><strong>ve Finansal Kurulu\u015flarda <\/strong><strong>Kullan\u0131m\u0131<\/strong><\/p>\n<p>Bu b\u00f6l\u00fcmde Amerika\u2019da \u00f6nde gelen 25 banka ve finansal kurulu\u015fta t\u00fcrev \u00fcr\u00fcnlerin kullan\u0131m\u0131 incelenecektir.<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">TABLO\u00a0 I<\/span><\/strong><\/p>\n<p align=\"center\"><strong>U.S. Bankalar\u0131nda T\u00fcrev \u00dcr\u00fcnlerin Kullan\u0131m Durumu <\/strong><\/p>\n<p align=\"center\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (30 Eyl\u00fcl 2011 \u0130tibariyle)\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Milyon\u00a0 $<\/strong><\/p>\n<p style=\"text-align: center;\">\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10756\" title=\"ncham-01\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-300x180.png\" alt=\"\" width=\"300\" height=\"180\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-300x180.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-96x57.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-31x18.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-38x22.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-358x215.png 358w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01-128x76.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-01.png 683w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p style=\"text-align: center;\">(Grafi\u011fi b\u00fcy\u00fctmek i\u00e7in \u00fczerini t\u0131klay\u0131n\u0131z)<br \/>\n<em>Kaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Yukar\u0131daki tabloda Amerika\u2019da \u00f6nde gelen 25 banka ile bunlar\u0131n d\u0131\u015f\u0131ndaki di\u011fer bankalar\u0131n \u00a0sahip oldu\u011fu t\u00fcrev \u00fcr\u00fcnlere ili\u015fkin veriler yer almaktad\u0131r. Tablonun ilk b\u00f6l\u00fcm\u00fcnde t\u00fcrev \u00fcr\u00fcnlerin toplam tutarlar\u0131, ikinci b\u00f6l\u00fcmde ise t\u00fcrev \u00fcr\u00fcnlerin kontrat \u00e7e\u015fitlerine g\u00f6re tutarlar\u0131 yer almaktad\u0131r.<\/p>\n<p>Tablonun ilk b\u00f6l\u00fcm\u00fcnde g\u00f6r\u00fclece\u011fi \u00fczere, bankalar\u0131n \u00a0ellerinde bulundurduklar\u0131 t\u00fcrev \u00fcr\u00fcnlerin toplam\u0131 247,951,541 milyon $\u2019d\u0131r. Bu tutar i\u00e7inde di\u011fer bankalar\u0131n sahip oldu\u011fu tutar 360.714 milyon $ ile yok denecek kadar azd\u0131r. Bu durumda U.S. finansal piyasalar\u0131nda dola\u015f\u0131mda bulunan \u00a0t\u00fcrev \u00fcr\u00fcnlerin tamam\u0131, % 100\u2019\u00fc, 25 bankan\u0131n b\u00fcnyesindedir. Anla\u015f\u0131laca\u011f\u0131 \u00fczere, Amerika\u2019da t\u00fcrev \u00fcr\u00fcnler bankalar aras\u0131nda asimetrik da\u011f\u0131lm\u0131\u015ft\u0131r. T\u00fcrev \u00fcr\u00fcnlerin tamam\u0131n\u0131 elinde bulunduran 25 bankan\u0131n riskli \u00fcr\u00fcnlerde yo\u011funla\u015fmas\u0131, kendi risk d\u00fczeylerini de y\u00fckseltmektedir.<\/p>\n<p>S\u00f6zkonusu 25 banka aras\u0131nda ilk be\u015f bankan\u0131n di\u011ferlerine g\u00f6re t\u00fcrev \u00fcr\u00fcnlerde a\u011f\u0131rl\u0131kl\u0131 olarak yo\u011funla\u015ft\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Bunlar aras\u0131nda JP Morgan ilk olarak g\u00f6ze \u00e7arpmaktad\u0131r. \u00d6nde gelen 25 bankan\u0131n sahip oldu\u011fu t\u00fcrev \u00fcr\u00fcnlerin toplam\u0131 $247,590,827 milyon $\u2019d\u0131r. Bu tutar i\u00e7inde JP Morgan\u2019\u0131n sahip oldu\u011fu t\u00fcrev \u00fcr\u00fcnlerin oran\u0131 %30\u2019dur. Bunu %22 ile Citibank, yine %22 ile Bank of Amerika, %19 ile Goldman Sachs ve yakla\u015f\u0131k %2 ile HSBC izlemektedir. Weels Fargo Bank ise %1.6 ile HSBC\u2019nin hemen arkas\u0131ndan gelmektedir.<\/p>\n<p>Tablonun ikinci b\u00f6l\u00fcm\u00fcnde t\u00fcrev \u00fcr\u00fcnlerin \u00e7e\u015fitleri olan futures, options, forward, swaps, tezgah\u00fcst\u00fc piyasalarda i\u015flem g\u00f6ren opsiyonlar ve kredi t\u00fcrevlerinin yan\u0131s\u0131ra spot FX kullan\u0131m durumu yer almaktad\u0131r. Kredi t\u00fcrevleri, genellikle bir tahvil, bor\u00e7 veya endeksten kaynaklanan kredi riskini azaltmay\u0131 ya da riskin \u00fcstlenilmesini sa\u011flayan bir finansal kontratt\u0131r.<\/p>\n<p>Toplam tutarlar incelendi\u011finde swaplar\u0131n toplam t\u00fcrev \u00fcr\u00fcnler i\u00e7inde %63 ile en y\u00fcksek orana sahip oldu\u011fu anla\u015f\u0131lmaktad\u0131r. Bunu\u00a0 %14 ile forward kontratlar, yakla\u015f\u0131k %13 ile tezgah \u00fcst\u00fc piyasalarda i\u015flem g\u00f6ren opsiyon kontratlar izlemektedir. Kalan %10\u2019luk oran ise di\u011fer t\u00fcrev \u00fcr\u00fcnler aras\u0131nda payla\u015f\u0131lm\u0131\u015ft\u0131r. Bu da\u011f\u0131l\u0131mda dikkati \u00e7eken bir unsur da forward kontratlar\u0131n ula\u015ft\u0131\u011f\u0131 toplam tutar\u0131n (34.945 milyar $), futures kontratlara \u00a0g\u00f6re (4.766 milyar $)\u00a0 7 kat daha fazla olmas\u0131d\u0131r. Ba\u015fka bir deyi\u015fle forward kontratlar futureslara g\u00f6re \u00e7ok daha fazla i\u015flem hacmine sahiptir.<\/p>\n<p>Tabloda ilk be\u015f s\u0131rada yer alan bankalar\u0131n kendi i\u00e7inde s\u0131ralamas\u0131, kulland\u0131klar\u0131 t\u00fcrev \u00fcr\u00fcnlerin \u00e7e\u015fidine g\u00f6re de\u011fi\u015fmektedir. \u00d6rne\u011fin swaplar\u0131n kullan\u0131m\u0131nda\u00a0 JP Morgan \u00f6nde gelirken, futureslar\u0131n kullan\u0131m\u0131nda Bank of America \u00f6ndedir.<\/p>\n<p>A\u015fa\u011f\u0131daki grafik t\u00fcrev \u00fcr\u00fcnlerin U.S. bankalar\u0131 taraf\u0131ndan hangi ama\u00e7la kullan\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p align=\"center\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10757\" title=\"ncham-02\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-300x139.png\" alt=\"\" width=\"300\" height=\"139\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-300x139.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-96x44.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-31x14.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-38x17.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-425x198.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02-128x59.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-02.png 609w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n(B\u00fcy\u00fctmek i\u00e7in \u00fczerini t\u0131klay\u0131n\u0131z)<\/p>\n<p style=\"text-align: center;\"><em>Grafik 1:\u00a0 T\u00fcrev \u00fcr\u00fcnlerin ama\u00e7lar\u0131na g\u00f6re kullan\u0131m\u0131.<br \/>\nKaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Yukar\u0131daki grafikten g\u00f6r\u00fclece\u011fi \u00fczere, t\u00fcrev \u00fcr\u00fcnlerin \u00e7ok b\u00fcy\u00fck b\u00f6l\u00fcm\u00fc (dealer-trading) halen piyasada dola\u015f\u0131mda bulunmakta, olduk\u00e7a az bir b\u00f6l\u00fcm\u00fc son kullan\u0131c\u0131lar (end user) taraf\u0131ndan tutulmaktad\u0131r. Ba\u015fka bir deyi\u015fle t\u00fcrev \u00fcr\u00fcnler yat\u0131r\u0131m\u00a0 ama\u00e7l\u0131 olmaktan \u00e7ok ticari ama\u00e7la kullan\u0131lmaktad\u0131r. Bu da riskli \u00fcr\u00fcnlerin piyasada elden ele dola\u015ft\u0131\u011f\u0131 anlam\u0131na gelmektedir.<\/p>\n<p>A\u015fa\u011f\u0131daki tabloda 2001-2010 d\u00f6neminde y\u0131ll\u0131k, 2011 y\u0131l\u0131nda ise ilk \u00fc\u00e7 \u00e7eyrekte t\u00fcrev \u00fcr\u00fcnlerin kontrat \u00e7e\u015fitlerinin y\u0131llara g\u00f6re da\u011f\u0131l\u0131m\u0131 g\u00f6r\u00fclmektedir.<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">TABLO\u00a0 II<\/span><\/strong><\/p>\n<p align=\"center\"><strong>T\u00fcrev \u00dcr\u00fcnlerin Kontrat Baz\u0131nda Y\u0131llara G\u00f6re Kullan\u0131m\u0131 <\/strong><\/p>\n<p align=\"center\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2001 \u2013 2010 Y\u0131llar\u0131 ve 2011 Y\u0131l\u0131 1. 2.ve 3. \u00c7eyrek)\u00a0 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Milyar\u00a0 $<\/strong><\/p>\n<p style=\"text-align: center;\">\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10758\" title=\"ncham-03\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-300x85.png\" alt=\"\" width=\"300\" height=\"85\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-300x85.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-96x27.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-31x8.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-38x10.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-425x120.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03-128x36.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-03.png 679w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n(Grafi\u011fi b\u00fcy\u00fctmek i\u00e7in \u00fczerini t\u0131klay\u0131n\u0131z)<br \/>\n<em>Kaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Yukar\u0131daki tabloda t\u00fcrev \u00fcr\u00fcnlerin \u00e7e\u015fitlerinin kullan\u0131m durumu daha net bir \u015fekilde g\u00f6r\u00fclmektedir.<\/p>\n<p>Tablodaki veriler incelendi\u011finde, 2011 y\u0131l\u0131n\u0131n 3. \u00e7eyre\u011fine kadar genel olarak her d\u00f6nemde t\u00fcrev \u00fcr\u00fcnlerin kullan\u0131m\u0131n\u0131n bir \u00f6nceki d\u00f6neme g\u00f6re artt\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Amerika\u2019da A\u011fustos 2007\u2019de mortgage piyasas\u0131ndaki sorunlardan kaynaklanan finansal\u00a0 krizin \u00f6nde gelen nedenlerinden\u00a0 biri \u00a0olarak t\u00fcrev \u00fcr\u00fcnler g\u00f6sterilmi\u015fti. Buna ra\u011fmen, krizin etkisinin 2009 y\u0131l\u0131nda azald\u0131\u011f\u0131 kabul edilirse, yukar\u0131daki tabloda 2007-2009 d\u00f6neminde gerek kontrat baz\u0131nda gerekse toplam tutar olarak bak\u0131ld\u0131\u011f\u0131nda, t\u00fcrev \u00fcr\u00fcnlerin kullan\u0131m\u0131nda bir d\u00fc\u015f\u00fc\u015f olmad\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Tam tersi futures&amp;forward ve swap kontratlar h\u0131z kesmeden artm\u0131\u015ft\u0131r. Opsiyonlar 2008\u2019de artmaya devam etmi\u015f, 2009\u2019da yatay seyretmi\u015ftir. Kredi t\u00fcrevlerinde ise 2007-2008 aras\u0131 \u00f6nemli bir de\u011fi\u015fiklik olmad\u0131\u011f\u0131, 2009\u2019da hafif bir d\u00fc\u015f\u00fc\u015f\u00fcn oldu\u011fu, sonraki y\u0131llarda da artmaya ba\u015flad\u0131\u011f\u0131 g\u00f6r\u00fclmektedir.<\/p>\n<p>2011 y\u0131l\u0131n\u0131n 3. \u00e7eyre\u011finde ise bankalar\u0131n tuttu\u011fu t\u00fcrev \u00fcr\u00fcnlerde 2. \u00e7eyre\u011fe g\u00f6re d\u00fc\u015f\u00fc\u015f oldu\u011fu g\u00f6zlenmektedir. Toplam bazda d\u00fc\u015f\u00fc\u015f tutar olarak 1.385 milyar $, oran olarak yakla\u015f\u0131k % 0.6\u2019d\u0131r. Avrupa\u2019da ya\u015fanan bor\u00e7 krizinin yaratt\u0131\u011f\u0131 \u00e7alkant\u0131dan t\u00fcrev \u00fcr\u00fcnlerin de etkilendi\u011fi anla\u015f\u0131lmaktad\u0131r. Bununla birlikte d\u00fc\u015f\u00fc\u015f\u00fcn olduk\u00e7a k\u00fc\u00e7\u00fck bir oran oldu\u011funu vurgulamakta yarar vard\u0131r. Ayr\u0131ca 2011 y\u0131l\u0131n\u0131n 3. \u00e7eyre\u011finde ula\u015f\u0131lan 247.952 milyar $\u2019l\u0131k tutar, 2010 y\u0131l\u0131n\u0131n y\u0131ll\u0131k toplam tutar\u0131 olan 231.181 milyar $\u2019dan daha fazlad\u0131r.<\/p>\n<p>Yukar\u0131daki tabloda dikkati \u00e7eken bir di\u011fer unsur da t\u00fcrev \u00fcr\u00fcnler aras\u0131nda swaplar\u0131n \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 ve di\u011fer t\u00fcrev \u00fcr\u00fcnlere g\u00f6re her d\u00f6nemde olduk\u00e7a fazla kullan\u0131ld\u0131\u011f\u0131d\u0131r. Toplam bazda incelendi\u011finde, 2011 y\u0131l\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011finde swaplar\u0131n toplam i\u00e7indeki pay\u0131 yakla\u015f\u0131k %63\u2019d\u00fcr. Bunu %16 ile futures ve forward, yakla\u015f\u0131k %15 ile opsiyonlar, %6 ile kredi t\u00fcrevleri izlemektedir.<\/p>\n<p>Bilindi\u011fi \u00fczere, t\u00fcrev \u00fcr\u00fcnler ba\u015fka bir varl\u0131\u011fa dayal\u0131 \u00fcr\u00fcnlerdir. Bu varl\u0131klar finansal varl\u0131klar olabilece\u011fi gibi emtia da olabilir. A\u015fa\u011f\u0131daki tabloda, t\u00fcrev \u00fcr\u00fcnlerin dayand\u0131klar\u0131 ilgili varl\u0131klara g\u00f6re kullan\u0131m\u0131 g\u00f6r\u00fclmektedir. Tablodaki s\u0131ras\u0131yla bu varl\u0131klar faiz oranlar\u0131, yabanc\u0131 para, hisse senedi, emtia ve kredi t\u00fcrevleridir.<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">TABLO\u00a0 III<\/span><\/strong><\/p>\n<p align=\"center\"><strong>T\u00fcrev \u00dcr\u00fcnlerin \u0130lgili Varl\u0131\u011fa G\u00f6re Kullan\u0131m\u0131<br \/>\n<\/strong><strong>(2001 \u2013 2010 Y\u0131llar\u0131 ve 2011 Y\u0131l\u0131 1. 2.ve 3. \u00c7eyrek)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Milyar\u00a0 $<\/strong><\/p>\n<p align=\"center\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10759\" title=\"ncham-04\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-300x105.png\" alt=\"\" width=\"300\" height=\"105\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-300x105.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-96x33.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-31x10.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-38x13.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-425x149.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04-128x45.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-04.png 665w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n(Grafi\u011fi b\u00fcy\u00fctmek i\u00e7in t\u0131klay\u0131n\u0131z)<br \/>\n<em>Kaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>\u00a0Tablodan g\u00f6r\u00fclece\u011fi \u00fczere, ilk s\u0131rada yer alan faiz oran\u0131na dayal\u0131 t\u00fcrev \u00fcr\u00fcnler 2011 y\u0131l\u0131n\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fi itibariyle % 82 oran\u0131 ile toplam i\u00e7inde en b\u00fcy\u00fck paya sahiptir. Bunu %11 ile yabanc\u0131 para, %6 ile kredi t\u00fcrevleri izlemektedir. Hisse senedi ve emtiaya dayal\u0131 t\u00fcrev \u00fcr\u00fcnlerin oran\u0131 olduk\u00e7a d\u00fc\u015f\u00fck, %1\u2019in alt\u0131ndad\u0131r. Bu s\u0131ralaman\u0131n, tabloda ge\u00e7mi\u015f y\u0131llara bak\u0131ld\u0131\u011f\u0131nda 2001 y\u0131l\u0131ndan itibaren bu do\u011frultuda devam etti\u011fi anla\u015f\u0131lmaktad\u0131r.<\/p>\n<p>Tabloda 2011 y\u0131l\u0131n\u0131n 2. ve 3. \u00e7eyre\u011fi kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda faiz oran\u0131na dayal\u0131 t\u00fcrev kontratlarda d\u00fc\u015f\u00fc\u015f oldu\u011fu g\u00f6r\u00fclmektedir. D\u00fc\u015f\u00fc\u015f tutar olarak 2.413 milyar $, oran olarak %1.2\u2019dir. Di\u011fer kontrat t\u00fcrlerinde bir d\u00fc\u015f\u00fc\u015f olmad\u0131\u011f\u0131ndan, toplam tutardaki d\u00fc\u015f\u00fc\u015f\u00fcn faize dayal\u0131 kontratlardan kaynakland\u0131\u011f\u0131 anla\u015f\u0131lmaktad\u0131r.<\/p>\n<p>Yukar\u0131da belirtildi\u011fi \u00fczere, %82 oran\u0131 ile en yo\u011fun olarak faize dayal\u0131 t\u00fcrev kontratlar ve bunun yan\u0131s\u0131ra %11 oran\u0131 ile yabanc\u0131 para kontratlar\u0131 kullan\u0131lmaktad\u0131r. Bu yayg\u0131n kullan\u0131mlar\u0131 nedeniyle a\u015fa\u011f\u0131daki tabloda s\u00f6zkonusu kontratlar\u0131n y\u0131llara g\u00f6re vade yap\u0131s\u0131 ele al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<p style=\"text-align: center;\"><strong><span style=\"text-decoration: underline;\">\u00a0TABLO\u00a0 IV<br \/>\n<\/span><\/strong><strong>Faiz Oran\u0131 ve Yabanc\u0131 Paraya Dayal\u0131 Kontratlarda Vade Yap\u0131s\u0131<\/strong><strong><br \/>\n(2001 \u2013 2010 Y\u0131llar\u0131 ve 2011 Y\u0131l\u0131 1. 2. ve 3. \u00c7eyrek) \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Milyar\u00a0 $<br \/>\n<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10760\" title=\"ncham-05\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-300x92.png\" alt=\"\" width=\"300\" height=\"92\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-300x92.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-96x29.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-31x9.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-38x11.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-425x131.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05-128x39.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-05.png 661w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n<\/strong>(Grafi\u011fi b\u00fcy\u00fctmek i\u00e7in t\u0131klay\u0131n\u0131z)\u00a0<strong><br \/>\n<\/strong><em>Kaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Tablodan g\u00f6r\u00fclece\u011fi \u00fczere, 2001 y\u0131l\u0131ndan itibaren gerek faize gerekse yabanc\u0131 paraya dayal\u0131 kontratlarda en \u00e7ok bir y\u0131l vadeye kadar olanlar kullan\u0131lmaktad\u0131r. Bunu 1 ile 5 y\u0131l aras\u0131nda vadesi olan kontratlar izlemektedir. Be\u015f y\u0131ldan uzun vadeli kontratlar\u0131n kullan\u0131m\u0131n\u0131n, bir y\u0131l vadelilerle k\u0131yasland\u0131\u011f\u0131nda, olduk\u00e7a d\u00fc\u015f\u00fck oldu\u011fu g\u00f6r\u00fclmektedir. Tabloda yer almamakla birlikte, benzer durum alt\u0131n ve de\u011ferli metallere dayal\u0131 kontratlar i\u00e7in de ge\u00e7erlidir.<\/p>\n<p>Bankalar\u0131n, uzun vadede risk ve belirsizliklerin yo\u011fun olabilece\u011fi ve bunlar\u0131n y\u00f6n\u00fcn\u00fcn tahmin edilmesindeki g\u00fc\u00e7l\u00fckler nedeniyle, olas\u0131 risklere kar\u015f\u0131 kendilerini korumak i\u00e7in daha k\u0131sa vadeli t\u00fcrevlere y\u00f6neldikleri d\u00fc\u015f\u00fcn\u00fclmektedir.<\/p>\n<p><strong>2.2. <\/strong><strong>\u00a0\u00a0T\u00fcrev \u00dcr\u00fcnlerin \u00d6nde Gelen Be\u015f U.S. Bankas\u0131nda Kullan\u0131m\u0131<\/strong><\/p>\n<p>Amerika\u2019da t\u00fcrev \u00fcr\u00fcnleri yo\u011fun olarak kullanan \u00f6nde gelen be\u015f banka; JP Morgan, Citibank, Bank of America, Goldman Sachs ve HCBC Bank olarak s\u0131ralanmaktad\u0131r.<\/p>\n<p>A\u015fa\u011f\u0131daki grafikte, t\u00fcrev \u00fcr\u00fcnlerin 2011 y\u0131l\u0131n\u0131n 3.\u00e7eyrek itibariyle \u00f6nde gelen be\u015f banka ve di\u011fer bankalar aras\u0131nda da\u011f\u0131l\u0131m\u0131 g\u00f6r\u00fclmektedir. Bu da\u011f\u0131l\u0131m, ayn\u0131 zamanda kontrat t\u00fcrlerine g\u00f6re da\u011f\u0131l\u0131m\u0131 da i\u00e7ermektedir.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10761\" title=\"ncham-06\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06.png\" alt=\"\" width=\"609\" height=\"261\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06.png 609w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06-300x128.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06-96x41.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06-31x13.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06-38x16.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06-425x182.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-06-128x54.png 128w\" sizes=\"auto, (max-width: 609px) 100vw, 609px\" \/><\/a><br \/>\n<em>Grafik 2: T\u00fcrev kontratlar\u0131n \u00f6nde gelen be\u015f banka ve di\u011fer bankalar aras\u0131nda 2011 y\u0131l\u0131n\u0131n 3. \u00e7eyre\u011finde da\u011f\u0131l\u0131m\u0131.<br \/>\nKaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Grafikte a\u00e7\u0131k mavi ile belirlenen alan \u00f6nde gelen be\u015f bankay\u0131, koyu mavi ise di\u011fer bankalar\u0131 temsil etmektedir. Toplam tutar olarak bak\u0131ld\u0131\u011f\u0131nda, neredeyse t\u00fcrev \u00fcr\u00fcnlerin t\u00fcm\u00fc \u00f6nde gelen be\u015f banka taraf\u0131ndan tutulmaktad\u0131r. Ba\u015fka bir deyi\u015fle, \u00f6nde gelen be\u015f banka t\u00fcrev \u00fcr\u00fcnlerde olduk\u00e7a yo\u011funla\u015fm\u0131\u015ft\u0131r. Di\u011fer bankalar\u0131n pay\u0131 \u00e7ok d\u00fc\u015f\u00fck kalmaktad\u0131r. Daha \u00f6nce de belirtildi\u011fi \u00fczere, t\u00fcrev \u00fcr\u00fcnlerin bankalar aras\u0131nda da\u011f\u0131l\u0131m\u0131nda bir dengesizlik s\u00f6z konusudur. T\u00fcrev \u00fcr\u00fcnler aras\u0131nda swaplar\u0131n ula\u015ft\u0131\u011f\u0131 seviye hemen g\u00f6ze \u00e7arpmaktad\u0131r.<\/p>\n<p>Grafik 2 ile ilgili veriler a\u015fa\u011f\u0131daki tabloda yer almaktad\u0131r.<\/p>\n<p style=\"text-align: center;\">\u00a0<strong><span style=\"text-decoration: underline;\">TABLO\u00a0 V<\/span><\/strong><\/p>\n<p align=\"center\"><strong>\u00d6nde Gelen Be\u015f Bankan\u0131n T\u00fcrev Kontrat \u00c7e\u015fitlerini Kullan\u0131m Durumu<br \/>\n<\/strong><strong>(2011 Y\u0131l\u0131 3.\u00c7eyrek \u0130tibariyle)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Milyar\u00a0 $<br \/>\n<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10762\" title=\"ncham-07\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-300x59.png\" alt=\"\" width=\"300\" height=\"59\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-300x59.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-96x19.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-31x6.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-38x7.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-425x84.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07-128x25.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-07.png 651w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n<\/strong>(Grafi\u011fi b\u00fcy\u00fctmek i\u00e7in t\u0131klay\u0131n\u0131z)\u00a0<strong><br \/>\n<\/strong><em>Kaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Yukar\u0131daki tabloda \u00f6nde gelen be\u015f bankan\u0131n kulland\u0131\u011f\u0131 t\u00fcrev \u00fcr\u00fcnler kontrat \u00e7e\u015fitlerine g\u00f6re yer almaktad\u0131r. Tabloda ilk b\u00f6l\u00fcm\u00fcnde \u00f6nde gelen be\u015f bankaya, ikinci b\u00f6l\u00fcmde bu bankalar d\u0131\u015f\u0131nda kalan di\u011fer bankalara ve son b\u00f6l\u00fcmde b\u00fct\u00fcn bankalara ili\u015fkin tutarlar ve bu tutarlar\u0131n toplam i\u00e7indeki da\u011f\u0131l\u0131m\u0131na yer verilmi\u015ftir.<\/p>\n<p>Tablodan kolayca g\u00f6r\u00fclece\u011fi \u00fczere, 247.952 milyar $ tutar\u0131ndaki toplam t\u00fcrev \u00fcr\u00fcnlerin 236.977 milyar $\u2019\u0131na \u00f6nde gelen be\u015f banka sahiptir. Di\u011fer bankalar\u0131n sahip oldu\u011fu tutar ise sadece 10.974 milyar $\u2019d\u0131r. Oransal olarak bak\u0131ld\u0131\u011f\u0131nda s\u00f6zkonusu be\u015f banka toplam t\u00fcrev \u00fcr\u00fcnlerin yakla\u015f\u0131k %96\u2019s\u0131nna sahiptir. Geriye kalan %4 gibi d\u00fc\u015f\u00fck bir oran di\u011fer bankalar aras\u0131nda da\u011f\u0131lm\u0131\u015ft\u0131r. Daha \u00f6nce de belirtildi\u011fi \u00fczere swaplar \u00a0%63\u2019e ula\u015fan oranla di\u011fer t\u00fcrev \u00fcr\u00fcnlere g\u00f6re olduk\u00e7a fazla kullan\u0131lmaktad\u0131r.<\/p>\n<p>A\u015fa\u011f\u0131daki tabloda \u00f6nde gelen be\u015f bankan\u0131n t\u00fcrev \u00fcr\u00fcnleri kullan\u0131m\u0131 a\u00e7\u0131s\u0131ndan kendi i\u00e7inde s\u0131ralamas\u0131 yer almaktad\u0131r.<\/p>\n<p align=\"center\"><strong><span style=\"text-decoration: underline;\">TABLO\u00a0 VI<\/span><\/strong><\/p>\n<p align=\"center\"><strong>\u00d6nde Gelen Be\u015f Bankan\u0131n T\u00fcrev \u00dcr\u00fcnlerin Kullan\u0131m\u0131na G\u00f6re S\u0131ralanmas\u0131<br \/>\n<\/strong><strong>\u00a0(2011 Y\u0131l\u0131 3.\u00c7eyrek \u0130tibariyle)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Milyon\u00a0 $<br \/>\n<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-10763\" title=\"ncham-08\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-300x96.png\" alt=\"\" width=\"300\" height=\"96\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-300x96.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-96x30.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-31x9.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-38x12.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-425x136.png 425w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08-128x41.png 128w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/01\/ncham-08.png 566w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\n<\/strong>(Grafi\u011fi b\u00fcy\u00fctmek i\u00e7in t\u0131klay\u0131n\u0131z)\u00a0<strong><br \/>\n<\/strong><em>Kaynak : http:\/\/www.occ.gov<\/em><\/p>\n<p>Yukar\u0131daki tabloda \u00f6nde gelen be\u015f banka olarak nitelendirilen JP Morgan, Citibank, Bank of America, Goldman Sachs ve HCBC Bank\u2019\u0131n 2011 y\u0131l\u0131n\u0131n 3. \u00e7eyre\u011fi itibariyle sahip olduklar\u0131 t\u00fcrev \u00fcr\u00fcnlerin toplam tutarlar\u0131 g\u00f6r\u00fclmektedir. S\u00f6z konusu bankalar\u0131n elindeki t\u00fcrev \u00fcr\u00fcnlerinin toplam\u0131 236. 977 milyar $\u2019d\u0131r. Bu toplam i\u00e7inde en b\u00fcy\u00fck pay yakla\u015f\u0131k %32 ile JP Morgan\u2019a aittir. Bunu %23\u2019l\u00fck\u00a0 oranlarla Citibank ve Bank of America izlemektedir. Goldman Sachs\u2019\u0131n oran\u0131 % 20\u2019dir. En d\u00fc\u015f\u00fck pay yakla\u015f\u0131k %2 ile HSBC\u2019ye aittir. JP Morgan\u2019\u0131n y\u00fcksek oranda t\u00fcrev kontrat tutmakla t\u00fcrev piyasalarda \u00f6nc\u00fc rol\u00fc oynad\u0131\u011f\u0131 anla\u015f\u0131lmaktad\u0131r.<\/p>\n<p>Tabloda yer almamakla birlikte \u00f6nde gelen be\u015f banka da t\u00fcrev kontratlarda bir y\u0131la kadar vadesi olanlar\u0131 tercih etmektedir.<\/p>\n<p><strong>3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>SONU\u00c7<\/strong><\/p>\n<p>U.S. bankac\u0131l\u0131k sisteminde, t\u00fcrev \u00fcr\u00fcnler \u00e7ok say\u0131da finansal kurulu\u015f aras\u0131nda yaln\u0131zca k\u00fc\u00e7\u00fck bir grubun elinde bulunmakta ve bu k\u00fc\u00e7\u00fck grup taraf\u0131ndan y\u00f6netilmektedir. U.S. finansal piyasalar\u0131nda dola\u015f\u0131mda bulunan toplam t\u00fcrev \u00fcr\u00fcnlerin %96\u2019s\u0131na \u00f6nde gelen be\u015f banka sahiptir. Dola\u015f\u0131mda bulunan t\u00fcrev \u00fcr\u00fcnlerin %82\u2019si faiz oran\u0131na dayal\u0131 \u00fcr\u00fcnlerdir. Faize ve yabanc\u0131 paraya dayal\u0131 t\u00fcrev kontratlar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu 1 y\u0131la kadar vadelidir. Kontrat \u00e7e\u015fitlerinde %63 oran\u0131 ile swaplar \u00f6nde gelmektedir.<\/p>\n<p>U.S. bankac\u0131l\u0131k sisteminde, 2011 y\u0131l\u0131 Eyl\u00fcl sonu itibariyle 156.132 milyar $ swap dola\u015f\u0131mda bulunmaktad\u0131r. Bu tutar\u0131n 150.502 $\u2019\u0131,\u00a0 ba\u015fka bir deyi\u015fle neredeyse tamam\u0131 \u00f6nde gelen be\u015f bankan\u0131n elindedir. Swap kontratlar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011funun faize dayal\u0131 swap i\u015flemlerinden olu\u015ftu\u011fu kabul edilirse, s\u00f6zkonusu be\u015f bankan\u0131n bor\u00e7 ili\u015fkilerinde swaplar nedeniyle art\u0131\u015f g\u00f6r\u00fclebilir. \u00c7\u00fcnk\u00fc faiz swaplar\u0131 kar\u015f\u0131l\u0131kl\u0131 iki taraf aras\u0131nda bir kredi hatt\u0131n\u0131n olu\u015fturulmas\u0131n\u0131 gerektirir. Ayr\u0131ca swap ve di\u011fer t\u00fcrev \u00fcr\u00fcnlerin banka ve i\u015fletmelerin bilan\u00e7olar\u0131nda de\u011fil, bilan\u00e7o d\u0131\u015f\u0131nda naz\u0131m hesaplarda g\u00f6r\u00fcnd\u00fc\u011f\u00fcn\u00fc belirtmek gerekir. \u00d6rne\u011fin, bir banka do\u011frudan bor\u00e7 al\u0131rsa bunu bilan\u00e7osunun kaynaklar k\u0131sm\u0131nda bor\u00e7lar kaleminde g\u00f6stermek zorundad\u0131r. B\u00f6ylece bor\u00e7 tutar\u0131 y\u00fckselmi\u015f ve daha bor\u00e7lu bir banka haline gelmi\u015f olur. Di\u011fer taraftan swap kontrata dayal\u0131 bir bo\u00e7lanma yapt\u0131\u011f\u0131nda, bu i\u015flem bilan\u00e7oda yer almaz \u00a0ve asl\u0131nda bor\u00e7lu oldu\u011fu halde daha az bor\u00e7luymu\u015f gibi g\u00f6r\u00fcn\u00fcr. K\u0131sacas\u0131 \u00f6nde gelen be\u015f banka sahip olduklar\u0131 swap kontratlar nedeniyle g\u00f6r\u00fcnd\u00fcklerinden daha bor\u00e7lu olabilirler.<\/p>\n<p>T\u00fcrev \u00fcr\u00fcnlerin as\u0131l kullan\u0131m amac\u0131 riskten ka\u00e7\u0131nmakt\u0131r. Ancak spek\u00fclatif ama\u00e7l\u0131 kullan\u0131ld\u0131klar\u0131nda riskli hale gelebilirler. Kald\u0131ra\u00e7la finanse edilebilme \u00f6zellikleri de bu riski art\u0131ran unsurlar aras\u0131ndad\u0131r. Bankalar\u0131n t\u00fcrev \u00fcr\u00fcnlerde yo\u011funla\u015fmalar\u0131 risklerini art\u0131rmakla birlikte, kendilerini hedge edebilenler bu anlamda b\u00fcy\u00fck bir zorlukla kar\u015f\u0131la\u015fmayabilirler. T\u00fcrev \u00fcr\u00fcnler hedge ama\u00e7l\u0131 olarak kullan\u0131labildikleri gibi kendileri de hedge edilebilir. Ba\u015fka bir deyi\u015fle, sahip olduklar\u0131 t\u00fcrev \u00fcr\u00fcnleri iyi ve do\u011fru bir \u015fekilde hedge eden bankalar riskten ka\u00e7\u0131nabilirler.<\/p>\n<p>T\u00fcrev \u00fcr\u00fcnler her ne kadar riskli finansal varl\u0131klar olsalar da piyasa riskini t\u00fcm\u00fcyle yans\u0131tmazlar. Piyasada t\u00fcrev \u00fcr\u00fcnlerden daha fazla risk ve belirsizlik yaratan unsurlar vard\u0131r.\u00a0 \u00d6rne\u011fin, \u00a0baz\u0131 \u00fclkelerin Merkez Bankalar\u0131.\u00a0 J<\/p>\n<p>Ge\u00e7ti\u011fimiz g\u00fcnlerde, \u00fcnl\u00fc iktisat\u00e7\u0131 Stiglitz \u201c2011 berbatt\u0131 diyorsan\u0131z bir de 2012\u2019yi g\u00f6r\u00fcn\u201d diyerek, 2012 beklentilerini tek c\u00fcmleyle \u00f6zetlemi\u015ftir.<\/p>\n<p>Piyasalarda olas\u0131 yeni bir finansal kriz global anlamda finansal erimeye neden olabilir. B\u00f6yle bir durumda \u00f6nce istihdamda erime, sonra k\u00e2rlarda erime, daha sonra da baz\u0131 bankalarda erime ve yok olma s\u00f6z konusu olabilir.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00dcREV \u00dcR\u00dcNLER\u0130N U.S. BANKALARINDA KULLANIMI Prof.Dr. Nurg\u00fcl Chambers 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 G\u0130R\u0130\u015e Global ekonominin \u00f6n\u00fcm\u00fczdeki aylarda b\u00fcy\u00fck boyutlu sorunlarla m\u00fccadele etmeyi s\u00fcrd\u00fcrece\u011fi anla\u015f\u0131lmaktad\u0131r. Yunanistan\u2019\u0131n iflas\u0131 \u015fimdiden kabullenilmi\u015f&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=10755"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/1016"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=10755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=10755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=10755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}