{"id":13607,"date":"2012-04-01T20:50:43","date_gmt":"2012-04-01T18:50:43","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=13607"},"modified":"2012-04-02T11:14:35","modified_gmt":"2012-04-02T09:14:35","slug":"yapilandirilmis-finansal-urunler-vi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yapilandirilmis-finansal-urunler-vi\/","title":{"rendered":"Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler &#8211; VI"},"content":{"rendered":"<p align=\"center\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 VI *<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2732778813\"><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 align=\"center\"><strong>(STRUCTURED FINANCIAL SECURITIES &#8211; VI )<\/strong><\/p>\n<p><strong>Prof. Dr. Nurg\u00fcl Chambers **<\/strong><strong><br \/>\n<strong>Z. Eren Ko\u00e7yi\u011fit ***<\/strong><\/strong><\/p>\n<p align=\"center\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER VE T\u00dcRK\u0130YE\u2019DE KULLANIMI &#8211; I<\/strong><\/p>\n<p style=\"text-align: left;\" align=\"center\"><strong><\/strong><strong>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Giri\u015f<\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler, genel itibariyle T\u00fcrkiye\u2019deki finansal piyasalar i\u00e7in yeni \u00fcr\u00fcnlerdir. Bono ve mevduat faizlerinin uzun y\u0131llar g\u00f6receli olarak y\u00fcksek seyretmesi, yat\u0131r\u0131mc\u0131lar\u0131n genel anlamda riske duyarl\u0131 olmas\u0131 ve finansal piyasalar\u0131n global piyasalar ile entegrasyonun zaman almas\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin T\u00fcrkiye\u2019deki geli\u015fimini geciktiren nedenler aras\u0131ndad\u0131r.<\/p>\n<p>Bununla birlikte, \u00fclkemizde son y\u0131llarda \u00f6nceki y\u0131llara oranla faiz oranlar\u0131n\u0131n d\u00fc\u015fmesi yat\u0131r\u0131mc\u0131lar\u0131 farkl\u0131 yat\u0131r\u0131m ara\u00e7lar\u0131 aramaya y\u00f6neltmi\u015f ve risk i\u015ftahlar\u0131nda g\u00f6zle g\u00f6r\u00fcl\u00fcr bir art\u0131\u015f ya\u015fanm\u0131\u015ft\u0131r. Ayr\u0131ca finansal sistemin globalle\u015fmeye ba\u015flamas\u0131 ile yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn konusunda uluslararas\u0131 deneyime sahip finansal kurumlar piyasalarda yer almaya ba\u015flam\u0131\u015ft\u0131r. B\u00fct\u00fcn bu unsurlar, T\u00fcrkiye\u2019de yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn kullan\u0131m\u0131n\u0131 art\u0131ran bir etki yaratm\u0131\u015ft\u0131r. \u00a0Finansal kurumlar yat\u0131r\u0131mc\u0131lar\u0131n de\u011fi\u015fen ihtiya\u00e7lar\u0131na y\u00f6nelik yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnleri piyasaya s\u00fcrmeye ba\u015flam\u0131\u015ft\u0131r.<\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler ile ilgili yaz\u0131 dizisinin \u00f6nceki b\u00f6l\u00fcm\u00fcnde, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin d\u00fcnyadaki kullan\u0131mlar\u0131 ve ula\u015ft\u0131klar\u0131 i\u015flem hacimleri \u00fczerinde durulmu\u015ftu. Bu b\u00f6l\u00fcmde ise yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerin T\u00fcrkiye\u2019deki kullan\u0131mlar\u0131 ele al\u0131nacakt\u0131r.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2117480397\"><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>T\u00fcrkiye\u2019deki yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler, yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri ve anapara korumal\u0131 fonlar olmak \u00fczere iki b\u00f6l\u00fcm halinde incelenecektir. Bu b\u00f6l\u00fcmde yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnlerinden\u00a0 DCD (Dual Currency Deposit) \u2013 Tam Teminatl\u0131 Opsiyon incelenmeye \u00e7al\u0131\u015f\u0131lacakt\u0131r. Gelecek b\u00f6l\u00fcmde yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnlerine devam edilerek Range Accrual (T\u00fcnel Mevduat), Double No Touch (Riskli T\u00fcnel Mevduat), Wedding Cake (Kademeli Tam Teminatl\u0131 Opsiyon) ele al\u0131nacakt\u0131r. Sonraki b\u00f6l\u00fcmde ise anapara korumal\u0131 fonlar \u00fczerinde durulacakt\u0131r.<\/p>\n<p><strong>2.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Yap\u0131land\u0131r\u0131lm\u0131\u015f Mevduat \u00dcr\u00fcnlerinin Olu\u015fumu<\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcn\u00fc temel olarak bir mevduat hesab\u0131 ile bir ya da birden fazla t\u00fcrev \u00fcr\u00fcn\u00fcn bir araya gelmesi ile olu\u015fur. Bu durum a\u015fa\u011f\u0131daki gibi \u015fekil \u00fczerinde g\u00f6sterilebilir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/mevduat.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-13608\" title=\"mevduat\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/mevduat.jpg\" alt=\"\" width=\"391\" height=\"234\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/mevduat.jpg 391w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/mevduat-300x179.jpg 300w\" sizes=\"auto, (max-width: 391px) 100vw, 391px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u015eekil 1: Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnlerinin \u00a0olu\u015fumu.<\/strong><em><\/em><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1813102697\"><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>Mevduat hesab\u0131 farkl\u0131 t\u00fcrdeki para birimlerinden olu\u015fabilir, t\u00fcrev \u00fcr\u00fcn k\u0131sm\u0131nda ise \u00e7o\u011funlukla opsiyon \u00fcr\u00fcn\u00fc yer almaktad\u0131r. Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat\u0131n getirisi, mevduat\u0131n getirisi ve t\u00fcrev \u00fcr\u00fcn\u00fcn getirisinin toplam\u0131ndan olu\u015fur. Bu nedenle, yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat i\u00e7erisinde yer alan t\u00fcrev \u00fcr\u00fcn\u00fcn dayanak varl\u0131\u011f\u0131, toplam getirinin olu\u015fumunda do\u011frudan rol oynamaktad\u0131r.<\/p>\n<p>Genel olarak yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnlerinin normal mevduat hesaplar\u0131ndan fark\u0131, mevduat hesaplar\u0131nda d\u00f6nem sonunda elde edilecek getiri oran\u0131 belli iken, yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnlerinde vade sonunda elde edilecek getiri belirsizdir. Bu getiri dayanak varl\u0131\u011f\u0131n performans\u0131 ve i\u00e7erdi\u011fi risk d\u00fczeyi ile do\u011frudan ili\u015fkilidir. Y\u00fcksek risk i\u00e7eren bir yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat\u0131n hem getiri hem de zarar potansiyeli, daha az risk i\u00e7eren bir yap\u0131land\u0131r\u0131lm\u0131\u015f mevduata g\u00f6re daha y\u00fcksektir.<\/p>\n<p>Genel olarak yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri \u00fc\u00e7 farkl\u0131 a\u00e7\u0131dan s\u0131n\u0131flara ayr\u0131labilir :<\/p>\n<p><strong><em>1)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Dayand\u0131\u011f\u0131 varl\u0131\u011fa g\u00f6re:<\/em><\/strong> \u00a0Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri; bono ve tahvile dayal\u0131, d\u00f6vize dayal\u0131, endekse dayal\u0131, hisse senedine dayal\u0131, emtiaya dayal\u0131, vb. gibi s\u0131n\u0131flara ayr\u0131labilir.<\/p>\n<p><strong><em>2)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Anapara korumas\u0131na g\u00f6re: \u00a0<\/em><\/strong>Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnler anapara korumas\u0131 sa\u011flayan ve anapara korumas\u0131 sa\u011flamayan olmak \u00fczere ikiye ayr\u0131labilir. Anapara korumas\u0131 tam veya k\u0131smi \u015fekilde olabilir. <strong><em><\/em><\/strong><\/p>\n<p><strong><em>3)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Dayanak varl\u0131ktaki beklentiye g\u00f6re: <\/em><\/strong>\u00a0Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri dayanak varl\u0131\u011f\u0131n fiyat\u0131n\u0131n y\u00fckseli\u015fine, d\u00fc\u015f\u00fc\u015f\u00fcne veya sabit kalmas\u0131 -s\u0131n\u0131rl\u0131 de\u011fi\u015fmesine y\u00f6nelik \u00fc\u00e7 farkl\u0131 \u015fekilde yap\u0131land\u0131r\u0131lm\u0131\u015ft\u0131r.\u00a0 <strong><em>\u00a0\u00a0<\/em><\/strong><\/p>\n<p>Yukar\u0131daki s\u0131n\u0131flama dikkate al\u0131narak, T\u00fcrkiye\u2019de yer alan yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri de genel olarak \u00fc\u00e7 grupta incelenebilir.<\/p>\n<p><strong><em>1)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Dayand\u0131\u011f\u0131 varl\u0131\u011fa g\u00f6re:<\/em><\/strong> T\u00fcrkiye\u2019de yer alan yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri dayand\u0131\u011f\u0131 varl\u0131\u011fa g\u00f6re d\u00f6rt ana gruba ayr\u0131labilir.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>a.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>D\u00f6vize Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Mevduat \u00dcr\u00fcnleri<\/em><\/strong><\/p>\n<p>D\u00f6vize dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri yat\u0131r\u0131mc\u0131lar taraf\u0131ndan tercih edilen \u00fcr\u00fcnlerin ba\u015f\u0131nda yer almaktad\u0131r. Bu \u00fcr\u00fcnlerde yat\u0131r\u0131mc\u0131lar belirli bir d\u00f6viz riski alarak mevduat faizinden daha y\u00fcksek faiz elde etmeyi ama\u00e7lar. $\/TL, EUR\/TL ve EUR\/$ ba\u015fta olmak \u00fczere farkl\u0131 para birimleri t\u00fcrlerine g\u00f6re yap\u0131land\u0131r\u0131labilirler. En yayg\u0131n d\u00f6vize dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri DCD (Dual Currency Deposit- Tam Teminatl\u0131 Opsiyon)\u00a0 ve Range Accrual (T\u00fcnel Mevduat)\u2019d\u0131r.<\/p>\n<p><strong><em>b.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Hisse Senedi ve Endekse Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Mevduat \u00dcr\u00fcnleri<\/em><\/strong><\/p>\n<p>D\u00f6vize dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri kadar yayg\u0131n de\u011fillerdir. Bankalarca dayanak varl\u0131k olarak en \u00e7ok \u0130MKB 100 ve \u0130MKB 30 endeksleri kullan\u0131l\u0131r. Vade sonunda yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcn\u00fcn\u00fcn getirisi, dayand\u0131\u011f\u0131 endeks ve hisse senedine ba\u011fl\u0131 olarak de\u011fi\u015fir.<\/p>\n<p><strong><em>c.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Bono ve Tahvile Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Mevduat \u00dcr\u00fcnleri<\/em><\/strong><\/p>\n<p>Bono, tahvil, Eurobond gibi bor\u00e7 senetlerine dayal\u0131 olarak yap\u0131land\u0131r\u0131lan \u00fcr\u00fcnlerdir. Vade sonunda yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcn\u00fcn\u00fcn getirisi, dayand\u0131\u011f\u0131 bor\u00e7 senedine ba\u011fl\u0131 olarak de\u011fi\u015fir.<\/p>\n<p><strong><em>d.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Emtiaya Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Mevduat \u00dcr\u00fcnleri<\/em><\/strong><\/p>\n<p>Alt\u0131n ba\u015fta olmak \u00fczere, emtiaya dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri de piyasada mevcuttur. Vade sonunda yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcn\u00fcn\u00fcn getirisi, dayand\u0131\u011f\u0131 emtiaya ba\u011fl\u0131 olarak de\u011fi\u015fir.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>2)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Anapara korumas\u0131na g\u00f6re: <\/em><\/strong>Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri anapara korumas\u0131 a\u00e7\u0131s\u0131ndan, anaparay\u0131 koruyan ve korumayan olmak \u00fczere ikiye ayr\u0131labilir. Anapara korumas\u0131 tam veya k\u0131smi \u015fekilde olabilir. Sonraki b\u00f6l\u00fcmlerde ayr\u0131nt\u0131l\u0131 olarak incelenecek olan DCD \u00fcr\u00fcn\u00fc anapara korumas\u0131 sa\u011flamayan \u00fcr\u00fcnlere, T\u00fcnel Mevduat ise anapara korumas\u0131 sa\u011flayan \u00fcr\u00fcnlere \u00f6rnek olarak g\u00f6sterilebilir.<\/p>\n<p><strong><em>\u00a0<\/em><\/strong><strong><em>3)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/em><\/strong><strong><em>Dayanak varl\u0131ktaki beklentiye g\u00f6re:<\/em><\/strong> Yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleri dayanak varl\u0131\u011f\u0131n fiyat\u0131ndaki y\u00fckseli\u015fe, d\u00fc\u015f\u00fc\u015fe veya sabit kalmas\u0131-s\u0131n\u0131rl\u0131 de\u011fi\u015fmesine y\u00f6nelik \u00fc\u00e7 farkl\u0131 \u015fekilde yap\u0131land\u0131r\u0131labilir. \u00d6rne\u011fin DCD \u00fcr\u00fcn\u00fc dayanak varl\u0131\u011f\u0131n fiyat\u0131n\u0131n y\u00fckseli\u015fine ve d\u00fc\u015f\u00fc\u015f\u00fcne, T\u00fcnel Mevduat ise dayanak varl\u0131\u011f\u0131n sabit kalmas\u0131-s\u0131n\u0131rl\u0131 de\u011fi\u015fmesine y\u00f6nelik yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcnleridir.<\/p>\n<p>Yukar\u0131da s\u00f6z\u00fc edilen \u00fc\u00e7 farkl\u0131 konuda da bankalar taraf\u0131ndan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00e7ok \u00e7e\u015fitli mevduat \u00fcr\u00fcnleri bulunmaktad\u0131r. Bu yaz\u0131da,\u00a0 s\u00f6zkonusu mevduat \u00fcr\u00fcnleri aras\u0131nda olduk\u00e7a yayg\u0131n olarak kullan\u0131lan DCD (Dual Currency Deposit- Tam Teminatl\u0131 Opsiyon) \u00fczerinde durulacakt\u0131r.<\/p>\n<p><strong>3. T\u00fcrkiye\u2019de Kullan\u0131lan Yap\u0131land\u0131r\u0131lm\u0131\u015f Mevduat \u00dcr\u00fcnleri<\/strong><\/p>\n<p><strong>3.1.<\/strong><strong>DCD (Dual Currency Deposit) \u2013 Tam Teminatl\u0131 Opsiyon<\/strong><\/p>\n<p><strong>\u00a0<\/strong>Tam teminatl\u0131 opsiyon (DCD) T\u00fcrkiye\u2019de en yayg\u0131n olan yap\u0131land\u0131r\u0131lm\u0131\u015f mevduat \u00fcr\u00fcn\u00fcd\u00fcr. Banka ve yat\u0131r\u0131mc\u0131n\u0131n taraf oldu\u011fu bir opsiyon s\u00f6zle\u015fmesi ile klasik bir vadeli mevduat \u00fcr\u00fcn\u00fcn\u00fcn bile\u015fiminden olu\u015fur. Yat\u0131r\u0131mc\u0131 bankaya bir yabanc\u0131 para opsiyonu satar ve kar\u015f\u0131l\u0131\u011f\u0131nda prim al\u0131r. Banka da sat\u0131n ald\u0131\u011f\u0131 opsiyona kar\u015f\u0131l\u0131k yat\u0131r\u0131mc\u0131n\u0131n vadeli mevduat\u0131n\u0131 teminat olarak kabul eder ve yat\u0131r\u0131mc\u0131ya prim \u00f6der. Bu t\u00fcr \u00fcr\u00fcnlerde yat\u0131r\u0131mc\u0131ya \u00f6denen prim, vadeli mevduata verilen faizin \u00fczerine eklenerek \u00f6denir. \u00d6rne\u011fin yat\u0131r\u0131mc\u0131 TL mevduattan %10 faiz getirisi elde ederken bu mevduat \u00fczerine yap\u0131land\u0131r\u0131lan bir DCD ile %15\u2019lik bir faiz + opsiyon primi getirisi elde edebilir.<\/p>\n<p><strong>\u00a0Her DCD \u00fcr\u00fcn\u00fcnde a\u015fa\u011f\u0131daki \u00f6zellikler bulunur.<\/strong><\/p>\n<ul>\n<li>Yat\u0131r\u0131mc\u0131n\u0131n tuttu\u011fu mevduat\u0131n bir para birimi (\u00f6rne\u011fin; TL, $, EUR, vb\u2026)<\/li>\n<li>Yat\u0131r\u0131mc\u0131n\u0131n sataca\u011f\u0131 opsiyonun dayanak varl\u0131\u011f\u0131n\u0131 olu\u015fturacak bir d\u00f6viz kuru (\u00f6rne\u011fin; $\/TL, EUR\/TL, $\/EUR, vb\u2026)<\/li>\n<li>Kullan\u0131m fiyat\u0131 (Uygulama fiyat\u0131)<\/li>\n<li>Vade<\/li>\n<\/ul>\n<p><strong>Bunlara ek olarak DCD\u2019nin di\u011fer \u00f6nemli \u00f6zellikleri a\u015fa\u011f\u0131da s\u0131ralanm\u0131\u015ft\u0131r.<\/strong><\/p>\n<ul>\n<li>Vadeli mevduat gibi DCD de vadesinden \u00f6nce bozulamaz. Bozulursa yat\u0131r\u0131mc\u0131 mevduat faizi + opsiyon priminden mahrum kal\u0131r ve buna ek olarak banka bir komisyon talep edebilir. B\u00f6ylece yat\u0131r\u0131mc\u0131 i\u00e7in anaparadan kay\u0131p da s\u00f6z konusu olabilir.<\/li>\n<li>T\u00fcrev opsiyonlarda prim vade ba\u015f\u0131nda \u00f6denirken, DCD \u00fcr\u00fcn\u00fcnde \u00e7o\u011fu banka opsiyon primini mevduat faizi ile birlikte vade sonunda \u00f6der.<\/li>\n<li>DCD\u2019ye taraf olmak i\u00e7in yat\u0131r\u0131mc\u0131dan istenen minumum kat\u0131l\u0131m tutarlar\u0131 bankadan bankaya de\u011fi\u015fmektedir. Bu tutarlar bankalar aras\u0131nda 10.000 TL\u2019den \u00a0500.000 TL\u2019ye \u00a0kadar farkl\u0131l\u0131k g\u00f6sterebilmektedir.<\/li>\n<\/ul>\n<p>T\u00fcrkiye\u2019de uygulanan en yayg\u0131n DCD i\u015flemleri :<\/p>\n<ul>\n<li><strong>$ Call \/ TL Put\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0DCD:<\/strong> \u00a0Yat\u0131r\u0131mc\u0131n\u0131n elinde $ bulundu\u011fu, bankaya belirli bir vadede belirli bir $\/TL kurundan $ alma\/TL satma <strong>hakk\u0131n\u0131<\/strong> satt\u0131\u011f\u0131 \u00fcr\u00fcnlerdir.<\/li>\n<li><strong>TL Call \/ $ \u00a0Put\u00a0\u00a0 DCD: <\/strong>\u00a0Yat\u0131r\u0131mc\u0131n\u0131n elinde TL bulundu\u011fu, bankaya belirli bir vadede belirli bir $\/TL kurundan TL alma\/$ satma <strong>hakk\u0131n\u0131<\/strong> satt\u0131\u011f\u0131 \u00fcr\u00fcnlerdir.<\/li>\n<li><strong>\u00a0\u20ac Call \/ TL Put\u00a0\u00a0 DCD:<\/strong> \u00a0Yat\u0131r\u0131mc\u0131n\u0131n elinde \u20ac bulundu\u011fu, bankaya belirli bir vadede belirli bir \u20ac\/TL kurundan \u20ac alma\/TL satma <strong>hakk\u0131n\u0131<\/strong> satt\u0131\u011f\u0131 \u00fcr\u00fcnlerdir.<\/li>\n<li><strong>\u00a0TL Call \/ \u20ac Put \u00a0DCD:<\/strong> \u00a0Yat\u0131r\u0131mc\u0131n\u0131n elinde TL bulundu\u011fu, bankaya belirli bir vadede belirli bir \u20ac\/TL kurundan TL alma\/\u20ac satma <strong>hakk\u0131n\u0131<\/strong> satt\u0131\u011f\u0131 \u00fcr\u00fcnlerdir.<\/li>\n<li><strong>$ Call \/ \u20ac Put \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0DCD:<\/strong> \u00a0Yat\u0131r\u0131mc\u0131n\u0131n elinde $ bulundu\u011fu, bankaya belirli bir vadede belirli bir \u20ac\/$ kurundan $ alma\/\u20ac satma <strong>hakk\u0131n\u0131<\/strong> satt\u0131\u011f\u0131 \u00fcr\u00fcnlerdir.<\/li>\n<li><strong>\u00a0\u20ac Call \/ $\u00a0 Put \u00a0\u00a0DCD:\u00a0 <\/strong>Yat\u0131r\u0131mc\u0131n\u0131n elinde \u20ac bulundu\u011fu, bankaya belirli bir vadede belirli bir \u20ac\/$ kurundan \u20ac alma\/$ satma <strong>hakk\u0131n\u0131<\/strong> satt\u0131\u011f\u0131 \u00fcr\u00fcnlerdir.<\/li>\n<\/ul>\n<p><strong><em>B\u00fct\u00fcn DCD t\u00fcrlerinde yat\u0131r\u0131mc\u0131 daha fazla getiri elde etmek i\u00e7in kur riskini \u00fcstlenir. \u00a0<\/em><\/strong><\/p>\n<p>DCD \u00fcr\u00fcn\u00fcne yat\u0131r\u0131m yapacak bir yat\u0131r\u0131mc\u0131n\u0131n \u00f6ncelikle elindeki para birimine kar\u015f\u0131l\u0131k belirledi\u011fi bir d\u00f6viz kuru olmal\u0131d\u0131r. D\u00f6viz kurunu belirleyen yat\u0131r\u0131mc\u0131 daha sonra elindeki para birimini bankaya satmaya raz\u0131 oldu\u011fu bir kur ve bir vade belirlemelidir.<\/p>\n<p>DCD \u00fcr\u00fcn\u00fcn\u00fcn i\u015fleyi\u015fine ili\u015fkin \u00f6rneklere a\u015fa\u011f\u0131da yer verilmi\u015ftir.<\/p>\n<p><strong>a)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>$\u00a0 Call \/ TL Put DCD \u00d6rne\u011fi<\/strong><\/p>\n<p><strong>\u00a0<\/strong><strong>Tablo 1:\u00a0 $ Call \/ TL Put \u00a0DCD \u00d6rne\u011fi<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"501\"><strong>\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 $ Call \/ TL Put<\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Tutar<\/td>\n<td valign=\"top\" width=\"323\">100.000 $<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Dayanak Varl\u0131k<\/td>\n<td valign=\"top\" width=\"323\">$\/TL<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Spot Fiyat<\/td>\n<td valign=\"top\" width=\"323\">1,5385<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Kullan\u0131m Fiyat\u0131<\/td>\n<td valign=\"top\" width=\"323\">1,5525<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Vade<\/td>\n<td valign=\"top\" width=\"323\">1 ay \u2013 30 g\u00fcn<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Mevduat faiz oran\u0131* (%)<\/td>\n<td valign=\"top\" width=\"323\">2,00 (br\u00fct)<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Opsiyon primi** (%)<\/td>\n<td valign=\"top\" width=\"323\">8,00 (br\u00fct)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*Faiz oran\u0131 g\u00f6sterge niteli\u011findedir<\/p>\n<p>** Opsiyon primi g\u00f6sterge niteli\u011findedir<\/p>\n<p>Tablo 1\u2019e g\u00f6re, 100.000 $ mevduat\u0131 olan bir yat\u0131r\u0131mc\u0131 spot kur 1,5385 $\/TL iken 1 ay sonras\u0131 i\u00e7in 1,5525 TL\u2019den <strong>$<\/strong> <strong>alma hakk\u0131n\u0131<\/strong> bankaya <strong>satar<\/strong>. Bunun kar\u015f\u0131l\u0131\u011f\u0131nda %2 mevduat faizinin \u00fczerine ek olarak %8 opsiyon primi elde eder. Ba\u015fka bir deyi\u015fle, $\/TL kur riskini alarak $ mevduat\u0131n\u0131n getirisini art\u0131rabilir.<\/p>\n<p>Burada yat\u0131r\u0131mc\u0131, ald\u0131\u011f\u0131 prim kar\u015f\u0131l\u0131\u011f\u0131nda 100.000 $\u2019\u0131 alma ya da almama hakk\u0131n\u0131 bankaya vermi\u015ftir. Banka vade g\u00fcn\u00fcnde, cari piyasada olu\u015fan kurlar ile anla\u015fmadaki kullan\u0131m fiyat\u0131n\u0131 (uygulama kurunu) kar\u015f\u0131la\u015ft\u0131rarak sat\u0131n alma ya da almama hakk\u0131n\u0131 kullan\u0131r.<\/p>\n<p>Daha a\u00e7\u0131k bir anlat\u0131mla, yat\u0131r\u0131mc\u0131 DCD anla\u015fmas\u0131n\u0131n yap\u0131ld\u0131\u011f\u0131 g\u00fcn cari piyasada kur 1,5385 TL iken, bankaya vade sonunda 100.000 $\u2019\u0131\u00a0 1,5525 TL\u2019den sat\u0131n alma hakk\u0131n\u0131 verirken, d\u00f6viz kurlar\u0131nda d\u00fc\u015f\u00fc\u015f beklentisi i\u00e7indedir. Ba\u015fka bir deyi\u015fle, vade geldi\u011finde cari piyasada d\u00f6viz kurunun, kullan\u0131m fiyat\u0131 olan 1,5525 $\/TL\u2019den d\u00fc\u015f\u00fck olaca\u011f\u0131n\u0131 bu nedenle bankan\u0131n 100.000 $\u2019\u0131 piyasada d\u00fc\u015f\u00fck kurdan almak varken anla\u015fama gere\u011fince kendisinden almayaca\u011f\u0131n\u0131, ba\u015fka bir deyi\u015fle bankan\u0131n sat\u0131n alma hakk\u0131n\u0131 kullanmayaca\u011f\u0131n\u0131 planlamaktad\u0131r. Burada yat\u0131r\u0131mc\u0131 bankadan alaca\u011f\u0131 opsiyon primini elde etmeyi hedeflemektedir.<\/p>\n<p>Di\u011fer taraftan banka bu hakk\u0131 al\u0131rken d\u00f6viz kurlar\u0131nda y\u00fckseli\u015f beklentisi i\u00e7indedir. Bir ay sonra vade geldi\u011finde piyasada kurlar\u0131n kullan\u0131m fiyat\u0131 olan 1,5525 $\/TL\u2019den y\u00fcksek olaca\u011f\u0131n\u0131, 100.000 $\u2019\u0131 piyasadan y\u00fcksek kurdan almak yerine al\u0131m hakk\u0131n\u0131 kullanarak piyasaya g\u00f6re daha d\u00fc\u015f\u00fck kalan kullan\u0131m fiyat\u0131 ile yat\u0131r\u0131mc\u0131dan almay\u0131 planlamaktad\u0131r. Bu plan ger\u00e7ekle\u015fmezse \u00f6dedi\u011fi opsiyon primi kadar kayb\u0131 olacakt\u0131r.<\/p>\n<p>Vade sonunda a\u015fa\u011f\u0131daki iki senaryo s\u00f6z konusu olabilir.<\/p>\n<p><strong>Birinci senaryo : <\/strong>E\u011fer vade sonunda cari piyasada olu\u015fan kur belirlenen kullan\u0131m fiyat\u0131 olan 1,5525 TL\u2019nin alt\u0131nda kal\u0131rsa, \u00f6rne\u011fin 1,5500 TL olursa, banka cari piyasada $ daha ucuz oldu\u011fu i\u00e7in $ alma hakk\u0131n\u0131 kullanmaz. Yat\u0131r\u0131mc\u0131n\u0131n 100.000 $ mevduat\u0131 korunur ve yat\u0131r\u0131mc\u0131 \u00a0%10 getiri (%2 mevduat faizi + %8 opsiyon primi) elde eder. Bu durumda yat\u0131r\u0131mc\u0131n\u0131n tahmini ger\u00e7ekle\u015fmi\u015f ve vade g\u00fcn\u00fcnde piyasada d\u00f6viz kuru d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n elde etti\u011fi getiri:<\/p>\n<p>(100.000 x (0,08 + 0.02)) \/ 365 * 30 = ~ 822 $<\/p>\n<p>Yat\u0131r\u0131mc\u0131 DCD yapmam\u0131\u015f olsa mevduattan kazanaca\u011f\u0131 tutar:<\/p>\n<p>(100.000 x 0,02) \/ 365 * 30 = ~ 164 $<\/p>\n<p>Yat\u0131r\u0131mc\u0131 bu senaryoda $\/TL kur riskini alarak normalde 30 g\u00fcnde vadeli mevduattan kazanaca\u011f\u0131 faiz tutar\u0131ndan 658 $ daha fazla kazan\u00e7 elde etmi\u015ftir.<\/p>\n<p><strong>\u0130kinci senaryo:<\/strong> \u00a0E\u011fer vade sonunda spot kur belirlenen kullan\u0131m fiyat\u0131n\u0131n 1,5525 TL\u2019nin \u00fczerinde ger\u00e7ekle\u015firse \u00f6rne\u011fin 1,5700 TL olursa, banka piyasada $ daha pahal\u0131 oldu\u011fu i\u00e7in anla\u015fma gere\u011fince 1,5525\u2019TL\u2019den $ alma hakk\u0131n\u0131 kullan\u0131r. B\u00f6ylece bankan\u0131n tahmini ger\u00e7ekle\u015fmi\u015f ve vade g\u00fcn\u00fcnde piyasada d\u00f6viz kuru y\u00fckselmi\u015ftir.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 bu durumda da 100.000 $ \u00fczerinden %10 (%2 mevduat faizi+%8 opsiyon primi) getiri elde eder. Ancak yat\u0131r\u0131mc\u0131n\u0131n 100.000 $ tutar\u0131ndaki anaparas\u0131, cari piyasada $ \u00a0kuru 1,5700 TL olmas\u0131na ra\u011fmen anla\u015fma gere\u011fince 1,5525\u2019den TL\u2019ye \u00e7evrilir. Ba\u015fka bir deyi\u015fle, yat\u0131r\u0131mc\u0131 banka ile bu anla\u015fmay\u0131 yapmasayd\u0131 100.000 $\u2019\u0131 1,5525 TL\u2019den bankaya satmak yerine, piyasada 1,5700 TL\u2019ye satabilirdi.<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n elde etti\u011fi getiri :<\/p>\n<p>(100.000 x 0,10) \/ 365 * 30 = ~ 822 $<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n anaparadan do\u011fan kayb\u0131 :<\/p>\n<p>(1,5525 \u2013 1.5700) * 100.000 = -1.750 TL = ~ -1.115 $<\/p>\n<p>(1.750 TL : 1.5700 $ = 1.115 $\u00a0 )<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n net kayb\u0131 :<\/p>\n<p>822 $- 1.115 $ = -293 $<\/p>\n<p>Yat\u0131r\u0131mc\u0131 bu senaryoda $\/TL kur riskini alarak, 30 g\u00fcnl\u00fck vadeli mevduattan 822 $ tutar\u0131nda faiz getirisi elde etmi\u015ftir. Fakat vade sonunda ald\u0131\u011f\u0131 risk ger\u00e7ekle\u015fti\u011fi ve normalde piyasada 1,5700 TL olan $\u2019\u0131 1,5525 TL \u2019den bankaya satmak durumunda kald\u0131\u011f\u0131 i\u00e7in 1.750 TL tutar\u0131nda (1.115 $) bir zarara maruz kalm\u0131\u015ft\u0131r. Bu zarardan toplam elde etti\u011fi getiri olan 822 $ d\u00fc\u015f\u00fcl\u00fcrse, yat\u0131r\u0131mc\u0131n\u0131n net kayb\u0131 293 $\u2019d\u0131r.<\/p>\n<p>Bu \u00f6rnekte ba\u015faba\u015f noktas\u0131, yat\u0131r\u0131mc\u0131n\u0131n ne karda ne de zararda oldu\u011fu nokta, a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>1,5525 + ((100.000 x 0.10)\/365*30) \/ 100.000 = ~ 1,5607 $\/TL.<\/p>\n<p>Yukar\u0131daki hesaplamadan \u00e7\u0131kan 1,5607 $\/TL. ba\u015faba\u015f d\u00f6viz kurudur. Vade sonunda piyasadaki kur 1,5607 $\/TL. olursa, banka yine $ alma hakk\u0131n\u0131 kullan\u0131r. $\u2019\u0131 piyasadan 1,5607 TL\u2019ye almak yerine anla\u015fma gere\u011fince yat\u0131r\u0131mc\u0131dan 1,5525 TL \u2019den al\u0131r. Bu durumda yat\u0131r\u0131mc\u0131n\u0131n ana paradan do\u011fan kayb\u0131 a\u015fa\u011f\u0131daki gibi olur.<\/p>\n<p>(1,5525 \u2013 1. 5607) * 100.000 = ~ &#8211; 822 $<\/p>\n<p>Ancak hat\u0131rlanaca\u011f\u0131 \u00fczere, yat\u0131r\u0131mc\u0131 bu i\u015flemden vade sonunda %2 mevduat faizi + %8 opsiyon primi alarak 822 $ getiri elde eder. Bu durumda yat\u0131r\u0131mc\u0131n\u0131n herhangi bir kar ya da zarar\u0131 s\u00f6zkonusu de\u011fildir.<\/p>\n<p>A\u015fa\u011f\u0131daki grafik\u00a0 $ Call \/ TL Put DCD getirisini g\u00f6stermektedir. Grafikten de g\u00f6r\u00fclece\u011fi \u00fczere kullan\u0131m fiyat\u0131na (strike price) kadar yat\u0131r\u0131mc\u0131 opsiyon primi + mevduat faizi tutar\u0131nda bir kazan\u00e7 elde eder. Kullan\u0131m fiyat\u0131 a\u015f\u0131ld\u0131ktan sonra yat\u0131r\u0131mc\u0131 i\u00e7in kay\u0131p ba\u015flar ve ba\u015faba\u015f noktas\u0131na (break-even point) kadar opsiyon primi ve mevduat faizinden olan kazan\u00e7lar\u0131 erir. Ba\u015faba\u015f noktas\u0131ndan sonra ise yat\u0131r\u0131mc\u0131 zarara ge\u00e7er.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/getirigrafigi.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-13611\" title=\"getirigrafigi\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/getirigrafigi.jpg\" alt=\"\" width=\"474\" height=\"258\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/getirigrafigi.jpg 474w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/getirigrafigi-300x163.jpg 300w\" sizes=\"auto, (max-width: 474px) 100vw, 474px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Grafik 1: $ Call \/ TL Put DCD Getiri Grafi\u011fi<\/strong><\/p>\n<p><strong>\u00a0b<\/strong><strong>)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>TL Call \/ $ Put DCD \u00d6rne\u011fi<\/strong><\/p>\n<p><strong>Tablo 2:\u00a0 TL Call \/ $ Put DCD \u00d6rne\u011fi<\/strong><strong>\u00a0<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"501\"><strong>\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 TL Call \/ $ Put<\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Tutar<\/td>\n<td valign=\"top\" width=\"323\">100.000 TL<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Dayanak Varl\u0131k<\/td>\n<td valign=\"top\" width=\"323\">$\/TL<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Spot Fiyat<\/td>\n<td valign=\"top\" width=\"323\">1,5385<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Kullan\u0131m Fiyat\u0131<\/td>\n<td valign=\"top\" width=\"323\">1,5300<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Vade<\/td>\n<td valign=\"top\" width=\"323\">1 ay \u2013 30 g\u00fcn<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Mevduat faiz oran\u0131* (%)<\/td>\n<td valign=\"top\" width=\"323\">8,75 (br\u00fct)<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"177\">Opsiyon primi** (%)<\/td>\n<td valign=\"top\" width=\"323\">5,25 (br\u00fct)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*Faiz oran\u0131 g\u00f6sterge niteli\u011findedir.<\/p>\n<p>** Opsiyon primi g\u00f6sterge niteli\u011findedir.<\/p>\n<p>Yukar\u0131daki tabloya g\u00f6re 100.000 TL mevduat\u0131 olan bir yat\u0131r\u0131mc\u0131 spot kur 1,5385 iken 1 ay sonras\u0131 i\u00e7in 1.5300 TL\u2019dan <strong>$<\/strong> <strong>satma hakk\u0131n\u0131<\/strong> bankaya <strong>satar. <\/strong>Bunun kar\u015f\u0131l\u0131\u011f\u0131nda %8,75 mevduat faizinin \u00fczerine ek olarak %5,25 opsiyon primi elde eder. Ba\u015fka bir deyi\u015fle $\/TL kur riski alarak TL mevduat\u0131n\u0131n getirisini art\u0131rabilir.<\/p>\n<p>Burada yat\u0131r\u0131mc\u0131 ald\u0131\u011f\u0131 prim kar\u015f\u0131l\u0131\u011f\u0131nda, kendisine 1.5300 TL\u2019den $ satma ya da satmama hakk\u0131n\u0131 bankaya vermi\u015ftir. Banka vade g\u00fcn\u00fcnde, cari piyasada olu\u015fan kurlar ile anla\u015fmadaki kullan\u0131m fiyat\u0131n\u0131 kar\u015f\u0131la\u015ft\u0131rarak bu satma ya da satmama hakk\u0131n\u0131 kullan\u0131r.<\/p>\n<p>Daha a\u00e7\u0131k bir anlat\u0131mla, yat\u0131r\u0131mc\u0131 cari kur 1,5385 TL iken bankaya vade sonunda $\u2019\u0131 1.5300 TL\u2019den kendisine satma hakk\u0131n\u0131 verdi\u011finde, d\u00f6viz kurlar\u0131nda art\u0131\u015f beklentisi i\u00e7indedir. Ba\u015fka bir deyi\u015fle, vade geldi\u011finde cari piyasada d\u00f6viz kurunun, kullan\u0131m fiyat\u0131 olan 1,5300 $\/TL\u2019den y\u00fcksek olaca\u011f\u0131n\u0131 bu nedenle bankan\u0131n $\u2019\u0131 piyasada y\u00fcksek kurdan satmak varken anla\u015fma gere\u011fince kendisine d\u00fc\u015f\u00fck kurdan satmayaca\u011f\u0131n\u0131, ba\u015fka bir deyi\u015fle bankan\u0131n satma hakk\u0131n\u0131 kullanmayaca\u011f\u0131n\u0131 planlamaktad\u0131r. B\u00f6ylece opsiyon primi kadar getiri sa\u011flayaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnmektedir.<\/p>\n<p>Di\u011fer taraftan, banka bu hakk\u0131 al\u0131rken d\u00f6viz kurlar\u0131nda d\u00fc\u015f\u00fc\u015f beklentisi i\u00e7indedir. Bir ay sonra vade geldi\u011finde piyasada kurlar\u0131n 1,5300 $\/TL\u2019den d\u00fc\u015f\u00fck olaca\u011f\u0131n\u0131, $\u2019\u0131 piyasada d\u00fc\u015f\u00fck kurdan satmak yerine anla\u015fma gere\u011fince yat\u0131r\u0131mc\u0131ya piyasaya g\u00f6re daha y\u00fcksek olan kurdan satmay\u0131 planlamaktad\u0131r.<\/p>\n<p>Vade sonunda a\u015fa\u011f\u0131daki iki senaryo s\u00f6z konusu olabilir.<\/p>\n<p><strong>Birinci senaryo:<\/strong> E\u011fer vade sonunda spot kur belirlenen kullan\u0131m fiyat\u0131 olan 1,5300 TL\u2019nin \u00a0\u00fcst\u00fcnde kal\u0131rsa, \u00f6rne\u011fin 1,5350 olursa banka $ piyasada daha pahal\u0131 oldu\u011fu i\u00e7in $ satma hakk\u0131n\u0131 kullanmaz. Yat\u0131r\u0131mc\u0131n\u0131n 100.000 TL\u2019si korunur ve \u00fczerine %14 getiri elde eder (%8,75 mevduat faizi + %5,25 opsiyon primi) .<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n elde etti\u011fi getiri:<\/p>\n<p>(100.000 x (0.0875 + 0.0525)) \/ 365 * 30 = ~ 1.151 TL<\/p>\n<p>Yat\u0131r\u0131mc\u0131 DCD yapmam\u0131\u015f olsa mevduattan kazanaca\u011f\u0131 faiz:<\/p>\n<p>(100.000 x 0,0525) \/ 365 * 30 = ~ 431 TL<\/p>\n<p>Yat\u0131r\u0131mc\u0131 bu senaryoda $\/TL kur riskini alarak normalde 30 g\u00fcnde vadeli mevduattan kazanaca\u011f\u0131 faiz tutar\u0131ndan 720 TL (1.151 &#8211; 431 ) daha fazla getiri elde etmi\u015ftir.<\/p>\n<p><strong>\u0130kinci senaryo;<\/strong> E\u011fer vade sonunda spot kur belirlenen kullan\u0131m fiyat\u0131 olan 1,5300TL\u2019nin alt\u0131nda kal\u0131rsa, \u00f6rne\u011fin 1,5000 TL olursa, banka piyasada $ daha d\u00fc\u015f\u00fck oldu\u011fu i\u00e7in anla\u015fmadan do\u011fan 1,5300TL\u2019den $ satma hakk\u0131n\u0131 kullan\u0131r. Yat\u0131r\u0131mc\u0131 her durumda 100.000 TL \u00fczerinden %14 (%8,75 mevduat faizi + %5,25 opsiyon primi) getiri elde eder. Ancak 100.000 TL anaparas\u0131, piyasada $\/TL kuru 1,5000 TL iken DCD gere\u011fince 1,5300 TL\u2019den $\u2019a \u00e7evrilir. Ba\u015fka bir deyi\u015fle, piyasadan $\u2019\u0131 1,5000 TL\u2019den alma \u015fans\u0131 varken bankadan 1,5300 TL\u2019den almak zorunda kal\u0131r.<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n elde etti\u011fi getiri :<\/p>\n<p>(100.000 x (0,0875 + 0.0525)) \/ 365 * 30 = ~ 1.151 TL<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n anaparadan do\u011fan kayb\u0131;<\/p>\n<p>(100.000\/1,5300) \u2013 (100.000\/1.5000) = 65.359,47- 66.666,66 = -1.307,19 $ =~ -1.961 TL<\/p>\n<p>Vade sonunda yat\u0131r\u0131mc\u0131n\u0131n toplam kayb\u0131 :<\/p>\n<p>1.151 TL &#8211; 1961 TL = &#8211; 810 TL<\/p>\n<p>Yat\u0131r\u0131mc\u0131 bu senaryoda $\/TL kur riskini alarak normalde 30 g\u00fcnde vadeli mevduattan kazanaca\u011f\u0131 faiz tutar\u0131ndan 720 TL daha fazla getiri elde etmi\u015ftir. Fakat vade sonunda ald\u0131\u011f\u0131 risk ger\u00e7ekle\u015fti\u011fi ve normalde piyasada 1,5000 TL olan $\u2019\u0131 1,5300 TL\u2019den bankadan almak durumunda kald\u0131\u011f\u0131 i\u00e7in 1.961 TL\u2019lik bir zarara maruz kalm\u0131\u015ft\u0131r. Bu zarardan, elde etti\u011fi toplam getiri olan 1.151 TL d\u00fc\u015f\u00fcld\u00fc\u011f\u00fcnde, yat\u0131r\u0131mc\u0131n\u0131n net kayb\u0131 810 TL olarak bulunur.<\/p>\n<p>Bu \u00f6rnekteki ba\u015faba\u015f noktas\u0131, yat\u0131r\u0131mc\u0131n\u0131n ne karda ne de zararda oldu\u011fu nokta, a\u015fa\u011f\u0131daki gibi hesaplan\u0131r.<\/p>\n<p>1,5300 &#8211; ((100.000 x 0,14) \/ 365 * 30) \/ 100.000 = ~ 1,5185 $\/TL\u2019dir.<\/p>\n<p>Yukar\u0131daki hesaplamadan \u00e7\u0131kan 1,5185\u00a0 $\/TL. ba\u015faba\u015f d\u00f6viz kurudur. Vade sonunda piyasadaki kur 1,5185\u00a0 $\/TL. olursa, banka yine $ satma hakk\u0131n\u0131 kullan\u0131r. $\u2019\u0131 piyasada 1,5185 TL\u2019den satmak yerine anla\u015fma gere\u011fince yat\u0131r\u0131mc\u0131ya 1,5300 TL\u2019den satar.\u00a0 Bu durumda yat\u0131r\u0131mc\u0131n\u0131n anaparadan do\u011fan kayb\u0131 a\u015fa\u011f\u0131daki gibi olur.<\/p>\n<p>(1,5185\u00a0 \u2013 1,5300 TL\u2019den) * 100.000 = &#8211; ~ 1.151 TL<\/p>\n<p>Ancak hat\u0131rlanaca\u011f\u0131 \u00fczere, yat\u0131r\u0131mc\u0131 bu i\u015flemden vade sonunda %8,75 mevduat faizi + %5,25 opsiyon primi alarak 1.151 TL getiri elde eder. Bu durumda yat\u0131r\u0131mc\u0131n\u0131n herhangi bir kar ya da zarar\u0131 s\u00f6zkonusu de\u011fildir.<\/p>\n<p>A\u015fa\u011f\u0131da yer alan grafik TL Call \/ $ Put DCD getirisini g\u00f6stermektedir. Grafikten de g\u00f6r\u00fclece\u011fi \u00fczere kullan\u0131m fiyat\u0131na kadar yat\u0131r\u0131mc\u0131 opsiyon primi + mevduat faizi tutar\u0131nda bir kazan\u00e7 elde eder. Kullan\u0131m fiyat\u0131 a\u015fa\u011f\u0131 y\u00f6nl\u00fc a\u015f\u0131ld\u0131ktan sonra yat\u0131r\u0131mc\u0131 i\u00e7in kay\u0131p ba\u015flar ve ba\u015faba\u015f noktas\u0131na kadar opsiyon primi ve mevduat faizinden olan kazan\u00e7lar\u0131 erir. Ba\u015faba\u015f noktas\u0131ndan sonra ise yat\u0131r\u0131mc\u0131 zarara ge\u00e7er.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/putgrafigi.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-13610\" title=\"putgrafigi\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/putgrafigi.jpg\" alt=\"\" width=\"477\" height=\"257\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/putgrafigi.jpg 477w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2012\/04\/putgrafigi-300x161.jpg 300w\" sizes=\"auto, (max-width: 477px) 100vw, 477px\" \/><\/a><br \/>\n&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Grafik 2: TL Call \/ $ Put Getiri Grafi\u011fi<\/strong><\/p>\n<p>Di\u011fer DCD t\u00fcrlerinde de (\u20ac Call \/ TL Put, TL Call \/ \u20ac Put, $ Call \/ \u20ac Put, \u20ac Call \/ $ Put) i\u015fleyi\u015f yukar\u0131daki \u00f6rneklere benzerdir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n<p>** Marmara \u00dcniversitesi \u0130ktisadi ve \u0130dari Bilimler Fak\u00fcltesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc \u00d6\u011fretim \u00dcyesi<\/p>\n<p>*** Bah\u00e7e\u015fehir \u00dcniversitesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc Doktora \u00d6\u011frencisi \u2013 eren.kocyigit@isbank.com.tr<\/p>\n<p><strong>* Bu yaz\u0131<\/strong> <strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 V yaz\u0131s\u0131n\u0131n devam\u0131d\u0131r.<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 VI * (STRUCTURED FINANCIAL SECURITIES &#8211; VI ) Prof. Dr. Nurg\u00fcl Chambers ** Z. Eren Ko\u00e7yi\u011fit *** YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER VE&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-13607","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\/13607","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=13607"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/13607\/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=13607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=13607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=13607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}