{"id":1824,"date":"2011-05-29T13:05:48","date_gmt":"2011-05-29T10:05:48","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=1824"},"modified":"2012-01-22T12:26:31","modified_gmt":"2012-01-22T10:26:31","slug":"yapilandirilmis-finansal-urunler-i-structured-financial-products","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yapilandirilmis-finansal-urunler-i-structured-financial-products\/","title":{"rendered":"YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER &#8211; I (STRUCTURED FINANCIAL PRODUCTS)"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER <\/strong>&#8211; <strong>I<br \/>\n(STRUCTURED FINANCIAL PRODUCTS)<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-287726969\"><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>Prof. Dr. Nurg\u00fcl Chambers *<br \/>\nEren Ko\u00e7yi\u011fit **<\/p>\n<p><strong>Giri\u015f<\/strong><\/p>\n<p>Her finansal \u00fcr\u00fcn\u00a0 bir ihtiya\u00e7tan do\u011far. De\u011fi\u015fen ve \u00e7e\u015fitlenen ihtiya\u00e7lar\u0131 kar\u015f\u0131lamak i\u00e7in\u00a0 yeni finansal \u00fcr\u00fcnler ortaya \u00e7\u0131kar. \u00d6rne\u011fin 1970\u2019li y\u0131llar\u0131n ba\u015f\u0131nda, yat\u0131r\u0131mc\u0131lar\u00a0 d\u00f6viz kuru ve faiz oranlar\u0131nda dalgalanma riski gibi \u00e7e\u015fitli risklerle kar\u015f\u0131 kar\u015f\u0131ya kald\u0131lar. Al\u0131\u015fk\u0131n olmad\u0131klar\u0131 bu risklerle kar\u015f\u0131la\u015fan yat\u0131r\u0131mc\u0131lar i\u00e7in bu risklerden ka\u00e7\u0131nma, korunma ihtiyac\u0131 do\u011fdu.\u00a0 Bu ihtiyac\u0131 kar\u015f\u0131lamak i\u00e7in de 1980\u2018li y\u0131llardan itibaren t\u00fcrev \u00fcr\u00fcnler ortaya \u00e7\u0131kt\u0131.<\/p>\n<p>Sonraki d\u00f6nemlerde,\u00a0 2000\u2019li y\u0131llarda zaman i\u00e7inde risk i\u015ftah\u0131n\u0131n artmas\u0131, riskli yat\u0131r\u0131m alanlar\u0131na ihtiya\u00e7 g\u00f6sterdi. Artan global likidite yeni kullan\u0131m alanlar\u0131na ihtiya\u00e7 duymaya ba\u015flad\u0131. Mevcut finansal \u00fcr\u00fcnlerin yan\u0131s\u0131ra, yat\u0131r\u0131mc\u0131lar kendi risk ve getiri anlay\u0131\u015flar\u0131na y\u00f6nelik yeni finansal \u00fcr\u00fcnler aray\u0131\u015f\u0131 i\u00e7ine girdiler. Bu ve benzeri ihtiya\u00e7lar\u0131n kar\u015f\u0131lanmas\u0131 amac\u0131yla da yeniden yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler ortaya \u00e7\u0131kt\u0131.<\/p>\n<p>2007 A\u011fustos ay\u0131nda ba\u015flad\u0131\u011f\u0131 ve 2009\u2019da bitti\u011fi kabul edilen global krizde bir\u00e7ok yat\u0131r\u0131mc\u0131 ma\u011fdur oldu. Sadece olas\u0131 getirileri de\u011fil sahip olduklar\u0131 anaparay\u0131 da kaybettiler.\u00a0 \u0130\u00e7inde bulundu\u011fumuz d\u00f6nemde de b\u00f6yle bir ma\u011fduriyeti ya\u015famamak amac\u0131yla yat\u0131r\u0131mc\u0131lar, hi\u00e7 de\u011filse anaparay\u0131 korumak gere\u011fini hissettiler ve dikkat edilirse krizden sonra anapara korumal\u0131 fonlar, anaparay\u0131 koruyan finansal ara\u00e7lar \u00e7\u0131kmaya ba\u015flad\u0131.<\/p>\n<p>Asl\u0131nda olduk\u00e7a karma\u015f\u0131k bir yap\u0131 sergileyen yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler,\u00a0 bu ve bunu izleyen yaz\u0131larda basit bir \u015fekilde anlat\u0131lmaya, genel hatlar\u0131yla a\u00e7\u0131klanmaya \u00e7al\u0131\u015f\u0131lm\u0131\u015ft\u0131r. Bir dizi halinde yay\u0131nlanacak bu yaz\u0131da, piyasalarda yo\u011fun olarak i\u015flem g\u00f6ren \u00fcr\u00fcn \u00e7e\u015fitleri tan\u0131t\u0131lm\u0131\u015f ve i\u015fleyi\u015fleri a\u00e7\u0131klanm\u0131\u015ft\u0131r. Ayr\u0131ca yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerin avantaj ve dezavantajlar\u0131 \u00fczerinde durulmu\u015ftur.<\/p>\n<p>Sonraki yaz\u0131larda ise yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin uluslararas\u0131 piyasalarda ve T\u00fcrkiye\u2019deki kullan\u0131mlar\u0131 incelenmeye \u00e7al\u0131\u015f\u0131lacakt\u0131r.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-540199653\"><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><strong>2.<\/strong><strong> <\/strong><strong>Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnlerin Tan\u0131m\u0131 ve Olu\u015fumu <\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler ile ilgili \u00e7e\u015fitli tan\u0131mlar bulunmaktad\u0131r. Bu tan\u0131mlardan baz\u0131lar\u0131 a\u015fa\u011f\u0131da s\u0131ralanm\u0131\u015ft\u0131r.<\/p>\n<p>\u00b7 Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler, kendilerine \u00f6zel risk ve getiri profilleri olan t\u00fcrev \u00fcr\u00fcnler\u00a0 ile geleneksel finansal \u00fcr\u00fcnlerin kombinasyonudur<sup>1<\/sup>.<\/p>\n<p>\u00b7 Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler, getirileri dayand\u0131\u011f\u0131 bir veya birden fazla varl\u0131\u011fa ba\u011fl\u0131 olarak de\u011fi\u015fen yat\u0131r\u0131m \u00fcr\u00fcnleridir<sup>2<\/sup>.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3086262338\"><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>\u00b7 Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler bir hisse senedine, hisse senedi portf\u00f6y\u00fcne, opsiyonlara, endekslere, emtialara, vb. gibi t\u00fcrev \u00fcr\u00fcnlere dayal\u0131 yat\u0131r\u0131m stratejileridir<sup>3<\/sup>.<\/p>\n<p>&nbsp;<\/p>\n<p>Tan\u0131mlar birbirinden\u00a0 farkl\u0131 olmakla birlikte, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin a\u015fa\u011f\u0131da belirtilen ortak \u00f6zellikleri vard\u0131r.<\/p>\n<p>\u00b7 Her yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn\u00fcn\u00a0 dayand\u0131\u011f\u0131 ilgili bir varl\u0131k\u00a0 s\u00f6zkonusudur.<\/p>\n<p>\u00b7 Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin sa\u011flad\u0131\u011f\u0131 nakit ak\u0131\u015f\u0131 dayand\u0131klar\u0131 varl\u0131klara ba\u011fl\u0131d\u0131r.<\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler, genellikle bilinen geleneksel finansal \u00fcr\u00fcnler ile t\u00fcrev \u00fcr\u00fcnler olmak \u00fczere iki b\u00f6l\u00fcmden olu\u015fur. Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin\u00a0 sa\u011flad\u0131\u011f\u0131 getiriler, nakit\u00a0 ak\u0131\u015flar\u0131 ve risk d\u00fczeyleri gibi temel unsurlar bu b\u00f6l\u00fcmler taraf\u0131ndan belirlenir.\u00a0 \u0130lk b\u00f6l\u00fcmde yer alan geleneksel finansal \u00fcr\u00fcnler kapsam\u0131nda tahvil, bono, hisse senedi, endeks ve mevduat gibi \u00fcr\u00fcnler bulunur.<\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin ikinci b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturan t\u00fcrev \u00fcr\u00fcnler kapsam\u0131nda ise farkl\u0131 stratejileri olan ve \u00e7e\u015fitli dayanak varl\u0131klara ba\u011fl\u0131 olarak i\u015flem g\u00f6ren farkl\u0131 t\u00fcrev \u00fcr\u00fcnler bulunmaktad\u0131r. Bu b\u00f6l\u00fcmde her t\u00fcrl\u00fc t\u00fcrev \u00fcr\u00fcn yer alaca\u011f\u0131 gibi \u00e7o\u011funlukla\u00a0 opsiyonlar\u00a0 yer almaktad\u0131r.<strong> <\/strong>S\u00f6zkonusu opsiyonlar t\u00fcr olarak vanilya tipi olabilece\u011fi gibi egzotik bir opsiyon da olabilir. Ayr\u0131ca dayand\u0131klar\u0131 ilgili varl\u0131klar da hisse senedi, endeks, emtia, d\u00f6viz kuru ve faiz oran\u0131 gibi \u00e7e\u015fitli varl\u0131klar olabilir.<\/p>\n<p>T\u00fcrev \u00fcr\u00fcnlerin ba\u011fl\u0131 oldu\u011fu varl\u0131\u011fa \u201dilgili varl\u0131k\u201d ya da \u201cdayanak varl\u0131k\u201d denilmektedir.<\/p>\n<p><strong>3. <\/strong><strong><\/strong><strong>Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnlerin T\u00fcrleri <\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler i\u015flem g\u00f6rd\u00fckleri piyasalara, ba\u011fl\u0131 olduklar\u0131 dayanak varl\u0131\u011fa ve risk d\u00fczeylerine g\u00f6re olmak \u00fczere \u00fc\u00e7 gruba ayr\u0131labilir.\u00a0 A\u015fa\u011f\u0131daki \u015fekil yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnleri bir b\u00fct\u00fcn olarak g\u00f6stermektedir.<\/p>\n<p><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler.png\" data-wpel-link=\"internal\"><img decoding=\"async\" class=\"alignnone size-full wp-image-10695\" title=\"yapilandirilmis finansal urunler\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler.png\" alt=\"\" width=\"507.2\" height=\"379.2\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler.png 634w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler-300x224.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler-96x71.png 96w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler-31x23.png 31w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler-38x28.png 38w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler-287x215.png 287w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/05\/yapilandirilmis-finansal-urunler-128x95.png 128w\" sizes=\"(max-width: 634px) 100vw, 634px\" \/><\/a><\/p>\n<p><strong><em>\u015eekil 1: Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerin t\u00fcrleri. <\/em><\/strong><\/p>\n<p><strong><\/strong><strong>3.1.<\/strong> <strong>\u0130\u015flem G\u00f6rd\u00fckleri Piyasalara G\u00f6re Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnler<\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler i\u015flem g\u00f6rd\u00fckleri piyasalara g\u00f6re organize piyasalarda ve tezg\u00e2h \u00fcst\u00fc piyasalarda i\u015flem g\u00f6renler olmak \u00fczere ikiye ayr\u0131l\u0131r.<\/p>\n<p>Organize piyasalarda i\u015flemler d\u00fczenleyici bir otorite taraf\u0131ndan belirlenir. Bu otoritenin koydu\u011fu kurallar ve yapt\u0131r\u0131mlar do\u011frultusunda yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler al\u0131m sat\u0131ma konu olur. \u0130\u015flem yapan taraflardan kaynaklanan olas\u0131 risk, aradaki Takasbank veya arac\u0131 kurum taraf\u0131ndan \u00fcstlenilir.\u00a0 Bu piyasalarda i\u015flem g\u00f6ren yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlere Scoach*** borsas\u0131nda i\u015flem g\u00f6ren \u00fcr\u00fcnler \u00f6rnek olarak verilebilir.<\/p>\n<p>Tezg\u00e2h \u00fcst\u00fc piyasalarda \u00fcr\u00fcn\u00fcn kullan\u0131m fiyat\u0131, vadesi ve dayanak varl\u0131\u011f\u0131 gibi \u00f6zellikler finansal kurum\u00a0 ile\u00a0 yat\u0131r\u0131mc\u0131 taraf\u0131ndan\u00a0 kar\u015f\u0131l\u0131kl\u0131 g\u00f6r\u00fc\u015fmelerle belirlenir. \u00dcr\u00fcnden kaynaklanan her t\u00fcrl\u00fc sorumluluk,\u00a0 i\u015flemi ger\u00e7ekle\u015ftiren finansal kurum\u00a0 ve yat\u0131r\u0131mc\u0131y\u0131 ba\u011flar. Ba\u015fka bir deyi\u015fle taraflardan biri y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc yerine getirmedi\u011finde risk kar\u015f\u0131 tarafa kal\u0131r.<\/p>\n<p><strong>3.2.<\/strong> <strong>Dayanak Varl\u0131klara G\u00f6re Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler <\/strong><\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler, ba\u011fl\u0131 olduklar\u0131 dayanak varl\u0131klara g\u00f6re a\u015fa\u011f\u0131daki t\u00fcrlere ayr\u0131l\u0131r.<\/p>\n<p><strong>3.2.1. Yabanc\u0131 Paraya Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler <\/strong><\/p>\n<p>Bu \u00fcr\u00fcnlerin dayanak varl\u0131\u011f\u0131 yabanc\u0131 parad\u0131r. \u00dcr\u00fcn\u00fcn getirisi ve yat\u0131r\u0131mc\u0131s\u0131na sa\u011flad\u0131\u011f\u0131 nakit ak\u0131\u015f\u0131 dayand\u0131\u011f\u0131\u00a0 para birimine ba\u011fl\u0131 olarak de\u011fi\u015fir. Yaln\u0131zca bir para birimine ba\u011fl\u0131 \u00fcr\u00fcnlerin yan\u0131s\u0131ra,\u00a0 \u00e7e\u015fitli para birimlerinden olu\u015fan bir sepete ba\u011fl\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler de piyasada i\u015flem g\u00f6rmektedir. Bu kapsamda yayg\u0131n olarak kullan\u0131lan para birimlerine USD, JPY, EUR, CHF, GBP\u00a0 \u00f6rnek olarak g\u00f6sterilebilir.<\/p>\n<p><strong>3.2.2. Emtiaya Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler <\/strong><\/p>\n<p>S\u00f6zkonusu \u00fcr\u00fcnlerin dayanak varl\u0131\u011f\u0131 emtia olup, \u00fcr\u00fcn\u00fcn getirisi ve yat\u0131r\u0131mc\u0131s\u0131na sa\u011flad\u0131\u011f\u0131 nakit ak\u0131\u015f\u0131 dayand\u0131\u011f\u0131 emtiaya ba\u011fl\u0131 olarak de\u011fi\u015fir. \u00dcr\u00fcnler bir emtian\u0131n yan\u0131s\u0131ra\u00a0 birden fazla emtiaya ba\u011fl\u0131 olarak da piyasada dola\u015f\u0131mda bulunurlar. Alt\u0131n, g\u00fcm\u00fc\u015f ve petrol gibi emtialar dayanak varl\u0131k olarak uygulamada olduk\u00e7a s\u0131k kullan\u0131lmaktad\u0131r.<\/p>\n<p><strong>3.2.3. Hisse Senedine ve Endekse Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler <\/strong><\/p>\n<p>Bu \u00fcr\u00fcnlerin dayanak varl\u0131\u011f\u0131 hisse senedi veya endekstir. \u00dcr\u00fcn\u00fcn getirisi ve sa\u011flad\u0131\u011f\u0131 nakit ak\u0131\u015f\u0131 dayand\u0131\u011f\u0131 hisse senedi veya endekse ba\u011fl\u0131 olarak de\u011fi\u015fmektedir. Bir hisse senedine ya da birden fazla hisse senedine ba\u011fl\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler piyasada olduk\u00e7a yayg\u0131n bir \u015fekilde i\u015flem g\u00f6rmektedir. Tek bir endekse ba\u011fl\u0131 \u00fcr\u00fcnler olabildi\u011fi gibi endeks sepetine ba\u011fl\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler de piyasada i\u015flem g\u00f6rmektedir. En yayg\u0131n dayanak endeksler\u00a0 Dow Jones, Eurostoxx50, DAX, FTSE 100 gibi endekslerdir.<\/p>\n<p><strong>3.2.4. Faiz Oran\u0131na Dayal\u0131 Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler <\/strong><\/p>\n<p>Bu t\u00fcr \u00fcr\u00fcnler faiz oran\u0131na dayal\u0131 olarak \u00e7\u0131kar\u0131l\u0131r. \u00dcr\u00fcn\u00fcn getirisi ve yat\u0131r\u0131mc\u0131s\u0131na sa\u011flad\u0131\u011f\u0131 nakit ak\u0131\u015f\u0131 dayand\u0131\u011f\u0131 faiz oran\u0131na ba\u011fl\u0131 olarak dalgalan\u0131r. S\u00f6z konusu faiz oran\u0131 bir ya da birden fazla olabilir. Yayg\u0131n olarak kullan\u0131lan dayanak faiz oranlar\u0131 LIBOR ve EURIBOR gibi faiz oranlar\u0131d\u0131r.<\/p>\n<p><strong>3.2.5. Melez Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler<\/strong><\/p>\n<p>Bu \u00fcr\u00fcnlerin performans\u0131 ayn\u0131 anda en az iki t\u00fcr varl\u0131\u011fa dayan\u0131r. \u00d6rne\u011fin dayanak varl\u0131\u011f\u0131 d\u00f6viz kuru, emtia ve hisse senedi olan bir yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn bu kapsama girer.\u00a0 Burada belirtilen dayanak varl\u0131klar d\u0131\u015f\u0131nda kredi, hedge-fon, enflasyon ve di\u011fer varl\u0131klara dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler de s\u00f6zkonusu olabilmektedir.<\/p>\n<p><strong><span style=\"text-decoration: underline;\"><br \/>\n<\/span><\/strong><strong>Bir sonraki yaz\u0131da \u201cRisk D\u00fczeyine G\u00f6re Yap\u0131land\u0131r\u0131lm\u0131\u015f Finansal \u00dcr\u00fcnler\u201d aras\u0131nda yer alan \u201cAnapara Korumal\u0131 Finansal \u00dcr\u00fcnler\u201d ile \u201cGetiri Art\u0131ran Finansal \u00dcr\u00fcnler\u201d \u00a0incelenecektir.<\/strong><\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n<p>*\u00a0\u00a0\u00a0Marmara \u00dcniversitesi \u0130ktisadi ve \u0130dari Bilimler Fak\u00fcltesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc\u00a0\u00d6\u011fretim \u00dcyesi<\/p>\n<p>**\u00a0\u00a0Bah\u00e7e\u015fehir \u00dcniversitesi \u0130\u015fletme B\u00f6l\u00fcm\u00fc Doktora \u00d6\u011frencisi &#8211; Eren.Kocyigit@isbank.com.tr<\/p>\n<p>***\u00a0 Scoach borsas\u0131, Six Group ve Deutsche B\u00f6rse AG\u2019nin ortakla\u015fa kurdu\u011fu ve yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin i\u015flem g\u00f6rd\u00fc\u011f\u00fc ve i\u015flem hacminin en y\u00fcksek oldu\u011fu borsad\u0131r. Zurich ve Frankfurt\u2019da olmak \u00fczere iki ayr\u0131 i\u015flem platformuna sahiptir. Frankfurt\u2019daki i\u015flem platformunda Almanya ve di\u011fer AB \u00fcyesi \u00fclkelerdeki yat\u0131r\u0131mc\u0131lar, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn al\u0131m sat\u0131m\u0131n\u0131 yapabilirken, Zurich\u2019deki platform \u0130svi\u00e7re yat\u0131r\u0131mc\u0131lar\u0131na hizmet etmektedir.\u00a0 Borsa hakk\u0131ndaki detayl\u0131 bilgi &lt;<a href=\"http:\/\/www.scoach.de\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.scoach.de<\/a>&gt;\u00a0 linkinden elde edilebilir.<\/p>\n<p>[1] Das, S. 2000, <em>Structured Products and Hybrid Securities<\/em>, John Wiley &amp; Sons, New York.<\/p>\n<p>[2] SSPA, Swiss Structured Products Association, Structured Products, &lt;<a href=\"http:\/\/www.svsp-verband.ch\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.svsp-verband.ch<\/a>&gt;<\/p>\n<p>[3]Wikipedia, Structured Products, Retrieved 01 KASIM 2010\u00a0 &lt;<a href=\"http:\/\/www.wikipedia.org\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/www.wikipedia.org\/<\/a>&gt;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER &#8211; I (STRUCTURED FINANCIAL PRODUCTS) Prof. Dr. Nurg\u00fcl Chambers * Eren Ko\u00e7yi\u011fit ** Giri\u015f Her finansal \u00fcr\u00fcn\u00a0 bir ihtiya\u00e7tan do\u011far. De\u011fi\u015fen 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-1824","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\/1824","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=1824"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/1824\/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=1824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=1824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=1824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}