{"id":7140,"date":"2011-10-30T20:44:21","date_gmt":"2011-10-30T17:44:21","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=7140"},"modified":"2011-10-30T23:09:07","modified_gmt":"2011-10-30T20:09:07","slug":"yapilandirilmis-finansal-urunler-%e2%80%93-v-structured-financial-products-v","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yapilandirilmis-finansal-urunler-%e2%80%93-v-structured-financial-products-v\/","title":{"rendered":"YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 V (STRUCTURED FINANCIAL PRODUCTS -V)"},"content":{"rendered":"<p align=\"center\"><strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER <\/strong>\u2013 <strong>V *<br \/>\n(STRUCTURED FINANCIAL PRODUCTS -V)<\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2206952361\"><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><strong>Prof. Dr. Nurg\u00fcl Chambers **<br \/>\nZ. Eren Ko\u00e7yi\u011fit ***<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>\u00a0<\/strong><strong style=\"text-align: -webkit-center;\">YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER VE D\u00dcNYADA KULLANIMI<\/strong><\/p>\n<p>\u00a0<strong>1.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>Giri\u015f<\/strong><\/p>\n<p><strong>\u00a0<\/strong>\u00a0 \u00a0 \u00a0 Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerle ilgili yaz\u0131 dizisinin bu b\u00f6l\u00fcm\u00fcnde, d\u00fcnyadaki kullan\u0131mlar\u0131 ve ula\u015ft\u0131klar\u0131 i\u015flem hacmi \u00fczerinde durulacakt\u0131r. Bu do\u011frultuda Avrupa, Kuzey Amerika, Latin Amerika ve Asya &amp; Pasifik b\u00f6lgelerinde ihra\u00e7 edilen yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnler, \u00fcr\u00fcn adedi ve sat\u0131lan \u00fcr\u00fcn tutar\u0131 olarak ele al\u0131nm\u0131\u015ft\u0131r. \u00a0B\u00f6ylece yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin finansal piyasalarda ula\u015ft\u0131klar\u0131 b\u00fcy\u00fckl\u00fck ortaya konulmaya \u00e7al\u0131\u015f\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>\u0130nceleme kapsam\u0131nda, 1995 y\u0131l\u0131ndan g\u00fcn\u00fcm\u00fcze s\u00f6zkonusu b\u00f6lgelerdeki 30 \u00fclkede piyasaya s\u00fcr\u00fclm\u00fc\u015f yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerin verileri yer almaktad\u0131r. Bu veriler, hem organize piyasalarda hem de tezgah \u00fcst\u00fc piyasalarda i\u015flem g\u00f6ren \u00fcr\u00fcnleri i\u00e7ermektedir.<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li><strong>2.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u00a0Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnlerin D\u00fcnyada Kullan\u0131m\u0131<\/strong><\/li>\n<\/ol>\n<p>\u00c7al\u0131\u015fman\u0131n bu b\u00f6l\u00fcm\u00fcnde, d\u00fcnya genelinde farkl\u0131 b\u00f6lgeler baz\u0131nda yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn kullan\u0131m\u0131 incelenecektir. Burada s\u00f6z\u00fc edilen \u00a0\u2018Dilimli (Tranche) \u00dcr\u00fcnler\u2019 belirli d\u00f6nemlerde al\u0131n\u0131p sat\u0131labilen ve belirli bir vadesi olan \u00fcr\u00fcnlerdir. \u2018A\u00e7\u0131k U\u00e7lu \u00dcr\u00fcnler\u2019 ise her zaman al\u0131n\u0131p sat\u0131labilen ve belirli vadeleri olmayan \u00fcr\u00fcnleri temsil etmektedir.<\/p>\n<p>Piyasada a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcnlere k\u0131yasla, dilimli \u00fcr\u00fcnler daha \u00e7ok al\u0131m sat\u0131ma konu olmaktad\u0131r. Bunun ba\u015fl\u0131ca nedeni, \u00f6zellikle anapara korumas\u0131 ve getiri garantisi sunan \u00fcr\u00fcnlerin, a\u00e7\u0131k u\u00e7lu bir y\u00f6netim stratejisi ile y\u00f6netiminin zor olmas\u0131d\u0131r<sup>1<\/sup>.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-419646557\"><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>Organize piyasalar\u0131n varl\u0131\u011f\u0131 finansal kurumlar\u0131n yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnleri kolayca ihra\u00e7 etmelerini ve \u00fcr\u00fcnlerin borsaya kote olmas\u0131n\u0131 sa\u011flamaktad\u0131r.\u00a0 Bununla birlikte, yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerin tezgah \u00fcst\u00fc piyasalarda da yo\u011fun bir \u015fekilde al\u0131m sat\u0131ma konu oldu\u011funu belirtmekte yarar vard\u0131r.<\/p>\n<p><strong>2.1.<\/strong><strong>\u00a0\u00a0 D\u00fcnyada Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Adedi<\/strong><\/p>\n<p>Bu b\u00f6l\u00fcmde 1995 \u2013 A\u011fustos 2011 d\u00f6neminde ihra\u00e7 edilen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adetlerinin b\u00f6lgelere, \u00fcr\u00fcn t\u00fcrlerine ve itfa durumlar\u0131na g\u00f6re da\u011f\u0131l\u0131m\u0131 incelenecektir.<\/p>\n<p>A\u015fa\u011f\u0131da yer alan Tablo 1\u2019de b\u00f6lge baz\u0131nda ihra\u00e7 edilmi\u015f yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adetleri yer almaktad\u0131r.<\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3764751081\"><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>&nbsp;<\/p>\n<p align=\"center\">Tablo 1: B\u00f6lgeler Baz\u0131nda \u0130hra\u00e7 Edilmi\u015f Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Adedi<\/p>\n<p align=\"center\">(1995-A\u011fustos 2011 D\u00f6nemi)<\/p>\n<p style=\"text-align: center;\">\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-01.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-7141\" title=\"nurgul2810-01\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-01-300x91.png\" alt=\"\" width=\"450\" height=\"136\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-01-300x91.png 300w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-01.png 604w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><em><\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 1\u2019den g\u00f6r\u00fclece\u011fi \u00fczere,\u00a0 Avrupa ihra\u00e7 edilen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn\u00a0 adedi baz\u0131nda toplam 2.499.670 adet ile di\u011fer b\u00f6lgelere g\u00f6re olduk\u00e7a \u00f6ndedir. Ba\u015fka bir deyi\u015fle, ihra\u00e7 edilen \u00fcr\u00fcnlerin %97\u2019si, Avrupa B\u00f6lgesinde yer almaktad\u0131r. Avrupa\u2019daki organize piyasalar\u0131n etkinli\u011fi ve s\u00f6z konusu \u00fcr\u00fcnleri \u00e7\u0131karan finansal kurumlar\u0131n aktifli\u011finin bunda \u00f6nemli rol oynad\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fclebilir.<\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 1\u2019deki verilere dayan\u0131larak haz\u0131rlanm\u0131\u015f olan \u015eekil 1\u2019de de yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn \u00a0adedinin b\u00f6lgelere g\u00f6re y\u00fczdesel da\u011f\u0131l\u0131m\u0131 g\u00f6r\u00fclmektedir. <strong><em><\/em><\/strong><\/p>\n<p align=\"center\"><em>\u015eekil <\/em><em>1<\/em><em>: D\u00fcnyada\u00a0 \u0130hrac Edilen Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Adedi &#8211; B\u00f6lgesel Da\u011f\u0131l\u0131m<\/em><\/p>\n<p align=\"center\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-02.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7155\" title=\"nurgul2810-02\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-02.png\" alt=\"\" width=\"518\" height=\"324\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-02.png 575w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-02-300x187.png 300w\" sizes=\"auto, (max-width: 518px) 100vw, 518px\" \/><\/a><\/p>\n<p><em>\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 (1995- 2011 A\u011fustos D\u00f6nemi)<\/em><\/p>\n<p><em>\u00a0\u00a0\u00a0\u00a0 Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>A\u015fa\u011f\u0131da g\u00f6r\u00fclen Tablo 2\u2019de \u00fcr\u00fcn t\u00fcrleri baz\u0131nda ihra\u00e7 edilmi\u015f yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adetleri ve b\u00f6lgelere g\u00f6re da\u011f\u0131l\u0131mlar\u0131 yer almaktad\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">Tablo 2: \u00dcr\u00fcn T\u00fcrleri Baz\u0131nda \u0130hra\u00e7 Edilmi\u015f Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Adedi<\/p>\n<p align=\"center\">(1995-A\u011fustos 2011 D\u00f6nemi)<\/p>\n<p style=\"text-align: center;\">\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-03.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7154\" title=\"nurgul2810-03\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-03.png\" alt=\"\" width=\"565\" height=\"191\" \/><\/a><\/p>\n<p style=\"text-align: center;\">\u00a0<em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>Tablo 2\u2019den g\u00f6r\u00fclece\u011fi \u00fczere, gerek Avrupa gerekse di\u011fer b\u00f6lgelerde dilimli \u00fcr\u00fcnler a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcnlere g\u00f6re daha fazla ihra\u00e7 edilmektedir. Avrupa\u2019da ihra\u00e7 edilen dilimli \u00fcr\u00fcnlerin oran\u0131 %72, a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcnlerin oran\u0131 %28\u2019dir. Kuzey Amerika, Asya-Pasifik ve Latin Amerika b\u00f6lgelerinde ihra\u00e7 edilen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adedinin %99\u2019undan fazlas\u0131n\u0131 dilimli \u00fcr\u00fcnler olu\u015fturmaktad\u0131r. D\u00fcnya genelinde toplam ihra\u00e7 edilen \u00fcr\u00fcnlerin %72\u2019si dilimli \u00fcr\u00fcnlerden,\u00a0 kalan %28\u2019lik b\u00f6l\u00fcm ise a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcnlerden meydana gelmektedir. Buradan, Avrupa\u2019daki durumun d\u00fcnya genelini temsil etti\u011fi anla\u015f\u0131lmaktad\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p>Finansal kurumlar \u00fcr\u00fcn ihra\u00e7 ederken talep, \u00fcr\u00fcn y\u00f6netim stratejisi, i\u00e7inde bulunulan ekonomik konjonkt\u00fcr gibi etkenleri dikkate alarak \u00fcr\u00fcn\u00fcn dilimli ya da a\u00e7\u0131k u\u00e7lu olmas\u0131na karar verirler. Yukar\u0131da da belirtildi\u011fi \u00fczere, \u00f6zellikle getiri garantili ve anapara korumal\u0131 \u00fcr\u00fcnlerin,\u00a0 a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcn y\u00f6netim stratejisi ile y\u00f6netilmesi daha\u00a0 karma\u015f\u0131k bir yap\u0131 sergilemektedir.\u00a0 S\u00fcrekli giri\u015f \u00e7\u0131k\u0131\u015flar\u0131n oldu\u011fu a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcnlerde anapara korumas\u0131n\u0131 sa\u011flamak zordur. Dilimli \u00fcr\u00fcnler ise belirli d\u00f6nemlerde al\u0131n\u0131p sat\u0131ld\u0131\u011f\u0131ndan y\u00f6netilmesi ve takibi daha kolayd\u0131r. Bu nedenle, di\u011fer fakt\u00f6rlerin yan\u0131s\u0131ra, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adetlerine bak\u0131ld\u0131\u011f\u0131nda, dilimli \u00fcr\u00fcnlerin a\u00e7\u0131k u\u00e7lu \u00fcr\u00fcnlere g\u00f6re daha fazla ihra\u00e7 edildi\u011fi g\u00f6r\u00fclmektedir.<\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 3\u2019de itfa olmu\u015f ve hen\u00fcz itfa olmam\u0131\u015f yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin b\u00f6lgesel da\u011f\u0131l\u0131m\u0131na yer verilmektedir.<\/p>\n<p style=\"text-align: center;\">\u00a0Tablo 3: \u0130tfa Olmu\u015f ve \u0130tfa Olmam\u0131\u015f Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Adetleri<\/p>\n<p align=\"center\">(1995-A\u011fustos 2011 D\u00f6nemi)<\/p>\n<p style=\"text-align: center;\">\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-04.png\" data-wpel-link=\"internal\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7153\" title=\"nurgul2810-04\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-04.png\" alt=\"\" width=\"566\" height=\"212.5\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-04.png 666w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-04-300x112.png 300w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>\u00a0Yukar\u0131daki tablodan g\u00f6r\u00fclece\u011fi \u00fczere, Avrupa b\u00f6lgesinde ihra\u00e7 edilen \u00fcr\u00fcn lerin %81\u2019inin vadesi dolmu\u015f iken bu oran Kuzey Amerika b\u00f6lgesinde %59, Asya &amp; Pasifik b\u00f6lgesinde %67 ve Latin Amerika b\u00f6lgesinde %91\u2019dir.<\/p>\n<p>Yukar\u0131da yer alan Tablo 1, 2 ve 3\u2019deki verilerle, finansal kurumlar taraf\u0131ndan piyasaya s\u00fcr\u00fclen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adetleri incelenmi\u015f ve yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn piyasas\u0131na \u2018\u00fcretici\u2019 g\u00f6z\u00fcyle bak\u0131lm\u0131\u015ft\u0131r. A\u015fa\u011f\u0131da yer alan Tablo 4, 5 ve 6\u2019daki veriler ile yat\u0131r\u0131mc\u0131lar\u0131n sat\u0131n ald\u0131klar\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn tutarlar\u0131 incelenerek, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn piyasas\u0131na \u2018yat\u0131r\u0131mc\u0131\u2019 a\u00e7\u0131s\u0131ndan bak\u0131lacakt\u0131r. Bilindi\u011fi \u00fczere, ihra\u00e7 edilen \u00fcr\u00fcn adedi \u00fcreticinin, sat\u0131lan \u00fcr\u00fcn tutar\u0131 ise t\u00fcketicinin piyasaya bak\u0131\u015f\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2.2.<\/strong><strong>\u00a0\u00a0\u00a0 D\u00fcnyada Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Sat\u0131\u015f Tutarlar\u0131<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Bu b\u00f6l\u00fcmde, 1995 \u2013 A\u011fustos 2011 d\u00f6neminde sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin b\u00f6lgelere, \u00fcr\u00fcn t\u00fcrlerine ve itfa durumlar\u0131na g\u00f6re sat\u0131\u015f tutarlar\u0131 incelenecektir.<\/p>\n<p>A\u015fa\u011f\u0131da yer alan Tablo 4\u2019de b\u00f6lgeler baz\u0131nda sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn tutarlar\u0131 yer almaktad\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">Tablo 4: B\u00f6lgeler Baz\u0131nda Sat\u0131lan Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Tutar\u0131<\/p>\n<p align=\"center\">(1995-A\u011fustos 2011 D\u00f6nemi)<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-05.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7152\" title=\"nurgul2810-05\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-05.png\" alt=\"\" width=\"511\" height=\"221\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-05.png 601w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-05-300x129.png 300w\" sizes=\"auto, (max-width: 511px) 100vw, 511px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 Kaynak: http:\/\/www.structuredretailproducts.com<\/em><em><\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Yukar\u0131daki tablodan g\u00f6r\u00fclece\u011fi \u00fczere, Avrupa sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn tutar\u0131 baz\u0131nda, adet baz\u0131nda oldu\u011fu gibi,\u00a0 di\u011fer b\u00f6lgelerden \u00f6ndedir.\u00a0 Avrupa\u2019da 1995 y\u0131l\u0131 ile 2011 y\u0131l\u0131 A\u011fustos ay\u0131 aras\u0131nda 2.540.899 milyon dolar b\u00fcy\u00fckl\u00fc\u011f\u00fcnde yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn sat\u0131lm\u0131\u015ft\u0131r. Di\u011fer bir ifadeyle, t\u00fcm b\u00f6lgeler ele al\u0131nd\u0131\u011f\u0131nda sat\u0131lan \u00fcr\u00fcnlerin %59\u2019u Avrupa\u2019da sat\u0131\u015fa konu olmu\u015ftur.\u00a0 Bunu %27 ile Asya Pasifik b\u00f6lgesi, %13 ile Kuzey Amerika izlemektedir.<\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 4\u2019deki verilere dayanarak haz\u0131rlanm\u0131\u015f olan \u015eekil 2\u2019de de yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin sat\u0131\u015f\u0131n\u0131n b\u00f6lgelere g\u00f6re y\u00fczdesel da\u011f\u0131l\u0131m\u0131 g\u00f6r\u00fclmektedir.<\/p>\n<p style=\"text-align: center;\"><em>\u00a0\u015eekil 2: D\u00fcnya Genelinde\u00a0 Sat\u0131lan Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Tutar\u0131- B\u00f6lgesel Da\u011f\u0131l\u0131m<\/em><\/p>\n<p style=\"text-align: center;\"><em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0(1995-A\u011fustos 2011 D\u00f6nemi)<\/em><\/p>\n<p style=\"text-align: center;\"><em>\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-06.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7151\" title=\"nurgul2810-06\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-06.png\" alt=\"\" width=\"505\" height=\"319\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-06.png 594w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-06-300x189.png 300w\" sizes=\"auto, (max-width: 505px) 100vw, 505px\" \/><\/a><\/em><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>\u015eekildeki oranlardan anla\u015f\u0131laca\u011f\u0131 \u00fczere Avrupa, d\u00fcnyada ihra\u00e7 edilmi\u015f yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin sat\u0131\u015f tutar\u0131 g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda d\u00fcnya piyasas\u0131na \u00f6nc\u00fcl\u00fck etmektedir.<\/p>\n<p>&nbsp;<\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin \u00e7o\u011funlukla Avrupa\u2019da al\u0131n\u0131p sat\u0131lmas\u0131, Avrupal\u0131 yat\u0131r\u0131mc\u0131lar\u0131n yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlere yat\u0131r\u0131m yapmaya daha yatk\u0131n olduklar\u0131n\u0131 g\u00f6stermektedir. Yap\u0131lan bir \u00e7al\u0131\u015fmada<sup>2<\/sup> Amerika\u2019da yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin geli\u015fiminin Avrupaya g\u00f6re az olmas\u0131n\u0131n nedeni iki etkene ba\u011flanm\u0131\u015ft\u0131r. Bunlardan biri reg\u00fclasyon, di\u011feri de Amerikal\u0131 yat\u0131r\u0131mc\u0131lar\u0131n\u00a0 daha \u00e7ok do\u011frudan hisse senetlerine yat\u0131r\u0131m yapmay\u0131 tercih etmeleridir.<\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 5\u2019de \u00fcr\u00fcn t\u00fcrleri baz\u0131nda sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn tutarlar\u0131 ve b\u00f6lgelere g\u00f6re da\u011f\u0131l\u0131mlar\u0131 yer almaktad\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">Tablo 5: \u00dcr\u00fcn T\u00fcrleri Baz\u0131nda Sat\u0131lan Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Tutar\u0131<\/p>\n<p align=\"center\">(1995-A\u011fustos 2011 D\u00f6nemi)<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-07.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7150\" title=\"nurgul2810-07\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-07.png\" alt=\"\" width=\"521\" height=\"200\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-07.png 651w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-07-300x115.png 300w\" sizes=\"auto, (max-width: 521px) 100vw, 521px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>Yukar\u0131daki Tablo\u2019da Avrupa\u2019da sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn tutar\u0131n\u0131n %93\u2019\u00fcn\u00fc dilimli \u00fcr\u00fcnlerin olu\u015fturdu\u011fu g\u00f6r\u00fclmektedir. Asya-Pasifik ve Latin Amerika b\u00f6lgelerinde sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn tutar\u0131n\u0131n %99\u2019unu dilimli \u00fcr\u00fcnler olu\u015fturmaktad\u0131r. Kuzey Amerika b\u00f6lgesinde ise bu oran %57\u2019dir.<\/p>\n<p>Dilimli \u00fcr\u00fcnlerin yayg\u0131n olarak al\u0131m sat\u0131ma konu olmas\u0131n\u0131n \u00e7e\u015fitli nedenleri olabilir. Bu \u00fcr\u00fcnlerin \u00e7o\u011fu anapara korumal\u0131 \u00fcr\u00fcnler oldu\u011fundan, yat\u0131r\u0131mc\u0131lar\u0131n yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn yat\u0131r\u0131mlar\u0131nda \u00f6ncelikle anapara korumal\u0131 \u00fcr\u00fcnleri tercih etti\u011fi bu nedenlerden biri olarak \u00f6ne s\u00fcr\u00fclebilir.<\/p>\n<p>Tablo 6\u2019da itfa olmu\u015f ve hen\u00fcz itfa olmam\u0131\u015f yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin b\u00f6lgesel da\u011f\u0131l\u0131m\u0131na yer verilmektedir.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">Tablo 6: \u0130tfa Olmu\u015f ve \u0130tfa Olmam\u0131\u015f Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Sat\u0131\u015f Tutarlar\u0131<\/p>\n<p align=\"center\">(1995-A\u011fustos 2011 D\u00f6nemi)<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-08.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7149\" title=\"nurgul2810-08\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-08.png\" alt=\"\" width=\"532\" height=\"194\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-08.png 665w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-08-300x109.png 300w\" sizes=\"auto, (max-width: 532px) 100vw, 532px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p style=\"text-align: center;\"><strong><br \/>\n<\/strong><\/p>\n<p>Tablo 6\u2019dan g\u00f6r\u00fclece\u011fi \u00fczere, Avrupa b\u00f6lgesinde sat\u0131lan \u00fcr\u00fcn tutar\u0131n\u0131n %53\u2019\u00fcn\u00fcn vadesi dolmu\u015f iken bu oran Kuzey Amerika b\u00f6lgesinde %28, Asya &amp; Pasifik b\u00f6lgesinde %78 ve Latin Amerika b\u00f6lgesinde %83\u2019d\u00fcr.<\/p>\n<p>&nbsp;<\/p>\n<p>A\u00e7\u0131klamalardan anla\u015f\u0131laca\u011f\u0131 \u00fczere yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler hakk\u0131nda inceleme yap\u0131labilecek en uygun piyasa Avrupa piyasas\u0131d\u0131r. Bu nedenle \u00e7al\u0131\u015fman\u0131n kalan k\u0131sm\u0131nda Avrupa b\u00f6lgesinde yer alan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler incelenecektir.<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li><strong>3.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u00a0Avrupa\u2019da Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Kullan\u0131m\u0131<\/strong><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>Bu b\u00f6l\u00fcmde Avrupa b\u00f6lgesinde ihra\u00e7 edilen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adetleri ve sat\u0131\u015f tutarlar\u0131 vade, dayanak varl\u0131k s\u0131n\u0131f\u0131 ve sat\u0131\u015f yap\u0131lan \u00fclkeler baz\u0131nda incelenmeye \u00e7al\u0131\u015f\u0131lacakt\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3.1. Avrupa\u2019da Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnlerin Vadeleri <\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>A\u015fa\u011f\u0131daki tabloda, 2006 y\u0131l\u0131ndan 2011 A\u011fustos ay\u0131na kadar Avrupa genelinde sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler in, adet ve tutar baz\u0131nda farkl\u0131 vadelerdeki da\u011f\u0131l\u0131m\u0131 yer almaktad\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">Tablo 7: Avrupa\u2019da \u0130hra\u00e7 Edilen ve Sat\u0131lan Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Vadeleri<\/p>\n<p align=\"center\"><strong>(2006-2011 A\u011fustos D\u00f6nemi)<\/strong><\/p>\n<p style=\"text-align: center;\" align=\"center\"><strong><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-09.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7148\" title=\"nurgul2810-09\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-09.png\" alt=\"\" width=\"491\" height=\"181\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-09.png 614w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-09-300x110.png 300w\" sizes=\"auto, (max-width: 491px) 100vw, 491px\" \/><\/a><br \/>\n<\/strong><\/p>\n<p style=\"text-align: center;\"><em>\u00a0\u00a0\u00a0 Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 7\u2019den g\u00f6r\u00fclece\u011fi \u00fczere, ihra\u00e7 edilen \u00fcr\u00fcn adedi dikkate al\u0131nd\u0131\u011f\u0131nda %92 gibi b\u00fcy\u00fck bir \u00e7o\u011funlukla 2 y\u0131ldan k\u0131sa vadeli \u00fcr\u00fcnler Avrupa\u2019da en \u00e7ok piyasaya s\u00fcr\u00fclen \u00fcr\u00fcnlerdir.\u00a0 Bunlar\u0131 %7,5\u2019lik pay ile orta vadeli \u00fcr\u00fcnler ve y\u00fczde 0,5\u2019lik pay ile uzun vadeli \u00fcr\u00fcnler izlemektedir.<\/p>\n<p>&nbsp;<\/p>\n<p>Sat\u0131lan \u00fcr\u00fcn tutar\u0131 ele al\u0131nd\u0131\u011f\u0131nda ise %50\u2019lik pay ile orta vadeli \u00fcr\u00fcnlerin yat\u0131r\u0131mc\u0131lar taraf\u0131ndan daha \u00e7ok tercih edildi\u011fi g\u00f6r\u00fclmektedir. Bunlar\u0131 %26 ile uzun vadeli \u00fcr\u00fcnler, %23 ile k\u0131sa vadeli \u00fcr\u00fcnler izlemektedir.<\/p>\n<p>&nbsp;<\/p>\n<p>Anla\u015f\u0131laca\u011f\u0131 \u00fczere, Avrupa\u2019da yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler piyasas\u0131nda \u00fcr\u00fcnleri piyasaya s\u00fcren kurumlar a\u00e7\u0131s\u0131ndan k\u0131sa vadeli \u00fcr\u00fcnler, yat\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan ise orta vadeli \u00fcr\u00fcnler tercih edilmektedir. Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnleri sat\u0131n alan sigorta \u015firketleri, emeklilik \u015firketleri gibi kurumsal yat\u0131r\u0131mc\u0131lar\u0131n orta ve uzun s\u00fcreli olanlar\u0131 tercih etti\u011fi bilinmektedir.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.2. Avrupa\u2019da Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnlerin Dayand\u0131\u011f\u0131 Varl\u0131klar \u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>A\u015fa\u011f\u0131da yer alan Tablo 8\u2019de, 2006 y\u0131l\u0131ndan 2011A\u011fustos\u2019a kadar Avrupa genelinde ihra\u00e7 edilen ve sat\u0131lan yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin dayand\u0131\u011f\u0131 varl\u0131klar yer almaktad\u0131r.<\/p>\n<p style=\"text-align: center;\"><strong>\u00a0Tablo 8: Avrupa\u2019da Sat\u0131lan Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcnlerin Dayand\u0131\u011f\u0131 Varl\u0131klar<\/strong><\/p>\n<p align=\"center\"><strong>( 2006- 2011 A\u011fustos D\u00f6nemi)<\/strong><\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-10.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7147\" title=\"nurgul2810-10\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-10.png\" alt=\"\" width=\"502\" height=\"229\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-10.png 628w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-10-300x137.png 300w\" sizes=\"auto, (max-width: 502px) 100vw, 502px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>Yukar\u0131daki tablodan g\u00f6r\u00fclece\u011fi \u00fczere, ihra\u00e7 edilen \u00fcr\u00fcn adedi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda yakla\u015f\u0131k %58 oran\u0131 ile tek hisse senedine dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler, piyasaya s\u00fcr\u00fclen \u00fcr\u00fcnler aras\u0131nda en yayg\u0131n olan\u0131d\u0131r. Bunun nedeni olarak \u00fcr\u00fcn yap\u0131land\u0131r\u0131lmas\u0131ndaki kolayl\u0131k veya piyasa ara\u015ft\u0131rmalar\u0131 d\u00fc\u015f\u00fcn\u00fclebilir. Bu \u00fcr\u00fcnleri, %30,6 ile endekse ve %4,7 ile d\u00f6vize dayal\u0131 \u00fcr\u00fcnler izlemektedir.<\/p>\n<p>&nbsp;<\/p>\n<p>Sat\u0131\u015f tutarlar\u0131na bak\u0131ld\u0131\u011f\u0131nda ise yat\u0131r\u0131mc\u0131lar\u0131n en \u00e7ok %26 oran\u0131 endekse dayal\u0131 \u00fcr\u00fcnleri tercih ettikleri g\u00f6r\u00fclmektedir. Endeks fiziksel olarak sat\u0131n al\u0131namad\u0131\u011f\u0131ndan, endekse dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn almak yat\u0131r\u0131mc\u0131ya cazip gelmi\u015f olabilir. Endekse dayal\u0131 yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnleri %19,7 ile faiz, %14,5 ile bir hisse senedine dayal\u0131 \u00fcr\u00fcnler izlemektedir.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3.3. Avrupa\u2019da Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn \u0130hra\u00e7 Adedi ve Sat\u0131\u015f Tutar\u0131 <\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 9\u2019da 2007 y\u0131l\u0131ndan 2011 A\u011fustos\u2019a kadar Avrupa b\u00f6lgesinde yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn ihra\u00e7 adetleri ve sat\u0131\u015f tutarlar\u0131na yer verilmi\u015ftir.<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\"><strong>Tablo 9: Avrupa\u2019da Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn \u0130hra\u00e7 Adedi ve Sat\u0131\u015f Tutar\u0131 <\/strong><\/p>\n<p align=\"center\"><strong>(2007-2011 A\u011fustos D\u00f6nemi)<\/strong><\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-11.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7146\" title=\"nurgul2810-11\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-11.png\" alt=\"\" width=\"483\" height=\"305\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-11.png 604w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-11-300x189.png 300w\" sizes=\"auto, (max-width: 483px) 100vw, 483px\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 9\u2019dan g\u00f6r\u00fclece\u011fi \u00fczere, ihra\u00e7 edilen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adedi 2007\u2019den 2008\u2019e \u00a0%70 oran\u0131nda artmas\u0131na ra\u011fmen, sat\u0131lan \u00fcr\u00fcn hacminde %16\u2019l\u0131k bir d\u00fc\u015f\u00fc\u015f meydana gelmi\u015ftir.\u00a0 Bunun ba\u015fl\u0131ca nedeni olarak 2007 A\u011fustos ay\u0131nda ba\u015flayan k\u00fcresel kriz g\u00f6sterilebilir. \u00c7\u00fcnk\u00fc ya\u015fanan finansal kriz yat\u0131r\u0131mc\u0131lar\u0131n risk i\u015ftahlar\u0131n\u0131 azaltm\u0131\u015f ve onlar\u0131 daha geleneksel bir tutum sergilemeye itmi\u015ftir. \u0130hra\u00e7 edilen \u00fcr\u00fcn adedinde azalma olmay\u0131\u015f\u0131 ise ihra\u00e7 eden kurumlar\u0131n yat\u0131r\u0131mc\u0131lara g\u00f6re krize daha ge\u00e7 tepki verdikleri \u015feklinde alg\u0131lanabilir.<\/p>\n<p>&nbsp;<\/p>\n<p>2008\u2019den 2009\u2019a ge\u00e7i\u015fte finansal kurumlar da krizin etkilerini g\u00f6z \u00f6n\u00fcnde bulundurmaya ba\u015flam\u0131\u015flard\u0131r. Bu nedenle piyasaya s\u00fcr\u00fclen yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn adedinde %7 dolay\u0131nda bir azalma olmu\u015ftur. Di\u011fer taraftan, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn sat\u0131\u015f tutarlar\u0131na bak\u0131ld\u0131\u011f\u0131nda krizin yat\u0131r\u0131mc\u0131lar \u00fczerindeki etkisinin devam etti\u011fi g\u00f6r\u00fclmektedir.\u00a0 Sat\u0131lan \u00fcr\u00fcn hacminde %17\u2019lik bir d\u00fc\u015f\u00fc\u015f meydana\u00a0 gelmi\u015ftir<\/p>\n<p>2009\u2019dan 2010\u2019a ge\u00e7i\u015fte ise finansal piyasalardaki d\u00fczelme belirtileri ilk olarak finansal kurumlar\u0131 harekete ge\u00e7irmi\u015f ve ihra\u00e7 edilen \u00fcr\u00fcn adedinde %37\u2019lik bir art\u0131\u015f meydana gelmi\u015ftir. Yat\u0131r\u0131mc\u0131lar ise muhafazakar tutumlar\u0131n\u0131 \u00e7ok de\u011fi\u015ftirmemi\u015f ve yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn yat\u0131r\u0131mlar\u0131n\u0131 yaln\u0131zca %1 oran\u0131nda art\u0131rm\u0131\u015flard\u0131r.<\/p>\n<p>&nbsp;<\/p>\n<p>2011 y\u0131l\u0131 A\u011fustos ay\u0131na kadar ihra\u00e7 edilen \u00fcr\u00fcn adetleri ve sat\u0131\u015f tutarlar\u0131na bak\u0131ld\u0131\u011f\u0131nda ise finansal kurumlar\u0131n \u00fcr\u00fcn ihrac\u0131 konusunda agresif tutumlar\u0131n\u0131 s\u00fcrd\u00fcrd\u00fc\u011f\u00fcn\u00fc ve hen\u00fcz sekizinci ayda bir \u00f6nceki y\u0131l\u0131n toplam \u00fcr\u00fcn adetini ge\u00e7tikleri g\u00f6r\u00fclmektedir. Sat\u0131lan \u00fcr\u00fcn tutarlar\u0131 ise yat\u0131r\u0131mc\u0131lar\u0131n hala finansal krizin etkisinden kurtulamad\u0131klar\u0131 ve yat\u0131r\u0131mlar\u0131nda ihtiyatl\u0131 davrand\u0131klar\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.4. Avrupa \u00dclkeleri Baz\u0131nda Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Kullan\u0131m\u0131 <\/strong><\/p>\n<p>A\u015fa\u011f\u0131da yer alan Tablo, \u00a02006 y\u0131l\u0131ndan 2011 y\u0131l\u0131 A\u011fustos ay\u0131na kadar ge\u00e7en s\u00fcrede\u00a0 Avrupa\u00a0 \u00fclkeleri baz\u0131nda yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn kullan\u0131m\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p align=\"center\"><strong>Tablo 10: Avrupa \u00dclkeleri Baz\u0131nda Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00dcr\u00fcn Kullan\u0131m\u0131<\/strong><\/p>\n<p align=\"center\"><strong>(2006-A\u011fustos 2011 D\u00f6nemi)<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>\u00a0<a href=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-12.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7145\" title=\"nurgul2810-12\" src=\"http:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-12.png\" alt=\"\" width=\"484\" height=\"225\" srcset=\"https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-12.png 605w, https:\/\/www.bilgeyatirimci.com\/wp-content\/uploads\/2011\/10\/nurgul2810-12-300x139.png 300w\" sizes=\"auto, (max-width: 484px) 100vw, 484px\" \/><\/a><\/strong><\/p>\n<p style=\"text-align: center;\"><em>Kaynak: http:\/\/www.structuredretailproducts.com<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Tablo 10\u2019dan da g\u00f6r\u00fclece\u011fi \u00fczere, ihra\u00e7 edilen \u00fcr\u00fcn adedi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda Almanya toplam i\u00e7inde %78\u2019lik pay ile \u00f6nde gelmektedir. Almanya\u2019y\u0131 %18 ile \u0130svi\u00e7re, % 1 ile Fransa izlemektedir.<\/p>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn sat\u0131\u015f tutarlar\u0131na bak\u0131ld\u0131\u011f\u0131nda Almanya ve \u0130talya\u2019n\u0131n\u00a0 %22\u2019lik oranlar\u0131 ile ilk s\u0131rada olduklar\u0131 g\u00f6r\u00fclmektedir. Bu \u00fclkeleri %14 ile \u0130svi\u00e7re, %10 ile \u0130spanya izlemektedir. Di\u011fer \u00fclkelerin oran\u0131 %10\u2019un alt\u0131ndad\u0131r.<\/p>\n<p>\u00d6zellikle Almanya ve \u0130svi\u00e7re\u2019nin ihra\u00e7 edilen \u00fcr\u00fcn say\u0131s\u0131 bak\u0131m\u0131ndan Avrupa\u2019da \u00f6nc\u00fc olmas\u0131n\u0131n ba\u015fl\u0131ca nedeninin organize piyasalar\u0131n\u0131n etkinli\u011fi, derinli\u011fi ve aktifli\u011fi oldu\u011fu d\u00fc\u015f\u00fcn\u00fclmektedir.<\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li><strong>4.\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u00a0Sonu\u00e7<\/strong><\/li>\n<\/ol>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerle ilgili<strong> <\/strong>yaz\u0131 dizisinin bu b\u00f6l\u00fcm\u00fcnde yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnlerin D\u00fcnyadaki kullan\u0131m\u0131, ula\u015ft\u0131klar\u0131 hacim adet ve tutar olarak incelenmi\u015ftir. Bu kapsamda Avrupa, Latin Amerika, Kuzey Amerika ve Asya &amp; Pasifik b\u00f6lgelerindeki kullan\u0131mlar ele al\u0131nm\u0131\u015ft\u0131r.<\/p>\n<p>Yap\u0131lan incelemeler sonucu elde edilen bulgular a\u015fa\u011f\u0131da s\u0131ralanm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li>Hem ihra\u00e7 edilen \u00fcr\u00fcn say\u0131s\u0131, hem de sat\u0131\u015f tutarlar\u0131 baz al\u0131nd\u0131\u011f\u0131nda Avrupa t\u00fcm d\u00fcnya \u00e7ap\u0131nda en aktif b\u00f6lge olarak g\u00f6ze \u00e7arpmaktad\u0131r.<\/li>\n<li>2007-2009 y\u0131llar\u0131 aras\u0131nda ya\u015fanan global kriz hem ihra\u00e7 edilen \u00fcr\u00fcn say\u0131s\u0131, hem de sat\u0131\u015f tutarlar\u0131nda azal\u0131\u015flara neden olmu\u015ftur.<\/li>\n<li>Avrupa\u2019l\u0131 yat\u0131r\u0131mc\u0131lar\u0131n yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn kullan\u0131m\u0131ndaki al\u0131\u015fkanl\u0131klar\u0131 incelendi\u011finde, hisse senedine veya endekse dayal\u0131 \u00fcr\u00fcnlerin \u00f6nde geldi\u011fi \u00a0g\u00f6r\u00fclmektedir.<\/li>\n<li>Avrupa b\u00f6lgesinde ihra\u00e7 edilen \u00fcr\u00fcn say\u0131lar\u0131 baz al\u0131nd\u0131\u011f\u0131nda Almanya ve \u0130svi\u00e7re, yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcn sat\u0131\u015f tutarlar\u0131 baz al\u0131nd\u0131\u011f\u0131nda ise \u0130talya ve Almanya \u00f6nde gelmektedir.<\/li>\n<\/ul>\n<p>Yap\u0131land\u0131r\u0131lm\u0131\u015f finansal \u00fcr\u00fcnlerin uluslararas\u0131 finansal piyasalar ve t\u00fcrev piyasalar\u00a0\u00a0 i\u00e7indeki pay\u0131n\u0131 oransal olarak ortaya koymak ise ba\u015fka bir \u00e7al\u0131\u015fma konusudur.<\/p>\n<p>Bu yaz\u0131n\u0131n izleyen b\u00f6l\u00fcm\u00fcnde T\u00fcrkiye\u2019deki yap\u0131land\u0131r\u0131lm\u0131\u015f \u00fcr\u00fcnler ele al\u0131nacakt\u0131r.<\/p>\n<div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>* Bu yaz\u0131<\/strong> <strong>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 IV\u00a0 yaz\u0131s\u0131n\u0131n devam\u0131d\u0131r.<\/strong><\/p>\n<\/div>\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 \u2013 eren.kocyigit@isbank.com.tr<\/p>\n<p>[1] <em>The Structured Retail Product Markets in Hong Kong, Singapore, Korea and Japan, (<\/em>2005), <em>Research Report<\/em>, <em>\u00a0<\/em>Global Fund Services, Hong Kong.<\/p>\n<p>[2] Hens, Thorsten., and Marc Olivier Rieger (2009). <em>The Dark Side of the Moon:<\/em><\/p>\n<p><em>Structured Products from the Customers Perspective<\/em>, <em>Working paper<\/em>, University of Zurich.<\/p>\n<p>[3] <em>North America: Time For Structured Products<\/em>, (2004)<em>, <\/em>BNP Paribas, United States of America &amp; Canada.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER \u2013 V * (STRUCTURED FINANCIAL PRODUCTS -V) Prof. Dr. Nurg\u00fcl Chambers ** Z. Eren Ko\u00e7yi\u011fit *** \u00a0YAPILANDIRILMI\u015e F\u0130NANSAL \u00dcR\u00dcNLER VE D\u00dcNYADA KULLANIMI&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-7140","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\/7140","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=7140"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/7140\/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=7140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=7140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=7140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}