The document discusses the foreign exchange market. It describes the FX market as the mechanism by which participants transfer purchasing power between countries and obtain credit for international transactions. The FX market has a daily turnover of over $2 trillion and involves various participants including banks, corporations, investors, and central banks. It also operates globally 24 hours a day and involves the exchange of major currencies like the US Dollar, Euro, British Pound, Japanese Yen, and others. The document outlines different types of FX transactions including spots, forwards, and swaps. It also discusses cross-rates and triangular arbitrage opportunities in the FX market.
This document discusses the requirement for a foreign exchange policy for a company with international operations. It outlines the risks such as exchange rate risk, sovereign risk, and liquidity risk that the policy needs to address. It provides details on key parameters for defining and implementing the policy, including objectives, exposure priorities, risk thresholds, and responsibility allocation. Finally, it discusses various hedging techniques that can be used to manage transaction exposures, including forwards, money market hedges, options, cross hedging, and swaps. The policy aims to minimize foreign exchange risk and reduce volatility in costs, profits, and company valuation from currency fluctuations.
This document discusses foreign exchange risk and exposure. It defines exposure as the sensitivity of a company's value to exchange rate changes, while risk refers to the variability of a firm's value due to uncertain exchange rate changes. Exposure is calculated using regression, while risk uses variance or standard deviation. The document outlines different types of exposures including transaction, translation, and operating exposures. It provides examples of how companies can manage transaction exposure through hedging techniques like forward contracts, options, and money market hedges. Finally, it briefly discusses the relationship between exposure and purchasing power parity.
management of foreign exchange and risk managementAjilal
This document discusses various techniques for managing foreign exchange risk and exposure. It begins by defining foreign exchange exposure and risk for business firms engaged in international business. It then discusses managing transaction risk through hedging techniques like forward hedges, money market hedges, option market hedges, and future hedges. It also discusses internal risk management techniques used by multinational companies like netting, matching, leading and lagging, and pricing policies. Finally, it discusses managing operating risk and translation exposure.
here we are trying to explain how firms can benefit from forecasting exchange rate, to describe common technique that used to forecast, how to evaluate forecasting performance
The document discusses exchange rates and factors that influence them. It defines exchange rate as the value of one currency compared to another, such as the current rate of $1 USD to 62 Indian rupees. Exchange rates can fluctuate depending on factors like a country's gold reserves, trade balances, foreign investment, inflation rates, public debt levels, political stability, interest rates, and current account deficits. The document also mentions different stages of inflation from creeping to hyperinflation.
This document discusses currency exchange risk and how international marketers manage it. It provides an overview of currency risk and exchange rates. Currency risk occurs when companies have assets or operations across borders or loans in foreign currencies. Exchange rates determine the value of one currency relative to another. The document then discusses sources of exchange rate risk, how the foreign exchange market works, factors that influence exchange rates, and strategies international marketers can use to manage currency risk such as hedging and adjusting prices.
The document discusses the foreign exchange market. It describes the FX market as the mechanism by which participants transfer purchasing power between countries and obtain credit for international transactions. The FX market has a daily turnover of over $2 trillion and involves various participants including banks, corporations, investors, and central banks. It also operates globally 24 hours a day and involves the exchange of major currencies like the US Dollar, Euro, British Pound, Japanese Yen, and others. The document outlines different types of FX transactions including spots, forwards, and swaps. It also discusses cross-rates and triangular arbitrage opportunities in the FX market.
This document discusses the requirement for a foreign exchange policy for a company with international operations. It outlines the risks such as exchange rate risk, sovereign risk, and liquidity risk that the policy needs to address. It provides details on key parameters for defining and implementing the policy, including objectives, exposure priorities, risk thresholds, and responsibility allocation. Finally, it discusses various hedging techniques that can be used to manage transaction exposures, including forwards, money market hedges, options, cross hedging, and swaps. The policy aims to minimize foreign exchange risk and reduce volatility in costs, profits, and company valuation from currency fluctuations.
This document discusses foreign exchange risk and exposure. It defines exposure as the sensitivity of a company's value to exchange rate changes, while risk refers to the variability of a firm's value due to uncertain exchange rate changes. Exposure is calculated using regression, while risk uses variance or standard deviation. The document outlines different types of exposures including transaction, translation, and operating exposures. It provides examples of how companies can manage transaction exposure through hedging techniques like forward contracts, options, and money market hedges. Finally, it briefly discusses the relationship between exposure and purchasing power parity.
management of foreign exchange and risk managementAjilal
This document discusses various techniques for managing foreign exchange risk and exposure. It begins by defining foreign exchange exposure and risk for business firms engaged in international business. It then discusses managing transaction risk through hedging techniques like forward hedges, money market hedges, option market hedges, and future hedges. It also discusses internal risk management techniques used by multinational companies like netting, matching, leading and lagging, and pricing policies. Finally, it discusses managing operating risk and translation exposure.
here we are trying to explain how firms can benefit from forecasting exchange rate, to describe common technique that used to forecast, how to evaluate forecasting performance
The document discusses exchange rates and factors that influence them. It defines exchange rate as the value of one currency compared to another, such as the current rate of $1 USD to 62 Indian rupees. Exchange rates can fluctuate depending on factors like a country's gold reserves, trade balances, foreign investment, inflation rates, public debt levels, political stability, interest rates, and current account deficits. The document also mentions different stages of inflation from creeping to hyperinflation.
This document discusses currency exchange risk and how international marketers manage it. It provides an overview of currency risk and exchange rates. Currency risk occurs when companies have assets or operations across borders or loans in foreign currencies. Exchange rates determine the value of one currency relative to another. The document then discusses sources of exchange rate risk, how the foreign exchange market works, factors that influence exchange rates, and strategies international marketers can use to manage currency risk such as hedging and adjusting prices.
This document outlines Chapter 14 on exchange rates and foreign exchange markets from a textbook. It includes:
1. Definitions of exchange rates and how they allow prices to be denominated in a common currency.
2. How appreciation and depreciation affect the relative value and purchasing power of currencies.
3. Factors that influence the demand for holding currency deposits, primarily interest rates and expectations of exchange rate movements.
4. A model of foreign exchange markets based on interest rate parity, where expected returns are equal across currencies to avoid arbitrage opportunities.
The foreign exchange market is where currencies are traded globally. It involves various players like banks, corporations, central banks, and investment management firms. India moved from a fixed exchange rate system prior to 1992 to a market-determined floating exchange rate today. Factors like economic conditions, politics, and central bank policies influence exchange rates. Daily global foreign exchange turnover is over $5 trillion. Countries hold foreign exchange reserves to facilitate international trade and finance national current account deficits. Participants in currency markets face risks from exchange rate fluctuations.
The document discusses foreign exchange rates and the foreign exchange market. It provides definitions of key terms like exchange rate, spot rate, and forward rate. It describes the functions and key characteristics of the foreign exchange market, including that the daily global turnover is over $2 trillion and the US dollar is involved in 87% of transactions. It also outlines the different types of transactions that occur in the market and identifies the major participants, including banks, companies, speculators, central banks, and foreign exchange brokers.
The document discusses exchange rate forecasting. Exchange rate forecasting is done by calculating the value of one currency relative to others over time. Various theories can be used for predictions, but no model is perfect. Exchange rate forecasts are required by multinational corporations, governments, financial institutions, and brokers. Fundamental analysis considers long-term economic factors, while technical analysis charts patterns in investor sentiment. Models for predicting exchange rates and prices include the random walk approach, uncovered interest rate parity, purchasing power parity, and theories related to interest rates, inflation, and investor psychology.
This document provides an overview of money market securities, including Treasury bills, commercial paper, negotiable certificates of deposit, and repurchase agreements. It discusses the key characteristics of each type of security such as typical maturities, minimum denominations, how they are issued and traded, and how yields are estimated. The chapter also examines how these short-term instruments provide liquidity to both issuers and investors.
This document discusses different exchange rate systems and how governments can influence exchange rates. It describes fixed exchange rates where a government sets the rate and controls fluctuations. Freely floating rates are determined by market forces without government intervention. Managed floating allows some flexibility but governments may intervene to limit movement. Pegged rates tie a currency to another stable currency. The document provides pros and cons of each system and gives Bangladesh's historical exchange rate regimes as an example.
Axis Ltd, a European company, hedges against adverse currency movements by entering forward exchange contracts after the euro plunges against the dollar, causing lost revenues from prices set in euros. The foreign exchange market allows conversion of one currency to another and helps reduce risk through tools like forward exchange rates, currency swaps, and hedging. Exchange rates are determined by demand and supply of currencies as well as theories including purchasing power parity and interest rate differentials.
describing the exchange rate systems, explaining how government uses direct and indirect intervention to influence exchange rates, and how government intervention in the forex markets.
This document discusses foreign exchange risk and its management. It defines foreign exchange as the conversion of one currency to another, which poses risks from exchange rates and timing. Risk management involves identifying and mitigating uncertainty in investments. Foreign exchange risk specifically refers to unanticipated changes in exchange rates that can harm multinational businesses and investors. There are four main types of foreign exchange risk exposures: transaction, economic, translation, and contingent. The document also briefly discusses measuring financial risk and conditions where foreign exchange risk is irrelevant.
Brief introduction to the Nigerian Stock Exchange Market (NSE). Brought to you by Norrenberger Financial Group. The Nigerian Stock Exchange (NSE) was established in 1960 as the Lagos Stock Exchange. In 1977, its name was changed from the Lagos Stock Exchange to the Nigerian Stock Exchange. It's Activities are very much similar to those of The New York Stock Exchange (NYSE).
This document provides an overview of several international financial markets including: the foreign exchange market, Eurocurrency market, Eurocredit market, Eurobond market, and international stock markets. It discusses the motives for using these markets such as taking advantage of favorable interest rates or currency movements. The key characteristics and operations of each market are described, including how currency exchange rates are determined in the foreign exchange market and how various types of international bonds are issued.
The foreign exchange market is a global decentralized market for trading currencies. It includes the spot market, where currencies are bought and sold for immediate delivery, the forward market, where contracts guarantee future delivery of a currency, and the futures market, where standardized contracts are traded. In the wholesale interbank market, large banks trade currencies with each other. Individuals and smaller businesses engage in the retail forex market through online brokers. The forex market facilitates international trade and commerce by enabling currency exchange and conversion.
Module iv fixed income securities finalSantu Mishra
Fixed income securities are investments that pay a fixed cash flow according to a predetermined schedule. The payments are known in advance unlike variable income securities where payments change. Popular types of fixed income securities include government securities, corporate bonds, treasury bills, and commercial paper. Treasury bills are short term securities issued by the government to finance short term needs. Corporate bonds are debt instruments issued by companies to raise funds and have various types that differ based on issuer, maturity, coupon paid, and redemption features. Fixed income securities provide stable returns compared to other asset classes but have lower liquidity and are sensitive to market interest rates.
Currency derivatives allow investors to hedge risk and speculate on currency movements. Currency futures contracts are standardized contracts to buy or sell a currency at a specified date and price in the future. The price of a futures contract is derived using interest rate parity principles. Currency options provide the right but not the obligation to buy or sell a currency at a specified price. Over-the-counter currency options are tailored contracts for large institutions while exchange-traded currency options are standardized contracts traded on an exchange.
The document discusses international financial markets, specifically the foreign exchange market. It describes the different types of foreign exchange markets - spot, forward, futures, and options markets. It also discusses foreign exchange quotations, including direct and indirect quotations. Finally, it outlines some motives for borrowing and investing in foreign markets, such as obtaining lower interest rates or investing in currencies expected to appreciate.
This chapter discusses bonds and the bond market. It covers various types of bonds including Treasury bonds, municipal bonds, and corporate bonds. It also examines how bond yields are calculated, how to value coupon bonds, and that bonds are a popular long-term investment alternative to stocks, with the bond market issuing over 5 times as much new debt as new equity annually. The purpose of capital markets is to provide long-term financing, with governments and corporations issuing securities that are purchased by investors.
This document provides an overview of currency risk and strategies for managing related exposures. It discusses the various risks faced by firms, including financial risks like currency risk. Currency risk, also called foreign exchange risk, arises from changes in the value of one currency against another. The document defines exposure and risk, and explains that exposure is the sensitivity to risk factors while risk refers to the variability in performance attributable to those factors. It then discusses various methods for measuring a firm's exposure and risk, such as using forward rates to separate anticipated from unanticipated changes. The document concludes by covering hedging strategies that can be used to manage currency risk exposures.
A financial market allows people to trade securities like stocks, bonds, and precious metals at low costs. A major platform for trading short-term financial instruments is the money market, where assets like treasury bills and commercial paper are exchanged. There are several types of equity accounts that make up total shareholders' equity, including common stock, preferred stock, and retained earnings. Common stock represents shareholder investment and ownership, while preferred stock has a guaranteed dividend but no voting rights. Debt securities are financial instruments that borrow money to be repaid at a future date with interest, such as bonds, bills, and notes. Derivatives are contracts between parties whose value is based on underlying assets like securities, commodities, or indexes. Common
This document summarizes a presentation given by Asif Khan, CFA on finance theory versus practice. It discusses how theory and practice are both important in finance. Theory teaches fundamental concepts in classrooms, while practice involves working in the corporate world in roles across both financial and non-financial sectors. Later, it describes how people may return from practice to revisit theoretical concepts. It then outlines some key topics in finance theory that are relevant for various roles, such as financial statement analysis, corporate finance, investment analysis, risk management, and bank management.
This document outlines Chapter 14 on exchange rates and foreign exchange markets from a textbook. It includes:
1. Definitions of exchange rates and how they allow prices to be denominated in a common currency.
2. How appreciation and depreciation affect the relative value and purchasing power of currencies.
3. Factors that influence the demand for holding currency deposits, primarily interest rates and expectations of exchange rate movements.
4. A model of foreign exchange markets based on interest rate parity, where expected returns are equal across currencies to avoid arbitrage opportunities.
The foreign exchange market is where currencies are traded globally. It involves various players like banks, corporations, central banks, and investment management firms. India moved from a fixed exchange rate system prior to 1992 to a market-determined floating exchange rate today. Factors like economic conditions, politics, and central bank policies influence exchange rates. Daily global foreign exchange turnover is over $5 trillion. Countries hold foreign exchange reserves to facilitate international trade and finance national current account deficits. Participants in currency markets face risks from exchange rate fluctuations.
The document discusses foreign exchange rates and the foreign exchange market. It provides definitions of key terms like exchange rate, spot rate, and forward rate. It describes the functions and key characteristics of the foreign exchange market, including that the daily global turnover is over $2 trillion and the US dollar is involved in 87% of transactions. It also outlines the different types of transactions that occur in the market and identifies the major participants, including banks, companies, speculators, central banks, and foreign exchange brokers.
The document discusses exchange rate forecasting. Exchange rate forecasting is done by calculating the value of one currency relative to others over time. Various theories can be used for predictions, but no model is perfect. Exchange rate forecasts are required by multinational corporations, governments, financial institutions, and brokers. Fundamental analysis considers long-term economic factors, while technical analysis charts patterns in investor sentiment. Models for predicting exchange rates and prices include the random walk approach, uncovered interest rate parity, purchasing power parity, and theories related to interest rates, inflation, and investor psychology.
This document provides an overview of money market securities, including Treasury bills, commercial paper, negotiable certificates of deposit, and repurchase agreements. It discusses the key characteristics of each type of security such as typical maturities, minimum denominations, how they are issued and traded, and how yields are estimated. The chapter also examines how these short-term instruments provide liquidity to both issuers and investors.
This document discusses different exchange rate systems and how governments can influence exchange rates. It describes fixed exchange rates where a government sets the rate and controls fluctuations. Freely floating rates are determined by market forces without government intervention. Managed floating allows some flexibility but governments may intervene to limit movement. Pegged rates tie a currency to another stable currency. The document provides pros and cons of each system and gives Bangladesh's historical exchange rate regimes as an example.
Axis Ltd, a European company, hedges against adverse currency movements by entering forward exchange contracts after the euro plunges against the dollar, causing lost revenues from prices set in euros. The foreign exchange market allows conversion of one currency to another and helps reduce risk through tools like forward exchange rates, currency swaps, and hedging. Exchange rates are determined by demand and supply of currencies as well as theories including purchasing power parity and interest rate differentials.
describing the exchange rate systems, explaining how government uses direct and indirect intervention to influence exchange rates, and how government intervention in the forex markets.
This document discusses foreign exchange risk and its management. It defines foreign exchange as the conversion of one currency to another, which poses risks from exchange rates and timing. Risk management involves identifying and mitigating uncertainty in investments. Foreign exchange risk specifically refers to unanticipated changes in exchange rates that can harm multinational businesses and investors. There are four main types of foreign exchange risk exposures: transaction, economic, translation, and contingent. The document also briefly discusses measuring financial risk and conditions where foreign exchange risk is irrelevant.
Brief introduction to the Nigerian Stock Exchange Market (NSE). Brought to you by Norrenberger Financial Group. The Nigerian Stock Exchange (NSE) was established in 1960 as the Lagos Stock Exchange. In 1977, its name was changed from the Lagos Stock Exchange to the Nigerian Stock Exchange. It's Activities are very much similar to those of The New York Stock Exchange (NYSE).
This document provides an overview of several international financial markets including: the foreign exchange market, Eurocurrency market, Eurocredit market, Eurobond market, and international stock markets. It discusses the motives for using these markets such as taking advantage of favorable interest rates or currency movements. The key characteristics and operations of each market are described, including how currency exchange rates are determined in the foreign exchange market and how various types of international bonds are issued.
The foreign exchange market is a global decentralized market for trading currencies. It includes the spot market, where currencies are bought and sold for immediate delivery, the forward market, where contracts guarantee future delivery of a currency, and the futures market, where standardized contracts are traded. In the wholesale interbank market, large banks trade currencies with each other. Individuals and smaller businesses engage in the retail forex market through online brokers. The forex market facilitates international trade and commerce by enabling currency exchange and conversion.
Module iv fixed income securities finalSantu Mishra
Fixed income securities are investments that pay a fixed cash flow according to a predetermined schedule. The payments are known in advance unlike variable income securities where payments change. Popular types of fixed income securities include government securities, corporate bonds, treasury bills, and commercial paper. Treasury bills are short term securities issued by the government to finance short term needs. Corporate bonds are debt instruments issued by companies to raise funds and have various types that differ based on issuer, maturity, coupon paid, and redemption features. Fixed income securities provide stable returns compared to other asset classes but have lower liquidity and are sensitive to market interest rates.
Currency derivatives allow investors to hedge risk and speculate on currency movements. Currency futures contracts are standardized contracts to buy or sell a currency at a specified date and price in the future. The price of a futures contract is derived using interest rate parity principles. Currency options provide the right but not the obligation to buy or sell a currency at a specified price. Over-the-counter currency options are tailored contracts for large institutions while exchange-traded currency options are standardized contracts traded on an exchange.
The document discusses international financial markets, specifically the foreign exchange market. It describes the different types of foreign exchange markets - spot, forward, futures, and options markets. It also discusses foreign exchange quotations, including direct and indirect quotations. Finally, it outlines some motives for borrowing and investing in foreign markets, such as obtaining lower interest rates or investing in currencies expected to appreciate.
This chapter discusses bonds and the bond market. It covers various types of bonds including Treasury bonds, municipal bonds, and corporate bonds. It also examines how bond yields are calculated, how to value coupon bonds, and that bonds are a popular long-term investment alternative to stocks, with the bond market issuing over 5 times as much new debt as new equity annually. The purpose of capital markets is to provide long-term financing, with governments and corporations issuing securities that are purchased by investors.
This document provides an overview of currency risk and strategies for managing related exposures. It discusses the various risks faced by firms, including financial risks like currency risk. Currency risk, also called foreign exchange risk, arises from changes in the value of one currency against another. The document defines exposure and risk, and explains that exposure is the sensitivity to risk factors while risk refers to the variability in performance attributable to those factors. It then discusses various methods for measuring a firm's exposure and risk, such as using forward rates to separate anticipated from unanticipated changes. The document concludes by covering hedging strategies that can be used to manage currency risk exposures.
A financial market allows people to trade securities like stocks, bonds, and precious metals at low costs. A major platform for trading short-term financial instruments is the money market, where assets like treasury bills and commercial paper are exchanged. There are several types of equity accounts that make up total shareholders' equity, including common stock, preferred stock, and retained earnings. Common stock represents shareholder investment and ownership, while preferred stock has a guaranteed dividend but no voting rights. Debt securities are financial instruments that borrow money to be repaid at a future date with interest, such as bonds, bills, and notes. Derivatives are contracts between parties whose value is based on underlying assets like securities, commodities, or indexes. Common
This document summarizes a presentation given by Asif Khan, CFA on finance theory versus practice. It discusses how theory and practice are both important in finance. Theory teaches fundamental concepts in classrooms, while practice involves working in the corporate world in roles across both financial and non-financial sectors. Later, it describes how people may return from practice to revisit theoretical concepts. It then outlines some key topics in finance theory that are relevant for various roles, such as financial statement analysis, corporate finance, investment analysis, risk management, and bank management.
Cesim Bank Banking and Financial Services Management Simulation Game Guide BookCesim Business Simulations
The goal of the Cesim Bank Simulation is to facilitate understanding of the front and back office operations of a bank, and their interaction in a competitive environment, and to help cultivate holistic and fact-based management culture, develop analytical skills, and create awareness about the current banking operating environment.
Find out more here: https://www.cesim.com/simulations/cesim-bank-management-simulation-game/
2005 yılında 5018 Sayılı Kamu Mali Yönetim ve Kontrol Kanununun 55 inci maddesine eklenerek tüm kamu kurumlarında zorunlu hale gelmiş iç kontrol uygulamalarına ilişkin; genel bilgi, standartlar ve 6 Adımda iç kontrol çatısı kurulmasına ilişkin bilgiler içermektedir.
Forex, bir diğer adıyla FX ya da İngilizce Foreign Exchange (Döviz- Yabancı Para Değişimi) sözcüklerinin kısaltılmış halidir.
Kaynak: www.destekmenkul.com/forex-nedir
Borsa İstanbul VİOP'tan İhracatçılara Kur Riskinden Korunma KitapçığıBorsa İstanbul
Borsa İstanbul Vadeli İşlem ve Opsiyon Piyasası (VİOP) ile Türkiye İhracatçılar Meclisi işbirliği çerçevesinde İhracatçılarımızın döviz kuru riskinden korunmasına yönelik olarak hazırlanan “VİOP Döviz Sözleşmeleri – Kur Riskinden Korunma” isimli kitapçığın dağıtımı yapıldı. VİOP Döviz Sözleşmelerinin kullanım amaçları, korunma örnekleri ve VİOP'ta nasıl işlem yapılabileceğine dair bilgilerin yer aldığı kitapçığa aşağıdaki linkten ulaşılabilir.
http://www.tim.org.tr/files/downloads/Raporlar/VIOP-doviz-sozlesmeleri-ile-hedging.pdf
3. Hazine Birimi Nedir?
•
Hissedarlarının sağladığı özkaynak, müşterilerinin yatırdığı
mevduat ve alınan krediler bankaların en önemli fon
kaynaklarıdır. Bu kaynakların başlıca kullanım alanları verilen
krediler ile yapılan yatırımlardır. Fon yönetimi sağlanan
kaynakların (pasifler) banka stratejileri çerçevesinde optimal
risk-getiri ikilisine ulaşma çabası ile aktiflere dönüştürülmesidir.
•
Sözkonusu kaynakların yönetimi amacı ile Hazine birimi, para,
döviz ve sermaye piyasalarında işlem yapar.
4. Hazinenin görevleri?
• Bankanın üst yönetim tarafından belirlenen politikaların
çerçevesinde:
Fonlama maliyetini düşürmek,
Likidite riskinden korunmak,
Zorunlu karşılıkları ayırmak,
Likidite amaçlı tutulan aktiflerin getirisini arttırmak,
Bankanın kur dengesini gözetmek,
Verilen sınırlar dahilinde alım-satım yaparak kar sağlamak,
Aktif ve pasifleri yüksek kar marjı sağlamaya yönelik olarak
yönetmek, yönetilmesini öngörmek,
o Yeni ürünlere öncülük etmek,
o Müşterilere en iyi hizmeti sunmaya çalışmaktır.
o Yasal yükümlülükleri (rasyolar) yerine getirmek.
o
o
o
o
o
o
o
5. Hazine Grubu / A/P Birimi
Mevcut Veriler
Planlama Parametreleri ve
kısıtlamaları
A / P Operasyon Süreci
Analiz Araçları
K / Z Analizi
Strateji Analizi
Risk Analizi
Sonuçlar
6. Hazine Grubu / TMU
Treasury Marketing Unit’in Operasyon Süreci
Müşteri
Müşteri Talepleri
Müşterinin
ihtiyaçları
doğrultusunda
sistem
geliştirmesi
ALM
FX Masası
TL Masası
Türev Masası
Sonuçlar
7. Hazine Enstrümanları
• MM işlemleri
o
o
o
o
o
Plasman ( Likidite Fazlası)
Borçlanma ( Likidite temini)
APİ ( TCMB Açık Piyasa İşlemleri )
Takas Bank Para Piyasası ( Plasman / Borçlanma)
Swap ( Döviz takası)
• Sabit Getirili Menkul Kıymetler İşlemleri
o
o
o
o
DİBS Alış / Satış
Özel Sektör sabit getirili Menkul Kıymet ( Banka Tahvili / Bonosu vb. )
Repo / Ters Repo
Eurobond ( Devlet / özel sektör) Alım / Satım
• Döviz işlemleri
o
o
Spot Alış / Satış ( EUR/USD, USD/TRY, EUR/TRY vb.)
Döviz / Efektif Piyasası ( TCMB döviz ihaleleri)
• Türev İşlemleri
o
o
o
o
Forward
Future
Call / Put Opsiyon
Derivative Ürünleri ( DCD, DCB, DCR vb.)
8. Bono
o DİBS olup vadesi 1 yıldan kısa olan bir yatırım aracıdır.
o Nominal değer bononun vadesinde yatırımcının eline geçecek
olan para miktarıdır.
o Bono değeri iskontolama yöntemi ile hesaplanmakta olup
nominal değer üzerinden ifade edilir. Tüm hesaplamalar nominal
değer üzerinden piyasa faizi ile yapılır.
o Faizlerin yükselmesi durumunda mevduata göre ters orantılı olup
değer kaybeder. Aynı şekilde faizlerin düştüğü ortamda ise değer
kazanır. Vade sonuna kadar beklenildiği takdirde nominal kar
kesindir, ancak vade öncesi yapılan işlem sonucunda kar da,
zarar da edilebilir.
o Nominal kar edilse de enflasyonun çok yüksek çıkması
durumunda reel olarak zarar edilebilir.
9. Tahvil
o Tahvil devletin ya da özel sektör şirketlerinin borçlanarak orta veya
uzun vadeli fon sağlamak üzere çıkarttıkları borç senetleridir.
Tahviller sahiplerine herhangi bir ortaklık hakkı vermez, sadece
ihraçcıya karşı alacaklılık hakkı sağlar.
o Duruma göre kupon ödemeli de olabilir. Kupon oranı nominal
değer üzerinden yüzde olarak belirtilen tahvil hamilinin alacağı
faizdir. Kupon ödemeleri sabit ya da değişken olabilir. Sabit faizli
devlet tahvilinde kupon ödemeleri 3 – 6 – 12 ayda bir olur ve her
kupon tarihinde nominal değer üzerinden kupon ödemesi alınır.
o Sabit kupon faizli devlet tahvillerine çok uzun vadeli yatırım
yapılmadığı için değişken kupon faizli yatırım araçları da
çıkarılmıştır. Yatırımcı bu kağıda yatırım yaptığı zaman ilk kupon
faizini bilmekte, bir sonraki kupon faizi için ise referans bono ihalesi
açılarak kupon faizi belirlenmektedir. Referans faiz oranı üzerine
daha önceden belirlenmiş oranda spread konarak kupon faizi
hesaplanmaktadır.
10. Forward Fiyatlaması
► Belirli bir miktardaki dövizin gelecekte belirlenmiş bir
zamanda bugünden belirlenmiş bir kur ile alım veya
satımını gerektiren anlaşmalardır.
Örnek:
F: forward exchange rate
S: current spot exchange rate
id : interest rate in domestic currency
if : interest rate in foreign currency
11. Opsiyon İşlemleri
• Opsiyon Sözleşmeleri
o
o
o
o
o
Döviz ( EUR/USD, USD/TRY, EUR/TRY vb.)
Tahvil / Bono
Faiz
Kıymetli Maddeler ( Altın, Gümüş, Platin vb.)
Mal ( Petrol, Kahve, Pamuk vb. ) üzerinde yazılır.
• Opsiyon Borsaları
o Chicago Board Options Exchange (CBOE)
o London International Financial Futures and Options
Exchange (LIFFE)
o Boston Options Exchange (BOX)
o Vadeli İşlemler ve Opsiyon Borsası (VOB)
12. Opsiyon Sözleşmesi
• Opsiyon sözleşmeleri, belirli bir vadede ya da
vadeye kadar, belirli bir varlığı, belirli bir miktarda,
belirli bir fiyattan alma ya da satma hakkı veren
sözleşmelerdir.
• Bu ürünün en önemli özelliği işlemin vadesi
geldiğinde opsiyon hakkını elinde tutan tarafın işlemi
yapmaktan vazgeçebilmesidir.
13. Opsiyon Türleri
• Opsiyon sözleşmeleri alınan pozisyon olarak iki
türlüdür:
• 1. Alım Opsiyonu: Alıcısına gelecekte belirli bir
miktarda varlığı, belirli bir fiyattan alma hakkı veren
opsiyon sözleşmesidir.
• 2. Satım Opsiyonu: Alıcısına gelecekte belirli bir
miktarda varlığı, belirli bir fiyattan satma hakkı veren
opsiyon sözleşmesidir.
19. •
Piyasa ve Göstergeler -1Bankalar arası TL O/N piyasası
• Bankalar arası USD/TRY
kotasyonları
• Takas Bank Para
Piyasası
20. Piyasa ve Göstergeler -2•
•
FX kotasyonları
EUR Depo Oranları / Swap Puanı
•
USD Depo Oranları
21. Piyasa ve Göstergeler -3-
• Piyasaların yönünü belirleyen birkaç gelişme /
göstergeler:
o ABD ve Avrupa bölgesinde açıklanan ekonomik veriler,
• GSMH / büyüme oranı / sanayi üretimi / verimlilik
• Emlak / Konut satışları / İnşaat verileri / Bekleyen ev satışları / Ev fiyatları
endeksi
• Güven endeksleri / PMI / ISM / ZEW – İFO /
• İstihdam / işsizlik oranı
• Enflasyon / ÜFE / TÜFE
o FED, ECB, BOE and BOJ faiz toplantıları
o CDS / Credit Default Swap ( Alacaklarını sigortalanması)
• CDX ( Kuzey Amerika ve gelişmekte olan ülkelerin şirketleri için hesaplanır)
• İtraxx ( Avrupa, Avustralia, Japonya ve Japonya dışında kalan Asya için
hesaplanır)
o VIX / Oynaklık Endeksi ( Korku Endeksi)
o MOVE endeksi/ ( 10 - 30 yıllık ABD T-bondların üzerinde yazılan
opsiyonların örtük volatilitesi – enflasyon öncüsü)
o BADI / Baltık Navlun Endeksi ( Navlun taşıma oranlarını ölçen
enkdes)
