Currency futures
Başlık çevirisi mevcut değil.
- Tez No: 27306
- Danışmanlar: YRD. DOÇ. DR. JALE ÖZTEMİR
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Finansal piyasalar, Türkiye, Vadeli işlem piyasaları, Financial markets, Türkiye, Futures markets
- Yıl: 1994
- Dil: İngilizce
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Muhasebe ve Finansman Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
Trading of“currency futures”is explained at the below example. Every German mark futures contract has the value of 125,000 DM and the price is quated in U.S. dollars (1 DM = 06200). The price changes from 0,6200 to 0,6201 is stated as 12,50 $ increase of the contracts value. At the end of each trading day, the changes between buying and selling is debited or credited into the account. The difference between the settle price and the open price effects the variation margin until the contract is delivered to the maturity. Trading is stopped automatically if the price exceeds the minimum or maximim values. In recent years the interest rate risks of international trading is hedged by“interest rate futures”or“interest rate options”, while the currency risks because of time value of money are hedged by“currency futures”or“currency options”. The Turkish futures markets have not been developed yet. ISE, which has also no long history is still developing. Moreover, the foreign exchange market has not been organized well yet. Also the Gold Exchange could not been established although necessary regulations and law have been already prepared. But, there is a good working bank forward market in the sector. This market has also difficulties in developing because of the taxes and the withholdings. The pilot study done with the dealers working in the treasury departments of the banks showed that the establishment of Turkish futures market needs primarily definitions and regulations in the law. The clearing-house is essential. Thebanks who trade futures contracts in U.S.A. for their clients have small portion in the sector. The reason is the lack of necessary demand and lack of informed clients. The other speculators having high credibility and investment opportunities prefer bank forward market. Also last crisis in the sector and the rising interest rates lead speculators invest into REPO type of tools. The general view of dealers is that the development of futures market in Türkiye needs at least three or five years.Trading of“currency futures”is explained at the below example. Every German mark futures contract has the value of 125,000 DM and the price is quated in U.S. dollars (1 DM = 06200). The price changes from 0,6200 to 0,6201 is stated as 12,50 $ increase of the contracts value. At the end of each trading day, the changes between buying and selling is debited or credited into the account. The difference between the settle price and the open price effects the variation margin until the contract is delivered to the maturity. Trading is stopped automatically if the price exceeds the minimum or maximim values. In recent years the interest rate risks of international trading is hedged by“interest rate futures”or“interest rate options”, while the currency risks because of time value of money are hedged by“currency futures”or“currency options”. The Turkish futures markets have not been developed yet. ISE, which has also no long history is still developing. Moreover, the foreign exchange market has not been organized well yet. Also the Gold Exchange could not been established although necessary regulations and law have been already prepared. But, there is a good working bank forward market in the sector. This market has also difficulties in developing because of the taxes and the withholdings. The pilot study done with the dealers working in the treasury departments of the banks showed that the establishment of Turkish futures market needs primarily definitions and regulations in the law. The clearing-house is essential. Thebanks who trade futures contracts in U.S.A. for their clients have small portion in the sector. The reason is the lack of necessary demand and lack of informed clients. The other speculators having high credibility and investment opportunities prefer bank forward market. Also last crisis in the sector and the rising interest rates lead speculators invest into REPO type of tools. The general view of dealers is that the development of futures market in Türkiye needs at least three or five years.
Özet (Çeviri)
Trading of“currency futures”is explained at the below example. Every German mark futures contract has the value of 125,000 DM and the price is quated in U.S. dollars (1 DM = 06200). The price changes from 0,6200 to 0,6201 is stated as 12,50 $ increase of the contracts value. At the end of each trading day, the changes between buying and selling is debited or credited into the account. The difference between the settle price and the open price effects the variation margin until the contract is delivered to the maturity. Trading is stopped automatically if the price exceeds the minimum or maximim values. In recent years the interest rate risks of international trading is hedged by“interest rate futures”or“interest rate options”, while the currency risks because of time value of money are hedged by“currency futures”or“currency options”. The Turkish futures markets have not been developed yet. ISE, which has also no long history is still developing. Moreover, the foreign exchange market has not been organized well yet. Also the Gold Exchange could not been established although necessary regulations and law have been already prepared. But, there is a good working bank forward market in the sector. This market has also difficulties in developing because of the taxes and the withholdings. The pilot study done with the dealers working in the treasury departments of the banks showed that the establishment of Turkish futures market needs primarily definitions and regulations in the law. The clearing-house is essential. Thebanks who trade futures contracts in U.S.A. for their clients have small portion in the sector. The reason is the lack of necessary demand and lack of informed clients. The other speculators having high credibility and investment opportunities prefer bank forward market. Also last crisis in the sector and the rising interest rates lead speculators invest into REPO type of tools. The general view of dealers is that the development of futures market in Türkiye needs at least three or five years.Trading of“currency futures”is explained at the below example. Every German mark futures contract has the value of 125,000 DM and the price is quated in U.S. dollars (1 DM = 06200). The price changes from 0,6200 to 0,6201 is stated as 12,50 $ increase of the contracts value. At the end of each trading day, the changes between buying and selling is debited or credited into the account. The difference between the settle price and the open price effects the variation margin until the contract is delivered to the maturity. Trading is stopped automatically if the price exceeds the minimum or maximim values. In recent years the interest rate risks of international trading is hedged by“interest rate futures”or“interest rate options”, while the currency risks because of time value of money are hedged by“currency futures”or“currency options”. The Turkish futures markets have not been developed yet. ISE, which has also no long history is still developing. Moreover, the foreign exchange market has not been organized well yet. Also the Gold Exchange could not been established although necessary regulations and law have been already prepared. But, there is a good working bank forward market in the sector. This market has also difficulties in developing because of the taxes and the withholdings. The pilot study done with the dealers working in the treasury departments of the banks showed that the establishment of Turkish futures market needs primarily definitions and regulations in the law. The clearing-house is essential. Thebanks who trade futures contracts in U.S.A. for their clients have small portion in the sector. The reason is the lack of necessary demand and lack of informed clients. The other speculators having high credibility and investment opportunities prefer bank forward market. Also last crisis in the sector and the rising interest rates lead speculators invest into REPO type of tools. The general view of dealers is that the development of futures market in Türkiye needs at least three or five years.
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