Futures ve Forward i\u015flemleri ileri ki bir tarihte, \u00f6nceden belirlenen fiyat ve miktar i\u00e7in taraflar\u0131n al\u0131m sat\u0131m\u0131 i\u00e7in kar\u015f\u0131l\u0131kl\u0131 anla\u015ft\u0131\u011f\u0131 s\u00f6zle\u015fmelerdir. Her iki i\u015flem t\u00fcr\u00fc her ne kadar birbirine benzese de, aralar\u0131nda \u00f6nemli farklar bulunmaktad\u0131r. Gelin bu farklara teker teker bir g\u00f6z atal\u0131m.<\/p>\n
\u0130\u015flem G\u00f6rd\u00fc\u011f\u00fc Piyasa:<\/strong> S\u00f6zle\u015fme B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/strong> Vade:<\/strong> Likidite:<\/strong> Uzla\u015fma:<\/strong> Fiziki Teslimat ve Riskler<\/strong> Futures ve Forward i\u015flemleri ileri ki bir tarihte, \u00f6nceden belirlenen fiyat ve miktar i\u00e7in taraflar\u0131n al\u0131m sat\u0131m\u0131 i\u00e7in kar\u015f\u0131l\u0131kl\u0131 anla\u015ft\u0131\u011f\u0131 s\u00f6zle\u015fmelerdir. Her iki i\u015flem t\u00fcr\u00fc her ne kadar birbirine benzese de, aralar\u0131nda \u00f6nemli farklar bulunmaktad\u0131r. Gelin bu farklara teker teker bir g\u00f6z atal\u0131m. \u0130\u015flem G\u00f6rd\u00fc\u011f\u00fc Piyasa: Future s\u00f6zle\u015fmeler organize piyasalarda i\u015flem g\u00f6rmektedir. Borsa \u0130stanbul\u2019da ki…<\/p>\n","protected":false},"author":1,"featured_media":2297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-2296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-makaleler"],"_links":{"self":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/2296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/comments?post=2296"}],"version-history":[{"count":1,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/2296\/revisions"}],"predecessor-version":[{"id":2298,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/2296\/revisions\/2298"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/media\/2297"}],"wp:attachment":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/media?parent=2296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/categories?post=2296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/tags?post=2296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nFuture s\u00f6zle\u015fmeler organize piyasalarda i\u015flem g\u00f6rmektedir. Borsa \u0130stanbul\u2019da ki Vadeli i\u015flem ve Opsiyon piyasas\u0131, ABD\u2019de ki CBOT, CME ve ICE gibi vadeli i\u015flem ve opsiyon borsalar\u0131 \u00f6rnek olarak verilebilir. Forward s\u00f6zle\u015fmeler ise Tezgah\u00fcst\u00fc yani OTC (Over-The-Counter) piyasalarda i\u015flem g\u00f6rmektedir. \u0130\u015flemlerin merkezi genellikle bankalard\u0131r. Future piyasas\u0131 s\u00f6zle\u015fmeleri standartt\u0131r. Resmi borsalar s\u00f6zle\u015fmelerin t\u00fcm \u00f6zelliklerini \u00f6nceden belirlemi\u015ftir ve sabittir. Ancak borsa piyasa \u015fart ve ko\u015fullar\u0131na g\u00f6re diledi\u011fi zaman s\u00f6zle\u015fme \u00f6zelliklerini de\u011fi\u015ftirebilmektedir. Forward i\u015flemleri ise standart de\u011fildir. Forward i\u015flemleri bireylerle bankalar veya bankalar aras\u0131nda ger\u00e7ekle\u015ftirilmektedir.<\/p>\n
\nFuture s\u00f6zle\u015fmeleri organize borsalarda i\u015flem g\u00f6rd\u00fc\u011f\u00fc s\u00f6zle\u015fmelerin \u00f6zellikleri daha \u00f6nceden belirlermi\u015ftir. S\u00f6zle\u015fme \u00f6zelliklerinini dayanak varl\u0131klar\u0131na g\u00f6re kontratlar\u0131n i\u00e7erikleri ve vadeleri standartt\u0131r. Forward s\u00f6zle\u015fmelerde ise taraflar birbirlerinin ihtiya\u00e7lar\u0131na g\u00f6re s\u00f6zle\u015fme \u00f6zelliklerini d\u00fczenler. Dolay\u0131s\u0131yla forward s\u00f6zle\u015fmeleri standart de\u011fildir ve \u00e7e\u015fitlilik g\u00f6sterir.<\/p>\n
\nFutures i\u015flem s\u00f6zle\u015fmelerinde vade sonuna kadar bekleme zorunlulu\u011fu yoktur. Yat\u0131r\u0131mc\u0131 a\u00e7m\u0131\u015f oldu\u011fu pozisyonu vade bitiminden \u00f6nceki istedi\u011fi zaman kapatabilir. Forward i\u015flem s\u00f6zle\u015fmelerinde ise vade sonuna kadar bekleme zorunlulu\u011fu vard\u0131r. Future i\u015flem s\u00f6zle\u015fmelerinde vade aylar\u0131 \u00f6nceden belirlenmi\u015ftir. S\u00f6zle\u015fmelere ait farkl\u0131 vade aylar\u0131 genellikle 1 y\u0131ldan uzun de\u011fildir. Forward i\u015flemlerinde taraflar kar\u015f\u0131l\u0131kl\u0131 yapt\u0131\u011f\u0131 s\u00f6zle\u015fmede ihtiya\u00e7lar\u0131na g\u00f6re vade belirler ve bazen vade s\u00fcresi 1 y\u0131ldan daha uzun s\u00fcreli olabilmektedir.<\/p>\n
\nFutures i\u015flem s\u00f6zle\u015fmeleri organize borsalarda i\u015flem g\u00f6rd\u00fc\u011f\u00fcnden dolay\u0131 ikincil bir piyasad\u0131r. Yat\u0131r\u0131mc\u0131lar\u0131n kolayl\u0131kla al\u0131m sat\u0131m yapabildi\u011fi ikincil piyasalar oldu\u011fu i\u00e7in forward i\u015flem s\u00f6zle\u015fmelerine k\u0131yasla likiditesi de y\u00fcksektir. Ancak toplam sat\u0131\u015f hacmi bak\u0131m\u0131ndan k\u0131yasland\u0131\u011f\u0131nda Forward i\u015flemleri future s\u00f6zle\u015fmelere nazaran daha y\u00fcksek bir hacime sahiptir.<\/p>\n
\nFutures i\u015flem s\u00f6zle\u015fmeleri pozisyonuna sahip olan yat\u0131r\u0131mc\u0131n\u0131n hesab\u0131nda g\u00fcnl\u00fck olarak piyasaya g\u00f6re de\u011ferlemesi yap\u0131l\u0131r. Mark to Market ad\u0131 verilen bu de\u011ferleme ile yat\u0131r\u0131mc\u0131n\u0131n hesab\u0131ndaki potf\u00f6y de\u011feri ta\u015f\u0131d\u0131\u011f\u0131 vadeli i\u015flem s\u00f6zle\u015fmelerine g\u00f6re s\u00fcrekli g\u00fcncellenir. Vadeli i\u015flemlerde pozisyon alabilmek i\u00e7in istenilen minimum teminat zorunlulu\u011funa kar\u015f\u0131n s\u00fcrd\u00fcrme teminat\u0131 da s\u00fcrekli olarak izlenmektedir. G\u00fcn i\u00e7i uzla\u015fma fiyatlar\u0131 ise s\u00fcrd\u00fcrme teminat\u0131 ve teminat tamamlama \u00e7a\u011fr\u0131lar\u0131 i\u00e7in kullan\u0131lmaktad\u0131r. Forward i\u015flemlerinde ise mark to market hesaplamas\u0131 yoktur. Vade sonunda ki fiyat uzla\u015fma fiyat\u0131n\u0131 belli eder.<\/p>\n
\nFuture piyasas\u0131nda i\u015flemler takas kurumu taraf\u0131ndan garanti edilmektedir. \u0130\u015flemler borsa da yap\u0131ld\u0131\u011f\u0131ndan dolay\u0131 taraflar\u0131n birbirini tan\u0131mas\u0131na gerek yoktur. Ayr\u0131ca \u00e7o\u011fu s\u00f6zle\u015fme fiziki teslimata gitmez. Forward i\u015flemlerinde ise temerr\u00fct riski vard\u0131r. Al\u0131c\u0131 ile sat\u0131c\u0131 brbini tan\u0131r. Sat\u0131c\u0131 belirlenen mal\u0131 veya finansal \u00fcr\u00fcn\u00fc vade sonunda teslim edemeyebilir yada al\u0131c\u0131 da teslimat\u0131 kabul etmeyebilir. Kredi riski forward i\u015flemlerinde herzaman mevcuttur ancak Future s\u00f6zle\u015fmelerinde b\u00f6yle bir risk yoktur.<\/p>\n","protected":false},"excerpt":{"rendered":"