{"id":2972,"date":"2018-06-05T07:50:55","date_gmt":"2018-06-05T07:50:55","guid":{"rendered":"https:\/\/www.investaz.com.tr\/blog\/?p=2972"},"modified":"2022-09-13T08:18:49","modified_gmt":"2022-09-13T08:18:49","slug":"viopta-kur-riskinden-koruma-amacli-islemler","status":"publish","type":"post","link":"https:\/\/www.investaz.com.tr\/blog\/viopta-kur-riskinden-koruma-amacli-islemler\/","title":{"rendered":"V\u0130OP\u2019ta Kur Riskinden Korunma \u0130\u015flemleri"},"content":{"rendered":"

Vadeli \u0130\u015flem S\u00f6zle\u015fmeleri, V\u0130OP \u00e7at\u0131s\u0131 alt\u0131nda sermaye piyasalar\u0131nda i\u015flem g\u00f6ren ekonomik veya finansal \u00fcr\u00fcn\u00fc, d\u00f6vizi ya da k\u0131ymetli madeni \u00f6nceden belirlenmi\u015f belirli bir vadede, belirli fiyattan ve belirli miktar ve nitelikte ekonomik veya finansal g\u00f6stergeyi sermaye piyasas\u0131 arac\u0131n\u0131, mal\u0131, k\u0131ymetli madeni ve d\u00f6vizi alma veya satma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc veren s\u00f6zle\u015fmelerdir. <\/span><\/p>\n

Yat\u0131r\u0131mc\u0131lar V\u0130OP\u2019ta i\u015flem yaparken ayn\u0131 \u00fcr\u00fcnde ayn\u0131 standart \u00f6zellikler \u00fczerinden paralar\u0131n\u0131n bir ka\u00e7 kat\u0131 de\u011ferinde (kald\u0131ra\u00e7l\u0131) d\u00fc\u015f\u00fck teminatla al\u0131\u015f ve sat\u0131\u015f i\u015flemi yapabilir. Vadeli i\u015flemlerin ikinci al\u0131m sat\u0131m piyasas\u0131 mevcut oldu\u011fu i\u00e7in e\u011fer fiyatlar \u00f6ng\u00f6rd\u00fc\u011f\u00fcm\u00fcz gibi ger\u00e7ekle\u015fmezse ters pozisyon alarak mevcut pozisyonumuzu kapatabiliriz. <\/span><\/p>\n

V\u0130OP i\u015flemleri, ayn\u0131 zamanda ihracat ve ithalat firmalar\u0131 i\u00e7in d\u00f6viz fiyatlar\u0131nda meydana gelen risklere kar\u015f\u0131 koruma sa\u011flar. V\u0130OP sayesinde, kurumlar ihracat ve ithalat i\u015flemlerinde kur riskinden korunmak amac\u0131yla bug\u00fcnden yap\u0131lan al\u0131\u015fveri\u015fin \u00f6demesini ya da alaca\u011f\u0131n\u0131 gelecekte \u00f6ng\u00f6rebilecekleri bir fiyattan ger\u00e7ekle\u015ftirme f\u0131rsat\u0131na kavu\u015fur. Bu sayede hem nakit varl\u0131klar\u0131 daha verimli alanlara y\u00f6nlendirilebilir hem de olas\u0131 kur riski kontrol\u00fc sa\u011flanm\u0131\u015f olur. <\/span>
<\/span>
<\/span>\u00d6rnek ile a\u00e7\u0131klanacak olursa; \u0130thalat yapan bir firma 100.000 dolar kar\u015f\u0131l\u0131\u011f\u0131 24 Nisan tarihinde ald\u0131\u011f\u0131 mal\u0131n \u00f6demesini 23 May\u0131s tarihinde ger\u00e7ekle\u015ftirecektir. 1 ay i\u00e7inde dolar\u0131n mevcut seviyelerinden yukar\u0131 \u00e7\u0131kmas\u0131, firma i\u00e7in kur riski olu\u015fturmaktad\u0131r. Bu durumda kurum V\u0130OP’da al\u0131\u015f y\u00f6n\u00fcnde pozisyon alarak dolar\u0131n y\u00fckselme riskine kar\u015f\u0131 koruma sa\u011flayabilir.<\/span><\/p>\n

Pozisyon A\u00e7\u0131l\u0131\u015f\u0131<\/strong><\/p>\n

Pozisyon: Al\u0131\u015f (Long)
Tarih: 24 Nisan
Dayanak Varl\u0131k: USD\/TL
Dolar(Spot): 4,10
Vadeli \u0130\u015flem S\u00f6zle\u015fme Fiyat\u0131: 4,40
V\u0130OP 1 adet S\u00f6zle\u015fme B\u00fcy\u00fckl\u00fc\u011f\u00fc: 1.000 Dolar
1 Dolar s\u00f6zle\u015fmesi 1.000 dolar b\u00fcy\u00fckl\u00fc\u011f\u00fcnde oldu\u011fundan 100.000 USD i\u00e7in 100.000 \/ 1000 = 100 s\u00f6zle\u015fme sat\u0131n al\u0131nmal\u0131d\u0131r. Bu durumda 4,30 x 1000 x 100 = 430.000 TL\u2019lik pozisyon al\u0131nm\u0131\u015f olur.
Teminat: 1 s\u00f6zle\u015fme i\u00e7in 210 TL
Teminat olarak bu i\u015flem i\u00e7in 210 x 100 = 21.000 TL teminat gerekmektedir.
Kald\u0131ra\u00e7 Oran\u0131: 430.000 \/ 21.000 = 1\/20 olmaktad\u0131r.<\/p>\n

Pozisyon Kapan\u0131\u015f\u0131<\/strong><\/p>\n

Tarih: 23 May\u0131s
Dolar(Spot): 4,90
Vadeli \u0130\u015flem S\u00f6zle\u015fme Fiyat\u0131: 5,35
E\u011fer ithalat firmas\u0131 V\u0130OP \u0130\u015flemi yapmam\u0131\u015f olsayd\u0131 23 May\u0131s tarihinde yapacak oldu\u011fu \u00f6demesinde spot piyasada 4,90 – 4,10 = 0,80 kur fark\u0131ndan dolay\u0131 0,80 x 100.000 = 80.000 TL kasas\u0131ndan daha fazla nakit kullanm\u0131\u015f olacakt\u0131.
V\u0130OP\u2019ta yapm\u0131\u015f oldu\u011fu al\u0131\u015f i\u015fleminden dolay\u0131 5,35 – 4,40 = 0,95 fark\u0131 ile 0.95 x 1000 x 100 = 95.000 TL lik getiri sa\u011flam\u0131\u015f olacakt\u0131r. \u00dcstelik bu kazanc\u0131 i\u00e7in 21.000 TL lik ba\u015flang\u0131\u00e7 teminat\u0131 kullanarak ger\u00e7ekle\u015ftirmi\u015ftir.<\/p>\n

Bir di\u011fer \u00f6rnek ihracat firmas\u0131 a\u00e7\u0131s\u0131ndan ele alacak olursa; firma 16 Ocak tarihinde 100.000 dolarl\u0131k mal sat\u0131\u015f yapm\u0131\u015f ve tahsilat s\u00fcresini de 16 \u015eubat tarihi belirlenmi\u015ftir. 1 ay i\u00e7inde dolar\u0131n mevcut seviyelerinden d\u00fc\u015fmesi, firma i\u00e7in kur risk olu\u015fturmaktad\u0131r. Bu durumda V\u0130OP’da sat\u0131\u015f y\u00f6n\u00fcnde pozisyon alarak dolar\u0131n d\u00fc\u015fme riskine kar\u015f\u0131 koruma sa\u011flanabilir.<\/p>\n

Pozisyon A\u00e7\u0131l\u0131\u015f\u0131<\/strong><\/p>\n

Pozisyon: Sat\u0131\u015f (Short)
Tarih: 16 Ocak
Dayanak Varl\u0131k: USD\/TL
Dolar(Spot): 3,80
Vadeli \u0130\u015flem S\u00f6zle\u015fme Fiyat\u0131: 4,25
S\u00f6zle\u015fme B\u00fcy\u00fckl\u00fc\u011f\u00fc: 1.000 Dolar<\/p>\n

Pozisyon Kapan\u0131\u015f\u0131<\/strong><\/p>\n

Tarih: 16 \u015eubat
Dolar(Spot): 3,74
Vadeli \u0130\u015flem S\u00f6zle\u015fme Fiyat\u0131: 4,10
Teminat olarak bu i\u015flem i\u00e7in 210 x 100 = 21.000 TL teminat gerekmektedir.<\/p>\n

E\u011fer ihracat\u00e7\u0131 V\u0130OP \u0130\u015flemi yapmam\u0131\u015f olsayd\u0131 spot piyasada 3,74 – 3,80 = -0,06 kur fark\u0131ndan dolay\u0131 0,06 x 100.000=6.000 TL daha az gelir elde etmi\u015f olacakt\u0131r.<\/p>\n

V\u0130OP\u2019ta i\u015flem yapmas\u0131yla 4,25\u2019ten sat\u0131\u015f\u0131n\u0131 yaparak 4,10 – 4,25 = 0,15 farktan 0.15 x 1000x 100 = 15.000 TL getiri elde etmi\u015f olacakt\u0131r. Bu i\u015flem sayesinde ihracat\u00e7\u0131 kurun d\u00fc\u015fme riskine kar\u015f\u0131 hem kendini koruma alt\u0131na alm\u0131\u015f hem de 21.000 TL teminat ile 15.000 TL getiri sa\u011flam\u0131\u015ft\u0131r.<\/p>\n\n\n

\u00c7apraz Kur Nedir?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Vadeli \u0130\u015flem S\u00f6zle\u015fmeleri, V\u0130OP \u00e7at\u0131s\u0131 alt\u0131nda sermaye piyasalar\u0131nda i\u015flem g\u00f6ren ekonomik veya finansal \u00fcr\u00fcn\u00fc, d\u00f6vizi ya da k\u0131ymetli madeni \u00f6nceden belirlenmi\u015f belirli bir vadede, belirli fiyattan ve belirli miktar ve nitelikte ekonomik veya finansal g\u00f6stergeyi sermaye piyasas\u0131 arac\u0131n\u0131, mal\u0131, k\u0131ymetli madeni ve d\u00f6vizi alma veya satma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc veren s\u00f6zle\u015fmelerdir. Yat\u0131r\u0131mc\u0131lar V\u0130OP\u2019ta i\u015flem yaparken ayn\u0131 \u00fcr\u00fcnde…<\/p>\n","protected":false},"author":1,"featured_media":2973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[160],"tags":[],"class_list":["post-2972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-yatirim"],"_links":{"self":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/2972","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=2972"}],"version-history":[{"count":4,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/2972\/revisions"}],"predecessor-version":[{"id":4044,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/posts\/2972\/revisions\/4044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/media\/2973"}],"wp:attachment":[{"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/media?parent=2972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/categories?post=2972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investaz.com.tr\/blog\/wp-json\/wp\/v2\/tags?post=2972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}