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Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması

Year 2017, Issue: 623, 77 - 96, 01.01.2017

Abstract

Borsalar, merkezi takas ve karşı taraf kurumları ile merkezi saklama kurumları sermaye piyasası altyapı endüstrisini oluşturmaktadır. Bu çalışmada, bu endüstrideki ağ ekonomileri, yönetim yapıları, kar amacı, bütünleşme ve bağlantı modelleri, küresel rekabet ve nakit ödeme sistemleri ile ilişkiler irdelenmektedir. Altyapı kurumları, bölgesel ve küresel çapta, yatay, dikey veya çok yönlü olarak bütünleşmektedir. Hizmet bazında yatay birleşme en verimli bütünleşme modeli olup, tüm hizmetlerin birlikte verildiği dikey siloların çifte kotasyon gibi yöntemlerle rekabete açılması da verimlidir. Merkezi saklama kurumu bağlantıları ve küresel saklama hizmetleri ekonomik verimliliği artırmaktadır. Rekabet içinde faaliyet gösteren borsaların teknik/maliyet verimliliği yüksektir. Dünyada ABD en az maliyetli ve en rekabetçi işlem sonrası altyapıyı sunmaktadır. Avrupa Bölgesinde işlem sonrası mutabakat hizmeti, ödeme sistemleri ile bütünleştirilerek maliyetlerin düşürülmesi hedeflenmektedir. Sermaye piyasası altyapı kurumlarının dünya piyasaları ile rekabet edebilir durumda olması ve uyumlu bir şekilde çalışması finans merkezi oluşumunda önemli bir yapı taşıdır. Önümüzdeki on yılda dağıtık veri tabanı (blockchain) gibi yeni teknolojiler sayesinde maliyetlerin düşmesi beklenmektedir.

References

  • European Central Bank. (2008). T2S Economic Impact Assessment. European Central Bank. https://www.ecb.europa.
  • eu/paym/t2s/pdf/eco_impact_080523.pdf?be2c4a6245bf2964 329384d82163eb5f European Central Bank. (2016). Target 2 for Securities Price List.
  • https://www.ecb.europa.eu/paym/t2s/progress/pdf/mapping_of_service_items_withT2S_price_list.pdf?4785c4772a48 925956ded908f51391a1 European Comission. (2006). Analysis of studies examining
  • European post-trading costs. European Commission Work in Progress Annex I, (May). http://ec.europa.eu/internal_market/ financial-markets/docs/clearing/draft/annex_1_en.pdf
  • Giovannini Group. (2001). Cross-border clearing and settlement arrangements in the European Union. European Commission, Discussion Paper. http://ec.europa.eu/finance/financial-markets/docs/clearing/first_giovannini_report_en.pdf
  • Holthausen, C., & Tapking, J. (2007). Raising rival’s costs in the securities settlement industry. Journal of Financial Intermediation, 16(1), 91–116. http://doi.org/10.1016/j.jfi.2006.08.001
  • Kauko, K. (2004). The links between securities settlement systems: An olihopoly theoretic approach. International Review of Financial Analysis, 13(5 SPEC.ISS.), 585–600. http://doi. org/10.1016/j.irfa.2004.02.014
  • Kauko, K. (2007). Interlinking securities settlement systems: A strategic commitment? Journal of Banking and Finance, 31(10), 2962–2977. http://doi.org/10.1016/j.jbankfin.2006.11.020
  • Knieps, G. (2006). Competition in the post-trade markets: A network economic analysis of the securities business. Journal of Industry, Competition and Trade, 6(1), 45–60. http://doi. org/10.1007/s10842-005-5649-x
  • Köppl, T. V., & Monnet, C. (2007). Guess what: It’s the settlements! Vertical integration as a barrier to efficient exchange consolidation. Journal of Banking and Finance, 31(10), 3013– 3033. http://doi.org/10.1016/j.jbankfin.2006.11.021
  • Li, S., & Marinč, M. (2016). Competition in the clearing and settlement industry. Journal of International Financial Markets, Institutions and Money, 40, 134–162. http://doi.org/10.1016/j. intfin.2015.09.004
  • Menkveld, A. J. (2013). High frequency trading and the new market makers. Journal of Financial Markets, 16(4), 712–740.
  • http://doi.org/10.1016/j.finmar.2013.06.006 Mercier, F., & Sauer, S. (2013). Optimal CSD reshaping towards T2S (Working Paper Series No. 1549). https://www.ecb.
  • europa.eu/pub/pdf/scpwps/ecbwp1549.pdf?96ad2b8ffe1c9d5 519ba28eb92015612
  • NERA Economic Consulting. (2004). The Direct Costs of Clearing and Settlement: an EU - US Comparison. http://www.cityoflondon.gov.uk/business/economic-research-and-information/ research-publications/Documents/2007-2000/direct-costs-ofclearing-and-settlement-executive-summary.pdf
  • Oxera. (2011). Monitoring prices , costs and volumes of trading and post-trading services. Report Prepared for European Commission DG Internal Market and Services. http://ec.europa.eu/ internal_market/financial-markets/docs/clearing/2011_oxera_ study_en.pdf
  • Pirrong, C. (2008). The Industrial Organization of Execution, Clearing and Settlement in Financial Markets (CFS Working Paper, No. 2008/43 No. 43). CFS Working Paper. https://www. econstor.eu/bitstream/10419/43251/1/599235586.pdf
  • Rochet, J. (2005). The Welfare Effects of Vertical Integration in the Securities Clearing and Settlement Industry. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.470.8599&re p=rep1&type=pdf
  • Schaper, T. (2012). Organising equity exchanges. Information Systems and E-Business Management, 10(1), 43–60. http:// doi.org/10.1007/s10257-010-0155-z
  • Schmiedel, H., Malkamäki, M., & Tarkka, J. (2006). Economies of scale and technological development in securities depository and settlement systems. Journal of Banking and Finance, 30, 1783–1806. http://doi.org/10.1016/j.jbankfin.2005.09.003
  • Schulze, N., & Baur, D. (2006). Economic Impact Study on Clearing and Settlement- Annex II (DG JRC). http://ec.europa. eu/internal_market/financialmarkets/docs/clearing/draft/annex_2_en.pdf
  • Serifsoy, B. (2007). Stock exchange business models and their operative performance. Journal of Banking & Finance, 31(10), 2978–3012. http://doi.org/10.1016/j.jbankfin.2006.12.010
  • Serifsoy, B., & Weiß, M. (2007). Settling for efficiency - A framework for the European securities transaction industry. Journal of Banking and Finance, 31(10), 3034–3057. http://doi. org/10.1016/j.jbankfin.2007.01.008
  • Van Cayseele, P. (2004). Competition and the organisation of the clearing and settlement industry (Discussions Paper Series (DPS) No. 04.13). CES - Discussion Paper Series (DPS).
  • http://feb.kuleuven.be/eng/ew/discussionpapers/Dps04/ Dps0413.pdf
  • Van Cayseele, P., & Wuyts, C. (2007). Cost efficiency in the European securities settlement and depository industry. Journal of Banking and Finance, 31(10), 3058–3079. http://doi.
  • org/10.1016/j.jbankfin.2007.01.007

Industrial Organization of Capital Markets Infrastructure Institutions

Year 2017, Issue: 623, 77 - 96, 01.01.2017

Abstract

Capital markets infrastructure institutions are exchanges, central clearing houses / central counterparties (CCPs) and central securities depositories (CSDs). In this study, we review this industry with respect to network economies, managerial structures, profit orientation, linkage and interoperability models, global custodian competition and integration with payment systems. Today, infrastructure institutions are integrated regionally / globally, horizontally / vertically and in a multi directional way. Horizontal integration of services is considered to be the most efficient integration model, yet competition of vertical silos, by means of multi listings, is also efficient. United States offers the most efficient post-trade services, both technically and economically. In Europe, settlement is being integrated into a single, pan-European central bank money platform, in order to lower the cost in the long term. Having a globally competitive, open access and interoperable infrastructure is a fundamental element of establishing financial centers. In the coming decade, new technologies such as distributed ledger (blockchain) is expected to be used in order to lower costs and improve technical efficiency

References

  • European Central Bank. (2008). T2S Economic Impact Assessment. European Central Bank. https://www.ecb.europa.
  • eu/paym/t2s/pdf/eco_impact_080523.pdf?be2c4a6245bf2964 329384d82163eb5f European Central Bank. (2016). Target 2 for Securities Price List.
  • https://www.ecb.europa.eu/paym/t2s/progress/pdf/mapping_of_service_items_withT2S_price_list.pdf?4785c4772a48 925956ded908f51391a1 European Comission. (2006). Analysis of studies examining
  • European post-trading costs. European Commission Work in Progress Annex I, (May). http://ec.europa.eu/internal_market/ financial-markets/docs/clearing/draft/annex_1_en.pdf
  • Giovannini Group. (2001). Cross-border clearing and settlement arrangements in the European Union. European Commission, Discussion Paper. http://ec.europa.eu/finance/financial-markets/docs/clearing/first_giovannini_report_en.pdf
  • Holthausen, C., & Tapking, J. (2007). Raising rival’s costs in the securities settlement industry. Journal of Financial Intermediation, 16(1), 91–116. http://doi.org/10.1016/j.jfi.2006.08.001
  • Kauko, K. (2004). The links between securities settlement systems: An olihopoly theoretic approach. International Review of Financial Analysis, 13(5 SPEC.ISS.), 585–600. http://doi. org/10.1016/j.irfa.2004.02.014
  • Kauko, K. (2007). Interlinking securities settlement systems: A strategic commitment? Journal of Banking and Finance, 31(10), 2962–2977. http://doi.org/10.1016/j.jbankfin.2006.11.020
  • Knieps, G. (2006). Competition in the post-trade markets: A network economic analysis of the securities business. Journal of Industry, Competition and Trade, 6(1), 45–60. http://doi. org/10.1007/s10842-005-5649-x
  • Köppl, T. V., & Monnet, C. (2007). Guess what: It’s the settlements! Vertical integration as a barrier to efficient exchange consolidation. Journal of Banking and Finance, 31(10), 3013– 3033. http://doi.org/10.1016/j.jbankfin.2006.11.021
  • Li, S., & Marinč, M. (2016). Competition in the clearing and settlement industry. Journal of International Financial Markets, Institutions and Money, 40, 134–162. http://doi.org/10.1016/j. intfin.2015.09.004
  • Menkveld, A. J. (2013). High frequency trading and the new market makers. Journal of Financial Markets, 16(4), 712–740.
  • http://doi.org/10.1016/j.finmar.2013.06.006 Mercier, F., & Sauer, S. (2013). Optimal CSD reshaping towards T2S (Working Paper Series No. 1549). https://www.ecb.
  • europa.eu/pub/pdf/scpwps/ecbwp1549.pdf?96ad2b8ffe1c9d5 519ba28eb92015612
  • NERA Economic Consulting. (2004). The Direct Costs of Clearing and Settlement: an EU - US Comparison. http://www.cityoflondon.gov.uk/business/economic-research-and-information/ research-publications/Documents/2007-2000/direct-costs-ofclearing-and-settlement-executive-summary.pdf
  • Oxera. (2011). Monitoring prices , costs and volumes of trading and post-trading services. Report Prepared for European Commission DG Internal Market and Services. http://ec.europa.eu/ internal_market/financial-markets/docs/clearing/2011_oxera_ study_en.pdf
  • Pirrong, C. (2008). The Industrial Organization of Execution, Clearing and Settlement in Financial Markets (CFS Working Paper, No. 2008/43 No. 43). CFS Working Paper. https://www. econstor.eu/bitstream/10419/43251/1/599235586.pdf
  • Rochet, J. (2005). The Welfare Effects of Vertical Integration in the Securities Clearing and Settlement Industry. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.470.8599&re p=rep1&type=pdf
  • Schaper, T. (2012). Organising equity exchanges. Information Systems and E-Business Management, 10(1), 43–60. http:// doi.org/10.1007/s10257-010-0155-z
  • Schmiedel, H., Malkamäki, M., & Tarkka, J. (2006). Economies of scale and technological development in securities depository and settlement systems. Journal of Banking and Finance, 30, 1783–1806. http://doi.org/10.1016/j.jbankfin.2005.09.003
  • Schulze, N., & Baur, D. (2006). Economic Impact Study on Clearing and Settlement- Annex II (DG JRC). http://ec.europa. eu/internal_market/financialmarkets/docs/clearing/draft/annex_2_en.pdf
  • Serifsoy, B. (2007). Stock exchange business models and their operative performance. Journal of Banking & Finance, 31(10), 2978–3012. http://doi.org/10.1016/j.jbankfin.2006.12.010
  • Serifsoy, B., & Weiß, M. (2007). Settling for efficiency - A framework for the European securities transaction industry. Journal of Banking and Finance, 31(10), 3034–3057. http://doi. org/10.1016/j.jbankfin.2007.01.008
  • Van Cayseele, P. (2004). Competition and the organisation of the clearing and settlement industry (Discussions Paper Series (DPS) No. 04.13). CES - Discussion Paper Series (DPS).
  • http://feb.kuleuven.be/eng/ew/discussionpapers/Dps04/ Dps0413.pdf
  • Van Cayseele, P., & Wuyts, C. (2007). Cost efficiency in the European securities settlement and depository industry. Journal of Banking and Finance, 31(10), 3058–3079. http://doi.
  • org/10.1016/j.jbankfin.2007.01.007
There are 27 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Seven İpek This is me

Cumhur Ekinci This is me

Publication Date January 1, 2017
Published in Issue Year 2017 Issue: 623

Cite

APA İpek, S., & Ekinci, C. (2017). Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması. Finans Politik Ve Ekonomik Yorumlar(623), 77-96.
AMA İpek S, Ekinci C. Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması. FPEYD. January 2017;(623):77-96.
Chicago İpek, Seven, and Cumhur Ekinci. “Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması”. Finans Politik Ve Ekonomik Yorumlar, no. 623 (January 2017): 77-96.
EndNote İpek S, Ekinci C (January 1, 2017) Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması. Finans Politik ve Ekonomik Yorumlar 623 77–96.
IEEE S. İpek and C. Ekinci, “Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması”, FPEYD, no. 623, pp. 77–96, January 2017.
ISNAD İpek, Seven - Ekinci, Cumhur. “Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması”. Finans Politik ve Ekonomik Yorumlar 623 (January 2017), 77-96.
JAMA İpek S, Ekinci C. Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması. FPEYD. 2017;:77–96.
MLA İpek, Seven and Cumhur Ekinci. “Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması”. Finans Politik Ve Ekonomik Yorumlar, no. 623, 2017, pp. 77-96.
Vancouver İpek S, Ekinci C. Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması. FPEYD. 2017(623):77-96.