Sermaye Piyasaları AltyapıKurumlarının Endüstriyel Yapılanması

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

Seven İpek Cumhur Ekinci

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.

Keywords

takas, mutabakat, saklama, rekabet, bütünleşme

Industrial Organization of Capital Markets Infrastructure Institutions

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

Keywords

clearing, settlement, custody, depository, competition, integration

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