Research Article
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Year 2017, Volume: 3 Issue: 1, 190 - 196, 30.06.2017

Oktay Tas , Gokben Cevikcan

https://doi.org/10.17261/Pressacademia.2017.403

Abstract

References

  • Altan, M., GÜZEL, F. (2015), Forex Piyasasının Türkiye’deki Durumu ve Türkiye Finans Piyasalarına Etkileri, Journal of Institute of Social Sciences Vol: 33, 2015 ss. 203-214
  • Alessandri, T., Cerrato, D., Depperu, D. (2014). Organizational slack, experience and acquisition behavior across varying economic environments. Management Decision, vol. 56, no. 5, p. 967-982.
  • B.F.I.S.-M.E. Department, Foreign Exchange Turnover in April 2016: Preliminary Global Results, Technical Report, Bank For International Settlements (2016) d adresinden alındı
  • Çukur, S., Gümrah, Ü. ve Üstün Gümrah, M. (2012). İstanbul Menkul Kıymetler Borsasında hisse senedi getirileri ve işlem hacmi ilişkisi. Niğde Üniversitesi İİBF Dergisi, 5 (1): 20-35.
  • Değertekin, E. A. (2010, Nisan). Döviz Piyasaları. Sermaye Piyasasında Gündem(92), TSPB, s. 8-17.
  • Evans, C., Pappas, K., Xhafa, K. Utilizing artificial neural networks and genetic algorithms to build an algo-trading model for intra-day foreign exchange speculation, Mathematical and Computing Modelling, Vol.58, p.1249-1266
  • H. Zhang, R. Ren, (2010) High frequency foreign exchange trading strategies based on genetic algorithms, in: Proc. Second Int Networks Security Wireless Communications and Trusted Computing (NSWCTC) Conf, Vol. 2, pp. 426–429.
  • Heimer, Rawley, Can Leverage Constraints Make (Some) Investors Better Off? (September 12, 2016). Available at SSRN: https://ssrn.com/abstract=2150980 or http://dx.doi.org/10.2139/ssrn.2150980
  • Internatıonal Organızatıon Of Securıtıes Commıssıons (2016) Report on the IOSCO Survey on Retail OTC Leveraged Products ISCI. (2011,). Financial Treasury and FOREX Management. Noida, India: The Institute of Company Secretaries of India - ISCI.
  • Ivanova, Y., Neely, C. J., Rapach, D. E., and Weller, P. A. (2014). Can risk explain the profitability of technical trading in currency markets? Federal Reserve Bank of St. Louis, Working Paper.
  • Nekritin, A., & Peters, W. (2012). Naked FOREX: High-Probability Techniques for Trading without Indicators. Haboken, New Jersey, USA: John Wiley & Sons.
  • Owens, S. (2004, July). The FOREX Report: The Six Forces of Forex. Aralık 16, 2014 tarihinde FX Engines, Inc.: www.fxengines.com adresinden alındı
  • SPK. (2011) Kaldıraçlı Alım Satım İşlemleri ve Bu İşlemleri Gerçekleştirebilecek Kurumlara İlişkin Esaslar Hakkında Tebliğ. (125), Seri: V. Resmi Gazete.
  • Ozturk, M. Toroslu H. Fidan G. (2016) Heuristic Based Trading System On Forex Data Using Technical İndicator Rules, Applied Soft Computing, Vol. 43, p. 170-186
  • Takasbank, 2017, Kaldıraçlı Alım Satım İşlemlerine İlişin Veriler, https://www.takasbank.com.tr/tr/Sayfalar/IstatistikiBilgiler.aspx adresinden alındı.
  • Tükiye Sermaye Piyasaları Birliği, 2017a, Foreks Kurumları ve Aracı Kurumlar, Gösterge Sayı 11
  • Tükiye Sermaye Piyasaları Birliği, 2017b, Sermaye Piyasası Özet Verileri, https://www.tspb.org.tr/veriler/ adresinden alındı.
  • Tükiye Sermaye Piyasaları Birliği, 2017c, Aracı Kurumların 2016 Sektör Analizi, Gösterge Sayı 12
  • Wojcik, D., MacDonald-Korth, D., & Zhao, S. X. (2014, September). The Geography of Foreign Exchange Trading: Currencies and International Financial Centres. December 16, 2014 tarihinde Social Science Research Network (SSRN): http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2501285 adresinden alındı.
  • Yıldırım, A. (2013),Gerçek yatırımcı 215 bin yatırımın vadesi 1.5 ay, Bloomberg http://www.bloomberght.com/ht-yazarlar/abdurrahmanyildirim/1366748-gercek-yatirimci-215-bin-yatirimin-vadesi-15-ay/ adresinden erişildi.
  • Y. Yuan, (2013) Forecasting the movement direction of exchange rate with polynomial smooth support vector machine, Mathematical and Computer Modeling, Vol. 57 p.932-944.

THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016

Year 2017, Volume: 3 Issue: 1, 190 - 196, 30.06.2017

Oktay Tas , Gokben Cevikcan

https://doi.org/10.17261/Pressacademia.2017.403

Abstract

Leveraged transactions, widely known as forex trading in
Turkey is regulated by the Capital Markets Authority since August 2011 and only
brokerage firms are allowed to trade in this industry. Employing the regression
analysis, we investigate the effect of foreign exchange volatility on brokerage
firms between 2012 and 2016. Our results indicate that, the volatility in
foreign exchange rate have a significant positive effect on the revenue of
forex trading of brokerage firms. The movements in the direction of foreign
exchange rates have a bigger effect on the profit of brokerage firms.  

Keywords

Over the counter capital markets leveraged forex transactions brokerage firms foreign exchange movements

References

  • Altan, M., GÜZEL, F. (2015), Forex Piyasasının Türkiye’deki Durumu ve Türkiye Finans Piyasalarına Etkileri, Journal of Institute of Social Sciences Vol: 33, 2015 ss. 203-214
  • Alessandri, T., Cerrato, D., Depperu, D. (2014). Organizational slack, experience and acquisition behavior across varying economic environments. Management Decision, vol. 56, no. 5, p. 967-982.
  • B.F.I.S.-M.E. Department, Foreign Exchange Turnover in April 2016: Preliminary Global Results, Technical Report, Bank For International Settlements (2016) d adresinden alındı
  • Çukur, S., Gümrah, Ü. ve Üstün Gümrah, M. (2012). İstanbul Menkul Kıymetler Borsasında hisse senedi getirileri ve işlem hacmi ilişkisi. Niğde Üniversitesi İİBF Dergisi, 5 (1): 20-35.
  • Değertekin, E. A. (2010, Nisan). Döviz Piyasaları. Sermaye Piyasasında Gündem(92), TSPB, s. 8-17.
  • Evans, C., Pappas, K., Xhafa, K. Utilizing artificial neural networks and genetic algorithms to build an algo-trading model for intra-day foreign exchange speculation, Mathematical and Computing Modelling, Vol.58, p.1249-1266
  • H. Zhang, R. Ren, (2010) High frequency foreign exchange trading strategies based on genetic algorithms, in: Proc. Second Int Networks Security Wireless Communications and Trusted Computing (NSWCTC) Conf, Vol. 2, pp. 426–429.
  • Heimer, Rawley, Can Leverage Constraints Make (Some) Investors Better Off? (September 12, 2016). Available at SSRN: https://ssrn.com/abstract=2150980 or http://dx.doi.org/10.2139/ssrn.2150980
  • Internatıonal Organızatıon Of Securıtıes Commıssıons (2016) Report on the IOSCO Survey on Retail OTC Leveraged Products ISCI. (2011,). Financial Treasury and FOREX Management. Noida, India: The Institute of Company Secretaries of India - ISCI.
  • Ivanova, Y., Neely, C. J., Rapach, D. E., and Weller, P. A. (2014). Can risk explain the profitability of technical trading in currency markets? Federal Reserve Bank of St. Louis, Working Paper.
  • Nekritin, A., & Peters, W. (2012). Naked FOREX: High-Probability Techniques for Trading without Indicators. Haboken, New Jersey, USA: John Wiley & Sons.
  • Owens, S. (2004, July). The FOREX Report: The Six Forces of Forex. Aralık 16, 2014 tarihinde FX Engines, Inc.: www.fxengines.com adresinden alındı
  • SPK. (2011) Kaldıraçlı Alım Satım İşlemleri ve Bu İşlemleri Gerçekleştirebilecek Kurumlara İlişkin Esaslar Hakkında Tebliğ. (125), Seri: V. Resmi Gazete.
  • Ozturk, M. Toroslu H. Fidan G. (2016) Heuristic Based Trading System On Forex Data Using Technical İndicator Rules, Applied Soft Computing, Vol. 43, p. 170-186
  • Takasbank, 2017, Kaldıraçlı Alım Satım İşlemlerine İlişin Veriler, https://www.takasbank.com.tr/tr/Sayfalar/IstatistikiBilgiler.aspx adresinden alındı.
  • Tükiye Sermaye Piyasaları Birliği, 2017a, Foreks Kurumları ve Aracı Kurumlar, Gösterge Sayı 11
  • Tükiye Sermaye Piyasaları Birliği, 2017b, Sermaye Piyasası Özet Verileri, https://www.tspb.org.tr/veriler/ adresinden alındı.
  • Tükiye Sermaye Piyasaları Birliği, 2017c, Aracı Kurumların 2016 Sektör Analizi, Gösterge Sayı 12
  • Wojcik, D., MacDonald-Korth, D., & Zhao, S. X. (2014, September). The Geography of Foreign Exchange Trading: Currencies and International Financial Centres. December 16, 2014 tarihinde Social Science Research Network (SSRN): http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2501285 adresinden alındı.
  • Yıldırım, A. (2013),Gerçek yatırımcı 215 bin yatırımın vadesi 1.5 ay, Bloomberg http://www.bloomberght.com/ht-yazarlar/abdurrahmanyildirim/1366748-gercek-yatirimci-215-bin-yatirimin-vadesi-15-ay/ adresinden erişildi.
  • Y. Yuan, (2013) Forecasting the movement direction of exchange rate with polynomial smooth support vector machine, Mathematical and Computer Modeling, Vol. 57 p.932-944.
There are 21 citations in total.

Details

Journal Section Articles
Authors

Oktay Tas

Gokben Cevikcan This is me

Publication Date June 30, 2017
Published in Issue Year 2017 Volume: 3 Issue: 1

Cite

APA Tas, O., & Cevikcan, G. (2017). THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016. PressAcademia Procedia, 3(1), 190-196. https://doi.org/10.17261/Pressacademia.2017.403
AMA Tas O, Cevikcan G. THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016. PAP. June 2017;3(1):190-196. doi:10.17261/Pressacademia.2017.403
Chicago Tas, Oktay, and Gokben Cevikcan. “THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016”. PressAcademia Procedia 3, no. 1 (June 2017): 190-96. https://doi.org/10.17261/Pressacademia.2017.403.
EndNote Tas O, Cevikcan G (June 1, 2017) THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016. PressAcademia Procedia 3 1 190–196.
IEEE O. Tas and G. Cevikcan, “THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016”, PAP, vol. 3, no. 1, pp. 190–196, 2017, doi: 10.17261/Pressacademia.2017.403.
ISNAD Tas, Oktay - Cevikcan, Gokben. “THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016”. PressAcademia Procedia 3/1 (June 2017), 190-196. https://doi.org/10.17261/Pressacademia.2017.403.
JAMA Tas O, Cevikcan G. THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016. PAP. 2017;3:190–196.
MLA Tas, Oktay and Gokben Cevikcan. “THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016”. PressAcademia Procedia, vol. 3, no. 1, 2017, pp. 190-6, doi:10.17261/Pressacademia.2017.403.
Vancouver Tas O, Cevikcan G. THE EFFECT OF FOREIGN EXCHANGE VOLATILITY ON BROKERAGE FIRMS’ REVENUE, EVIDENCE FROM TURKEY BETWEEN 2012-2016. PAP. 2017;3(1):190-6.

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