ULUSAL VE ULUSLARARASI P YASALAR
i
ULUSAL VE ULUSLARARASI P YASALAR
! " % & *
( )
"
%
+
% "
) (
"
& "
"
&
" " '
(
" "% ( " , ,%
' &
)
" &
" "
#
$ (
*
' "
& ,( )-
( )
"
%
'
ii
ULUSAL VE ULUSLARARASI P YASALAR
" % $
#"!%
( ) "
"
! #
"
+ ,
" '
'.' *
&' % * / (&% ! ) % * ' ! # +$ , . * & % % +$ 0 &1 + &'" $ 0" 12 % % '3' ' 0 &' % " + &'" $ . $" % 5 / " & 2% ! 0 &1 ) && .% 6 # %7 . # 23 (& && . . ( ' ! (3 0/ - & ( ". ' - 4 $(
" % (
" # " & 2:;;<<<' 2 ')% ' (, " %
"
" "
) '
( ( %"
& # ( " &
* * 0" *
"
/ &
% % 12 %
%
'3'
6 ( )4&
6 6 5
" %
!
" # '.' *
,
% , )-
( "
& ( " !
% %
)4& " $
(& -/
89 % 2 % " '
5 /
& 6!
/
&
0( " ) &- ' ( & & ! 78 9 6! 8
: 8 @ 9 9 8 7 8 @
: = 8 A A 8 7 = 8
> ? 8B 8B ? 7 ? >
? @8 8> 8> ? 7 @8 ?
=
=
@8
@8
* "
/
12
%
"
&
2%
! 5 ( 0"
, 2
(
"
+
:
;
'
$
iii
ULUSAL VE ULUSLARARASI P YASALAR
;9
< $
= +*
;4;9
(
'
;4 9 ) # @'8'@$ , @'8'8$ @'8'=$ ! @'8'>$ C % @'8'9$ D% 9
+
$ >
@"
?$
444444444444444444444444444;
444444444444444444444444444444444444444444444444444444444444444444444
&
&- ' 444444444444444444444444444444444444444444444444444444444444: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 9 * " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ? ! '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @B '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @= ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @=
?$
44444444444444444444444444444444444444444444444444444444444444444;A
4;9
&'
4 9
&'
3(
4444444444444444444444444444444444444444444444444444444444444444444;A
4B9
&'
C#
44444444444444444444444444444444444444444444444444444444444444444;A
4D9
&'
/#!
444444444444444444444444444444444444444444444444444444444444444444;E
B9
+$
44444444444444444444444444444444444444444444444444444444444444444444444;A
*
B4;9 ='@'@$ /
?
$ #
44444444444444444444444444444444444444444444444444444; 444444444444444444444444444444444444444444444444444444444444444444444444444444444444; + ) '''''''''''''''''''''''''''''''''''''' @E
B4 9 +$ * & , && . . 4444444444444444444444444444444444444444444444 D ='8'@$ * % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8> ='8'8$ ) F ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8> ='8'=$ F " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8> ='8'>$ G '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8A ='8'9$ H !1" '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =@ ='8'A$ " F , '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =8 B4B9 D9
$2
D4;9 $( >'@'@$ %
!
2?% (& %
% >
*
/ F
# +
3 %*
7 $
' >
+ !
-
+$ ,
& +
) &9 44444BB G + 44BD
' ! 444444444444444444444444444444444444444444444444444444444444444444444444444BD '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =>
D4 9 &0" + &'" $ ( , && $( (& 444444444444BD >'8'@$ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =9 >'8'8$ % % % 1 % I " F* # * % % 5* "" A$ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =A >'8'=$ % % 3 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =? >'8'>$ % G ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' >@ D4B9 * ' !# ( >'='@$ 3 / >'='8$ % +" J FD4D9 $ >'>'@$ F >'>'8$ J*
"&"&
, . / 4444444444444444444444444444444444444444444444444444444DD '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' >> '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' >E
-& "
+"
D4:9 +$ , >'9'@$ 6
F-
3
4444444444444444444444444444444444444444444444444444444444444444444444444: " ''''''''''''''''''''''''''''''''''''''''''''''''''''''' 9B 5 '''''''''''''''''''''''''''''''''''''''''''' 9B
+ #1" * & ! , & $ 0" 4444444444444444444:; '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 9@
iv
ULUSAL VE ULUSLARARASI P YASALAR
>'9'8$ >'9'=$ 5 >'9'>$ F>'9'9$ %2 >'9'A$ % D4A9 ( >'A'@$ >'A'8$ / D4E9 >'L'@$ >'L'8$ >'L'=$ >'L'>$ >'L'9$ >'L'A$ >'L'L$ >'L'?$ >'L'E$
6 % %
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 98 0 G ''''''''''''''''''''''''''''''''''''''''''' 9= G ''''''''''''''''''''''''''''''''''''''''''''' 9> '''''''''''''''''''''''''''''''''''''' 99 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 9?
#F $ I 5
%
< K
< %
!
1 44444444444444444444444444444444444444444444444444444444444: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' AB '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' A@
"
* 6
&
, &! . $" 444444444444444444444444A: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ?A 6 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ?A 5 % % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ?L F'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ?? %2 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ?E C ,& / #5 / $ 2% ''''''''''''''''''''''''''' E@ / " M 75 N6 ) 5 / # $E= / + " 1 5'''''''''''''''''''''''''''''''''' E9 % % 5 % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' EA
D4H9 * >'?'@$ % >'?'8$ F , >'?'=$ / >'?'>$ * I "
& "
D4 9
&
* &- ' >'E'@$ F >'E'8$ / >'E'=$ * /
&-
"
&&- ' # +$ * & 44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444; ; ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @B@ " " '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @B@ " '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @B8
D4; 9 >'@B'@$ >'@B'8$ >'@B'=$ , >'@B'>$
" " *
. $" 44444444444444444444444444444444444444444444 H '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' E? ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' E? F , 1 " ''''''''''''''''''''''''''''' E? , '''''''''''''''''''''''' EE
. 5 2 (
) && $ % )5 . # G- &) # 444444444444444444444444444444444444444444444444444444444444444444444444444444444444; B '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @B= , " '''''''''''''''''''''''''''''''''''''''''' @B> '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @BL , O" , 0 ''''''''''''''''''''''''''' @B?
D4;;9 ) - & G5 & & & 1 7 & - &@9 + &3 (& 4444444; H >'@@'@$ , " O #J " " )$ ''''''''''''''''''''''''''''''''''''''''''' @B? >'@@'8$ * 2 % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @@@ D4; 9 * >'@8'@$ ) 0 :9
+$
:4;9 9'@'@$ F :4 9 9'8'@$ 9'8'8$ 9'8'=$
&
@ 5
* $ #
1 2?2
/
5
! & "
44444444444444444444444444;;D '''''''''''''''' @@>
4444444444444444444444444444444444444444444444444444;;A
4444444444444444444444444444444444444444444444444444444444444444444444444444444444;;A '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @@E
+$ C# # (&( && ! # . . 44444444444444444444444444; , ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8B " F* '''''''''''''''''''''''''''''''''''''''''''''''' @8@ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8@
v
ULUSAL VE ULUSLARARASI P YASALAR
9'8'>$ 9'8'9$ 9'8'A$ 9'8'L$
%
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' % ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
2
:4B9
' 3
/&
9'='@$ 9'='8$ 0 9'='=$ 9'='>$ 9'='9$ 9'='A$ 9'='L$ 9'='L'@$ H 9'='L'8$ 9'='?$ 9'='E$ 9'='@B$ % 9'='@@$ & 9'='@8$ &
444444444444444444444444444444444444444444444444444444444444444444444444444444444444444; A F " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8A '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8A F , '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8L ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8L ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8L F , " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8? 2 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8? / % F , 2 '''''''''''''''''''''''''''''''''''''' @8? 2 / % F , 2 '''''''''''''''''''''''''''''''''' @8E 2 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @8E ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @=B % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @=B % % F ''''''''''''''''''''' @=8 % % 2 ''''''''''''''''''''''''''''''''''' @=9
+$ % !-
# !%
:4:9
( ) /& + ' &! 9'9'@$ % , 59'9'8$ % , 9'9'=$ , % ,
:4A9
$ " '(&( 9'A'@$ * 9'A'8$ F
:4E9 9'L'@$ 9'L'8$ 9'L'=$ 9'L'>$ 9'L'9$ A9 A4;9 A'@'@$ A'@'8$ A'@'=$ A'@'>$ A'@'9$ A'@'A$ A'@'L$
444444444444444444444444444444444444444444444444444444444444444444444444444444444; :
; : .
:4D9 9'>'@$
'
@8@ @88 @88 @8>
( ) & "
& 7 9 &- ' 444444444444444444444444;B: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @=L
% ( ) & & & $ &"& & 5 # ) ( ) & 44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444;BH ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @=? * ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @=E * '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @>@
&& $ " ( ) & && + & &- ' ' 44444444444444444444444444444444444444444444444444444444444444444444;DH H " '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @>? % % H " '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @>?
(
)' <!
.
% +$ &
)
C#
(&( 4444444444444444444444444444444444444444444444444444444;: ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9B C 2% '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9B & '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9@ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9@ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9@ ?= + ?$
$
+
444444444444444444444444444444444444;:B
4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444;:B * ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= 0 - ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= ( '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9= F-
vi
ULUSAL VE ULUSLARARASI P YASALAR
A'@'?$ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9> A'@'E$ 2 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @99 A'@'@B$ O % ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @99 A'@'@@$ * '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @99 A'@'@8$ % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9A A'@'@=$ % ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9A A'@'@>$ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9L A'@'@9$ F , '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9L A'@'@A$ F , " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9L A'@'@L$ " '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9L A'@'@?$ H !1" '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9? A'@'@E$ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9? A'@'8B$ 2 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9? A'@'8@$ 2 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @9? A'@'88$ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @AB A'@'8=$ % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @AB A'@'8>$ ) '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @AB A4 9
(&
#
2
' '
&& .
&
.' &
444;A
A4B9 ' A'='@$ F A'='8$ % A'='=$ %.
44444444444444444444444444444444444444444444444444444444444444444444444444444444444444;AB '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @A= . " F , '''''''''''''''''''''''''''''''''''''''''''' @A> " F , ''''''''''''''''''''''''''''''''''''''''''''''''''''' @A>
A4D9 A'>'@$ F A'>'8$ 6 ) A'>'=$ 2
#
A4:9
.
.
3 & 4444444444444444444444444444444444444444444444444444444444444444;A: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @A9 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @A9 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @AL
3 1 '
E9
+
E4 9 E4B9 L'='@$ L'='8$ L'='=$ L'='>$ L'='9$
1 $" " ". 2
) # *"'"' .
E4D9 ' L'>'@$ F L'>'8$ L'>'=$
2? 2
444444444444444444444444444444444444444444444444444444444444;AE 44444444444444444444444444444444444444444444444444;AH
& ' 444444444444444444444444444444444444444444444444444444444444444444444;AH
444444444444444444444444444444444444444444444444444444444444444444444444444444444444444;AH '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @A? ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @AE 5''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LB " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @L@ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @L@ #
E4:9 & L'9'@$ L'9'8$ L'9'=$ L'9'>$ 4 ;D L'9'9$ C / L'9'A$ L'9'L$ % %
444444444444444444444444444444444444444444444444444444444444444444;ED '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @L> ;G '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @L9 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LA
5 &-
# 5 44444444444444444444444444444444444444444444444444444444;EA '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LA " 5''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LL 1 ( " ( ''''''''''''''''''''''''''''''''''''' @L? / 2 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LE 2 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LE G 5 2 3 ''''''''''''''''''''''''''''''''''''''''''''' @LE '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @LE
vii
ULUSAL VE ULUSLARARASI P YASALAR
E4A9 L'A'@$ F L'A'8$ F
&
(&" 444444444444444444444444444444444444444444444444444444444444444444444444444;H % ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?B % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?@
E4E9 L'L'@$ L'L'8$ L'L'=$ L'L'>$ L'L'9$ L'L'A$
'
44444444444444444444444444444444444444444444444444444444444444444444444444444444444444;H H 1 ( '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?8 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?8 ! ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?= * 6 ) K ! ''''''''''''''''''''''''''''''''''' @?= % % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?> % ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?>
E4H9 L'?'@$
< % % H H H
2 , -
H9
.
$
H4;9 H4 9
/ O
&
/! . 444444444444444444444444444444444444444444444444444444444;H: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?9
?$
4444444444444444444444444444444444444444444444444444444444444444;HE
& ' 44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444;HE .
3 0
H4B9 ?'='@$ ?'='8$
.#" " &&
H4D9
'
(
1 ' $" " ".
4444444444444444444444444444444444444444444444444444444444444444444444444444444;HE '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?L '''''''''''''''''''''''''''''''''''''''''''''''''' @?L
0 &',& $(&"
H4:9 ?'9'@$ ?'9'8$ ?'9'=$ ?'9'>$ ?'9'9$
444444444444444444444444444444444444444444444444444444444444444;HE
" 44444444444444444444444444444444444444444444444444444444444444444444444444;HH
4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444;HH '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?? ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?? '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @?E G ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @EB " % / ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @EB
H4A9 F . 44444444444444444444444444444444444444444444444444444444444444444444444444444444444; ?'A'@$ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @EB ?'A'8$ 0 " '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @EB ?'A'=$ ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E@ ?'A'>$ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E@ ?'A'9$ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E@ ?'A'A$ 5 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E= ?'A'L$ F , ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E= ?'A'?$ " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E= ?'A'E$ 2 ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E> ?'A'@B$ O" ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E> ?'A'@@$ '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E9 ?'A'@8$ ! '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @EA ?'A'@=$ ) ! '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @EA ?'A'@>$ ( " * F , % P " ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' @E? ?'A'@9$ 5 % 5 1 5 % P " ( " " '''''''''''''''''''''''''''''''''''''''''''''''''''''' @E? 9
> I*< 4;9
!@JC
< *
44444444444444444444444444444444444444444444444444444444444444444444; & -
44444444444444444444444444444444444444444444444444444
viii
ULUSAL VE ULUSLARARASI P YASALAR
E'@'@$ E'@'8$ ) E'@'=$ Q 2% E'@'>$ E'@'9$ F E'@'A$
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
8BB 8B@ 8B@ 8B8 8B= 8B>
444444444444444444444444444444444444444444444444444444444444444444444
A
4 9
&'
4B9
&'
3(
44444444444444444444444444444444444444444444444444444444444444444
A
4D9
&'
C#
444444444444444444444444444444444444444444444444444444444444444
A
4:9
&'
/#!
4444444444444444444444444444444444444444444444444444444444444444
E
4A9 E'A'@$ 4E9
0 2 ,
/#! ! !
0
44444444444444444444444444444444444444444444444444444444444444444444444444 E '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8BL
&
444444444444444444444444444444444444444444444444444444444444444444444444444
; 9
+ ?$
;;9
$
>
+
+$
*
?
4444444444444444444444444444 ;
*
=
2
$
;; ;;4;9
&
44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444 ;;
;;4 9 @@'8'@$
3( 2%
!
;;4B9
3(
6'
(@
;;4D9 @@'>'@$ @@'>'8$
3(
6' 2% F %(
! 2%
6'
2
; 9
?=
; 4;9
3(
; 4 9
0 &1
444444444444444444444444444444444444444444444444444444444444444444444444444444444444 ; %) 1 ''''''''''''''''''''''''''''''''''''''''''''' 8@8
6'
&&F'
(3
;B9 ;B4;9 " (1" @='@'@$ @='@'8$ @='@'=$ %
&
444444444444444444444444444
D
4444444444444444444444444444444444444444444444444444444444
:
&1 5 2
;B4 9 " (0(&@='8'@$ 6 @='8'8$ . ( 8>B @='8'=$ % R @='8'>$ %7.%
(5 & * ' %2
? ?
44444444444444444444444444444444444444444 ;E
4444444444444444444444444444444444444444444444444444444444444444444444444 ;E '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8@L ! '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 888
)
$" " A
K
F
&- & &
#&
+
; 4B9 ; 4D9
&&
&
??
.' & G-
444444444444444444444444
:
4444444444444444444444444444444444444444444444444444
A
* '' & & $" 7
&
# $ 2L
" "
-&
9 44444444444444
E
444444444444444444444444444444444444444444444444444444444444444444444444 E '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 88? % '''''''''''''''''''''''''''''''''''''''''''''''''''''' 8=B '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8=@ 444444444444444444444444444444444444444444444444444444444444444444444444444444 B 0 + 6 & & , ''''''''''''''''''' 8=8 * ! " 5 2 6 & & ,
& /
2
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8>8 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8>=
ix
ULUSAL VE ULUSLARARASI P YASALAR
;D9
+
;D4;9 @>'@'@$ 0 " @>'@'8$ ;D4 9
2
2?
.
&& -
12
0"
C) %
-
-
1
;D4B9 @>'='@$ 0 "
??
.
/!
.
-
7
444444444444444444444444 DD
44444444444444444444444444444444444444444444444444444 DD ''''''''''''''''''''''''''''''''''''''''''''''''''''' 8>> 1 G '''''''''''''''''''''''''''''''''''''' 8>9
?
&&7 " " F-
5 9 G!
M44444444444444444444444444444444444444444 DE '
4444444444444444444444444444444444 DE 7O '''''''''''''''''''''''''' 8>E
;D4D9 . /! . &- ? (! (& & M4444444444444444444444444444444 :; @>'>'@$ , % % '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 89= ;D4:9 . @>'9'@$ " 0" @>'9'8$ 0" @>'9'=$ 0" @>'9'>$ 0" ;D4A9 @>'A'@$ 0 " @>'A'8$ 0 " @>'A'=$ (
K
;D4E9 23 @>'L'@$ 12 @>'L'8$ 12 @>'L'=$ 12
(& % % %
G! @>'?'@$ 0 "
/!
. '
& ' & ' / 4444444444444 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
:D 89> 899 899 899
&. 3 & 1 3 4444444444444444 % #/ ") $ , ''''''''''''''''''''' " 2 % '''''''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
:E 89? 8AB 8A8
? - M4444444444444444444444444444444444444444444444444444444444444444444 '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' #12 % $ :'''''''''''''''''''''''''''''''''''''''''''
AD 8A> 8A9 8A9
/! -
;D4H9
&& -
.
/!
.
.
"
.
# 23 (& /! . & $(&" < & & & 4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444 AA % " H ''''''''''''''''''''''''''''''''' 8AA
x
ULUSAL VE ULUSLARARASI P YASALAR
;9 < $
% • • • •
= +*
(
% %
& " !
(
(
$ >
" '
?$
S
&" (
% %
" O"
"
% % 2% ( & " ! % %
G ! % / " !
)
"
'
& " !
, 2 2% " 2 2% ( & " ! ( ( , , & " ! " 'O ) , ( I & " ! " " ( % % ( & " % (
( (
, "% " ) % , "2% & " !
% ( @EEB % % "
)% !
2 % %
% % ,
2 " ( ,
% % ) "
,
" '
" % % ( ,% ( ,% " ( ' " "
" " & %
" "%
"
"
)-
+
" &
! " , 2
% (
2%
"
( % (
)-
( 2% !
" &"
2%
%
"
! )
" " %
%
,
)(
%% "
%
) " (
' " ' "
"" '
) % " 2% ) " ( @ELB @ELB7?B "' @ELB "" % % 2% " % " 2 2% " " 2% " ( % @ELB+ ( " 2 % ( ( " % )" ) 2 2% % ( ( % " ( " ( 2 2% " & " ! & 2 2% ! % 2 2% "" " " & " ! % ( ' " , , ( " " & " ) 2 2 )) ) " " " % ,% %" ( &" " ! % " " '@ , @ELB+ @E?B+ " % " (
2% '
&"
1 Miktar teorisi yakla ımına göre, paranın dola ım hızının kısa ve orta vadede de i meyece i varsayımı altında, para arzındaki geni lemenin reel büyümeden (GSY H) daha fazla olması halinde, enflasyonist bir geli me gözlenebilecektir.
1
ULUSAL VE ULUSLARARASI P YASALAR
! ,
( "
, ,%
" . & @ELB " "
)2%
2% ( )-
' *%" * & @8@@
" " .* + , ) -(5 "- & ' &- & & 0
;4;9 F
(
% @$ 8$
' 2
/ " ! % "
@E?B+ " ( 2 , ' ( ! " %" ( ( " " ( % + " # .* $ ( " , " " @> 1 . & * & ! & " % % 89 P 8BB@ & >A9@ " ! %" ( 2 2% 2 2% , 1 5 & & ' ,
!
"
% ( ! "
' O & " ! % ) %
-
@" 2%
K
" :
% / " !
C - 6 K " ( " & " ! " , ! % "% " % % " ( " ( ( , ! % ) " ' & " ! " ( 2 " " % " ' H, , (
)-
( (
% %) &
"
!
& " ! % & " ! & " !
% -
% !
" "
" %
,
%
"
%
' " %
% (
%
%
& " ! K " ' 2 & " ! , 2 ( ,% & " ! " ' & " ! @EEB+ " ( K" ,% ( & % " ' @E?B+ " ( 2% !% )( ! , ) * )( -" , % %K ) 2 ( & % 2 ! % " ( , 2 ! % % % " % ) "( , ( " & " ! K " ' " " % % ( ! " 2 ( ' , 2 ) " ( " " % % (% " ! -" " ) ) ( ' & " ! K " ( ( ,% & * 2 %) & " ! % " ( " ' ) " #P6C$ ( , #P 0$ & " ! % 2 !% % ( ' P6C+ ( & " ! % "% & " ! % 2 ) ) , , '
" ( "
)
%
" %" '
,
" K" )! )" !
P 0+
2
ULUSAL VE ULUSLARARASI P YASALAR
(5 "- &
&6
(& C - 6 K )- ( 2% & " !" ' K" ( ' 2% ! % & ( 2 )' ! % & " ! ( " ( 2 2% , " ! && ( 2 2% ) (, ( ( " -, " % , 2 )! ) "! " & " ! " ( - )'
! % & " ! & & ) ( & " ! & " ! ! % " ! % - ), % & " ! % " ' / " ! ! % & & ( , 2 ! %
(
2% " "-
& " % (
" ' ! "
" % % " ! "
! , .*
% ) "
" (
2%
8BBA
& " ! ! % , " " %
%
& " ! " M
% " % % ( &
! ( 2 , ,
) & " ! ! % & " ! ! " T O -
) , "
) , ! ! !
-
' "
,
( "
K "
2 %" ) , % / " ! % & " ! ,
& ! % H, N 2 ( K" 2 K " "
M "
, " '
2%
" ' .* 8BB8 " 2 2% " & ) % " ' 8BB878BB9 + ) ' ! " K ) , , ( .* 8BBA ( " ( ! % & " ! K
' " , ( , ) ( % % 2 ( ) " " M % & " !N % ( ! % & " ! " " !! ! & 2 ( , , ) ( 2% / " '
& " ! 2 ! % " , 2
! % & " ! + " SP 6 ( 2 !% T ! % )- " ) , + ( 2 %) , , " J* )- " % & " ! ( 2% % !
( 2
%
(
.*
(
"
(
!
+ #1" -" " ( " 2 2% & " ! ! % " "" .* " ) K % % 2 2% ) ) ,
&
"
K N
%
) , "
K
) , C 2 !% P , 0 ' "% " ) , " ( ( M
( N
%
( )8BBA
T J* )
" " ' 2 " (
2 %) "
% & " ! " ( &
"7 "
(
' % ) ,
2 '
2% !
2
3
ULUSAL VE ULUSLARARASI P YASALAR
2% % C 2%
! .*
!
2% 2%
2
%
& " !
K
%
( " " "
) (
"
2%
2
( %
2%
(
"
! " %
% (% , " ) '
"
)-
" ( ' 1
) (
)
! ! •
, %
"
( '
(
" )
" " !
! ! %
- )-
% & " ! )" ' 8BB8 " ( ) " " ! % " ! % "( ( , ' ! % " ! % ) ( 2% % ) " ! " ' % , " / " & " ! 2 ' ) ( % % ( , % " ) ) , % % % " .* + 2% ! ( ! % " ! " " ( ( 2 " ! % " %" " ( M ) N % "" ( ) ( " ( ! % ( (% 2 % % " % " ) (% % % " % , ' % %
( F
"
2 2% % ! % ( " ' " ' * ( ( ( % % ( " " ' " % , - )- " " ) ( , , " % % 2 ( ) ( '
" %2 , " ' G%
& " !
" % (
8BBA
% %
!
"
)
- )-
%2
(
• , • • • • 0 • % % )( 2 ,% 2
"
(
2 "
!
%
-" &" )
! ,
" " '
2
)-
)
"
(
&
"
(
2
, :
2 ) ) # .* $
%
%
)
)
" '
4
ULUSAL VE ULUSLARARASI P YASALAR
;4 9
)
#
*
&
&- '
& " ! ) @$ , 8$ * " & =$ C % >$ D% , " ,
;4 4;9
, " #12 7
,2
"
12 # &
(
)'
@8@@ ,
(
% *
%
.* :
$ !
$ $ !
+
98+
'
"
#$
*
"
#
$
# & !
!
%
!& ! ( ! '' # $ ' # $"
*
#$ ( +, (" " !
# ''
2
! () $ $
& " ! )
!
' ''!
%
. !
$" """ #$ $ , ,
"
3 *4
$
/++ &
)
' ''
2
% % ,
2 "
'' () ) " ! " ! (# ! )
"
'' # ''
#
*
' ''!
2% " "
(
(
$
* -# ( ''
&
"
( 2 ''
$ &
, )
,
+, (" " !
$ 1$ '' '
" '
2
2
" % #
(
(
" '
,
$
$ ! ' ''!
,
:
!
'
" 2
,
(
'! ( ''
$ ! '' ' '' * % ! *
*
2
"
)" $ ' !
$
-
,
#
$ 0 () ) "
, -
$
""
$
#
%
(
$
2% ,
.
! ' '
2 " ' $
(
2 2
(
" #
$
2% ! " " '
5
ULUSAL VE ULUSLARARASI P YASALAR
6 ) )
(
.* * "
,
• ,
,
!
2
)
2
"
%
' 2
( * "
)'
.
2 o
) , "
+ -
5
, .
7
S ,
9N
-
F . " , "
'
'
-
%
" " :
N
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
*
)
" "
" "
& , ) ,
! " '
"
" !
, ,
2 2
6
ULUSAL VE ULUSLARARASI P YASALAR
,
%
" N " " o
$"
(
.* # <<<' " '
& & C F ! &
/& /&
(')% ' ;
$ #(
o
N (
:
"
)&<
" % ! "
2% & & ) !
) 3( C
&
!
"
'
" @@:BB+" ' & & ) (
" !
.* ! " C 2%7 C ) , ' 2 2 " ' " , , " " 2 2 ( & , " " ; UL+ " ' U L+ " 2 2% , ! U>B+ / + .* + , " 7 % %
)-
"
' 2% ( ) -"
,
)
, (
,
" '
( ' 2% " " .*
2
2
2
88'BL'8BB8 ! "
( "
" ' & "
)(
-, " '
* (
(
'
$ N & 2%
2% ! -
-
2 %
"
( ) (%
-" " " " ( "
:
'
" " (
(
'
6 )
A
) '2"!$
C
"
.*
;)
&
(
1 $" "
6 )
;2
)-
,
" % ) .* * "
M ,
N )
1
(
N
" ;! " ( ) 2 ! " 2% ) )$( (& / & N % % " .* + * & % % % % ) .* 2 2 ( , 2 % " ( / + % & ," 2 ( % % % % " ( " o
" " ;
" 2%
" C U@B+
F
! "
: #
(
" "
%
2 (
, $
'
7
ULUSAL VE ULUSLARARASI P YASALAR •
&
N ,
2 ,
2 ( •
&
2
2 ,
2
' $ 0"
( -
&
" 2% ! 5 ( (% %; & " " %(% "' ! G& C 2%
o
@
5
%
" "
%
C 2% C 2%
2% ( 2 $ (
)
" 2% " (
( 2
* 2 2
"
%2 (
!% )
,
( " & " % ( , #( "7( % $ .* + ) , , ( .* ( ( 2 " " " 2%
" " "
" •
$
1
' ( , %2
" F
C "
2%
' '
5 * " &
2
"
!
" % % " % ' " % 2 "
" "
"
% % , , % , , " '
F
%
.*
"
'
#
+ -
" '
'
%
"
;4 4 9
" "
'
N
E@ ) ! " C
& ,
2
"
"
!
(
"
! " 2%
2%
"
2%
N
"
%
*
(
"
!
" ,
" , 8 P 2
( 2
! " " 2 ( " 2% ) ,
( )
, @E?A+" " & % .* "
)(
,
" "
' ) ' )
!
-
8BB8 %
& " '
,
2% " " * ) %
& " !
( )
" " :
"% &
" , "
"
N
8
ULUSAL VE ULUSLARARASI P YASALAR
"
.
(
F . •
& )
•
'F
7 9 ' &N , " " & % ! -" " .* +" (% , ( ' " F " % 2 % " >?+ " '
3( . *
N "
" !
(% , 2
.*
(
2
%
-
% " " )
%
C
" 2% % .
(
)
'-
&1
"
-" " &
% 2
%
%
" %
#1;P$ " " (% , % % " " 2% ( ( 2 " & " (% , (
"
' "
,
" ) ,
2 ! %
, , )
" ( !
'
N
.* 1;P " 2% % " " , ( " ' " 2% & " ! ! ' U@='B@ U@='BL U@='@9 ) ( ' •
%
" (% ,
% "
" 2% %
3(
)
" ) " ' %
(
•
(
.
" % * @A:BB V @L:BB % .* +" (% " (% , ( % % " F % @A:BB7@L:@9
" @ (
" 2%
&
2
"
N % "
% ) (
, ' " & "
, , " " ' !
" ) ,
"
&
%
( "
" % " &
.* )
% , " ' %
)
%
" " "
'
9
ULUSAL VE ULUSLARARASI P YASALAR
•
Likidite Deste i KredisiNN * ( " ( %
5
+ +
* " " (
&
&
(
! >+
"
2
2
' $ 0"
-
&
""
(
"" , , " " '
, )
% " '
" "
'
%
N
.*
% !
+
! ' ! )
#
)-
&
'
( $ $)
& " %
'
6
) & "
&!
*4
9=+ '$('
""
"-
)
"
&
& )#
" K
!
"
" :
$
75
5
"
! " 2%
" "
+
$
5
&
!
!
-
6' 6 .
!
$
! !
(
"
/5 3" " $ # " % !
# $ % " '
'
" (
/#! #
-
! ) %
"
" 2% ! 5 ( (% %; & " " %(% "'
;4 4B9
#J$ (
N 2 % ,
•
"" "
" "
•
>B' & "
" #$ ' $
) )
"
%
%
" : $
#
&!
&
"
*4 )" 2%
K
.* "
2% %2
/ ( " %
! "
%
(
"-
.* !
!
* "
10
ULUSAL VE ULUSLARARASI P YASALAR
!
" ' 5 "
!
-
! •
"
" " '
2
!
-
!
* "
/#! #
-
6' 6
+ 2% " &
2
.*
! "
!
* "
( )
" " :
5 & & / # N 2 ) ( , , " ")
%
"
"-
"
" "
2 "
)-
"2
)
( +
&
2
"!
! -
•
$
"
1
2 " ( % )- " .* " " ! ! "2 ' " 2% 2 " '
", "-
" %" , "-
(
)F !
"
)
&( 2 !
/ !
!
,
N
5 •
/
@
?
@ P @9:=B ( % % % "6 ( %"
C ".* ) K
3( !
5 &- ' $"
&
N
8BB8 & " ( & ) @B:=B7 " & ( #@B:=B @@:=B @8:=B @=:=B @>:=B @9:=B$ "2 " @ % "% " ( ! % 2 " ( A % % * @9:=B ( ( )) " @ "% % " ' 2 " , 2 " ( " " ( " 2 " "% " " * " % " "% , 2 % & 2 " ' M. CN ! " @9:=B+" 6 ; 6C; ; 6C;6 , 2 " " '
8BB@ %
&
& " !
& "
( " ) K
" ) "
" 2
K " & 2%
, ,
" " '
2% ) "
11
ULUSAL VE ULUSLARARASI P YASALAR
% & & "
" ) ( %
( " ' ) & " ! ( %
( ""
.* )
"
* (
,
,
% % 5 2
•
@
'"
K
(
%
F5
"
%
& &
% S
, , " '
0
"
" )
M (
%
" )
)2 % ,
%
( % "-
( (
K
"
! !
%
(
" &
%"
" " '
: " & %
,% ( % %
, ,
&
!
" '
!
:
, ! (
"
O"
"
O"
" 2
%
% (
( &
)-
: !
&
) )-
(
2 %)
!
"
H
"
&
S
6 &
""-
)
%
-
&- !
" 'O !
" (
"
% %
( H
,
" ' F ( )- "
"
) "
)
"
&- % '"
% %
"-
"
" ) %(
( " '
(% , %
% % % %
2% !%
! "
%
( (, "
" "
K
.*
" &
" (
,
"
"2%
"
)
( )
)
, 2
"" ' ) '
" & K
2% "
)
!
)2
% "
2 % ,
" " '
:
) "
" "
& " "% % ( " ' " ,% " " 2 % %K & " & " ( & "
,
2
"
( "
!
" ' "
" " " ( " 2 , , ( (
" " ) % %
% (
% % &
" M %
)-
)
"
"
" 2
N
" %2
2
" ' * &
%
% % U EB+
12
ULUSAL VE ULUSLARARASI P YASALAR
" '
%
"
" (
"
;4 4D9 C
% M
(
'(&
2 " >9+
""
!
.*
"
$ &
$
# &
!' "
+
"
9+
"%
@+
N" M " :
'
!
-
&
&1 "
/
%
" '
#
*
()
(-
"
%
(
( " $ ! $ #& ' *9 ' # ' ( & # # () ) " ''
, 8 (" # "
# '
N
$" $
#
* ' .* ( ,% & , , "
@EEB+ -
(
%
" "
>( "& " $
>B+
% % ! ( '
.
D% N(
!&
" %
# " (
"
;4 4:9
#&
""
(
' ''! &
2 )
) %
( "
"
(
,
$
%" , 2
" ( !%
" '
' .* " "
+
M '
/8: : ) # '$(' ()" # & ' ''! $" " "" ' ' ! $" " "" ' ' ! ! ( & ) # & " " ! ! )" " '$(' $ $) " "' ' <'
*4
" #
!
7
"
%
"
)-
)- S ' ''!
"
"
# * ; ' ' '$" " "" ' $ $ # ! # *
'' ' #
!&
' '
*
13
ULUSAL VE ULUSLARARASI P YASALAR
# $ '' '' ; ' '
#
" " *
$ ()
!
' !
"
2
"
2 % 8BB@+"
% (
) .
'
7
%
"
-
) , (
'
% -"
!
*
% '
, ,
#
% ( & ( D% (
$ $ ? '" 3 ' 0(
" (
.* % '
" " :
9N UA+
-
'
,
% )
.
! -" %
!
%
>( "& " $
$
"
" )
!
*
$ #& ' ' () ' '' $ $ # # # =,>7 $ - # ( & # * # $ * !
>( "& " $ 7
' '
#
' '
, % "
' '
''
' 2 ' "" @ ' ( F
"
2 '
'
2%
(
)-
,$
(
' " -
@> ) .
)
&
2
"
%
"-
% ( )
"
8 & !
-
' )
%
"2 "
( (
,% %
(' &
.*
! % (% ,
)
9 !
8BB? & " U?B+ %
%
" '
. ' 7 O9 N W 7 AT (% & 7 ! U=+ ( ( " & 2 ' ( ' ( " & 2 ' - 5 ( 2 % .* +" ( % ! % " '
UE+6 # 2 "
( ' @> )
)
(
"-
( "
(' &
"
" "
2 8
& !
) " 8 ) % 2 & !
""
,$ S
% 2 -
! &( %
( % "-
(
% )
,%
"
)-
&
(
(
14
ULUSAL VE ULUSLARARASI P YASALAR
Zorunlu Kar ılıklar Bloke YTL Yükümlülükler Zorunlu Kar ılıklar FX Yükümlülükler
Zorunlu Kar ılıklar
%6
Ort.Ser.Mev.
Toplam
%6
%6
%3
%9
15
ULUSAL VE ULUSLARARASI P YASALAR
9
?$
4;9
&' .*
% J
2 ( " " ( 2
( & &
)( " " &
2 " + " .* I "
,%
"
% 2 (
(
"
" "
" " '
2
2
(
" % ) " "
2
"
+ " ( (
" 2 "
" " &
&'
" )
%
J* ( 2 ( " )( " ( " 2% " & ,% J* ( 2 J* I " " " 2 & " ' 2 " " X X % ( 2 ( " ' 2 " !% 2 " ) " ! " 2 " ' C 2% I" ) , % (
&'
" ( 2 X
" & !% "
C
I "
(
"
C 2%7 ( % " " " C 2%7 ) 2 " X X " ( ) " " % " & ( " " '
C 2% I" 2 ( " ' C 2% I" " " %" )( ( " & " ! ,% J* C 2%7
C# &
( "
.* 2 "
3( 2% "
4B9
( .*
%
" ' .* ( , ( " " !% & ) ( " ' 2 " "% 2 ( ( ) " ' X X " " ' / ( X X % ( ( X " & " 2 ( " ' " " 2 % " ( ) %2 " , & 2 ( % " ' 2 2 ( " )( ( ) " ! " ) ! " " 2 ( " ' ( ) ( ) " ! " 1 ! " ( " ' 2 " % 2 " ( )- ( % 22 " " & , (% , % " " ( (% , & % " '
4 9
2
J
(% % "%
"
7 ( %
"
"
2 (
" I"
"% "
2 ( " '
" )(
J* " &
"%
" "
-
(
16
ULUSAL VE ULUSLARARASI P YASALAR
"% 2 2
"
" & I
J* -
" " & ,% ) ,
" %" " & " !
)( ( 2 2 ( " ) ( ((
%
4D9
&'
" ) "!
' S F
& X % !%
X 2
7 ) " " ( 2 " '
I" "
" '
X X " ( ) " % I"
J*
, "
"-
2% ) 2
" "-
% "
(
( 2 ( " %
&
" ' ! 2 2
(
+" 2 ( %
"
/#!
"2 ( " ' " " ( ( O " ) """ ( " ' 2 " ( " '
-
,% J* ( " " " " 2 " " " ' 2 " " ! " ) , ( " " '
( &
2
&
&
) (
' ) , "" (
" ( 2 "
' "
"
"(
" %
"-
'
, : 7 75 7 7 73 7 (
( ( D
* * " % , "-
, " &
, 2
+" )" %
7
, "
!
% 2
DY$ 7
8B ( )-
"
(
2 (
)C
" 5Y$
"
+"
( !
" 2 " ' C5 " '
" ( Y$
( % (
' " WY$ '
WY$ ( " 7 " ' J5JWY$ ! ! "
!
" 2 " @B ( ( ( ! " % % " % " % C5 Y$ !
7 % "% " % "
17
ULUSAL VE ULUSLARARASI P YASALAR
"2 " ' 2 " % % " ! " %" )( +" ! , ) & 2 & " 2 (
"
3 ) ,
"%
"
( X % ( & & ) (
"% " " 2 % ) , " ( 2 & ( , ' 2 " 2 ' .* "" & , 7
2% "" ) ,
)
2 X
2
) !%
; "
(
( ) " "2 %% ( ) ) ( " " )
"
"
%
%" ,
( " '
% 2 %
"
"
2 (
1C W "
! " &
X ! !
!%
(
'
+"
)
" ' C
2 " 2 " ", , " ) , ' % #C ! %" : C5@Y$ ) @'BBB BBB "% , ( , ,! % % ' ) % ) , % !% O" &( ZJ
2
"
X
( )) ! ( % % 6 @'BBB'BBB'7 2% - % )M N " '
" ( ) " )
" ' ) )- " (
(
' )4&
" '
18
ULUSAL VE ULUSLARARASI P YASALAR
B9 +$
*
B4;9
$ #
B4;4;9
*
&
B4;4;4;9 . 2 " %2
?
"
, && .
(
"
(
(
" "" ' % I " & " " " J* I % )
B4;4;4 9 .
,
@
&
+' "-
)
(
/ ! %2
.
"
2
2
" '
#
"
&
$
,
' %
,
)
&
,
* 1
" " 2
)
, %
&
-
" " ' &
(
/
%2
& & %
" & '
B4;4;4B9 .
" " " &
2 ! " "
" "
' / @
G & 'N@ % @ % % )
@ " '
B4;4;4D9
'
5
% "
" 2
%
#@
%
%
% % " & &
&
$ %"
"
( "
&
(
)
%
%
' @ % @
' "
(-
S@ &
2 ) !
6
I"
"
( " ' /
" / ) ,
2
% 1 ) , " ,
! & %
! &
2 "
! &
% "
&
2
, &
& 2
-
! '#
" % &
&
'
" "
!%
-
" " (
) 2
" ,
" '$
)
:
19
ULUSAL VE ULUSLARARASI P YASALAR
Σ P; 7+ Q 9 424 4 P RRRRRRRRRRRRRRR Σ P;+
B4;4;4:9
!
&
"
" )- " " '
!
,
" (
&
" @+ ,
) $ %" (
B4;4;4E9
&
"
(
!
!
'
! !
" )
"
(
! %
"
!
"
% -
! " 5-
%
(
' @+ !
% " S8 98 7 9 BB ! "
8+ (
%
!
!
"
% ! @B @B V 89 BB ! ! "
!
88 =9
> =9 " B B8 > =A %
!
88 =9
( "
( #8
& "
!
'
6
&
(
! 2%
(
" ( %
)- " , &
%
"
!
!
( "
& 8+ , > =9
G & ' N " % B @B #@B 88 >B %
)&
,
"
G & ';N & " $ %" ( '
B4;4;4A9
,
)-
%
F
(,
PF
(
(
" V
P F
, "
-" )
,& "
+
!
"
2% "
" (%
( "
"
-
% (
(
!
! , ( ! )- " " '
%
-
" & & " '/ " (% & ( , " "
" ! ! (
"
, "
( '
)
( " ! " ) , ( ! )" ( %" , " ( ! ( ! "
( ( ( 2
,
!
' ! % %
( ( "
'
20
ULUSAL VE ULUSLARARASI P YASALAR
>
S R B B@ V 8 9B 8 98 V 9 BB 9 B9 V @B BB @B @B V 89 BB 89 89 V 9B BB 9B 9B V @BB BB @B@ BB V 89B BB 898 9B V 9BB BB 9B9 BB
.
F / J G & ' ; N ... & ( ! B 89 G & ' N " " %" % , ! " B 9B
"
"
#9B
(
/ "
& $ !
+
(
!
@$ (
!
"
! %
@BB 9B I " ' @ BB " " ( ! @ I ! "
'
&5@$ !
+" ' 98 9B ) " ,
-
' )-
& "
(
5-
! "
2 -
(
"
( (
"
!
'
, % & &
2 " ' )
@B@ BB "
98 =B !
(
,
2 "
!
&
%
/ # !
! )
), "
'
%
!
5.
"
!
(
>= ?E
( %
-
"
!
%
! " 9B 9B V @BB BB '
$
& " '
B4;4;4H9 %
"
( &
>> BB
-
( $%
B@ B8 B9 @B 89 9B BB 9B BB
% )-
!
G & ' B N & + ! " )@B@ BB V 89B BB ( '
()
"
'
B B B B B B @ 8 9
%
I !
& %
"
+ L
2 " "
%
, " " , X ' #% &
)-
-
( X+
, $ !
" %
#
(
'
%
(
2 '
$
"
!
(
U@B ) "%
!
21
ULUSAL VE ULUSLARARASI P YASALAR
! " - )! %
2 ( "
" % )- " C ,&
(
(
" ' "
" &
-
"
G & 'N W& @+
"
'1' +
! )-
)"
"
EB%
SBA 1
"
!
&
"
"
!
2
"
( '
!
(
8BB9 2 " &
& ' %
N 8L8 9B -
N
+
K 78 9
8 9B
N [ ; 7 U@B
&
7
0 &
9
N
E %:
L 7 E %: Q %; 9 P D:% :
&
7
#&
9
N
E %:
T 7 E %: Q %; 9 P
N
D:%
LB
<
5.
&
K @' (
. 5 - ' -" "
"
"
+
( " (
" ( M5 " '
!
&
N & &
0
0
'
B
%
U
" 2
" ( & )
%E:
D:%
%
%
"
(
! !
' %
8BB9 8+
!
8' " %
% "
%
! !
" !
(
) % (
(
B9 1
!
( K I" ( % ( ! [;7 U89I ' F " " " & ( 2 % ( " , % %2 " ( ( ( ! ) ( ' & & ) [;7 U89 % " ! K ) & @>L F ) $'
(
#B='B9'8BB@
'$
! 2%
/
% (
='
" , " ' O (
) , ( 5-
" "
& ( " S ( !
) % &
) 2
" !
& ( %2 %2 &
" " '
( " % "
!
" S " 1
3
" S
22
ULUSAL VE ULUSLARARASI P YASALAR
"
; -"
( (
%
( -"
& & (
2
(
" 1 '$ " ( " & ( " ) ( -" & " ! %
( & &
S & (
( -"
(
%
2 (
" -"
(
"
2
& (
2
) 2%
!
"
(
%
( -"
!
"
(
+"
" (
" 2 -" %
!
& )%
( %
"
" )-
K
"
(
& " (
(
(
" S
%
+"
" "
)
&
' +"
)%
" )-
+"
(
(
"
& % %
"
" %
K
( " "
"
K
(
"
)-
;
('$ / )-
)
( " "
% " "
+"
"
&
"
"
& %
%
&
(
'
)
" " ,
! "
(
"
& %
(
&
% (
(
" 5-
%
' "
( )
S
&
& S
"
K
!
,&
,& & " N! '
(
-"
A'
-"
&
&
(
!
,&
-"
( M( " "
"
9'
& &
(
2 %
&
"
'$ / )-
) (
" S
-"
(
>' 3
3
( "
'$ )
(
"
'
('$
&
" 2 -" 2%
, " ( 2
2 &
)-
'
,
& , ) ,
"
% K
( "
" )
"
" &
"
&
%
( K " ,
2 ( &
5, ' " ( "
! 2 )
2
"
'
23
ULUSAL VE ULUSLARARASI P YASALAR
B4 9 +$ B4 4;9
*
&
+ .
#
, && .
.
(
B4 4;4;9 + . % "
! " "
X*
' *
( )
%"
" (
, (
!
(
, " '* " X (
"
B4 4;4 9
!
% (
! "
" M %
N+
"-
B4 4 9 (
,
B4 4 4;9 "
, ,
)
G&1
, "
&
"
%
( )
$"
! " " ( ) -
" ' / ( ) ( '
) 2 %
&
%
'
@
(
%%
( '
! "
0
!
S
(
* "
'
( " X (
X % "
"
)
"
' ) -
!
( ( &
"
! " " '
5
! "
! "
!
" -
S" &
!
)-
-
" '
B4 4 4 9 > F
& G&1 "
" "
5
!
% )-
" & -
B4 4B9
. &-
/ %
" " "
&
" -
, " '
"
" &
-
& ( '
24
ULUSAL VE ULUSLARARASI P YASALAR
B4 4B4;9 + '
"
( +'
&(
&
&
"
,
(
(
) ( % " ' / 8'9BB 9'BBB @B'BBB 89'BBB 9B'BBB L9'BBB @BB'BBB % % % " ( (" ' O 2 O ( ( " " ' B4 4B4 4;9 •
+ '
"
( +'
/
&&
) ( %"
(
"
M -
(
&
) (
&
( O
!
M "
" ! " 89B 9BB @'BBB
.'
- &$
% %
%
N
" )-
N
" ' •
/! 2 •
.
•
.& (
+ ' " +' •
@BBB@
@BBBBB
•
9BB@ 7 @BBBB
•
L9BBB
•
89B@ 7 9BBB
•
9BBBB
•
@BB@ 7 89BB
•
89'BBB
•
9B@ V @BBB
•
@B'BBB
•
89@ V 9BB
•
9'BBB
•
@B@ V 89B
•
8'9BB
9@ V @BB
•
@'BBB
• • •
(
8A V 9B
•
9BB
B V 89
•
89B
•
( " % % B789 % " % & " 89B % S 8A79B % " 9BB % S 9@7@BB % " @'BBB % S@B@789B % " 8'9BB % S89@79BB " 9'BBBS9B@7 @BBB " @B'BBBS @BB@789BB " 89BBBS 89B@79BBB " 9BBBBS 9BB@7@BBBB " L9BBBS @BBB@ " & " @BB'BBB % % ) " '
•
*
*
%
% " )
" "
%
•
& 5
7C ,&
)
& 2 )-
2 (
&
( 2
" "
) , )
" ' &
,
2 7C
( *
, "
&
# " $
7 %
25
ULUSAL VE ULUSLARARASI P YASALAR
) , , •
) %
" " &
& " " % * "
/
+
)
B4 4B4 9 .
5
" ! "
)
B4 4D9
,
"
(
)
2
2;
"
)
%
,
( "
/
'
% ) , 9+
a) b)
2 )-
&
" "
" %
)
( " '
"
&
& (
&
%
@9
%
"
"
'
F .
?( G!
P% !
!
"
! " '
(
(
!
%
" ' P% !
-
"
%
B4 4D4;9 ?( ( " P% -
& %
%
"
"
%
@ % #@
"
"
@
%
$
" ' "-
)
) " !%
)-
(
"
'
,
"
(
!
:
B4 4D4 4;9
" 2
" ' '
" !
" % "
"%
5 (
" &
)
( "
" "
%
! " " #)
" ) $
!
" &
! %
! " " % K
!
( "
(
( "
!
!
" "%
!
" )-
2
"
,
(
! !
)
" '
(
" !
" &
" &
( !
%
26
ULUSAL VE ULUSLARARASI P YASALAR
( (
'
"%
!
' 5 "
)
"
(
"%
B4 4D4 4 9
)%
$
&
3
7$
)
"
% ! %
"% 2
2
" "
"
!
"
"
"
" "
%
" 2 2
"
"
(
(
2
!
" )
2
72
X ! 7BX % " % ( " ! , " " " '
B4 4D4 4D9
)
! 2
!
(
@' *
X ! 7BX %
)
X)
' "
%%
)
9
"
"
!
" ' )
"
'
(
' %2
(
(
U9B+
) , %
%
" '
'
"
>'
,
9'
X
X%
X*
' X
" (
(
% !
) ! ! "
'
='
2
'
5
O
8' X
"
'
G!
!
" % %
'
)- " ! "
"
B4 4D4 4B9
" (
'
! "
) " "
9
" "
" "% "%
(
#
$
" & ! "
!
!
"
!
% ( "
" '
)
2
) ) )
, "
! % " &
"
' " !
" ' %
'
27
ULUSAL VE ULUSLARARASI P YASALAR
B4 4D4 9 G! %
5( -
( %
! " " " '
)-
O
( "
2
& "
"
( S
" !
" ( ) ,
%
"
5
) ,
+&
"
(
!
"
"
"
-
%
) ( (
G!
(
(
!
+' ; A B ;
(
&
"
#
' (
(
%
% % % %
" U@BI % ' O
$
(-
%
B 7 89 BB 89 89 7 9B BB 9B 9B 7 @BB BB @B@ BB O
&
&
%
2
(
2
' O
" ! " "
% "
2 ( ) ( "
-
(
" (
* " (
! " & ' O
)
%
-
O
,
"
%
& ( " ' D
)
" , &
(
-
2
) " " ( ) , K * " % % ! " %
"
"
" & ,% & & ) " & ( " ) , @B " % % ! " 2
"% " !
"
' O
"
!
-
" ) , " '
% "
"
' %
&
(-
%
&
%
"
'
%
-
) " " /
% "
(
" ( ;
"
)
!
-
(
"
(
) ))
"
" ,
!
"
2 %2
% )
2 (
" -
2
%
' &
! " ( ' O " '
"
' "
( " & " & (
"
,
' 5 "
" & " " ' % 2
! " -
! " ( "
2
" %
28
ULUSAL VE ULUSLARARASI P YASALAR
"%
" )
%
"
2 " %" , ( (
) (
(
-
O F ,
% "
"% )
(
) $
& " " '
"
" (
(
*
. $
" %
2
"
7 2
7 (
(
% % "
"
%
+ &
% %"
"
% +" "
+"
5
)*
% ( )
" &
+"
2 2
5
"
"
" "
&
& "
%
(
"
" "
)-
# $ &
2 (
- ) + " " "
5
, " "
%" "
(% %
#5$ '
(
& 5
" #5$ -
'
2
"
(
!
)
' )
,
(
, "
" " '
' 5
( " ,
@ %
' " ' H "
( (
( %
%
%
%
, " ,
'
'
2
/ 2
"
'
( ) 5( " % " )-
,
2
2
" &
(
(
#5$ 2
2
"
"
+ "
&
" "
H
" *
" &
% %
"
'
2 "
(
% 2 (
* %" & ( "
&
% %
%
" '5
"
& %
)
% 2
(
-
)
"
"
" "
2 %
) " " %
9 .
) %
7
"
)
"
/
% 7
% "
%2
! "
&
-
.
"
) 2
% )
! F
B4 4D4 4 9
&
% % ' (
'
B4 4D4 4;9
2
" "
2
2
-
%
% -
"
-
"
B@'B@'8BB9 2
"
% %
( )
'* " "
29
ULUSAL VE ULUSLARARASI P YASALAR
M*
% (% " %
"
N
%
%
,
%
) " ( ,
!
%
% %
+" "
F& ) % !
7
& " "
" K%
%
"
&
2(
" %
!
"
,
%
"
)-
" "
, % (
) K
(%
2
& "
" (
"
" 9'BBB
%
"
'
" ' !
%
,
" %
"
2
(
) (
% &
%
& & " 89B 9BB @'BBB % 9'BBB 2
, " " " '
%
( "
&
( '
&
2 " ) " (
2 " * ( '
-"
!
&
+" B B@ "
"
%
& * '
" "
% K" &
( "
" ( 2
, 2
U 9+
% " & %" 5 ! " (
#5$ ( 2 " & "
"
'
!
%
(
(
5-
2
)-
(
+ " " @BB % 89B % " 2
2
' H
" %
+" % ' (
"
/
)
% ) %
"
&
2
% " 2 ' " " "
" K " &
!
!
! "
%2
' "
(
%
&
%
,
" '
"
(
(
( 2 "
" % !
)
8'9BB % " ( "
)
)-
K
%
( ) #B$ %
! " &
"
,
%
%
;
" %" & ! U @B+
) , !
"
' 5 "
+ " ( & ( " % K " & " %
! "
F
)
(
! "
%
'
" (
2
5 " &
' " " &
" '3' #
"%
" " -"
K
(
K
" 2 $
2
!
'
8*888 %A ' & " (
%
" )
-
30
ULUSAL VE ULUSLARARASI P YASALAR
.* %
" " % "
% )
( ) % )
" "
B4 4:9 ! " " ( & " )
%
"
'<
&&
) , 2
"% @?'BL'8BBB % ) " ) " '
" (
(
" "
&
%
%
"
$
F
" ( 8> , " ( , 2
)
%
"
"
!
)
8BBB (
S U9B %
" " "
( "
"
" " S "
'
, 2
"
%" "
"
"
!
(
(
"
!
%2
'
" 2
" 2
,
%"
!
" " S U9B %
"
'
H
"
"
2 $
"
%2
/
$
" ,
'
%2
"
$
"
)
*
!
%
14
@B:BB+ ( "
&
'
!
H
" ) % (
! #( % 5& @>B %+ " $' (
" " 2
$
(
62 -"5" .
'# 0 "
H
&
&
2
( !
%
'
!
$
2
% )
"
" &
04
2 '
(
,
4
! " )- "
+
" ""
H
" " (
'
,
H
" "
"
, 2
(
"
( " 2
" "
"
'
, !
"
"
'
31
ULUSAL VE ULUSLARARASI P YASALAR
G2
"
2
&
' G2 !
% "
B4 4A9
-
B4 4A4;9
&
MF
N % % "
" % )
%
(
)
% '
! "
"
2
&
3
(
%
" % #
!
2
( " &
" " )-
) " 2 (
" * )
)
"
(
(
'
)
" ' 2 " " "
"
(
" , "
" "
'
( )
(
%
% $
(
" ' 2
"
(
%
! &
% "
%" "
! " (
! " )
'
!
"
)" -
'
' * !
%
%
'
B4 4A4B9
%
% (
'
"
!
"
" )-
"
"
2 "
, "
'
%
2 (
(
!
'
%
B4 4A4 9 $
(
C
X@X #( $ ) " )) % 8+ ,
"
) ' 0
( " " $ " ) ,
" S@A & ! "
(
& #
" K "
2
" % @EE? ! 2 "
)
" " ) , ' 8+ % "
& " ) , '
" " % 2
" ' , " "
(
' )-
C "
@ ) ' ) ,
, "
K "
@ "
32
ULUSAL VE ULUSLARARASI P YASALAR
&
(
(-
"
" '
& (
&
& ) ,
"
"-
B4B9 + ! !
& (
-
! &
% ) &9
-
N / )
,
!
N
( & ( N " " '
,
" "
!
(" ! "
! )
%& " " ! " ) -
! G & 'N / 1 K
: W5D' : 8BB %
"
( ,
&
" '
% " ((
% %2
"
&
* V ? BB
#
&
N K (
) (
% * J3$
% & ' " '
: @'BBB %
" "
@EE % 7 ? BB
@EE % 7 ? BB
@'
-
@'BBB % 7 ? B9
9BB % 7 ? @9
8'
-
@'BBB % 7 ? @B
=BB % 7 ? @9
='
-
@'BBB % 7 ? @9
8BB % 7 ? @9
?(
@'BBB ) (
3 & % 5
,
" " ! " )
2 2 K&
" ! "
N
, "
" ( ! "
"
( )
"
2
&
I " " " " "
" "
% ! " &
%
&
& S & ) ,
! % '
" )(
" =
"
!
( ) )
'
"
(
%
"
% ! "
) "
" ) @'BBB %
( ) , " &
,
" ) " '
( (
7
!
M(
&
)
( ' ' " " '
, " (-
!
M(
"
' ' F ( '
3
+
%
! (
,
#
7 "
, /
)
/
! " & !
%
(
2
& " "
(
" '
( " "
"
(
) "
"
"
'
! " " , 2 "
" (
'
( "
( -
33
ULUSAL VE ULUSLARARASI P YASALAR
D9 $2 2?% +$ , D4;9 $( D4;4;9
$%
> +
(& $(
'
(&"&
)
(%
)-
(%
%
" 2
" (
' % " )- ( '
% & "
(%
( )
2
!
&2
D4 9
2 ' 5" 2
&0" $( (& (%
"
2 "
% %
"
)
, )
% 2
' "
2 ( % !
& (%
2 -
"
2 " "
! )-
& '
$
*
(
(
J
( ,
% !
%
" "
( )
% % , "
&
&
+"
)(
2
* 2 "
2
)"
2 2 (
% %
"
$
&2
)-
( )
2
, &-
+ "
)"
" 2 " # % "
, , % &2 %
(
&
"
2
%
" '
) , ) , % 2 " ,
%
%
!
(
% ( 2
) %
%
+ &'"
" * %
"
" '
% ,
(-
* ) % %
" "
( 2
%
2
'
* )-
" (
" (%
>
)-
"
-
%
"
)-
(% (%
$
&
" * )
% *
!
(% ,
+
G +
*
%
2
F
" ' %
)S
)-
34
ULUSAL VE ULUSLARARASI P YASALAR
% ) , 899B8
%
"
(
J
( C
D4 4;9 2
; I
% * F
%
" ( ) % 5)
) %
%
I "
)( )
% ( 8> /
8BB>
&
'
&
' '
* )-
% )-
+
%
% %
;
%
2
"
0(
/ "
, ' $(
(% ,
"
)-
(
&
% %
# $(
"
*
+ "
&
(
(%
'
& " ,
%
%
%
"
&
(
&
)' '2 ,
%
(% ,
"
%
(&
&
/ %
, ) , % ,% ) (%
(&
1
*
%
" &
%
%
%
&
&
%
"
%2
&
%2
%
"
% '
*
)' ' %
% 5-
+
)
$ 1 % ($ 1 $ 1 %
%2 -
"
)
" "
% ) )
(
%
"
&
U@BI
" )" &2 -
S
"
2
&2 )
,
&( (-
"
"
(
35
ULUSAL VE ULUSLARARASI P YASALAR
"$ # $ #($ (
# $ (
"
(
&
"
(
"
$ " %2 % & , " U @BI " 2 ( " " ( % &% " ) ) ( % &2 %" & " & ! " " ' 5) ( % ( " ( , & , & & % % , +" ( % 89B % " ( % " ' 5 " ( &2 %" & , % & ( " ) , &2%" &
%
, "
%
% %"
(
+$
!%
"
'
'3'+
I "
%
"
& ,
% %
"
"
'
"
"
(
"
'
'
V . 5 + --
/ A9
1 ' + &'"
! " %
"
(
' "
)
I
)-
% &2 & , ( '
' "
(
)
2
( 2
( ) " '
)5-
%
& "
& )
&
"
I "
5) 5% -"
"
" 5-
%
"
' %
&
%
,
( ! "
1 ' # ( (& /&
2 % %
(
&
+"
&
5-
&
* !
;
(& $(&" 2 7 +$ $(
5! "
% ,
) (
"
2
"
% (
%
" %2
# $ " , ,
' !
%
%
( ( & &
+ &2 %"
*
D4 4 9 $( $
" "
-
" +
(
&2 % " %2 & ( % & %
2 " "
(
"
%
&
'
%
& ( "
,
" )
"
(
"
& ( ' ( )
% %
+
"
%
( %
%
- % (% ( 2
& " !
) "
36
ULUSAL VE ULUSLARARASI P YASALAR
D4 4 4;9 $( /& % &
I " 2
& . + &'" $ 5 + -- E9
%
, 2
"
2
(
"
,
2
,
" )
% % % "
I "
"
(
" )) , , 2 " %
% " ), 2
&
'
& (
%
5-
" ' 5-
I
4
"
'
"
% ) , )-
" ,
&
%
(
"% " (
"
-
%
'
&
(
V -
.
%
,
/
E9
% 2
% " & %
%
"
(
" % " )
)2 ( )-
K %
# $(
/
% " ( "
2 &
D4 4 4B9 ;;9
E+ 5-
"
'
2
"
%
,
%
'
% " 2 " ! &
( " (
" 2
(
( 55-
. + &'" $ /& 5 + --
(&
(&
'
) , )-
"
$(
& '
(
"
/ " %
7 +$
% )-
))-
/
5-
)-
D4 4 4 9 $( 7 +$ $( %
.
)"
%
&
' @B+ +
5%
)2
% "
"
" &
5-
%
"
&
,
""
( ) ,
5-
5(
'
(& >( "& " "5" 7 +$
""
8>+
" "
" " ( %
(
' (
% " ( & , " )
"
% &
$(
(&
( "
( ) ( )
5 + --
;
( " & " % % ( " & , " & ( ) !% " " ( 5( ) ) % % ' "
(
/&
% %
+
(
37
ULUSAL VE ULUSLARARASI P YASALAR
"
" ( ) !%
%
/ " , ,
%
%
& "
D4 4B9
%
+"
$(
D4 4B4;9 2 7 +$ 1
&
1 (
&
" % )-
(
,
( ) %
+
)- "
'
% "
& "
(
(
" "
)
&
,
'
' ' * ' $( (&
& /&
- & + &'" $ 5 + -- ;B9
"
%
" &
2
" = %
2
"
"
& %
"-
" &
(
,
"
&
% %
%
)
($
( ) "
(&
(
$ % ) ,
+" 8 )
(
"
' $(
(&"
"
%
"
(%
(
' %
"
%
S
( S
%
=
) ,
%
%
"
=
"
"-
(% $ &
& " 2 % @
"
"$ %
" $
"
)$
)" "
8
-
) ,
%
(
,%
2
" & $
, "
&
! ( % +" &(
),
&
"
8>'BBB'BBB U 89 % # 2 "
(, " %
(
)&
" & U=9 %
@A'BBB'BBB
% &
( "
#& %
-
" "
2 -
(% >9'BBB'BBB 4 %
&
2 -
%
"
$ / " " -" 89+ " % >9'BBB'BBB % !$ %
-
"
% %
"
%"
" )
%
U
" ,
%
38
ULUSAL VE ULUSLARARASI P YASALAR
&$ ( $
1
!
%
= " I (
% K$ * -
) ,
(
"
"
$ ( %" ' 1 " (
( %
(
"
& %
)
(
" & %"
(
%
( ( ' # $ #"$ !
"
# $ ( " ( '
"
5-
D4 4B4 9 ( ) " "5" $( (& /& % ,
(
)(
&
)(
, (
"
" "
( )
"
!
"
&
"
" 5-
"
%
$
%
, " %
%
& 4 "
(
%
- & + &'" 5 + -- ;A9
% @
&
&
&
-
" % " %
"
" ( )
&
&
" % %
" "
)
""
" !
(
!
% "
"
!
2 -
-
"
& $(
%
(&" 7 +$
,
"
' $ ($ & $ & "$ 1 @$ % 8$ =$
(
,
% &
2 % ?9B'BBB %
%
%
S "
(
=
% "-
(% & " #&
% >$
#&
"
, "
" % ) ,
( 8 U89 ( ,%
, "
"
" %
"
%
% -
U89
) , (% " 4
% )%
8
)" $
%2
$) ,
-
4
@'ABB'BBB
% 9$ %
2 -
! 2
(
( "
(, " %
(
"
"
%"
39
ULUSAL VE ULUSLARARASI P YASALAR
A$ * L$
2 -
" !
(
& ?$
"
"
-
%
"
(
% +" &(
& %
) "
& ( %" )-
"
&
(
(% , ) %"
" "
( ) "
&
)
%
"
%
,
'
/ % " ( )
" & %
(
"
&
%
& &
' &2 %"
(
"
" 2 ( ! )
%
-
( )
%
!
' / & .' &
C#
%
% &
"
(
'
"" !
#($
#";>$ ( " (
"
5-
D4 4B4B9 $(
" "
) + , ,
.
G! /
. (
" I "
% !
%
"
'
& , &-
F
% ( (% "
(%
* %
%
% -
-
)-
) )!! ! ( 2
"
&&
% & " (
"
C#
5-
#
(&(
+ " % 5( , " %
" %
' .
/
1 ' G!
&
% % ( * ( " (
C#
+ "
* -
#
)% %
" )-
' /
&
& $
N -
5-
-
I
% 55-
(
'
I" &
&
( ) , &
% % %
% + "
%
' "
)-
$ 0"
%
% % -
)-
!
, %
(
" % &
(
* " " + " )-
% % % (
& %
,
2
,
% % 5% % (
! " % I " + @A+ "" % ( " (
" , S
%
40
ULUSAL VE ULUSLARARASI P YASALAR
($ & $1 @$ 8$
&
%
S % "-
(% !
(
& =$
"
-
% " &(
% ' >$ 5 2
% + "
)
% ( " & ( %" )&
" ) %
)-
"
"
"
) , % (% , ) %"
" ( ) "
) " (
"
%
2 2" (
, &
&
% %
"
" ' ,
, " % 5-
%
C# #
%
+ +
2 )
(&(
""
) % 5-
* &
*
)
%
%
& +
5% +"
,
%
5"
)
$(
&
% "
&
""
"
% )-
" ( '
"
,
"
'
& %2
%
"
!
&
" "
-
&
&
,
% %
7 +$
2 "E+
%
, (
( %
(
%
%
( )) , " -
,%
"
%
% )
"(
(
(&
%
'
"% ""
$(
)-
5' 5,
%2 5-
" '
(
&
"
($
)- "
%
(
$ 1
8L+
$( "&- & F ' 5 + -D9 " "
,
"
&F'
D4 4D4;9 ( /& "
&
(
%
,
D4 4D9
,
)-
) ,
"
( '
, &- & F ' %
% ( % "
))
!
( "
#2$ (
" "
" (
" (
41
ULUSAL VE ULUSLARARASI P YASALAR
$
" " 2 (
, % "$ % $ 1 " ( " " !$ 1 )$ 1 " &$ 1 2 $ 1 " K$
& ) -
%
"
-
( ) ) " ) 2
( )
" & , ,
"
"
"
"
( "
" (
) %
"
2 & ( % I
"
! " %
)-
%
"
"
% !
=
"
) , (
( ,
! "% )( & & ) ( " % (% , -" ) , , ) ! " % % " % & 2 % % I -" %" -" " & ( % , ! " ( , ) ( ) 2 % " 2 " % ! ! % " ( ,% )8;=I $ % I "" " & % % "( " 2% # - $ % ), )( " , $ / ) "% ! & 2 & - ! ! 8;=I ! , ( " % ! -, " ) $ 1 % " &( % I ) ( ) ( ) % I " % " " , ( 7 " % $ % % " ( (% , ! " " ( 2 " " % % " "% (% , -" " ! " -" (% , " &2 & ) % ( 2 %$ * 2 " % " ,% " & " ) % ,% )" ) , % " " 2$ % I % ! " )" ( ) ) , ( ) ; ( ) " ! ( ) ( )( " % " % ))2 ) '
42
ULUSAL VE ULUSLARARASI P YASALAR
D4 4D4 9 2 F' 1 (
' 5 & $ &7 +$ $( %
%
" (
%
(
"
2
(
"
% )
( &
,
% ' , "
-
' &
% % " )- % % 5) , % % , ,
%
% ( ,
"
$( & F' 7 +$ $(
% %
" (
I "
)" , % (
"" *
5-
5-
) ,
%
)
%
( % %
"
% "-
% % ! # $( I " 2% "
% " '
%
" " ( %
& ,
" (
( %
" (
"
) , ( '
&2 %
)
'
%
( ( )-
, " " 5-
%
'
,
& 2 & %"
(
5-
"
%
I " %
" "% %
-
%
, (
,
5-
' /
S % " & \ " , %
H,
,
,
%
& + &'" $ & ' (& /& 5 + -A9
,
) ,
% )" ( )
)-
,
%
5%
$( "&- &
,
% %
)1 # $( "&
%
%
(
" '
D4 4D4B9 (
% , 5)
I "
"(
%
&
( (
& :9 %
,
-
%
+ &'" $ /& 5 + --
'
, %
5 (&
"%
(
"
( )
( 5%
% " ( )
@=+ " *
'
43
ULUSAL VE ULUSLARARASI P YASALAR
D4B9 *
'
!#
(
& & )-
"
% "
(
D4B4;9
,
&
-
%"
2
'
, , " )-
"
2
/ )" " !% & ) / , " & /
# *
& &
%
(
) "
,
-
. ' "
-
( !%
S& )-
( (% ,
&
,
)-
2 % ) ,% -
%
" % ! "
(
"% "
&
K
( & ,
%
!%
"-
! '
" %"
I "
)" '
K
-
& 0
% )
)
%
" ('$ ( " '
"
"
+"
)
! "
" ) ,
%
I " "
!%
(
" " '
%
'
(
"
% " '
!,
"
, " #Q % !
%
"
%
(
'
& (
"
"
2 )-
+"
%
%
(
I "
%
,
& , "
& &- &
)
2
-
&
/ ,
& " ( S& S + &
&
( " & !
( "
!
! !
,
2
)-
&
) %
/
" &
&
& "
% " " "%
.
% +" " ' (-
)
'
, -
)( " ' 2 %
"
' ,
%
&
(
)-
"
( ( "
"
( &
" " I "
% ) %
!
"
2
& "
"
(
"
(-
"
'
44
ULUSAL VE ULUSLARARASI P YASALAR
D4B4;4;9 *
'
!
/&
%
&
9 + #1" # (
*
. &- *
"
%
"
,
"
, -
& '
(
C 3 2 -"5" * ! "
(
' &
&
"%
"
%
" ;& % "
I "
& " O %
2
7 ( "
(
"
%
2
) ( " " %
( )
+
9+
* "" " '
"
( %
"
(" "
& ,&
I " I "
%
2 -"
&
%" " (
V -
& '
X/ ' -
)
& " (
" ,
2 %
&
&
"
" % ,
" % LE'=BB'BBB " %
(
%
%
"
, U89 " % , U9
*
" (
,
+
' %
"
U@9
"
"
"
'
09
$
"
" "
&
&2
" & &
&
&
" &
&
%
)-
+
"
&
)
@9'EBB'BBB @9'EBB'BBB LE'=BB'BBB
% ($ %
" &
&
• • • 5
" & &2 %"
"
S
(7C & &(
%
&
$
:J P%:8A ( X "
J
"
&- &
,
" % 2 & # % " " & " % % " " &
*
&
&&*
'
!
S & , " & " ( ' ,& & " ( '
&
" &
2 "
%
(
" $ &
45
ULUSAL VE ULUSLARARASI P YASALAR
& " / & (
,
:J P%:8A ( X "
J %
%
2
"
"
7 5-
"" "
& (7 &
2
&
" &
"
+
)
A+ " '
• • • "
( %
* ""
"" %
,
)-
+
(3
%2
!
(
%
•
)
(
, -
-
" -
*
""
"
" (
%
, U89 " % , U9
,
+
" %
U@9
"
"
"
.
'
&&* ' $ & C
! &-
.
! '
+ #1" * ! &&
& '
/&
U
%2 2 %2 SM ' /
2 5-
+ "
(
)
%
,
%
& &- &
&&*
/& 2
(
,
*
&
&
!
" '
'
D4B4;4 9 *
M !
&
" % LE'=BB'BBB " %
("
(
+
2
& "
C 3 2 -"5" * 3 4
3
2 '
" (
'
19
•
%
)
@9'EBB'BBB @9'EBB'BBB LE'=BB'BBB
5
S
'
" (
'O
" &
& -
X/
2
) ( %2 "
%2 !
5-
% 2 " N
"
' " 2 ! (
"
"
-
" ' /&
J* + (
U 5-
, )
,
"
2
" '
,
)
8B
" '
46
ULUSAL VE ULUSLARARASI P YASALAR
D4B4;4B9
.
&&
&
!
%
( -
& ! !
! )(
" + ( "
2
( , %
%
%
+"
3
2
D4B4;4:9 *
( %2
! " (
'
!
/ (
% = )
" )
" %
) , " (
!
)-
)
" '
-
"
!
"
%
(
%
"
"
'
1
'
" )$
<
" )
) )(
2
" ( ( & & ) ( ( ' O 2 %2
, %2
& #
! "
)-
2 %K
" 2
(
(3
/ 2
(
'
& &
" ' -
)
D4B4;4D9 G&
! "
#(
"
" (
2
,
, " " & -
&&
S( " '
!!% $ -
&
2 ! "
,
"
" " '
( " %
" ' "
(
(%,
,
,
&
&
" &
2 2
'
&
!
"
-
, " )-
(
&
" ( "
"
+"
"
" '
2 (
"
" '
&&
D4B4;4A9 *
%
&
.
5
& ,, " ( (
% & , ( )
" S && &( % (
" "
2
,
&
,
) "
" 2
%
)
"
(
47
ULUSAL VE ULUSLARARASI P YASALAR
( "%
" %
"
&
D4B4;4E9 / ( 1
-
&* & #
& " "
%
&
"
& " )$
<
% &&
%
"
2
&&
,
) % & ! " " ' " "
" )
"
'
"
%
)
( % " " ' & ) & " &&
" %
& "
1 $" " ".)
"%
&
"
( && "
%
"
'
&
" ( !!% $ -
#( " S% & & & ) ( " " ( '
"
% &
" '
% '
&
&& %
" 2
% " '
& ! "
S(
( " %
&
(
%
"
' * )
& -
(
, -
.
5 %
%
% )
-
H : &
, +
/ % ( &
" "
H "
, %
" UB'8 %
%
" #( "
% & "
(
% %
'
" "
&
*
" )-
'
; & !
'
& $
L)
%
%2
"
2
%
)-" '
%
)" ,
U9B+
-"
& , '
" " '
+"
% :
-"
U9B+
"
/
'
, %
"
:
(
& +
:
% 2
'
2
%
: /
H
1 '
% : / 2 "
,
/
"
/
)!
"
*
+
"
U B'@ #
&
" ( $
" " '
48
ULUSAL VE ULUSLARARASI P YASALAR
"
" (
D4B4 9 / • • •
)"
(
, -
.
" & I ( !% I ( )
% % % )' J & ( % )J) * " / )% % 5)5( ) % &
•
• • • •
R $(
/
(
" ( )
%
))" '
2
I" % I "
5%
F %
I" )-
I " !
%
+
)
% )-
&
" " '
" (
$
<1
%
&
'
"
& &
"
I @;8I #
$
$
# $ % H
&
,
"
, ! " %
UB'@ #
, % % + " ! U 9B+ " '
% %
,
)-
" "
%
I "
2
"
(
&
N
H 5
'
2
) 2
2% & ' ' * ( " ' )) ( ! " ( ' )& )( & ! " ( '
%
0 R $(
"
'
%
#
"
( (
)
& + )- " , 2 ( 2% 55-
"
% % &
I "
"
%
% ,
% ,
" ,
" ( $+" '
,
(( /
" )-
&
2 &
)
) *
%
I
( , %"
( "
%
' $
<1
N "-
( , ,
" " ' " & 2
" )
%
'
49
ULUSAL VE ULUSLARARASI P YASALAR
D4D9 $
"&"&
D4D4;9
&
* )
-& &
-
$
" "
+$ , -
* )
.
0(
/
% +
%
+
D4D4 4 9 G!
&
&
)'
2 )- "
" %
" " 5
'
& $
"
)'
-
,
+" ( $
( "
G ,
"
'
"
"
) N # / -
%
,
, 6 -
"
'
" 1 2 % % ( )
( )
2
&
%"
&
%
(%
.' &
0 5, &
"
, " ( ) " (
( !
'
'
)'
" "
(
#C &(
'
8>EE @ @A; " 2 , ! &2 % " ) 2 , " % ) " , BA'B8'8BBE & 8L@== C :0JJJ P%:9> MO ( $ MO , O , C &( N " , % + )- " + @L'@@'8BB> & 8@A MO % + )- " F ) " ' "
" " F ,
&
( )
(
=LE> "" "
'
" " '
,
D4D4 4;9 +
(
/
" "
-&
" " '
,
D4D4 9
"&"&
" , (
N ,
"
,
2
& ,
-
, %
%
( " &
" ( ) M
( ) " ( ) ) "
2 (
, %
( )
( ) &
( )N
2
" "
% " ,
"% S
%
%
( ) ( ) , 2 "
,
" 2
2 ( )
(% ,
( ) " '
, ,
'
50
ULUSAL VE ULUSLARARASI P YASALAR
( )
( ' %
" "
,
)" ( " +" ( % + ( % " , % F ( "
( "
,
-
"
)
,
% (
"
"
)
, "
% )
+ %
& '
"
"
(
(
2%
! !
"
%
%
"
"
%
(
%
-
" • • • • • • • •
, 1 * "" " % 1 1 1
, "
'
,
2
•
% "
• • • • • • • • • • •
-
% !
" " " "
2 "
"
% "
( & •
2
1 % % / , F-
" ' %
(
"
+"
!
&
"
&
%
' %
"
,
2
,
2 ( " ,
2 %
%
2
/ ! , F
+"
)-
%
2
,
,
" !
2 )
,
, "
D4:9 +$ , -
D4:4;9
" (
"
+ #1"
*
&
!
, &
$ 0"
! 51
ULUSAL VE ULUSLARARASI P YASALAR
D4:4;4;9 $ 3 %
&
6
%
/ @=+ %
D4:4 9
' &1
D4:4 4;9
+
) M %
%
3
& )-
( ,
* -
"
)
J* (
(-
%
MJ " (
"
% 5* '
(
+
!
(
O,
%
& !! ! ( 2
)-
"
D4:4 4 9 .
/
6
*
%
# 1 $ " " ( %
% "
1 '*
+" 5-
%
%
I
)-
/
)! '
!
$ 0" (
(
%
51 5-
I
@=I
"" # 1
O,
" $
*
( & % 6
) , &
'
$
+" '
)-
" 6 )
,
(
&
( "
I "
&
, " %
%
6 "
(
+ "
'
" + (
52%
% (
#
% ,
,
6 +"
5-
&
%
%
%
%
( "
2
&
)-
*
"
(
H,
)
1
+
(
'
' N(
"
)-
J
N ( 5-
%
+"
I
(
$
+"
%
, )
J, " '
)
6 %
%
F
% % " " % %
"" + " F
J
# %
(
8>'@8'8BB> & C % % % 5% , , " 6
(
+"
(
&
+ (
"
% "
( "
I " (
(
),
, & &
52
ULUSAL VE ULUSLARARASI P YASALAR
"
!
& 6
% $
+"
5%
,
I "
% , ) , " '
/ I "
%
%
%
"
5-
)( '
,
"
,
(
% )
" +"
% ,
- % ) ,
5(
)- "
& (
' "
,
"
F
.
-
)
'
$" " ".
) X5
% % % ( " I " )
% '
D4:4B4 9 .
/
% %
X #5 $+ ( ) " ( " !! ! %
1 '*
I" %
+
"
" "% )-
! % )
!
& '
,
&
% % &
"
)-
$ 0" (
(
% -
% " % %K
% 2
& ) +" ( (
,
"
#
" ( F ( "
%
& )I
5-
" ( % %
%
, - &F' )-
!
"
6
I " &
'(&(
2
(
& +"
"
,
&
& "
)-
!
)
D4:4B4;9
5
'
6
5"
I"
#
"
$
) & " (
* ( 5-
(
"
%
D4:4B9
( " 6
+
#6
D4:4 4D9 ' &1
)- 2 " '
,
% %
D4:4 4B9 .
"
& )
)-
6
%
" (
%
) ,
F * "
)-
" !
I " )"
*
)-
, 5
)
(
53
ULUSAL VE ULUSLARARASI P YASALAR
&
(
" )- (
" &
&
)- , %
% , ) , " '
F * "
/
!
F& % "
" (
,
"
% - % ) ,
5-
'
)
)- "
& (
,
!
7
"
,
"
-
)
'
9 $" " ". # F
.
)
+"
& %
%
)-
% "
% 2
)- "
) ,
; S&
" % )
"
),
%
! "
%
%
)
-
)% "%
&
"
,
%
"
"
"
" )- ( 2
D4:4D4 9 .
/
%
% ) !
1 '*
"
" F-
S %
" (
2
)( )
+"
"
"
;
)-
%
,
)
" ( &
% %
)
#F $+
" "
%
,
(
&
(
5
)-
/!
) "
%
)-
I " &
5"
D4:4D4;9
"
I" 5-
' $
) & " ( 5 +"
D4:4D9
& % % "
V - &F'
%
%
"
#
I " #6
%
%
" " '
)
D4:4B4D9
! 5
2
D4:4B4B9 .
"
&
( &2
2
" (
% "
" & - %
%
* & '
& (
& #F $+
" ( :
%
+
"
2
"
54
ULUSAL VE ULUSLARARASI P YASALAR
$ ) ( ) )- " ! " ) " ($ 3 ; ) " % , $ 5 & % " ; "% ( )
5-
, S) 2
"
D4:4:9
(3
D4:4:4;9 * %
"
)-
2
)- " ,
&
+
)- "
%" )- "
% )- " %
) "
%
&
" "
&
"
( ) %
% ) "
) ,
& (
"
&
% ,
% 2
F +
(
.
"
"
-
)
'
!
V & & $" " ". #
#
$ %
.
.
)
I"
%2 % !! ! %
+ ( ( " % )
(
"
" " )
2
&
, -
"
"
( I " )
%
,
'
D4:4:4 9 $ 3 " )
(
,
% (
@V/
%
$ ( ) % -
" %
O
"
( " " + "
,
I "
3
)
)-
&
"
I"
S
"
&2 %" %
2 " &2 %"
D4:4:4B9
F&
(
87/
%
I " %
($ * ( )
I
:
&
& %
F-
& 3
2 %) &
"
"
(
"
( %2
" %
S
( 2
'
" "' " 2
%
%
2 2 ! +
!!
( )
" '
55
ULUSAL VE ULUSLARARASI P YASALAR
D4:4:4D9
.#" "
+ " % %
(
2 ( ) )-
+ ) )( &2 %"
+" + + "
"
2 %
" (
"
)
&
,
"
-
"
" "
8 ) '/ "
-
O
"
%
(
&
+
)
'
"
"
' " (
(
) 2
% 2
+ "
"
(
" "
) 2
(
(
2 (
( ) -
%
( )
F
)
"
I
" '
D4:4:4:9
@
.
/
% )
F
) +
+'
I "
)" , ) ,
&
JJJ+
)
* ""
&
#8$ P%+ I (
%
+"
-
"
(
"
2
"
, ! (
%
%
"
)
'
2
"
'
D4:4:4A9 . + "
2 (
%
"
!
)
" , , !
! (
)
, &
'
+
"
2
"
'
%
! 2
(
+ " " % (
!
%
I "
"
(
4
"
! %
, , ! 2 2% % ( '
X " (
)
%"
!
) (
+
X)
2
F ) +" ) ( ) " '
( %
K + "
"
( "
(
! %
56
ULUSAL VE ULUSLARARASI P YASALAR
D4:4:4E9 . I" 2 " % "
2
)-
%
(
% ( S( I " %
2 4 " I (
'
2
" 2
'
" ) "
I "
"
@ #( $ )-"
' &
"
2
-" %
% I" %
" I" "
'
D4:4:4H9 . 2
)
@@:BB7@8:BB
D4:4:4 9 . % ( ) % & )
C #
I" " " & ( & " " % ( '
,
(
F
. & " - )&
) +
%
)
+
%
%
+
& " F " " )
% %
-
+ " ( ( "
%
,
% + "
2 ! % + "
, +" %
% ) (
) , ) ,
N
2
"
2
"
&
X % ( )
2 * ) &
"
)
, )-
+" ,
)+
" ' '3'+ #* ! " & >+ ) ) + " " '
*
( , +
"
"
A+
"
)
)(
'
"
"
( "
&
" %
'
)
#8$
"
+
( %
"
%
, *
"
"" + " (
& " " & :8 ""
" (
! " M %
'
N
%
2
JJJ+ )
(
" " "
% + "
% 8+
G&1
2
"
( % &
& " + ( " ( &
"
X
" :J P%:8A % & $+ " 2 " (
'
' ( )
'
57
ULUSAL VE ULUSLARARASI P YASALAR
) %
)
%
D4:4:4; 9
I
"
,
I"
, I
(
D4:4:4;;9 .
%
&
( )
%
D4:4A9
(
F
% " EEL
"" ( % 2
5"
D4:4A4;9 5 L+ 5
"" "% '
( % "
-
"
'
5; " & ( ( " ( )
:0JJ %
5
%
+ "
$ @A'BE'8BB> P%:8= ( ( ) )-
& @B+ %
=?;@@AB "" % % " (
"
! " @='B>'8BB> :0JJ P%:8= M % 5 % " % 5 % # 5 $ " % + " % % 88'BE'8BB> & EEL '
, & & (&
!
! " % , , " % ( ) S % % " % 5-
, &
I " 5-
&
% +
'
C F +" ( N @B+ /
)-
" + " @L+
,
) " (
( )
% !%
% , , ,
)"" %
" %
%
(
% 88'BE'8BB>
"
"
$ 0"
!%
" )-
89>=8 ( )
%
! "
( "
!
5-
( ) & , " , , % +"
! '
'
(&
" &
"
&
I"
"
% 4 "
I"
&-
# "%
) 4
.
%
(
2 I "
F
% %
+ "
% (
5" ( " + )-
!% +" )-
'
( +
+
)
,
'
58
ULUSAL VE ULUSLARARASI P YASALAR
% ( )
" % 5-
%
D4:4A4 9
(&
!
( )
D4:4A4B9
.
5 +
%
D4A9 %
%
&&
" "
'
2
,
& %
"
,
+ "
'
F )-
+ " (
'
& *
&
( "
'3'
'
<
1
+
! " %
%
& %
"
" " "
% %
@
<
( )
,
,
" " " "
% 5( )
% (
(
!%
.
$
2% !" " ,
,
( )
/
D4:4A4D9
""
'
( ) )
8+
@@+
5 5-
% "
)-
& +
, &- & F '
" 5
"
! (
#
" $
( % (
'
S
'
I "
X
( )
('
)%
0 &'
I "
- &%
X
!
% (
%
( + " &
!
( 2
I "
( )
" ' %"
B8'B@'@EEL & " " ( ( ) ( " ( " ( " ' / + " 2
1 '" "
(
* ( "
"% & %
!
" , &S( "
(
(
(
,
/ + " ( %
%
( 2
"
+ " 2
" " " '
(
&
" % + )-
% % ( "
( (
"
"
(
% %
( &
" ' 5
% S(
"
'
)
"
% % (
%
%
" '
59
ULUSAL VE ULUSLARARASI P YASALAR
%
+"
"
%
2 (
'
% %
%
I "
(%
" %
" " '
D4A4;9 H %
%
F " % "
K
"
% "
C ) @>+ (
$"
F *
"
"
#
%
%
'
! "
"
2
( "
"
& "
, )
"
,
% ( %
8$ B@'B@'8BBA " % 2 " @B ) ,
X
KX " ,
"
" (
'
& %
&2
(
@>'@B'8BB9
( )
S % " (
(
B9'B@'8BB8 & 8>A=@ % G "" B 2' 6 "! ! " $ 0 $ 1$ - # 2' ''! ! $ () ) " 0 $ ! 4& ' 8@'@@'8BB@ & " %2 " BA'B@'8BB8 & ) * 5+ 2' # % ( % $ % ( " ' & % :
%
' H "
(
+
@$
2
;
6
' H K
%
" 7 B@'B@'8BBA ( )
& "
&
"
" / #
&A 1$ ) , 8>A=8 6 4(
" &
5"# ) " 2' '' 012 * 1 C F >B+ "" " ( %
>B;@8>=
& "
"
+" " % +
&
"
(
"
) , '
)
%
%
%
(
%
"
&
, ( "
+ ( $ $$
S
"
( ( )
&
) )
" % " ,
( " 2 % %
, (
" "
%
2
"
-
2 % % % ! " (
'
60
ULUSAL VE ULUSLARARASI P YASALAR
H % 2 % 2% !" ) , # ( " ( $ % " " ' 2 % " " / M*
-" " %
2
&
%
N
2% !"
%
M % N # ;*; $ " ' 5 " !% " %
&
" " ' (
" %
( 2
%
" '
•
/, ,
+
M % !- N & 2
" %"
) " "
) & (
2 ) *; ; & ! " M N(
"
! "
%
" " ' /
"
"
( "
&
2
% %
( " " & 2 ' *
)-
&
( " $
#
"
" " %
% 2
))
" "-
"
% ( " ( %
%
5( )
! "
" " '
[@ )
% "
" ( )
" &
2 ! " @ BB
"
)(
"
"
•
)"-
"
• "
H
"
2
% '
(
" UB BB@ " "
" ' %
"
)
%
( ) % ( , ( & F " % %
( "
!%
&
) )
&
%
" 2
&
"2 %
& %
( 2
& %
"
,
( &
2
%
& '
(% 2 (% , 8BI " ' =? %I & ( " * -" " 5+ A=+ * "" ) " #=@'B@'8BB8 & " ( ) , UL+ B@'@8'8BB= & " ( U>+ B8'B='8BB9 $'
U@B+" U=+ "
D4A4 9
*
%
& (%
%
/
&"%
(% (% " & ! " ( " 5*"'@8$'
% (% #*
% "
' O" ) %
( & "
(
& (%
" " "
"
%
, " " " *
( ) ! %
,
%
( " " !
' 5 G
61
ULUSAL VE ULUSLARARASI P YASALAR
/
+ "
2
* %2
%2
"
1 %
"
:
"
*
*
)
, / $
% &
2
"
1 & &
*
"
: 1
S =' / U9+ % " ' 1
"-
" #@'
:
&
+ " "2
2 &
&
% )
5"
(
)
( "
"
,
+
!
5-
:1 3( S >' , " % -
* :
S8'
, " %2
" '
& 2 "2 1 ( % 2 " ( = "" & %2 " ' - % %2 & 2 2 (1 / + " " ! 2 ( % " " " % " 2 " ' " " % ( , "" & 2 1 * * ( 2 ( ( " ' 1 ( (% ) ) 1 " ' "" ( , & 2 1 ! % '
%
%2
1
[
%
:1 *
: P
)
% "
%"
'" '
1 -
*
"
" ' 1 [ 1
Y*
* 9BB
%
B?'B>'@EEL & + @9'B9'@EEL " " " " " " 2 " ) ! "
&
99> @9 "
!
" 1
" ' (
,
"
,
(
% %
' ! 1
"
) ,
!
" "
S(
"
% #> "$ 2 " 1
( %"
%2 %2 ) % (
" " 2
% "
" !
" "
% "
" "
" '
62
ULUSAL VE ULUSLARARASI P YASALAR
+ "
@B'BE'@EE?
&
L>
%2
"
S
1 %
)
"
"
!
"
!
(
"
&
" '
6 )
( %
),
& % (
&
1
(
! )
% (%
& " '
"
"
(
)
"
'
*
(
5-
: H, / S='
* $ / )
"-
, "
"
, 2
, U@B+
& *
& % * &
= H, ( " 5-
"-
%
"-
(
&
2 "
&
) 5-
* + "
5% "
& 9=+
"
# , ! #> "-
: 1 S>'
(
3( :
*
S8'
@B'BBB "% "
" -
'
" (
+ ( 2 " ( ""
+"
@B
2
( =9+ "
-
: " "
* % % "-
"
-
"
$
) %2 &
( & " , " %
2
$
'
( ) (
% 2 "" "
" !
"
"
@8+ )
"-
%
2
* )
-
% " ) %2 " %
% "
, &
(
#@'
:
" (
"%
"
" ( '
&
% *
"
, "
"
)
"
)
" ' "
* P
(
(
% "" ( , " 2
, %
, " & "
*
% '
" ,
' "
% " "
)
2
/
, " )
, &
"
'
63
ULUSAL VE ULUSLARARASI P YASALAR
* % " " & )( *
, " * " % ) ,
. , ( )
( ) " " 2
'3' ( ( %
& ( 2
'
)
& % "
H "
2
(
'.' * " " 2 ( H
2
"
% 2 ) "
%
" %2 2% %
( "
) "
2
"
$: '+" '
% 2
2
"
(
&
(
)(" : '.' * ( "
2 " " " E=A (
% %'
'.' * " ' , ( " " " &
2 ( (
*
" 2% & ( 2 -
* "
+ )
% "
(
, " "
E=A
*
" '
"
%
&
! " % 2
" " "
&
"
"
% "
"
%'
( "
" 2% !
2 ( % &
" '
(
" ' "
"
( "
(
" '
! (
!
(
2 "
" (
"
! "
'.' * & % " " & 2% & % " , '.' * & 2 " - % &
( % " '
"
)
" % " )
" " &
&
" (
*
9B'BBB
%
&
'
)
)-
"
"
# %
, (% , " " " 2% &
) "
& %
"
%
* "
"
" ) )" "%
%
&
" &
"
'.' *
%
"
(
"
, " +
" "
) ,
5@B'BE'@EE? "
"
&
" ' ! "
% ! " L> "
" '
64
ULUSAL VE ULUSLARARASI P YASALAR
H % " " % )-
( )
) )
&
" " ' - % 2
" ' ! " " (
2 " '
A>@ A' ! ( " 2 " % " "
%2
(
" 2
" & " " (
%" (
=
% " , " " + ! " "
" , ,
(
%
% @B
)( )
(
"
,
" ,
, " )
2 ! %
"
"
%
)
2% "
, "
5* 5"" S( "
+ + ( "
" "
" &
"
"
%
"
" '
!
( (
-
!
% 2 " ! 2 )( %
D4E9 * $"
+ " (
"
&
/
• 6 • • 5 • F• %2 • %
! " ( @B ) ! " % ! "
(
)
)-
+" (
;ABA "
" '
" (
!
2
(
%
$
.
" '
# %
*
,$ # , #5 # % $
, , " =B'B9'8BB= & 2 (
, &-
I"
6 % %
/ / C
% & " % " %
( ( , (% , ! " " % ! " " " ' % ! " ) & " 2 % " (
! 8>'@@'@EE? @8+ * "" & 2 "
*
& " ( ) & " " "
2 ( "
1
O, C
( # 5 " " * " $ *5 #5 " $ * # 5 C *
"
3
%
%2 %"
/ " $-
# $
C " " C %"
* *
$
5-
%" $ " * # " $ *C #C ,& " # 5
65
ULUSAL VE ULUSLARARASI P YASALAR
C 2% ,
-
%"
$
2
,&
&
& )- "
"
2%
,
(
"
" #C O " (
%" $ 2
" ' ) " ) ,
%
M
I "
%" N%
2 "
" "
&
'
) X "
X %
)-
( " '
" (
/ -
+ " "
(
"
'
)"
(
)
(
( "
"
"
M,%
2
" "
2
'
2 !
,
"
V
M " M
!
N
' ,
( 7
+ )
) G% %
(
!
" $
#
, ( ! " ' 7 2
* )"
&
(% (
"
)
" "
5-
" " ( !
,
-
(
& )
2 " $ & ,
" I
( ) " ,%
-
)
"
,
)
&
)
(
2 -
(
; !
7
" %
" ' )
) ( % "
# , -
!
: / ! " % ( % '
(
&
( "
G% ! ) ,
&
" " " (,
"
! " "
! )-
' F
?
,
( 7
)
( +
)
,
N
, ( ! " '
" $
# "
%
)
(% ( ,
"
&
" " ( ! "
%
&
( !
# , -
) ( % "
2 " $ & ,
2 -
(
:
66
ULUSAL VE ULUSLARARASI P YASALAR
@'
%2 '
8'
,
:
! "
( ! "
,
, "
7
-
,
"
(
" '$ &
5 ( & 4
+
7
(
# (
! " '
2
) ,
(
(
" ,
" )
2
!
#6
) , 2 " "
%2 '
%
)
"
,
% "-
'
;
-
'$ ,
%" )(
(
! " ! "
" "
&
,
+
(
)
" (
" !
(
/
+ "
"
:
!
%
' &1
"
!
%
&
'(&(
!
#
(&
NB
& 4
)-
: " "
6 , (
,
-
)
. $' $'
('
& %2
#
] J
,
$
,
' + ! & 7$ #
#
Q
& 9
T *
& -
0 ! &-
)
& ' (' %2 C FC <
* *
*
" "
% #
# ] J$
" #^$ ! (" $ *
] J$
.
R; N
NB R ; N BE:=B 7 BE:9B BE:9B 7 @B:BB ; N
R; N
;DN
R ;ANB
@>:BB R @>:B9 @>:B9 7 @A:=B
@@:BB 7 @8'BB @>:BB 7 @9:BB D)
1
,, 885, 88
67
ULUSAL VE ULUSLARARASI P YASALAR
C ,& / 5 /
2% "
#C/
$
/
"
(
*$ , + " 4 9
) )
7
.
&
"
2 "
7 7 7
19
] ] ] " )
.
, F
NB R
/
%
2
& ) ,
( %
7
2
N: R; N
(2 ' '
2
2 % ) 2
! )
.
& &
)
. +(-", &-
% )
' (-
(
' "
2
9
2
)-
(
.' & G&
)
,
' &
" & )- "
,
( @"
'
K "
( )
)
,
%
% !
2
'
!" ,
2
,
'
N: 9
"
,
"
9
7
)
; 7 7 7
,
" '
'
. ) " !
(" " '
(
J " J J ( '
. .
7 7 7 7 7
4
"
% )
7 7 .
, " " ' ,
N: 9
)-
09
))
2
1
. +(-" 7 HNB R F &
" ) ,
% ) & " ( " &
" )
)-
(
'
' ,
'
*" " &
" "
"
!
2
!
2
)'
,
' 6 " "
,
68
ULUSAL VE ULUSLARARASI P YASALAR
*
" "
,
( @"
,
+ ,
K '
&
%" (
09 $"
&
0
,
"
% )
,
&
.
7
)5 &
3
7$
G!
9 9
5
/ )
'
/
^
' & ,(
"
"
,
%
'
/
9 /
19
5.
%
/
#
3
. #
/ (
.' & $"
3
%
/
5 2
"
)
( # %
; " " ( '
5.
,
9 3 )
.
+ + +<> $
&
G + ? < +
? $ ? , ?
" &
"
S
( (% "
(%
(
$'
#
"
!
$'
; &
2
"
(
'
"
!
+
' %
@
( -
% (
7
" ) ,
'
! (
5.
.
&
" 2
-9
'
/
G!
)
"
" "
72
G! 72
"
9
.
$
'
1 ' '
)
)
% 5
%
G!
'
"
% %
)'
%%
"
(
$(&"
,
#
2
$ %
2 "
" )"
"
)-
!
"
)
"
"
,
" " "%
! " !
%
(
'
69
ULUSAL VE ULUSLARARASI P YASALAR
!
#
+
K
F &
,
% 2
(
!
2
K "
" 2
&
( +'
F 3
! .
4
.
,
"
$" , &&*
,% & ( "
! %
3
,
"
" ( "
, ! % ( ' " M %2 N %2 ! "%
! !
($
$
1
'
!
" (
! , , & 7
5 "
% % 5 #5$ O + " )2 '
,
7
:
,
! %
! "
!
" '
,
!
'
S
" & (
! "
! "
!
,
!
%2
N
%2 % (
,
"
!
"
%
%
5 # $ %
/&
!
,
(-
"
6
%"
&
) !
% (
$
" & " ( ) , " ' , " ( ! !
"
6 )
"
!
2 " "
6 & "
)-
!
,
,
"
O
)
& "
"
& 1 ' W !
*
!
"
@"
K
"
( "
( + '
%
! % !
' M " - ! S ( !
% ( !
N
!
! &
( ! 7"
(
, " '
"
M N "
%2
"% !
! ! M %2
! "
! ! ,
"
! !
%2
!
"
%
%2 !
'
! 9 7X9
" % ( %
C
! !
/ ,
! ,
!
% %
! (
%2 %
(
%2
" )
.
( ( 6 &
' &
"
!
C +
'
70
+ " %" # $
ULUSAL VE ULUSLARARASI P YASALAR
,
!
( , #(
' )7X9
)
.
C
)
%
!
(
) (-
)- "
6
" C ! ( "
% !
&
7
$
5'
!
" "
! "
'
9
/
! "
%
+
"
%
%
(
(
@8' " M ,
""
"
%
"
( - )
,
C !
V
C N %
'
%
% &
" "
)
,
%
2
!
'
S $ ) "
" '
($ %
&
(
"
K
( 2
, @$
&
8$
& !
& !
" , %
" %
,
K C % "$
"
, (
" " ) , " !
C % $ * 2
!
&
( ( &
,
!
( !
! 7 "
%
C % V " ' + " (
! !
(%
" ! "
( %
!
"
(
( C %
!
C + " S
" (
!
(
!
#/
"
%
, )
!
)
C !
! % %
%
% ( !
! !
, !
"
'
2 (
2
(
%
#%
&
! (% ( !
C %
!
!
" ) "
! " ( @8' * "" " C % '
% ,
)%
'
' C
,
)( & ! , ) ,
" " C %
" , % 5" $( !
"
$
-" 2 %
"%
!
(
) %
&
" " ) , K " "
%
! (
$
' ! "
)
!
),
&
( )
" " ) , % " )-
( C
& %
!
" &
" " !
&
71
ULUSAL VE ULUSLARARASI P YASALAR
" " '
!
&
!
!$ * )( ( 2 C %
* ( 2
" ' 2 '
)$
(
" " " " C % ! " ' ! ) %
+ " & " " ! ) %
% "
"
" C % " '
%
2
"
! K "
2 ( "
! ! "
K " "
" ! & %
" "
"
"
(
" ! "
(
" " &
" (
(
! "
)( C %
' &
"
@$
M5
! % '
=$
N C %
! " "
!
(
)
8$
& % "
,
K "
"
" " (
%
! & ,
! " !
& "
( C %
% K &
(
! ,
! "
C
% '
!
"
(
% #('8$
" S
-
'
!
"
!
%
"
'
"
( "
"
@$ /
" S
(
M5 N C + & 2 ) '
&$ 3
, "
( !
8$
%
(
2
( "
)
!
C % !
"
'
!
( &
! C
C %
'
=$
& C + )
( /&
&
"
&
' 2
+ " & %
(
( "
!
( & '
2
K
!
"
/& $" " "% /&1 - & - &6 ' 0 . ' - 0
"
& &
! (
" K &
' '(." " % & ' #
%
( ,
, && 0 4
&
"
(
"'
-
0
, #('8$
&
72
ULUSAL VE ULUSLARARASI P YASALAR
4
)
.
"
,
!
( % %
9
" #F " '
(
"
) , " +
"
@'
,
!
8' " "
"
)
,
-
>'
)-
+ (%
?'
E'
+
(
% '
-
(
% @B' H "
+
2
"
&, '
,
,
)! %
%
,
"
"
" "
"
2
"
'
' '
-
(
!
(
"
&
)
'
'
% "
+
%" )-
'
(-
2
! '
+
(
!
L'
!
!
%
(
" '
"
" '
(
:
!
"
9' A'
" %
,
% %% +"
+
$ 2
2
"
!
,
'
" (
, ! " )-
%
'
!
" " "
"
" )" , ,
"
! " #0JJ$
% &
%
( " '
(
#B$ ' "
!
%
& !
)
& (
"
='
" + )- "
, 6 )
7
%
, " )-
" ! " ) % (
-
,
!
"
"
"
"
"
'
(
)
,
(
' K
( " (
&
)-
&
"
"
" %
&
, )- -
( " (
"
:
73
ULUSAL VE ULUSLARARASI P YASALAR
$ / (
(
($
2
)
)& . !
" " &
"
,
!
!
"
&
& ) ( ! " & ) !
( )
" & !
M
$
" "
, (
" !
,
!
" !
"
!
"% %
)- 2 " '
(
# !
!
" &
%
-
( "
)!
"
! !
( )' ' /
(
" +
"
" "
!
" , ! "
" " ,
"
"-
( ! +
'
&
(
"
2
, 2
) '
,
"
,
" ) , "
(% ' ) ( 2
(
2 %
(% " & %" & " ) , % % 2
" ,
2
, 2 " 2
( )
, "
2
2
)- " ( "
2
& 2
'
, %
" ( %
" %2 '
"
%
&
% ,
2
&
2
( ( & )- " ! " &
, "
! "
%
& " " 2
" "
" ( !
,
-
(
( )
2
% -
)
(% 2
! "
% ,
& % &
!
'
)- " %
! %
" ( &
"
"
" " " "
" ' /
& %
(
" '
)
,
" " 2
"
% ( " " ,
, 2
'
" 2 " & &
(
2
" (
%
(
&
(
)- "
& , ) &
) (
'
!
4
" 2
"
+
( (
F
&
! -
)-
)
F
,
(
!
) "
&
)-
N !
!
F
%
/
!
!
)-
)-
4 ,
K " '
" " "
"
74
ULUSAL VE ULUSLARARASI P YASALAR
"
& !
"
%
(
) , 2
%
2 "
(
&
"
"
2 ,
&
(
$
! " (
) !
!
' O4
) '
H %
. & .
%
*
%
'
%" ( %2 "
"
" "
& ( '
/
) %
(
(
&
2 ' "
C 2% % .
, % (
" " & ) ,
( % )(
'
# , "
%" ( , $
" " ) "
'
" (
" &
,
"
"
" &
"
'
( " ,
, " &
" (, " 2 % )
" 2 " (
" ' /
2
2
,
, 2
" "
)1W
@' " '
) "
(
(
"
"
" )
" '
&&
& ( ( ) ( '
( )-
,
"
&
" (
"
- % & ) (
& "
" " " " %
,
2
' "
" ) , % ( # ( % % #F ( " ) " " ( & ( ! ( 2 " ( '
,
#F " &
"
"
%
( % %
(
) " "
" , "
( ! "
) ,
"
)
(
)
%
& -&&
(
)
" &
#
" &
2 " &
C
(
& , &-
&
, ,
6
"
( -
(
.
, "
O4 ) . " -" "
( " %
#
" " "
( " ( & (
"
& & " ) 2 " " ( & ! ( ) , 2 " ( ' ) , " & " ( " $ " " " " ) , ( $ ) , 2 & " ) , " & " " , %
" ( 2 ! " 2
%
)" " (
2
%
$ ,
%2 ( %
" $ "
" # %
%2 '
" (
% (
'
" " " " "
75
ULUSAL VE ULUSLARARASI P YASALAR
& ,
" (
,
2
"%
,
#F
(
"
" (
2
" " ,
, '
) &
"
,
(
(
)
, ) " " 2
, %% " ,
,
(
" $ ,
"
,
&
"
"
" "
& '
(
@A:=B+ 2 )
"
,
& )
,
(
"&-
(-
) )
(
&
, & (
+ & ,
(
, &
"
,
( ) , '
" @8:BB+ "
%
5
&
2 @'
%2 ( & "
"
,
)
" "
"
"
"
&-
2 "
"%
@8:BB+
, @'
$
@@:>9+ "
( % "
O 4
&
) &
"
) &
)
" )"
'
. .
" & ) , ! % " ' " ) , ' ( ) " 6 '$ ( " ) , ( ) ( (% & " " F
, , ! & ( ) , " ( " ,
!
F "
"
-
&
" " ( ) 7 % ' &
( ( )
( " "
' , %
! (
( V
)%% "
'
F @'
"
"
% )
#6 &
#
,
)-
='
.
(
) ) ,
& @@:>9+ " "% "
"
2
,
8'
"
, "
&
O4 ) . & , && *) @" & 1 ' $" @'
"
'
* G%
G & ' R ;N
F
+ ,
?
$ ?G ? $
N
(
76
ULUSAL VE ULUSLARARASI P YASALAR
+' = 88
@BB
= 8B
@BB
= @?
LB
= @?
=B
= @?
@BB
= @A
@BB
= @A
@BB ) ( %7@$ N
0 ( "&- Z# " ( ' M " "% ( 0(R;7 ) . +'
( %" % "
!
6 (3
Y) %
.
! % )-
. (
"
(
!
"
" '
. (
. +'
6 (3
. +'
B
B
= 88
@BB
=BB
B
@BB
@BB
= 8B
B
8BB
@BB
@BB 7E TB 9
B%;H
@BB
@BB
= @A
@BB
@BB
@BB
%2 & ( 7 " "
! (
&
N
! " !
2
" "
!
%
( %2
O " &
= @? ! ( !
" & %
)-
' = @? ( ! "
M "
, % ( ! !
" "%
0 ( "9
! "% ! ,
% (
" %
.
)% (
%2
=BB M
" '
! %2 ! , ! ! "% 7 %2 , & & ) ( ! ' ! , , ! , , & 2 '
%2
N !
" -
"
!
%
S
( "
! !
, ! %2 ( % = 8B+" @BB % = @?+" @BB % , ! % , " & ! " ) %2 8BB % " ' ( " % 2 % ( " '
" ' , % " & " & "
)
% 8BB " "
!
%2
77
ULUSAL VE ULUSLARARASI P YASALAR
( = @?+" = @?+" @BB % ! " ) " '
" & ( 8BB " " &
!
% ' = @? )- (
,
= @A+" @BB % ! % , %2 8BB %
" &
( %7@+
% " 7 ! %2 " )- & ! " , ! % , ) , ( )' O = 8B ! " ! %2 @BB % V ! %2 8BB % ' #= @A+" @BB % [ = @?+" @BB % $ F , ( ! %2 " " % )- ( " , = 8B , ! % , @BB % ' = @? ! " ! %2 " 8BB % #= 8B+" @BB % [ = @?+" @BB % $ V ! %2 " 8BB % ' #='@A+" @BB % [ = @?+" @BB % $ )= @? ! " ) , ( 8BB % ' = @A ! " ! %2 =BB % #= 8B+" @BB % [ = @?+" @BB % [ = @A+" @BB % $ ! %2 @BB % ' % = @A , ! % , " " " ) , ( @BB % ' 1 " % 8BB % ) , ! % " ( & " , ! = @?+" ' ! "%
)"
"
-
! " %
! =' )-
$
,
(
!
( %
@BB % = @A ! = @? ! " =B % % % " % '
= 8B !
!
" & # , @BB %
% = @?
LB#
!
" "
! "
" $
'
! "
= @A
2 ! " )- ' 8' % ( @BB %
= @? *
8BB
,
"
)-
! (
(
(
" ))
" "
% @BB % " , " . ( @BB
%
& " %
" S
)-
" = 88 ! ,
! ' , % " @BB %
%
"
.
.
. (
= @A
= 88
@BB
(-
78
ULUSAL VE ULUSLARARASI P YASALAR
9
&
!
G & 'R 0(R
.
&
5
& '
7 )
.
, %2 % !
" "&
" "
"
0 ( "9
6 (3
. (
.
. +'
(
@BB
@BB
=B 9B
8BB
@BB
B % :
8B
&
&&
N
. +'
-
#
%:
@BB
6 (3
. +'
=BB
@BB
B @BB
8BB
88B
B
8E 89
@BB
@BB
@BB
8LB
9B
8E BB
B
B
B
% ( " 8E 9B ! %2 ! " " % ! %2 88B % ( " ( % , '
,
=B 89
. +'
8BB
G & ' R BN 0(LB7 ) . +'
. 6 (3
"
)
" =B 89 !
,
8BB % ( " ' " ) ! %2 % 2 " % "
(
"
&
" " '
=B 89 ! %
!
"
' 8E 9B ! %2
" !
%
.
6 (3
8BB % =B 89 ,
! '
0 ( "9 . (
. (
@BB
@BB
=B 9B
B
8BB
@BB
+' =BB
. +' @BB
B % :
@BB
8
B %
@BB
8BB
8B8
B
8E 9B
@BB
@BB
@BB
898
9B
8E 89
B
B
B
79
ULUSAL VE ULUSLARARASI P YASALAR
=B 89 !
=B BB ! -
)
" " =BB % " " !
%2 %
.
.
%"
8BB %
)
! =B BB ,
%
,
( %2
!
%
' 8B8 % , '
'
=B BB +'
8BB
!
"
#
$
G & ' R DN 0(LD7 ) .
.
0 ( "9
6
. (
+'
. (
(3
+' =B 9B
@BB
8BB
@BB
B % :
@BB
=BB
@BB
B %
@BB
8BB
9BB
8BB
8E BB
@BB
@BB
% ! "% =B 9B %
>BB
. +' @BB
@BB
=B 9B
-
)
(3
@BB
2
.
6
@BB
O
) %
.
' C !
,
8BB %
%2
,
(' ) ( # C $%
=B 89 =B ! #=BB % $' , C ! ( " % " , ( ! " & %
" + ( 2 =B 89 ,
'
.
=B 89 +'
8BB # !
"
$
G & ' R :N 0(L:7 ) . +'
. 6 (3
0 ( "9 . (
. (
. +'
@BB
@BB
=@ BB
@BB
8BB
@BB
B %E:
@BB
@BB
B % :
@BB
8BB
8BB
=B BB
@BB
@BB
9BB
>BB
6 (3
. +' @BB
@BB
80
ULUSAL VE ULUSLARARASI P YASALAR
O
2
=B 9B
-
% "
(
) " ,
" =B 9B )
! "%
%
' , %
"
.
.
=B L9 #=BB % $' , C ! =B 9B , C ! " ' %
%2
2 ,
8BB+
% (
=B 89
! +
# C $ % C %
'
=B 9B +'
B4 ' 2 &
8BB ) . & & " "&-"5" # " "& -5 " "
)
.
6
&
2
'
& 1 '
G & 'LA 0(LA7 ) . +'
.
0 ( "9
6 (3
.
. +'
. +'
> E?
B
=B
8B
D% A
B
B
D% D
@?
=B
B
=B
B
> E8
@8
@8
@8
(
&
@B B
K
A'@9 " "
%
" ' "% ' 2 ! )" ' % C ! " ( ##> EA[> E>$;8$ % ' 1 % , ' .
*
=B
6 (3
@B
$ 3 &.
.
(
@B
!
)
.
(
C
! %
%2
! " " ' "
! ,
!
"
=B % > EA " %" & S, , C ! " " % ! % > EA C + "
> E> " , C + ( ) " ( K % ( ( % % > E9+ ( > EA C & %" , ,
> EA +'
=B
81
ULUSAL VE ULUSLARARASI P YASALAR
D4
F
+
+
?
$ ?G ? $
G & 'RE N +' 9 B8
LB
9 B8
@=B
9 BB
@BB
> E?
8B
> E?
?B
9 BB
8B 9B @BB 9B @BB
9 B>
8BB
> EA
@BB )
0 ( R E7 ) . +'
. 6 (3
( %"
" '
0 ( "9 . (
.
6 (3
+'
B
B
8BB
8BB #LB[@=B$
:%
B
@BB
:%
9 B>
8BB
. +'
=8B
B
%
;
8B
@8B
;
=BB
B
> E?
@BB #8B[?B$
@BB
@BB
>BB
@BB
> EA
B
B
B
@9B #9B[@BB$ O
. (
2
( %" )- " 9 B8 9 BB ! ! %2
@9B #9B[@BB$
> EA % ( " " ) "
, )
@8B % " '
( " '
( !
"
" %2
82
ULUSAL VE ULUSLARARASI P YASALAR
=BB , '
@'
!
%2
& 2 , " " S
!
: > E? ! 8B % : > E? ! 9B % : > E? ! =B % : 9 BB ! $ :
8' =' >' 9'
?B % :
A' %
@8B %
%
)
:
?'
:
) (
! "
#@=B % ! " ! " 9B % ! " 8B % "
! " "
"
"
" ,
" !
%
%
!
9 B8 !
"
%
)
,
9 B8 ,
!
%
'
8B % 9 B8+" ) LB % ' ?B % 9 B8+" 9B % #LB % " $ ' " =B % #?B+" $ 9 B8+" @=B % ' " 8B % 9 B8+" @BB % #@=B % 8B % ' , ! " " & ! , ! " ! %" , " " ' 9B % $ 9 B8+ 9B % ' % @BB % 9 B8 T " =B % #@=B =B % ( ' LB % #@BB+" $ ! " 9B % ' 8B % #@BB+" $ ! " @BB % ' + ) ?B % " , ! " %% % 2 " '
(
$
L'
'
) @8B % % +
-
%
,
!
&
( "
"
!
(
+ )-
%
"
8LB+
" ' )
.
.
9 B8 +'
,
%
E /
" "
. (
%
S
.
.
. (
@BB
9 BB
9 B>
8BB
@BB
> EA
' (& ' % " & % & "
% ( (
) ) ,
%
) 8A'@8'8BB@ & ] J -
@AA
" F )- "
) " &
( B>'B@'8BB8 " '
83
ULUSAL VE ULUSLARARASI P YASALAR
5
"
(
)
) % 5(
)
%
2 (% )
" +
9
% ] J %
&
2
/ @E+ %
"" )
= * %
' $
8BB=
2
& "
" '
'
/
+ " " & "
)
"
(
@= ) ' M ,
& "
2 % % (
5 ! " M
09 +$ * #/
! ( % ' BA'B?'8BB@ % 8BB@ ' %
"
Q3
-
%
)
(
( @9@ (
& & " " N %
!
)
% F
"
F-
+ "
M
7 Q
)
6 , " '
& N
7 J # ] J$ % 2 % % % # ) !% % $ % % K " ' # * ] J ) $ 2 " M *
2 %K
/
)- " ( !%
)( &
] J
-
2 ( (-
" "
"
/ (
2
2 "
% ) % (
%
/ K
N "%
% "
"%
"
K # $
"
)
,
* " ( ) ((
2 ( " ( )
2
"
" %
"
" '
2 " '
] J 6
F-
( 2 ,
(
"
6 %
" ,
F-
%
) % )
) ( 6
9$ &
]2
S
&
, "
$
(
8?'B>'8BBB ) " " " & %
8+
-
N % 2 ( " " '
(
2
)
'
(% N ( )
M % & 2 %
#
"
5
% %
" )- "
8' (
' ( " '
84
ULUSAL VE ULUSLARARASI P YASALAR
2
" )
*
)" ' 5 )
( )
# $ 5 )
#5$
% # $ C ,& #C$ , % @E " ] J
" &
"
%" 8BB?
& " C
)- "
' 5
)
•
2
5 2 ( M N ) (
•
%
C ,& M* N -
% %"
C ,& %"
%
5 N-
] J 5
%" , )
%"
5
M
& M N -
M*CN •
" S
P%
(
# ,
2 " '
"
)
) " " $
"
( 2 "
( I"
O
&
%" " N M 5N
M
" (
)
& "
" 2
C
%2
8BB?
" "
) "
@E
)
M
M* N
M*5N
N N 5N N CN
" ' ) ,
"
] J
O
(
" '
] J
"
O
" ' .
/&
& & " 2 ) %" %
"
& ( "
!
,
, #@>:BB7@>:B9 #8' " " -
)- " ,
)
)F-
% )
% ) " $'
8 3( ( " %
-
$ ] J
(
" "
% 6 )
"
"
(
"
" %
8BBL
" '
"
) "
"
-
)
%
2
!
" '
$"
% &
N +
C
+
" )%"
"
R .
) ,
" *
" %
" "
6 P% )
8+
6
5
% % )
, 2
( )
" '
+ "
%2 " '
85
ULUSAL VE ULUSLARARASI P YASALAR
M ,
N
"
"
%
, "
F)+ ( "
+ "
2
* 2 " " " ) ( " 7 '
" (-
, / ) ,
& %
,
5
( ] J
" +
)
)- " @+
* % ! " 8A 1 (-
2
" ( )
&
2 " ' & "
)
( 8BB> " ] J " ' , ) , ,
( 8+
" ] J ( " " "
' O
2 "
-
&2 (
! "
%
" 2
#
" "
" !
"
D4E4;9 J*
+
2
" '
$
2
D4E4 9
%
6
% ) "
)-
"
%
! % @>:BB7@>:B9 ( ( ( " '
] J #
$
"
% )
%
"
(
) ,
"
%
%
" )- "
" "
+
5" &
)
*
%
%
%
) O, & !! ! ( 2
(
% "
,
!
I 1
$
,
&
' &1
6 % ,
] J ' O
SBE:=B7@8:BB @>:BB7@A:=B 2 , * 6 @BB & & " , [8+" '
" " '
%
"
1
!
&
% 2
1 " '
2
"
6
"
( %
!
# "
% "
# 1 $ " " ( %
( "
2 %
5-
% (
, " %
%
52%
+ "
I "
)-
&
! '
86
ULUSAL VE ULUSLARARASI P YASALAR
D4E4B9 * ( 5-
I "
&
'(&(
X5
!
% %
X ( )
% ( 2 % ' )-
, * "
& )( ( * "
6
%
#
!
"
( %
% ,
&
2
"
5
) F
)-
% %
" "
)
% %
%
% )
(
% " % %K
+ " % " '
%
'
)-
5
+ " "
,
"% )-
(
! "
/
" "
"
% %
G!
$ %
2
+"
&
( " !! !
" I " )
D4E4B4;9 .
5
"
#5
))(" '
% %
,
&
" ) ,
)
'
&
'(&(
" '
)-
!
) & $"
[8 %
6
0
5
6
+
5 2 7@BB
"
& ;/
,
/ 8+ )-
U 9B+ " '
' , 6
+ " '
BE:=B7@8:BB @>:BB7@A:=B %"
6
.
@
G!
" '
'
,
F
(
O
F
( 2
3( F
@
G! %
" '
' ( )-
" "
2
)(
'
87
ULUSAL VE ULUSLARARASI P YASALAR
F ,
2
6 "
(-
& !
( '
)"
!
), )
& )( ( " (-
D4E4D9 % /
& 2 "
/!
8A ( 2
+ "
F& % "
+
)
@EEA
&
)
& % ! "
%
)-
%2
& )- "
% 2
% "
(
( )
• F-
+ " 2 '
" •
"
"
#F $X
)
),
%
"
; S&
"
) ,
%
)
-
)% "%
&
"
,
%
( ) !% N&
" & -
%
"
% ) !
( &2
2
6
"
%
" (
% "
2
& -
* &
%
%
'
6
/ ! ' (-
)-
"
(
"
M. C [
F
%"
S
2 "
) ,
% %
XF-
+"
% ) "
)" )- ( 2
'& '
2
+ " %
%
"
D4E4D4 9
•
"
%
"
" "
% %
'
#F $
+"
) "
5 "
)
;
• /
(
!
5-
D4E4D4;9
( " '
"
8' 6 '
"
( %
,
"
N
2 "
! %"
( " M ,
I" ( )-
"
(
2 ( 6
(-
' "
)-
" 5 '
'
88
ULUSAL VE ULUSLARARASI P YASALAR
)"
&
2
" "
+" " % ! "
( * "
D4E4:9
(3
&
X
D4E4:4;9
"
, )(
" ,
% F
)
"
,
)- " '
%
(
* " " '
/
!
& X
* %
) %
.
%2
2 &
M 5N 2
%"
(
2
"
" '
%2
)
I "
%2 % !! ! %
D4E4:4 9
+ ( "
@
% )
.
/
% )
# (
"
, -
" & " ) ,
2
"
"
( I " )
% '
+'
I "
)" , ) ,
&
"
JJJ+ "
$ %
(
&
""
)
+" "
#8$
%
P%+ I
(
"
(
2
" %
"
) '
2
'
D4E4:4B9 . I " 2 %
" -
2 %
)(
% ( S( I " %
2
"
4 " I (
'
2 " 2
"
'
" ) "
I "
@ #( $ )-"
+ &
' "
2 -" %
% I" %
" I" "
'
. + "
2 (
%
!
"
)
,
" , !
)
, &
, ! (
%
' "
+ 2
"
'
%
! 2
(
! (
%
X) !
I "
4
"
, , ! 2 2% % ( '
X " (
)
%"
!
89
ULUSAL VE ULUSLARARASI P YASALAR
+ " " % (
"
%
/ %"
) (
! %
+ $
( 2
+"
F+"
)-
%
"
-
( "
(
! %
%
&
%
%
S
"
"
+"
%
(
+ "
)-
2 , %
!
"
%
+ "
% "
" & ( (
!
&
(
2 , (
(
(
% "
&
!
% , & ! % ( !
!
' '
" & %" "
2
"
( %
(%
%
" -
! )
%
"
'
/ )
K + "
:
" 2 "
(
/
% ) " (
F ) +" ) ( ) " '
%
)
)
"
"
" S "% !
)
2 [;7 U8B
2 ,
( @B "
)
(
S $ / ) ( & 2 (
% , "
,
)-
" 2
%
% %
"
&
"
"
" !
(
,
($ / % + " ) , ! ( ( % 2 % 5$ 5
+"
+ " K
"
& "
' % +" &2 %" & K
)-
%
2 %
% , "
+ "
&
)
'
! 2 )
#($ ( " " " & ( ) " ) , & ) 8 ) + " ) , ( ' % ) , ( '
;
) %
% )-
" ! -
& " "
" ( &
2 ) K
&
-" " % " (
% "
" " "
%
(
" "
% ! (
'
% "
"
, " +
" 2
!
!
" (
" -
%
% 2 !
)
"
" " " )
90
ULUSAL VE ULUSLARARASI P YASALAR
$ / 2 %)
% "
I "
F"
%
" (
, (
!
,
& & %
,
D4E4A9
5
2
(( )(
(
& " ( &
&
,
, !
%
&
"% )
% ( ( "
" 2 " ( & & " "% "% % )( ( " ! 4 ; % % %
,
* '' 9 $"3(&
&
"
"-
!
% 2%
" "
.
%
2 2
2% 2
""
)& X( " X , 2 &2 %" & & $ "
( "
2% &
&
"
% & "
N
'
"
!
% 4
& % !
M5
2 " #2
(
)
2
)
%
"
), "
( " 2%
"
" S&
( "
(
(
)C & * '' 7
& &
%
"
+" % " " ) , , !
2 @9+
C ,& & S% & " ' / " ( ) & " ( "
% (
% " " " ( ( " ) & , " " '
(
%
"
%
!
"
: % % ,
,
! " "
-
( (
2
' /
& % + "
SO
:
!
.$ /
"
&2 %" 2
)-
3
(
" # %
" % X5 2 ,& & ,, -"
(
& (
& " ( '$
$ & "
"
%
"
&
"
"
) ,
&
"
2% " ' #
" &
% "
X
!
2 ,
'
2 & &
% " " (
% ( (
" ' %
( ,&
&
,-
%
2 , "
" '
91
ULUSAL VE ULUSLARARASI P YASALAR
C ,& / ) " " ' ! " (
@9 ) ) %
,
,
( " " ( 2%
;4
,
,& 2 ,
+ )
4 / & , "
"
&
2% 2
D4 C ,& % )
& " " '
2% &
:4 C ,&
&
2% 2
"
'
% "
(
" (
), )
XCX 2
2%
U 89
&
" 2 "
2%
&
" '
&
2%
& MC !
!
& K "
% " $'
,& 2% " 2
2
) 2% " )- " " '
2 , ) U89+" #C ,&
)
" ) , # [8$ ) , " ' C ,&
) ,
) 2
, /
N
, "
!
% " 2%
-
%
%
"
" 2
,
&
!
" "
K (
! ' &
#@
/
,& )(
!
2%
(
/
2
'
!
) , ' C ,& ) & ! !
"
@ % @ 2% $ "
%
"
&
)
(
" % "
)- "
'
X% X 2
% )-
X
2 " " ' C ,&
& 2
"
(
!
2%
'
-
" " " '
%
"
%"
%
%
, ( )
"
%&
(
"
)
" /
%
XC ,& / " , " % ( , , ( S
2%
,
)- " 2% % " % 5I ( 2% ( ! ( % ! )( ! % " % ! ( %
; 4C ,& )
%
2
/
( "
, " " K %
"
@EE=+ )-
&
( %
4
!
"
"
)
H4 C ,& / ( S! ) , ! U 89
> 1 "
2
A4 O
!
"
)
2%
C ,& '
,
I"
% &
,&
B4 C ,&
E4
" "
-
"
' /
/
AB )
'
" ,
" &
2% 2 (
" + " (
"
, 2
' &
92
ULUSAL VE ULUSLARARASI P YASALAR
,&
&
( "
(
& "
) & ,& ' 3
2 "
( ( ) & (
) '
"
)
%
" + " "
,& "
"
2% (
& " ( ( " -" ( (
" 2% (
(
"
&
&
2 "4 2 M
"
X !
!
2 2
' # (
" &
' '
"
( "
'#
)2
)
&
"
"
-
9+
& )
( ) (
)
Y 'R
&Z
@"
2 "-
%
( ) "
( %
" & "
( ) " ) -
" @
#
&
(
2 "
" ) , & 2 "2% "
) , 42 " '
" "
, (
' 4 2%
,
)
/
42
> 1 @EE=I " ( 2
2
$
&
)& % -" (
2%
/ , "
'
&
(
S/ , "
2
,& 2
&
(
& *
5 / & 2 ") , ( )- "
% ,
9
% "
X
& (
, &-
,
/
D4E4E4;9
,&
, " & % N ) , & 2 "M5 N% " "
% 75
& 7
!
$ (
) I )- " ) , ,&
% % '
(
9
" & &
&
# % 2 " ) ,
D4E4E9 * *
X X5 %
-"
'$
)
&
+ / (
" % ,
, "
)" '5
"
&
% " -" " 42 2%
)-
!
)
)" ) , M5 N & -" ( " 2 "
)
,
"
" *
)
" " ,
,"
S 2 "
"
( " ! "
) , :
( & 2 & ( '
2 "-
93
ULUSAL VE ULUSLARARASI P YASALAR
09
( ,
%
( " , " " ( 2
& " % )
& 2 ") , & 2 "
#
$ 2 " 4 2
2 "& & "
" 2%
"
& " "
X
)* " "
•
7=B M5
*
* " "
M5
,
2% & 2
7@BB M5
& X5
" &
%
M )
" (
" %
(
%
"
:
" &
%
N &
"
" & , #5; $ U9+"
& "
% " & , #5; $ U8B+"
%
'
"
2 )
"
N
&
%2 %
-
&, ( " %
"
8BBA % %
X
&
%
" M5
N &
+"
"
2%
2 "X &
" M
@8 P
" N & )-
"
&
F $M
& ( "
%
J* 7=B " & , " #5; $ U@B+" "
, " "
'
) , 2% X (
, M5
N &
&2
2 "-
"
,
-
X5
" % X ( " " (
" & % "
,
( "
M
%
"
"% 75 N ! & " " (
!
&
2%
&
%
" N &
2%
%
2% ,
"
(
5"
7
" & % "
N&
%
2 & (2% " '
" N &
7@BB " N&
M •
%
2 , 2%
X
•
!
2
S
'
&
"
, (
% &
" (
&
" 2
(
"
"
&
& 2% " % " ) , " '
,
19
" 2 2 "-
% !
, # %
M5 +"
N & &
"
(
" S M5 N & , ( "
' " %
! &
94
ULUSAL VE ULUSLARARASI P YASALAR
(
( "
%
" M )"
% )% " M5
= ,& &
N & , 2
& "
!
!
, &-
N
"
#
(% (
"
)
& " " !
,
"
U
)
" , '
3 2
(
"
, " -
N" ' G% ! ( & "
! "
N " M,%
( "
MG% 2 ! V
K
! )
!
2
" $ & ,
(
2 -
"
"
)
(
" ,
! " &
& ' "
(
"
%
2 ' (
' 5
! %
"
" , "
2
"
!
2 (
2
# , -
!
%
"% 5-
M )
) ( % "
(%
%
% 5-
&
(
)- " (
N
/&
"
" " "
MG% )- "
%
M5
"
(
/&
"
& 2 "."
(
" $
, ( ! " '
F(' 6 , ( )
)
+ "
-
( +
)
) F
,
'
& %( )
M5 "%
)
+ " & ' /
( " M " M
"
"
"
&
/
. 7
"
( %
" & N & ,
'
*
,
)
&
& "
(
-
M5 N & " ( '
S3
+ " '
,
&
N
%
"
,
, 2 ,
" )
) , 2
%2
(
J*
(
& %
! "
" "
8BBA
N&
D4E4H9
" ,
"
!
( " "
'
#
$ "
" !
( %
2 & &
! !
%
"
4 "
95
ULUSAL VE ULUSLARARASI P YASALAR
2
2 %
-
" &
-"
&
)/
"
%" 2
D4E4 9
(&
!
D4E4 4;9
& *
" %
#
%
+ ( )-
5,
"
+ " (
%
D4E4 4 9
" % " EEL
&
( %
5"
2
:0JJ %
5
%
+ "
+"
$
# )
!
& !
&F
( " ' " '
" ) ,
.
' :0JJ P%:@B$ =L+ "" ( 2 !% , ( ' % 5( ) , !
$ @A'BE'8BB> P%:8= ( ( ) )-
@
)-
5 + " ) , !
2 ,
& @B+ % "
) (
,
"
"
5-
D4E4 4 4;9 %
"
,
! " @='B>'8BB> :0JJ P%:8= M % 5 % " % 5 % # 5 $ " % + " % % 88'BE'8BB> & EEL '
""
2
" %
(&
" (
"
&
" 2 !%
# "%
X
2
(
)
)-
(
)( '
" )
(& )&
5
& " '
X % & &
(
&
%
" (
, X5
" ) ,
,
+ " %
% ,
&
"
% X5 % ( )
(
&&
)"
"
5 %
"
(
+ "
&
=?;@@AB "" % % " (
89>=8
%
'
C F +" ( N @B+ /
( ) )-
) " (
, ( ) # $ -
% 88'BE'8BB>
#
%" %"
.
"
"
$"
2
% '
+"
/
+"
!
2
' " "
%"
)( (
(
'
"
% %
96
ULUSAL VE ULUSLARARASI P YASALAR
% )
2 -
" "
"
% (
@
; !% (
"
2
2
"
%
(
'
/ 5
+ " 6
" (
"
)
!
K
"
! " ! " (
* " ,
! " !
)
' )
(
'
'
' O ) ,
/
+ "
,
: !
5 7
9
-
B B@
9 BB
B B@
9 B8
@B BB
B B8
@B B9
89 BB
B B9
89 @B
9B BB
B @B
9B 89
@BB BB
B 89
@BB 9B
89B BB
B 9B
89@ BB
9BB BB
@ BB
9B8 9B
@'BBB BB
8 9B
@'BB9 BB % 1
)
F
# [8$ ) ) , '
( ! "
"
"
(
9
,
'
%
'
/
D4E4 4 4 9 +"
(& )-
D4E4 4 4B9
?
" '
5 5 +
(
2
' 6
5
"
@
%
" %2
" #P $
( "
+"
" (
'
&
/ ! "
7
9 BB )
(
*
"
' "
%
,
(
!% "
!
&
2
2 )-
, " )
"
"
97
ULUSAL VE ULUSLARARASI P YASALAR
" "
" &
P " ( " '
( )
" (
D4H9 *
)
(
"
" "
" "
( "
-&
)
'
)
(
) '
( " !
! "
&
! -
. & .
"
&
" " "
(%
(
" &
" "
" !
"
"
"
(
"
' ,
&
&
)
" "
'
" !
)
2 &
,
%
%
! "
2 " ' H " !
.
" &
"
( '
(
& "
&
" & "
& - &-
&
'
"
"
"
"
,
( %
&
"
*
%
2
% "
"
(
" (
% " '
"
" &
2
D4H4B9
(
"
" " %"
2 ( ) " !
( )
& !
&
'
) , " " & %
%
(
$"
2 %
D4H4 9
.
" % && !
%
-
)
%
S
"
%
" !
& &
.
! "
"
&-
) , "
! " /! ! %
,
@'
,
%
$
"
% ) ,
%
&
D4H4;9 % %
"
'
%
&
'
)1 2 &
"
)
! "
'
" -" "
&
"
: " & "
" ( )
& %"
, " & (
% "
% % "
)
5)-
(
98
ULUSAL VE ULUSLARARASI P YASALAR
8'
&
"
!
,
;
='
(
&
(% & (
(,
(
&
" " 2
% !
F , )-
%
%
( "
%
"
D4H4D9
+$ V 1
$
M " #F%
) , ( "
% "
(
%
!
(
H
-
+ &'"
I " "
* " I" &
/ + &'" $
$
"
& % ( "
(
" & "
(
' 9
"
" )
' "
(
%
& ,$ " '
)5
+ "
%
#
), ) , 7/
& " %
.
I (
(
" ' ( ) ' , %
)5
.
(
( )
.
+
& $(&"
9+
*
( ' * 7
)
"" N * &
"
) '
)
)-
( , P
.
( )
:0 P%:@? % 1
, 7*
"
&
#
I 2 & " ) ,
.
*
S1
" ' -
,
"
% +
%
(
-
"
-
, I"
) (
'
'
2
9 $ $
),
( (
, % ) "
9 ) ( '
5-
"
,
' !
)
%
"
"
"
, "
! " "
%
( ,
"
% %
%
)
"
" ,
&
"
2 )
" "
% )
"
"
%
(
" "
"
>'
* & "-
2
"
%
& + &'"
,
, 2
" " "
"7
%
) , (
%" '
99
ULUSAL VE ULUSLARARASI P YASALAR
*
) + "
M
" "
"
* "
" , )
,
@9 )
-
%
* ,
%
N " &
%
"
2
'
%
SM " * N F& , (% !% 2 6 6 5 % % !% & " & " + " )& % " '
& ,
"
! "
" !
( ) "
-
19
%
% &
%
%
, 2
%
" & 2 ( ' , (
)
,
% "
, %
,
!
" ,
)
( ( ' ( )
" %
2 !
! )
,
!
(
'
( !
"
,
"
!
)
2
%
%
'
.
, X ,
) X
)5
% ( '
& . .
&& "
"
)
)
, (
(
8BBA
,
-9
"
"
& " ( ) , % 1 * + " )& " ( ' % * + " )& (% % % ( ' F" ) ,
09
1
&
2
@ *
)
% %
"
, *
(
, %
)-
"-
'
'
&&
(
"
"
,
X
X O
& "
&
!
"
-
" "
'
100
ULUSAL VE ULUSLARARASI P YASALAR
D4 9 *
&
&&- '
& D4 4;9
&
" -, " ) " "
" & (
K
XF-
" ) " '
(
" 2
"
"
&
*
%
%
"
'
"
-
*
& -
"
8' F %
&
(
)(
! "
" " &
1 1
(
"
, " % "
#"
& (
)
) "
%
'
" ( $
%
'
%
&
"
X2 2
) %
( ,
"
(
& " %
" !
)
"
" #-
-
&- '
"
@'
)" " ' !
" "
' "
" ' '
"
"
" ' K
)
% 2%
,
(
)
(
(
(
"
!
2 & ( ) ' / " @??> M ) $)
(
%"
"%
"
$
=' 3
+$
( )
-
(
2
&
( %
"
" (
/
"
%
"
D4 4 9
& " ,
%
, " ( "
%
) X % " & ! "
! )% 2
"
% "
#
&
(
" " "
&- '
&
2
2 "
!%
" X & " # %
"
" " ]
" ) ' "
" S
% % #*
. 2
% $
"
%
101
ULUSAL VE ULUSLARARASI P YASALAR
D4 4B9 * ) %
+$
" -
%
+"
)2
&
!
!%
-,
" ( (
*
7@BB * '
% 2
-
) 6
*
"
"
&
" 7@BB
!
& &
2 "
%2
" "
%
6
"
,
" ' &- ' N * " %
" "
R;
" %
B
=B &
+$ " )(" 6 7=B &
: " (
%
&- ' N 0 " & , 6 " " " %
9B &
,6
+"
6
" "
%
" &
% 2 "
*
6
" ' + "
+"
)-
" " '
&- ' N * &
" (-
)-
&- ' N @E?A & " +" "& % % %
& "-
,
9B & 2
% "
>B
, 6
" "
+" " % 2
%
*
" ' &
" "
" %
, )-
"
)" 2
& (
"
% ,
% %
" ; @BB " " ' 6 , ),
&
" '
&- ' N * &
"
"-
+$
" "
"
+$ " )&
,
% "
(
'
* & 2 " %
+$
&- '
(
@EEL ( % & 2
+$ @BB
&
/
@EEA )
*
" % 2
*
( # *
% (6 7=B
7@BB$ " & , & " ( * 6
7
" '
+$ " ; RB &- ' N MKB Ulusal 100 endeksine dahil olup da MKB Ulusal 30 endeksinde yer almayan 70 hisse senedinden olu maktad覺r. +$ (
$" "
/& "
"
&- ' N * 2 % &2
" #F" %
& " '
,$
)"
102
ULUSAL VE ULUSLARARASI P YASALAR
%
"
"
2
(
" ' /
&- ' +"
6 +$ %
' &1 " '
+$ %
"
& '(&( " '
+$
' / &
&- ' "
&- ' N
6
+"
&- ' N 5
% %
+ "
+ &'" $ %
+$ ;!
* #W
# )-
C
2
' '
N / & " % ' @A'B8'8BBE #W P $ * #W ) , %
% #W P $ * #W JD*$ C$ & "
%
N *
%
%
*
2
,
D4; 4;9
& "
"
:0 P%:A9
.
3 0
2 2 +"
, ,
"
"
" -, $ * #W J $ "
#W ( * '
%
)5
-" , " "
@EE> (
-" , ( )
'
,
"
" "
"% (
(
&2
'
% &
)-
-
(
" (
)
"
,
,
(
&
,
1 ' $" " ".
2 (
&
)2 !% * " 6C$ * #W 1.$ (
% @>'BL'8BB=
"
+"
&& $ .
#
&
)-
+"
) . # G- &)
)-
! ) & " ( * #W 5$ * % & 2
D4; 9
&
" '
&- ' N 6 " % " '
&
&- '
"
'
" "
,
" " )
%"
" "
"
) -
(" '
103
ULUSAL VE ULUSLARARASI P YASALAR
2 (
-" , ( " "
! "
%
2 #
"
,
, (% ,
"$ 2 +
(
2 -"
, )
" ,
(
%
,
" -"
(
( (
( '
"
( ,
"
'
D4; 4 9
)
"
&&$
2 2
! "
" ' *
! " " ( "
%" %
( ( ( & ) ( %"
& " ,
"
& "
" "
"
(
" )
"
(
( " ( "
&
$
,
"
($
&
)
,
&
"
%" % ( ( "
! "
(
S " ( +
" ,
-
, )
" , ,
,
"
"
(
( "
(
(
5-
=E+ %
%
!
"
(% ,
" ) "
& "
&
) !
,
)
'
% , ! " ) '
""
" "
&
%
, $ *
- " %
) 2 "
S
%
2
(
( "
'
'
"
"
, "
,
" %
-" " " "
"
&
( &
.
"
2 "
-
2 ) ,
% , "
, )
" &
" " "
2 "
#($
# $ (
104
ULUSAL VE ULUSLARARASI P YASALAR
D4; 4 4 4;9 G!' 2 ( ( !
)
" ( "
%
O
%
_ # 2
! " ) &
" ' U =9 % 2
-
-
!
' "
" " ' 2 " %
"
( -
), "
),
)
U 9B " 2
,
" 2 "
" '
2
"
V
"
$ ;
%
'
* -
" % )
"
"
( ,
2
%
" ,
-
,
-
" &
%
"
-
%
(
" (
"
" "
(
'
S (
'
"
S
ÖzkaynakOranı ⊗ (SatinAlinanMenkulKiymetinDegeri ) !% 1 − ÖzkaynakOranı &2 %" & 2
" &
%
SatinAlinanMenkulKiymetinDegeri ⊗ ÖzkaynakOranı !%
*
% 4 2 &
-" %
)
&-
`
!%
*
.
" S
% "
2
, %
-
% -
$
" &
2 "
" (
"
"
* %
*
& ' # G!'
, )%2
"
) && & 5 & $( "&
(
"
%
(
'
(
S
1 − ÖzkaynakOranı ⊗ (MusterininSahipOlduguMenkulKiymetlerinTutari ) ÖzkaynakOranı !%
(
'
105
ULUSAL VE ULUSLARARASI P YASALAR
D4; 4 4 4 9
!%
)
G!'
%
&
2 % " (
& '
" & (
)
, "
( " &
2
2%
"
"
% 2
%
$
" " "
" ,
( " 2
( "
)
!%
&
-
"
O 1 5 P
%
; 2 & ,(
.
( ,
)
&&$
2 % '
%
(%
%
;
2 " " "
& " "
-
" (
,
" , )- " " ) ,
(
#! ( "
) 2
) )
"
-
O ) , ( )- "
'
-
& ( (
" " "
%
"
" " ), -
(
&-
( %
&2 ( " ' G!'
) ,
'
" &(
" )
-
"
& '*
3
&
&
.' & G & '
%
" " "
#
$
O 1 # $
.
#
$
.
, . #
$
#J$ Y #JJ$ [ #JJJ$ #JJ$ @' ) #/ ( , " )
#J0$ 0Y #JV J0;J$
# $ #JJJ$
9'BBB @B'BBB
U 9B 9'BBB
9'BBB
$
106
ULUSAL VE ULUSLARARASI P YASALAR
8')
='BBB
U=L
?'BBB =' ) # " F $
"
9'BBB
#U8?$ -
"
9'BBB %
)
)5
,
% %
2 2
)
2
"
"
( " , '
&
"
( ( ( )
"% "% ( )
"
' *
" ! " " '
& %
, & ( " ( -" , , "
-
"
,
"
, ! " )
"% "
"
"
! "
' "
(
% )
&
"
2
"
2
"
2
"
-
2 " %
! "
(
(%
%
" ,
"
2 %"
,
%"
%
2 " "
, -"
2 &2 %"
%
) ( & (
'
'
& 2 %
"
" #U=9$ " & " - )#U9B$ " '
2 "
"
%
"
. . &2 % ! " , , % " '
( "
9'BBB !
S 2
) & & ( %"
) % ( " )
-
-
% -
U9B
@B'BBB
%
%
9'BBB
9'BBB
-
D4; 4B9
9'BBB U8?
L'BBB
" % 5 "
9'BBB 8'BBB
%
"
" ( " '* 2
"
"
"
"
,
% % "
'
107
ULUSAL VE ULUSLARARASI P YASALAR
D4; 4B4;9 , "
"
* %
)5
. .
&- G!'
" %2
&
, " " '
S
),
(
%
_ # 2
%
&
2
$;
!%
' )
U9B %
"
% U=9 %
-
! " " " '
%
2 '
" ,
"
V 2
%
,
% "
2
`
'
* -
"
"
,
" %
" "
( " &
""
&
, (
,
,
&
%
2
-" "
-"
) ! "
-"
,
"
&
(
)
2% !,
- & G5 (& - & G5
2
, ,
& &
& &
&
&
"
"
,
.
( "-
" ( ,
2 "
" ' ,
(
-"
7 & -
7 & (
!
(
1
1
2 ,
)
2 2
D4;;9 ) + &3
"
, , ! (
,
'
#
2
% " '
D4;;4;9
, (
& & G- &)
,
2 (
%
,
,
" "
(
)
, (
%
(
D4; 4D9 2 " &
"
)
-
&
,
" S 2
"
2
, 2 %
"
O
& 5 & $( "& "
),
-
"
G!'
% &
"
& '
&
,
- &@9
- &@9 ,
( ) 2
"
108
ULUSAL VE ULUSLARARASI P YASALAR
2
"
(
!
" , ( % 2
2 ( ) 2
! "
"
(
(%
! " '
&2 %
"
,
"
% * 2 " ( ,
" "
% (
! (
7@ ( # & &
I
, (
,
,
"
% ( )" '
" " "
"
"
" )$
" %
!
" ( )
" %
)
"
%
(
!
" ( )
( &2
"
2
)
( ) %
!
"
)E 0 ! ( $ $ $ &
$
"
""
@+ & !
$ $ $
!
" " #"
$
E *
,
(
(
"
)-
" '
, S 2 ( ) " )
)
"
(
>L+
'$ '
#$ # ! #
,
%
(
"
'
( ) ( ) (% %
( "
' &2 % "
( )
,
! )&
, %
( ,
,
" 2 "
% ( ) ""
O
"
,
(
%
( ) % ' ,
!
" &
"
( (
( )
"
%
"
(
%
%
( " '
, %
!
" "
%
" (
" ' 5 " %
$
"
#
"
-
"
!
" & " & "%
"
(
'
& 2
$ ($ / $
&2 %" )-
"
"
(
" " '
-
(
!
, 2
(% "
2
"
%
! ,
' %" ! -
2
"
%
"
(
,
"
! (
2 -
" ( "
!
!
( ) " % ,
" '
'
109
ULUSAL VE ULUSLARARASI P YASALAR
)9 @@+ "" 09 2 7 5( 7 57 , 7 2 % 19 * )% #* * " ( '$ -9 " " % " , " ) 2 %2 $ " I ( ($ J " I ! " %!) % ( ( F-
% )%
,
"
X
"
O & 2 "" "
"
, "
X
(
(
%
2
2
, "
"
+ "
( )
&( %
I
(
" a2
"
" '
, &
( (
"
( '
" " X %
% (
%
%
X
% "
X8 " 9 - ), ' . " '
! " ( 2
" ' " '
2
.
'
&
!%
%
" ( )
"
( ) &( % (
"
X " " )
2
)
% 2
" %
#
)%
,
"%
"
( )
)
2
" ) "
,
%
"
"
" " & "
&( % (
(
!% (
( )
"
" "
$
S
'
"
&
&
"
&
%
(
( " (
, " 2 )
"%
#
" ) " % " ' ) ( '$
! "
(
"
-
!
,
" ( ) " )( ( "%
, % (
"
(
(
"
"
"
,
&
" ( ) ( ) "
)
"
!
2 !
)
" % " ! )-
"'>L; 7@ & " ' 2 " & , (
&
" %
" '
,
2 )
, &
110
ULUSAL VE ULUSLARARASI P YASALAR
D4;;4 9 + & 3 2
(& "
" & 2 -
%
%
*
2
2 &
2
%
! " " %
!
!
% +
S
2
2
'
% !
'+
>L; 78 >L; 78
,
,
$ E
@' * ) , 8' ( ; ='
$
$
4% , "
" '
>L; 7= ""
"" "
' #
"
" S " '
)-
(
2
" 2
' %
E <
$
$
2
%
& #$
$ ( %
2
% $'
,
( "% ( ! " ) , " ! % ! ( 2
"
%"
"
!
!
% %"
% ) 2
,
"" "" %
$
# $
$ "
! "
! "
(
% 2
,
" ) ,
"
2
$
$ $
-
% 2
" ' $ $ ( ($ $ "" " % 2
$) 2
! " %
& " ! (
%
$ (
2 ) , "
%
$
% ,
$ '$
(
!& ( ! ,
!'
!
" 2
)-
$ " '
*
) " '* !
$
2 % (
,
" '
,
"
,
' >L; 7= "" $ ! $ # $" " " #( ) ( 2
" ' % $'
E ( (
$
$ .
$$ E !
& .$ ' ,
111
ULUSAL VE ULUSLARARASI P YASALAR
>L+ "" "
"
* 2 ( ( )
% "
"" " '
"
, % (
2 )
+ " a2
"
(
2 "
(
!
!
, &
"
% "
,
& "
"
% 2
" "
%
*
2
2
% ( '
(
%
(
"
* "% " " ! " 2 " '
% (
( 5-
&
& & * ( %
(
(
" '
58>+
+ " "" " "
;'
' * 2
2
5-
+ "
!
,
"
"
! )
M )'
" ( %
)-
"
"
%
"
'
! "
(% " ' " "
" '+ " 2 !
!
" ' " )
"
*
8>EE $'
=LE> '
"% 2
+ " 2 " ) 2 ! "
,
.
"
"
" "
"
, &
, % #>>?L
" * ""
2 )
,
"% )
"( >A+
"
)
" '
!
! " " ) ,
( ( "
& 2 "" "
%
" %
&
2
(
" '
"
,
% ! (% ! " ( % , 2
9
-
( )
%
" )
2 %
X8 " - ), ' . " '
!%
"
*
" " X %
)
2 2
!%
(% -
!
"
,
"% (
(
% (
%
"
2 " % " ! )-
"
2
8>EE )
2 H
!
! (
2
2
2 2
N
: &2
"
)
,
"
"
(
"
112
ULUSAL VE ULUSLARARASI P YASALAR
0'
(
"
'
2
-
( 2
-
"
'*
,
0' *
)!
B' %"
"
( "
(
"
!( 2
" ( ,
)
2
& "
)
"
) )
% ,
D' (
:'
%"
%
,
"
"
(
"
% %
! (
( ) "%
2
%
" ( )
"
( "%
"%
"
%
" "
'
:
! %
%
! %
" " & !
(
( (
2
A' -
" (
*
2
%
$ $ "
'#'
' $
$ *
'
" (
" "
N( $ $ $
8=L+
,
" ' * ""
" S
&
'#' ' $
$$ G
&
$
)
'
.
!
&
$ ! "#
#
$ *
# &
#
$#
4 *
" ' .
3 $
" "
M
" 7 @
! ""
. , F ! "# &' # $ !' @
"
M % ! ! G
$ #
" $ & $ 4 *
N(
@9L+ '
!$
* "" $
$
! !$
" S !
("
113
ULUSAL VE ULUSLARARASI P YASALAR
"
"$
* 2
% . + "
" H
"
) % ,
! " &
% 2 " " % %
2 (
% " ,
" ) *
D4; 9 *
@' " 2 %
"
8' /
"
, I "
)-
%
+
% " )
%
"
)-
% %
"
( "
& &
" "
&
(
)
!
& ! (
2 "
% "% "
&2 % U@I , " %
"%
I
%
) N
(
& (
")- "
%
) "
" (
" S
% ! "
" &
" U@B )
" &
&
+"
-
&
'
+"
"
%
-
2
( ('
% & %2 & ( " '
.
' (
%2
" (
'
'"
. #
)
,
! "
"
& -
%2
% %
,
! &
( )
2
%
% )
& *
U@B
2
,
5
2
"
=' / %
)
" )- "
2
" '
@ 5
!
"
+
%
& "
! " " '
&
&2 % "
%
' ! "
"
(
% "
" % " & ,
"
% "
F-
'+
)
, ) , " & ! U@BI "
" '
!
'
+ "
%
" !
*
5-
2
2
)
@
" )
"
*
&
D4; 4;9 . "
& .
)
"
, , " ' * ') F2%
!
'+ " " &
(
+
( ) %
"
'
M/ 9+ (
"" +
(
" '
114
ULUSAL VE ULUSLARARASI P YASALAR
'
"
,
(
(
"'
'
)
"
,
"% " " %
! )
$
%
&
(
( " +
,
)- "
2 " ( ' " -
"
9+ #&
) )
"
" '
115
ULUSAL VE ULUSLARARASI P YASALAR
:9 +$
*
:4;9
5 2 "
$ #
" "
" )
.' "
5 "-
2?2
"
" (
"
! )
!
) "
"
&
"
"-
"
'
)
"
%
")
2
%
" )
(
% '
"
&1 *
& 2 !
"
! "
% (
% 2
+" %
&2
"% " & ,
(
&2
( % -" (
, " '
) 5-
2
,
"%
" '
"
& (
)-
&
2
%
+
'
< "
( )
%
+"
( )
" ' F(' G% ! -
#
R
' -
)
( )
+ ! S( ) ) , &
( %"
" %
( %
)
"
(
) ( )
&
" ' ,
"
!
& ,
)-
,
,
!
,
"" '
& (
"
%
! %
" '
(% , #
,
&- ' 2 )
" ( ) "
%
! (
)
"
)
2 2 (
'
116
ULUSAL VE ULUSLARARASI P YASALAR
G&1 "
&
5 !
" &
!
" & "
* !& (&( " / ! " )(% , C *
)
& % "
' &1 & -
"
"
%
S" & ! "
-
,
%
%
"
'
%
,
! "
" ' & , " % 2
, "
2
"
"
%
%
%
%
!
&
,,
%%
%
"
,
" (
(
" &(
)
3
7$ )
" "
$"3(& ( ) " ( ) "-
%
(
(
'
&
&&
)2
!
( " '
"
) ! "
$
"
5
2
6 (
"
!
9 " " " '
2 -"
)- "
2
# " '
$
" '
2%
) 2
! %
)-
,
! "
! " $ -" ! " % "-
" '
% "
& 2%
( & ( ! "
""-
( ,
#A 2% &
( 2% !
" ( "
( ' '
$"3 &
&
"
"
)-
&
(
" ' '* %
2 " ,
(
) " 2
!
" !%
" " '
)-
(
" ' '
!
,%
(
!
"
%
)
,
117
ULUSAL VE ULUSLARARASI P YASALAR
?( *
&
5 "
?( & / & ) ( ) " ' O % " % '
%
@
! "
( "
"
"
%
%
" -"
" & "
" , "
& (
2
&
" U>B
" '
"
)
% 2
) "
)
%
" U>B
5 * & )
2
2 " ' " 2 "
! 2 2
" % ) " 2 ( ( " " '
*
% )
" "
'
2
( 31 "
/
(
, !
" %
&
) (
K
"
) , % " )- " )" 'F " " & -
) ( '* " & & & , "
! &
) , (
" )
, (
2
),
%
%
"
%
%
%" "
), "
" '
2 (
&
,!
'
!
% "
( "
),
"
)
" '
3( #*
) 0
$'
"
2 (
-
"
)
"
+ &'" $ &
( &
" , " ' &
(% , % &
,
( (
(
)
"
"-
)
%
"
)'
" (
(
( )
)
" "
)
% %
"
"
'
C# @
% (
%
8 (
" & %
,
" "
-" , 2 (% ,
( " '
118
ULUSAL VE ULUSLARARASI P YASALAR
' %
+" !
)
,
%
"
%
"
%
(% ,
%
" '
+"
2
%
"
&& , " ) ,
(
)
"
-" %
%
"
"
'
& %
(%
"%
%
%
"
(% (
"
( "
'
3( ( #*
)
),
-
"
"
2 (
-
"
)
"
$'
1 %
+"
) !
,
! (
%
+
"% ( "
"
% %
" "
" %
)
, "
" ' &. & -
% % $
+ "
&
& -
* /
2 (
& "
,
!
"
)
&
(
"
" '
C ) 2
>
& G&1
" " '
%
:4;4;9 (
(
(
! "
&'
5 &
( /
" '
,
"
" &
-
" "
-
& *
% !! !
(
" , !%
(
" @EE@
& " "
!
(
(
& % %
% % " &
( )"
' " "
@L 3 (
@EE=
& "
2% C 2%7
) @L 2% C 2%
119
ULUSAL VE ULUSLARARASI P YASALAR
!
) , !
F
:4;4;4;9
'
C# #
&
% !
= / ) ,
(&(
% %
)-
% % % +
&-
2 ! "
&
(
"
+
&&
N C 2%
' ( * ) && M &
M & % % MH ( . / (N ( " " M* % ! " ( ) , % ) ) " ' C 2%7 " 5 & % " " ' I"
%
2 (
(
,
N 2% % 2% )
-
(
&
'
C# #
(&(
&&
!
#
.
.
) (
"
C 2%
%
C 2% 2 2 (
$ !%
2 " "
"
:4 9 +$
%
"
1 ' $" " ".
%
( (
( 2
:4 4;9
3 0
(
,
% % + " ( " "
(
.
2
% ( * MC 2%7 C 2%
%
(
2 (
+ "
(N ,
N
(
& ,
/
&
(
, % /
@EEA '
T" S
$ .* ($ % +" ! &
%
)
!! !
)% C 2% " ,
( &
,
(
"
" ( % )
(
' )
) 2
%
, "
)
(
" "
) )
,
'
120
ULUSAL VE ULUSLARARASI P YASALAR
:4 4 9
F
!
1 ! "
C 2%
&
-
.
/
1 ' + &'" $
+ " F "
, "
C 2% + " % " ' 2 ' )
"! )-
" " "
.*
)
(% % "
2
2%
.*
"
" (
"
"
2% (
(
' )
: -" : "-" 5"
% , &
' &
)-
, -
O
&
) %
-"
"
,
"
, (% , , (% ,
" (
(
2
)
.*
2
)
(
)( (
:
"
" &
"
-
'
:4 4B9 . I " & ) BE:=B @L:BB #C 2%7 C 2% " ) ( ), @>:BB " #C 2%7 C 2% BE:=B7@8:BB @=:BB7@L:BB " 2 ) @L:BBI " ( F
! 2
+ "
$ "
2
" ' ) BE:=B7@8:BB ), - $ !%
(
" ' " ' BE:=B7@8:BB
@=:BB7@L:BB
@=:BB7
"
" '
:4 4D9 I " %! " 88 88 %
&
(
2 & !% " "
#
7
2
%! * "
% % ' 2
%" 2 + "
@' 8' =' 0 -
"
!%
%
( " I #8@8$ 8E?
2 -
"
%
,
$
121
ULUSAL VE ULUSLARARASI P YASALAR
>' * ; % & 2 %" 9' P% A' ) L' 2 ( " ' C 2%7 C 2% " @' * ) ( 8' #C 2%; C 2%$ =' ( ), >' ( 9' C 2% % A' L' * ; % & 2 %" ?' 2 ( " ' !% ! "
2
2 %
"
"
%X "
" "
" " '
% ! ) %
!
!
" " 2
"
2 -
" (
# "
2 %
2%% )-
-
" '
2 2%
%
$
! )
'
"
" "
% &
! " " ' " ( ) " '
-
" %
)
" ;!
"
"
"
"
"
' !
;%
"
! %
'
:4 4A9 *
!
2%
! ;!
) ,
-
"
" "
#
,
!%
)-
"
"
( % ( '
%
2
2 ,
"
)
2
2
" "
) "
('"
2 2
! " ' %X "
( " X (
"
& .
I ' ) " $
2
"
:4 4:9
)
2
X
! &
& .
.
% %
" 2 (
.
&
*
" '
122
ULUSAL VE ULUSLARARASI P YASALAR
( "%
" (
;"% "
5)(
)
)
"
2 "
(
!
%"
! " ( ' H ' ) , ! ( ) " ' H ( " (% ,7 ( & 2 %" & % % * " +
-
; (
"
8
% 2
8BB8 & N + " -,
5 2 (
2
%
(
2 (
2
"
! "
%" 2
S2 '/ &
2 2
%
& 2
, 2
'
C 2% 2 )
,
" !
(
+ " " % ) (
( ) ( "
2 '.' / % ,
" , ' !
2 "
"
(
! "
,
'
"
, (% , M
* * (
&
% % ! "
% " ) !
"
2
-, ) "
2 ' F
2
2
,
* "
( )
" &
2
( ,
2
2 " "
' %
"
'
(% %
.* 2 ' H !
" '
) ( )
8 "
% % 2
%
&
( )
) (
! " & ) " )(
" &
* 2
+ )-
'.' /
C 2% ) "
; % ( "
!
) % % ,
)
'
)
&
"
( )
'
"
) (
"
"
"
" ,
( ) ) 2 (
"
"
*
2 "
(
'
' "
"
(
;)
( ) ( " "
'.' / 2 % , ,
) 2
, " 2
%
% )
(
%
!
"
" '
' 2%
& " "
"
!
)-
(
(
) %! ( '
%
" '
&
%
" % ) !
2
2 ( )
2
-
, "
" %"
'
123
ULUSAL VE ULUSLARARASI P YASALAR
+"
)
(
(
),
-
"
2%
, "
)-
% !
" )
( ! " !
(
%
) "
(%
) % " " ( -
( ,
), 2%
' C 2% " '
"
" ( %" ( " 2 ' " %2 " % " , UEL % 2 ! %
! "
(
( " 2% ) "
'
"
(
'
2% 2
+ 2 2%;
' 2%
" (
" 2%
! "
(
(
% "
"
2%
"
'
2%; " % )
2% % 2
) , ' % ( ) ( " "
)2% !
(
5-
! "
:4 4E9
% % ' ( )
(
" "
P%
+ "
2
;
(
( ) ) , " '
(
(
2 2
"
,
'
3 :
!
(
;)
" : 2
2 '
"
%
: 5 (
" 2
:
% ) ,
'
"
"
M
% -
%
! " "
),
%
!
"
%
( ( " ' ) , " " (
"
O %
"
2% 2 " & )
"
(
2% % 2% 2%
"
"
%
(
'
$ (
-
2
" , "
(
#
2%
"
2
,
%
)
-
2
!
; )
(
( 2
' *
!%
"
2
(
'
( )
(
,
"
"
-
' )
, )
M
2% "
!
( N
;
N
"
% ,
! % % (
2" ' %
) 2
" " '
'
124
ULUSAL VE ULUSLARARASI P YASALAR
F
,
2
) N
) "
: ( (
)
% '
:4B9
,
"
'
% " "
2
! "
+
%
(
"
(
"
$ ) ' !
!
* $
"
O
#
-
&
#
$
*
*
*
@BB'BBB
@B'BBB'BBB
@'BBB
EE'BBB
@B'BBB
@'BBB'BBB
7777777
7777777
@BB'BBB
@B'BBB'BBB
@'BBB
EE'BBB
@'BBB
@BB'BBB
7777777
7777777
; 6C$
.*
' 5
)(" :
?(
#6
M
%
(
#
2" '
N
'
$ "
' M
$
O
#6
; 6C$
@'BBB
@BB'BBB
7777777
7777777
F1
#6
; 6C$
@'BBB
@BB'BBB
7777777
7777777
F1
#
@BB'BBB
@B'BBB'BBB
7777777
7777777
$
C 2%7
C 2%
I"
(
S
(
"
(
"
?(
!
* 9BB'BBB
)(" :
$ ) '
*
' 5
!
*
*
@B'BBB'BBB
@'BBB
>EE'BBB
3 * !
% & " ) , ) & 2 "
! " "
"
,
' 2%
! "(
" &
! "" %
" ! 2
% 2 '
! 2% ! 2% -" " ' ! ! % "
! S & "
, ! 2% "" & &
,
!
,
& , " !
%
'
125
ULUSAL VE ULUSLARARASI P YASALAR
. &
/&
(
,
" $
) % % " 2
($
%
&
! -" !
; "
; &
! #/ ,
! "
!
2
!
%
%
"
!
,
(
" !
!
! " "
!
#
"
)
"
C 2%
:4B4 9
+"
U B'B@+
+ "
( &
-" H +
( '$
( ! "
% 3( 2%
! ' / " '
" 8BBL+" 2
! & ,
) ,
!
" "
"
)
" UB'B9+
+ " &
" " 2% ! "
& ! "-
,
"
.*
B'BB@
' %
"
)
'
/
2
"
S !
!
"
C 2%
S ! % 8BBL+" !
& ,$
&
+ "
)
&
& '$
!
)-
:4B4;9
2% #/
&
" &
% %
3( & ,
2%
"
C 2% -
(
"
2%
" "H +
-
" !
(
-" / # H +
&
&
( !
! "
S " 2%
& &
! 2% &
" ,
" (
" $
*
'
C 2% & &
& !
&
) (% % L) " '
) (
! "
!
( )-
2% H +
+ "
" "-
"
&
% ( ' 0 EB ) ))" ! % ! "
S
'
L)
" %
(
),
-
(
' C 2% (
'
126
ULUSAL VE ULUSLARARASI P YASALAR
:4B4B9
&
) @>'BBI " ) , "
)
-
#
"
" ' 2 " (
#
) (
)
" "
"
"
) @>:BB+"
%
:4B4D9
2%7 2%7 "
2%
" 2
) , " " "
2
"
$ $ @L'BBI %
2%
2
" ' "
) , '
"
"
$" M,%
!
7
" N
" '
-
!
!
"
"
-
'
C 2% " " &
"
" & " 2%
%
%
2% '
% " %
&
.
2
;% ;%
( ; 2% ) " " ; 2%
2%
)"
% %
2% " '
-
)(
"
(
'
%2 -
;
)"
2%" !
;% "
!
;%
" ;
"
!
" ( ;%
"
;
2%"
)
" & 2%
"
"
%
% ) "
)-
'
"
! "
'
.
( " &
" )
2% -
"
:4B4:9
! !
)
I" -
! )
" '
+ "
7
-
@L:BBI @>:BB ( I )
) , %
% % " '
"
), ), " '
!%
-
.
( ( I (
-
(
.
&
) " "
% -
5
"
,
%
! !
'
;% "
; " & "
! '
2% ;% 7
127
ULUSAL VE ULUSLARARASI P YASALAR
+ " ! C 2%7
!
%
% !
" " + " % " '
C 2% %
%
;% ( " !
"
-
&
+"
2
) '
% "-
.
&
( (
( !
" &
'
"
8@=B@
!% !% " '
" !
(
"
C
F
F ! (
(
+
" && "
!%
"
%!
)- "
" '
"
! "
2 "
'
& 3 *
% ! " 2 )
(
+" ( " '
% &
! " -
-
(
=@'BL'@EE8 :0 P%:L M* " ( N&
:4B4E4;9 <
" "
" "-
-
%! ( )
H
. 5&&
2
2%
:4B4E9
'
"
" ( "
H
)
% "
"
(
! %
/
" % "
"
:4B4A9
C 2%7
"
(&"1" " )
,
. & .
2
% "
2 ,
) '
2%
%
2
"
& ; 2% 2% ) ($ ) ! ;) $ % !" "$ 5 !% "
2 ! " 2 (
% "
& 3 " ( '
' " ( "
( "
)
, "
(
'
$
;
2%
;
2%
;
5
"
)
,
2% % " % 2%
"
7@+" @L+ "" " ( 'X
% M
2 & 2
%
2
X
"
2 (
N !
"" &
2
%
& &
%
" &
( % %
! %
)
!
%
% % )- "
( " ( ; & % % * " '
" %
( ( 5! "
+ 2
128
ULUSAL VE ULUSLARARASI P YASALAR
:4B4E4 9
' 3
*
/ H
(&"1"
) '
. & .
& 3
" & !%
(
5 2 ( "
& "
@' H "
"
% % '
,
"
! " ) -
! " " 2 2 " ' % %
(
"
"
2
!%
% ) , ;
9'
) @>:BB %
L'
2
I
! %" "
2 2 "
) , 2 "
* "
"
!
2
&
"
' !
"
2
%
;
"
,
) 2
'
' 2
! )
% 2 2 ' )
"
'
"
%
"
%
&
%
!%
" " ' 2
" 2
+ " " ) ,
,
" 2
" % '
( ! " , "
%
'
'
" "
%
2 " ' " ! "
)
%
&
"
2
"
!
+
"
2
%
"
2
% %
" ' "
)- -
+
( )
7 ) -
"
"
,
,
%
"
:4B4H9
"
&
)
&
) "
%% "
-
; , "
2
&
) , )
! "
%
@9 " , '
( "
% "
% 2
(
'
% % % ) ( &
& " "
" % %
& )
"
! "
(
& ( )
( 2
%
) " "
2
='
A' H @ )
&
" " ( " !
+
* "
&
) ,
>' H " , ,
* " , "
" " ''' '('$
#!
8' H ! " 2 " % 5
% % ) , @9 "
"
"
' 2
,
, %
,
"
(
!
) ,
"
'
3 "
%
2
"
(
'
129
ULUSAL VE ULUSLARARASI P YASALAR
:4B4 9
5.' 5
I
" "
!
;%
" -
" %
;
"
(
'
% ( " -
2%
:4B4; 9 $( * -
% "
;
2%
" "
&
2 !
% ( "
%
"%
&( '
(&
&
% % " ,
I" ( " ( )
)-
# %
,
" '5
& )
2
% $ , I"
, " %
F
" '
:4B4; 4;9
$(
(&
/&
* #
" J JP %" , C$ " " , !
:4B4; 4 9
% %
#
*
'3'
' J JP %" @8 & " ( & % % & ( E & , % , " ( " "
)
( )
&
&
%
" '
&
, # J " '
)&
$
! " %"
" ' "
? $(-"&"& 2 "."
"
@$ @ 8+ & %" ( " ' " $ H 9 8$ =' & ( " '# Y & Y/ % % / Y/ F Y F1 7 1J Y % , * $ =$ > V E+ & ! & ) % ( 'O E 3 ( 8BBB Y BEB8BB >$ @B+ & " ( 2 " %" 2 2% % " ( " ' # % & , " ! " " %" % & , " 2 ! " " %" % & , " 2% ! " " %" $ ( 2 % & , " ! " " %" ( 2 % & , " 2 ! " " %" ( 2 % & , " 2% ! " " %" =+" '$ 9$ @8+ & % % & % " " ( & 2 ( & 2 " '
130
ULUSAL VE ULUSLARARASI P YASALAR
:4B4; 4B9
5
+ &'" $
@$ @ 8+ & 8$ =+ & % % * Y & DY =$ > V L+ & >$ ?+ & !
? $(-"&"& 2 "."
"
" ' " $ H 9 ( " '#. Y 2% ! Y * P YF ! YO $ & , " %" ( " ' & " ( " ' 1 " " @ E , & ! " ' #O * , = , & ! " '$ 9$ E @B+ & ! & " % & ( " 'O 8BBB , MBBN 8BB@ , MB@N ' A$ @@+ & ! & " ) &2 ( ' @+" ( 2 E+ " ) " ' E+" ! ! & & , +" ( 2 D+ " & , " A$ @8+ & % % & % " " ( & 2 ( & 2 " ' G ? $ 1) 2) 3) 4) 5) 6) 7) 8) 9)
%"
)& (
N
C B>BEB8 @> B> 8BB8 ! C 8@B@B> @? 8@ 1 8BB> ! C B@B@BA @B @1 8BBA ! C @>B?B8 @8 @> % 8BB8 C @>B?B8 @= @> % 8BB8 C @>B?B8 @@ @> % 8BB8 C/@LB>B8 @L @L P 8BB8 ! CFB@B@B9 @A B@ 1 8BB9 ! C . ?B?@9 8BB? -
&
&
(% %
&
"
&
&
-
2"
&
!
&
"
&
!
&
"
&
2
!
&
"
&
2%
& & & O % &
"
" !
%
& .
# %,
'3'$+
&
,
131
ULUSAL VE ULUSLARARASI P YASALAR
:4B4;;9
& )-
C#
% % "
#
(&(
I" *
7
P "
-" &
,
,
%
&
%
(
'3' "
" " "
2
2 %
(
-
)
"
'
2
%
&
" " (
%
)
( " ,
& .*
"
)
)
%
" ' (%
" %
%
" "
' H " S
(
@A:=B+
' *
" "
)
) " "
&
2
2
" 2% & 2 " " ' J. & 2
( C 2%7 2
'
" C 2%
+ "
' %
"
(% ,
" " 2
2 "
(
( % ( + @9:=BI " . & & ( #/ 2 P%:9B8 BBL @=8$
H
2% ) , @9:BB+
/
( "
" 2%
( " &
'
S
* (
2
(
2 " " '
( )
2%
% )
" (% , &
2
"
& '
" ) , ( +
3(
!
) ) )
"
2
*
" ! "
' -
*
I
&
:
%
@A:=B " ( ( @>:=B+
% '3'$
(
,
2
S
=$ 2
" )
.' &
(
, ) " "
"
!
, 2
(
(
&
'3' #
"
8$
.
)-
" @$ ) , " "
'
2
( " )
(
),
-
"
" '
132
ULUSAL VE ULUSLARARASI P YASALAR
>$
" -" ( )
"
2 " "
& &
-
" - "
)
"
A$
&
&
)
(
' !
-"
* "
)
"" "
(
, I
)
)-
"
' " -
"
"
'
&
% %
/
%
(
& 2 - )
(
' " ) , ) " '* & 2 ) , % 2 2 ' * & 2 ) , " ) , " -" L$ (
"
>+ )
&(
,
'
% % 2 (
(
) " "
, -
&
9$ 0 -
)
2
' " "
( %
% - "
-
"
2
( )
, " ' P
(
"
" & ( 2 ( @>:=BI " "
2
" , ( "
)
+ ( )
(% ,
% &
2 2
"
,
) , %
&
"%
" (% , " '
(% ,
2 %"
" 2
(
(%
& 2
"
(
%
"
%
"
)
)
' ?$ H % %
:4B4;;4;9
"
&
'
(% % * ,
5
! % % ( K
%
(
! "
I " &
"
"
" "
* ) -
%
#
%
"
2% ! 2
" 2% "
" % )
"
" !
%
(
"
"
&
2% "
" 2
" ( "%
2
(
"
" '
%
!
% ( (% K ( " '
"
%
3
) % "
" ' ( %
(' K
"
2
" '
! (
(%
"
"
K "% 7
% 2%
2 !
" %
&
" '
"
&
133
ULUSAL VE ULUSLARARASI P YASALAR
" (
" " %
% % 2%
"
2% 2 (% K " " , " )
:4B4;;4 9 + &'" 2 &W C 2%7
2
(
" ) "
!
$
& &
&
2%
5
K !
%
(
) , ,%
"
(
%
&
-
-
" 2 " (% K
" " '
" ( % ( " 7)
)
"
"
2 &
7 )
! %
" !
I"
(% ( " , % ,%
" '
"
=
" & )
% % %
(
" '
:4B4;;4B9 &
C 2%7 "
C 2% %
2%
D 2% ,
" "
(
2% %" %
2 (
)
%
)
2% , ! "
2 (% C 2%7 2%
" '
( "
3( .
2% (%
&-
(
" '
@" & 1 ' 2 &
.
&
2 ( %
) "
" ! "
(
2%
" & 2 ' H " ) " % ! ' ) 2 +
" " 2% " C 2% + " " (
" )
:4B4;;4D9 %2
+ " "
( "
"
%
" 2 ( ' " '
2% "
)
3(
% % ' (
(
> &1
, %
" 2% " &
&
2%
&
2
2 "
2
, %"
" %
"
" @+
) ) >+
) ""
( " ( !
' %
&
" " ( "
"
" & "
) , % % &
"
) )
'
134
ULUSAL VE ULUSLARARASI P YASALAR
:4B4; 9
C# #
&
% %
( % %
+ "
"
! "
"
"
(
) ,
'
) "
5
(
)
2 2 (
% , )$1 1
I
2
4 8978E @EEA & "
)$ 1 -
)
I ) , ) ,
'
( "
2 )
)-
" ( ) " " &
,
$
@$ )
&- '
, (
1
(
@EE9 "-
* & % % E:=BV@8:BB;@=:BB7@>:BB , ) ,
I
4
" ' (
) % 8 1 ( 2 " 2 % % % ( " % + " ) , % " @?8 ) " " & 2 2 " , " / * + & " " % 2 " ) , % ' " 2 % % ' " 81 8BB@ & " ( " ) $ @8 #=A9 ) $ @9 #>9A ) $ " " 8 1 ( % & 2 2 ( ( " % #E@ ) $ " ' 1
9
"
4%
J*
"
(
#
(
7
(
% , I
& &
) ' %" '
(
) ) +" )
)
'
&
"
!
'
(
' 5
( )
)
%
" )
)
2 "
!
) -"
)
-"
%
#
-
,
"
2
"
) -
"
:4D9 +$
@$
)
3 & %
%
)
! "
* 1
#
+ " ) , @A:=B+" " & 2
"%
& "% ) "%
(&(
@EEA ' )-
(
), " " =B E@ ' 8BBB ( 2 % " " ( " A #@?8 ) $ E #8L= 8BB@ ) ( & '@ P 8BB> & " " =
4
I"
#
$ "
%
-
) )
, (
135
ULUSAL VE ULUSLARARASI P YASALAR
" !% C 2% @?B7$ " "
"
) % "
" "
"
6 # + "
2 " ) 0" 0"
" ' " # "
@?B[$ %
(
"
% "
"
" S @?B[$ # @?B7$ F
& F
"
#
' % % ( 0" " " # F 6 F P $
% !" # P $ 0" C 2%
" '
MKB D BS ENDEKSLER
F YAT VE PERFORMANS ENDEKSLER F YAT ENDEKSLER
PERFORMANS ENDEKSLER
-91 GÜNLÜK -182 GÜNLÜK -273 GÜNLÜK -365 GÜNLÜK -456 GÜNLÜK -GENEL
-91 GÜNLÜK -182 GÜNLÜK -273 GÜNLÜK -365 GÜNLÜK -456 GÜNLÜK
8'
!
%
"
& " %"
"
(% %
PORTFÖY PERFORMANS ENDEKSLER P YASA DE ER A IRLIKLI ♦ ♦ ♦
E T A IRLIKLI ♦ ♦ ♦
180 180+ GENEL
REPO ENDEKS
180 180+ GENEL
♦
GECEL K
"
#( " " " &2 & (% % " " & $ " % ! (% % ) ( )) )- " ( " " " 2 ! % ( " ) " " & ;(% % ! % ( " % & " (% % 2 ( ( ( "" " %" ) & " ( )) % ( & ;(% % 2 !% ), ' ( " M !% " N " " & ( " " (% % , & 2 2 " " ' !% 2 )-
" ! '
O
%
"
" %
" &
( "
&
!
" %
! "
2
2
&
#
( 2
"
$
&2 ( )-
" "
&
" %
)
) "
"
& )
(% % " M
"
! )"
"
" " ' N
"
"
" '
136
ULUSAL VE ULUSLARARASI P YASALAR
"
(
" !
" %
& "
(
)
:4D4;9
% !I " (
%
S,
) ) ) ( (
2
! "
!
" "
2% !"
)& 2
,% "
%
" 2
"
" "
%
N
"
)
2 &
2
"
2 & ,
&- ' "
S
2% !-
I " "
)
,%
2 )-
" !
)
" ' %
(
(
" "
)
%
" 2 !%
" 2% !) % " 2% !- " " % " (
I ) "
" %
)
-
&
9I "" % 2% !" " , 2% !% % " ' " 2% !" @?B " " @?@ " & ! ' " ) ( I " % ' ! " ) , ( C 2% "
"
)-
(
" '
, ) " ' (
" ) " I ) "
" " %
%
% (
"
( ! & )
2 "
2 " 2 "
%
) " ' , ,
" -
%
"
% "
" '
'
!% %
% "
! )-
(
6 (
:0JJ P%:@B 5 ! # $ ( " #$ ) " % " ! >9 " " )- I " I " % " % & " ( ) " 2 ) "
&
" E@ @?8 8L= =A9 >9A ) )( MF " ' " & 2 " " '
( 6 /
* %
" " " ( ) " )
" "
2% !"
@?B % ) " " " ' " " 2
" ' I ) % I ) ) " " & 2 ) & 2 ( " ' I " ) , I " ) , )- " ( " '
) -
)" % "
137
ULUSAL VE ULUSLARARASI P YASALAR
:4:9
( ) ( )
:4:4;9 % , "
-
( ) /& 8?'B='8BB8 / " 6
% ( ) + ' &!
( )
/&
/ " ' , '
+
%2 ,
%
% % (
" ($
&
" " ,
(
)
&
& & $ &"&
& 5 #
& "
)
)- " "
!
&& ) & >L>E , , " & % M % , C 5" 5N
/ $ *
/& &
% , 58BB8 5
@ %% "
%
(% ,
&
C
-
F
+"
S
)2 & 2 ( ( (% , , " 2 % " , , " %
2% 2% )" "
%
" %
( ( )
'
&
( ) " " ( ) ) ,
(
• •
&&
'
/& " # %
&& $ . $ . " ;C% 71 $C
/&
S5 " '
( ) & % , M- , M (% , 9 % , " (
'
N
"
2 -"5" " %" !# "(
3 !! ! '
N ( "$C
'
% , 12
-
2 S %
;*
C
C
,
"
K " K
) Y233( "& &2 %" % %" , ' " " (% , " "
" " '
(% ,
1Z ( ) & -" 2 %! " ! % 2% % , S "
K
(
'
M!
,N
K " & , % " (% ,
138
ULUSAL VE ULUSLARARASI P YASALAR • •
F %
% " "
"
)-
"
%
7
"-
"
' 19 G ) G% (% , )
Y
&1C
(
'Z ( )
K
(
(% , "
"
"
)& ,
"
" " S , - %
&
"
%
"
"
:4:4 9 ( ) % , 5%
"
-,
&
"
(% ,
, (
'
)
(
"
K % 0 6 "(% ,
• •
"
2%
( "
&
"
"
" "
&
%
,
(
'
.' & + #!" "
/
%
S
>L>E % 2 -
"
% , %
8?'B='8BB8
& "
'
% ,
/ ,
"
(% , (
*
(% ,
2
" (
)
( *
/
, *
"
(
% !
2
"
, , & , " " (
" %
( " '
" -
"
( %"
% "
)
-
" %
%
(% ,
, "
•
K
' K
"
&
" '
"
(
% 2 (% , %
!! !
"
-
" '
2
o / ) ,
. )
&
"
, ) /
(% , (% ,
( +"
" (% , % %
%
! " '
( "
,
"
%2 '
139
ULUSAL VE ULUSLARARASI P YASALAR
(% ,
o (% , P F
% ,
Y
2
"
-
" "
2 ,
"
% 2 (% , " & 2
"
) , O"
(% ,
%2
-
%
,
"
" '
V
&
"
,
)
"
" '
O
6 )
b b bO b
M , (% , U@9 % " 2 , % , ( , "
5
N (
" " & "
"
(
6 )
b b bO b •
M (% , U9 % " 2 , % , ( , "
" (
'
U9
"
" & "
3 !! ! )
o " / )
o
•
+
&
,
,
( "
( " '
( o
% , , ,
+ , , % +
%2 %
"
(% , C 2%
,
" ' " ( " ! " " (% , ( ) " &
"-
%
& )
" '
" % , ,
%
, "
%" 2
5-
(
, , % , 5-
" (
" **
% ,
"
"
" &
(
"
N
" 2
" " "
!
% (% ,
C " ,
% (% ,
" !! !
5-
% -
% (% ,
K 2
& "
% %
"
2
"
( )( &
: -
" (% , &
"
" %% "
%
140
ULUSAL VE ULUSLARARASI P YASALAR
/ C 5* " P , 2
o
% (
"
%
2
" %
)
(
"
P *
2 , (
,
%
!
"
: /
( )
&
6&- & C "
2
+
(
+
#
/ % # * !&
, C# (&(
=& & & , 2 ( " & & , "
) " '
"
2
' &
'
" (
,
& "
(
'
& !
)-
!
" $
)
" & " , (% ,
&
&
2 +
" ) "
2 +
&
+
)-
&
" "
% &
% , 2 "
2 -" " ( '
,
% '
"
"
( " "
/
" ' & , 2%
% %
" " '
" "-
( ) ,
" ' 2 %
& 6 &N )",
% * .
! " , "
&
-" ! "
! 2
& 6 &N , % , " S %@ #=A> ) % @ " /
#
%
&
&
&
(
" " "
2 /
-
-
, ,
&
-
)
$ / " '/
)
!
"
"
* 2 %
2
%
%
-
-
"+ )-
2 &
+ ' &!
% %
2 U 8+
%2
& .
"
! "
%
' ) , -"
"
% ,
+"
(
"
"
:4:4B4;9 * ! &
(% , "% "
(
' P
)
% , F '
"
"
:4:4B9
"
"
P !
o
-
!
) ,
(
'
"
&
*
%
& "
,
2 " "-
( "
"%
141
ULUSAL VE ULUSLARARASI P YASALAR
(% ,
"-" (% , " '
2
"
"
(% %
%
-"
" % % & & ) ( # $ ! ( '
(
M& 2%
-" "
2%
!
" );@BBB 6 ;@BBB
( ! ( )
!
@/ &
M( "$
N
/
2
"
-
%
! !
"
!
"
%
%
" ,
)
& "
"
(
"
&
" ! "
%
2
" '
!
"
) ( )
2
%
" N %
" ( " " ( ' 2% " % % (
2%
& 6 &N 1 . &' ! & C ) N , ! " " / )/ N & , " 2 , (% ,
" -" !
( % % #@BB
" " '
(
, 2% -" "" & , ) " ( " ! " N % " ' % " ( " ' (% ! % " % ( ! "
"
"
&
'
& "
2% %
" "-
'
"
& 6 &( ) , " ( '
%
& & : ) & 2
2
"-
" '
%
%
"
"
) &
"
!
%$
& & & 1& ) & & & ( ) & & % " (% "% M
"
%
-"
# 2
"
,
"-
! 3& % % -" %
) ! 2 "
"-
$"3(& -" " "& @/ & 6 &N 2% % % % -" 2 ( " % " " % " % " " ! % %
(
"
%
!
"
-" "
) (
" -" %
'
/
& ( ,
1 " )
C -"
)
-
&
G! % " '
+
& G! 3 & & ) ( " ( (% , " ' 3
&
)
# ,
#
) )
)
( )
&
(
142
ULUSAL VE ULUSLARARASI P YASALAR
)
& & ! " '
,
&
C ) , "
&
:4:4B4 9 ;4 C
1
C
)
&
#
) &
/
( ) 2
/ K
/ ) ,
N
,
/&
! "
% &
!
)
, & "
$
"
, (% , &
% ) , (% , ) ,
&
"
) ,
'
&
& .* (
)
@8:BB+ #"-
!
! (
.* + ( % 2&
& -
!
5 2
%
K "
,
! "
% ,
( " !
(
%
+
"
& ! %
%
2
' , (% ,
) "
2 (
& -
" (% ,
"
%
( ( " (
% -
,
#"-
%
,%
@BB ' % ' @B'BBB (
! 2 !
$ ' (
!
" "
#@ "-
%
" '
; ! "
U @+ &
& " ' U8B
) U@BB
!
% "-
,
.* +
'
* %
+ $
!
& ,$ ! ' 0 - )
) " ' U8B
/
" '
# & &
#
% U@ "
,
( (
" $ '
(
" '
)
( &
& , " '
"
" " & #<<<'& ')% ' $ " " ) , '
"
. *
" '
% & % %
&
% 2
)-
2%
2
& )
/&
&
%
&
" "
" ' & "
&
"
" & " ! " " " & " & " .*
" '
" !
5 2 &
%
( C
(
,
)1
& S &
"
" %
! ! #C1 $
@B:=B+
" " &
143
ULUSAL VE ULUSLARARASI P YASALAR
' C1
% !
*
( "
U@ %
C1 ! &
/
( @@:BB+"
)
& "
) !
! %
(
.* + ) #" ! " / )-
&
&
.* " ' /
C F(' " & " )- "
S !
(
"
( &
!
, , ! "" "
" " " '
,
"
!
! " ' /
! " '
% ' / .* +
& "
'
"
/
+
) " " & & "
!
+ "
%
,
! !
"
"
"
!
"
%
& " " " )(
%
"
( "
"
(
%
" "
! (
)
(
(% , !
%
)-
!
! &
'
C (
N & !
" (
"" ) " " /
4Y
@8:BB+"
%
'
" &2
" '
'
"
(
N &
N
!
(
"
&
" (
%
C
'
F ,
-
&
!
"
"
( " "
! " "
( %
(
! %
%
" (
"
%
'
( , $ )-
!
! "
& & )- " ( ! "
" "
%
" ) 5 2 " ' C1
"
&
)
!
!
( " ! "
, " % 2
-
,
"
%
/ + " &
! " "
(% , 2 ! )- " ! " / ' ! & 2 )
! )
,
&
(
""
% H + !
" " ,%
&
)"
! &
)
) ,
+ "
,% ) " '
!
Z /& -
"
"
(
* "
" "
!
2
"
(
( " 2%
)-
/ )-
" ' ' *
+
/ 5
-
" * M
N
" '
144
ULUSAL VE ULUSLARARASI P YASALAR
(
2 ' "
&
)
5 2 "
"
B4
(5 "- &
/ -
S"% 2
O % %
. "
'
5
" & " ) ,
" "
"-
"
5 2 " '
(
"
!
%
'
-
(
)
" "
"
!
" ' &
2
)
% , , ) , % !
% &
"%
"
&
2
&2 " % ( "
(
" ! ( " ' & " ' " & ,) ,
& &
, " , ! " '
/& ) "% " " '
"
( "
& (
2
"
)
/
) " (
-
,
" -" ,
( &
& "
(% , , % , )
!
&
(
"" '
2 &
%
%
(
&
"
%
"
(% ,
( )
"
,
% %
)
"
(
"
" )
:4:4B4B9
,
! % " '
% ( "
" '
,
5 2 (
5 2
-
%
)(
/&
! "
,
/ "
" (
"
( , !
!
&
) 5 2
),
( &
/ %
! (
( ) % ( ) 2( !
, " (
&
( " ' / ! " (
D4 *
& , ( " , !
, 2
(
'
&
,
&
,
( (%
' /
'
31
5
@" (% , #
,
$ 5 2
"
2
" )
! " '
145
ULUSAL VE ULUSLARARASI P YASALAR
5 2
) %
2 5 2
,
,
(
-
"
5 2
(
(
&
'
G ,
"
!
&
5 2
/
:
& ( , % &
%
" "
)
!
&
"
(
"
/
2
*
2
&
"
2
" !%
C ! " ! " ! %
!% O"
,
"
8
(& ' 6N ( ' & % & 2 " ' ( ! & 2 '
, % & #% ,$
5 2 ( ! % ! & ! "
- ) "
@>:BB+ " &
) &
(
% &
! !
-"
,
7
(
2
# " ' G%
&
&
%2
" 2
&
&
(
"
&
%2
( ( , % U>B+
C (& 5. . N 5 2 % ( ( , % ! & % U9+ " % " & + & " ( " ! " S + " & " ! * " " " ( ' % " " ' * 5 2 6 ) / + ( , " ' 5 2 ( & ) ( " '
5 2 "
%
% )5 2 % 5 2 & " " 2 & ,$ U8B+ & " % % ! % ! " &
)
"
2
&
"
5 2
" & " ( , ( ( , , @A:BB+
%2 )-
"
% &
" + % "
" *
2 U9+ " "
+ 5 2 ( !
146
ULUSAL VE ULUSLARARASI P YASALAR
"
5 2 % &
! 2 ( 5 2 2 "& ,
(
* ,
"
( UL+
2
G ,
% 2 + & 2 & " ! ) "
S "
(
"
5 2
5 2
5
(
: )
*
! " U9+
%
&
U= % &
%
2 /
% (
%
% %
)-
%
%
*
% % "
&
"
(
" "
%
"
% %
,
%"
&
)
'
:
E:>97@8:BB
' )
2% + B9 +" ' % " " :
%
%
( , B7= " @ 9+ " ( 5 2
%"
( , % ,
% ! %
9
%
+" '
" + %
7 ,
%
%
%
, $
"
( ) "
!
!
%
" #!
7 U E EE
!
%
% #
&
"
&
,
% %
, "
%
" %
%
*
(
" (
, "
(
,
%
@' % % @=:@97@A:BB 8' 7 =' " "
5 2
-,
7
5 2
S
&
2 %) " ' 2 %) " ) , " &
" * (% , (% , ", & % (% , " & % " ' & 2 ! % 2 = ! (% % & " % ! % 2 & 2 " & " ' " " @ =79 " " @= 9 " " & 2 ' H, ", " 5 2 & & ) ( " " ! % " & 2 " ' * & 2 2 " ' %
" "
'
-
" "
! " "
% ,
, 2
$
B @=
U@B BB 7 U@E EE
B 89
U8B BB
B 9B
147
ULUSAL VE ULUSLARARASI P YASALAR
>' 0
%
9
%
%
,
"
5 2
,
,
( )
%
(
"
%
%"
&
"%
& S
%
( %
)
'
'
&&
! "
2
&
"
"%
,
!
%
"
)
%
( ) & &- ' '
,
% %
% %
, "
" <!
2
% "
M 5N
$ '(&(
,
)
"
(
%
&& &
&
8"
"
)'
2
% &
"
-
,
"
"
:4A9 $
)
+
, 9'
"
+
(% ,
" '
:4A4;9 + / 2
<!
&
" "
"% •
•
(
! " " &
2
/
&
"
" 'O ,
"
&
" !
" '
%
( ! " &
!
!
% " &
"
/
+
)
"-
'
%
/
2 &
! !
&
"% " " "-
" '
:4A4 9
&
'(&(
<!
&- '
'
C ,
( (
'
2
/ "-
$5
&- '
(
2 "-
"%
&2 ' "
% , "
/
"
% !
-" -
2
,
"5
!
/
(
( " ' 5 !
! " (
) " ' !
( " (
)
, ( " ,% "
2 !
2
"
,%
(
(
" '
"
"
,
(
"-
'
"
2
!
!
, , ( " "
" ' ' )
"
(% ,
'
148
ULUSAL VE ULUSLARARASI P YASALAR
$ ,
2
, 2 -
" " '
%
/
+
5 + $
!
+
"
(
-
% " ' &" !
, 2
-
(% ,
!% "
&
)
!
"
%
&
,
"
%
" ' " &
)
(
!
"
"
"
"
!%
( "
" ' , " " 2 '
" %
(
'
2
" 2
( )
,
!%
"-
% "
(
)
2 %
%
2
!
"
!% !%
!
-
"% % ) " '
2
(% , " "
2
"
(
2
"
2
!
" " '
%
)
, -
% %
(
% "
"
! !%
(% , ! "
!% 2%
"
-
% -
" ( ) "
)
"
'
&
""
,
(
2
% (
"
" '
$F % "& %
) " " %
" !
"
( ) , !% !
&2
'
(
! , "
% !
%" )
" %
!
'
(% , %
&2 "
'
(% , -" "
(
!
"
) ) "
(
" ! &
( (% , !
%
" -" )
"
" " %
!
%
"
"
"
"
" ' " )
(%
, '
149
ULUSAL VE ULUSLARARASI P YASALAR
$
O"
2 2%
)
! "
2
% % "
& "
% "
:4E4;9
%
+
"
"
"
( (
! " '
% %
&
:4E9
" "
%
(
.
,
%
% %
% " % " '
C#
%
,
% %
"
" '
"
"
( &
""" "%
&
(&(
&' .*
I" .* % % 2 ( " )( " " " 2 " ( " ( % " " " " 2 ( " ' .* ( " 2 & , ( " " !% " & & ) ( " ' 2 " "% ( 2 ( ( ) " ' 2 " X X " " ' / ( X X % ( ( X X " & " 2 ( " ' " " 2 & % " ( ) %2 " , & 2 ( % " ' !% 2 2 ( " )( ( ) " ! " ) " ! " " 2 ( " ' 2 " % 2 " " ( )- ( % 2 2 " " ( & , (% , % " " ( (% , & % " '
:4E4 9
2 ( "
&' 2% "
)(
J* "
I
" 2 " " X X 2 ( " ' 2 " " ) " ! " C 2% I" ) , 2
" %
J
J* ( " ( " " & ,% J* ( " & " ' % ( !% 2 2 " ' % (
"
(
3(
2% 2
( 2
C 2%7 ( % " " C 2%7 2 X
X
" (
" % "
) " ( ) " " & " '
C 2% I" 2 ( " ' C 2% I" " " %" )( ( " & " ! ,% J* C 2%7
150
ULUSAL VE ULUSLARARASI P YASALAR
:4E4B9
&'
C# &
" "% " ( " 7 I" 2 ( " )( " " ( % " 2 ( " ' & "% "% " " & ,% J* ( " 7 2 J* I " " ) " " " 2 & " 2 " %" )( ( 2 " " X X % ( " & " 2 ( " ' 2 " !% 2 " ! " ) " ! " 2 " ' " & ,% ( () , J* ) , % ( ( " " '
:4E4D9
1
) *
(% % "%
-
! " * "
%
+
:4E4:9 %
2 "
C 2% )-
(
S & 2
-
-"
I " 2 " '
)7
" " ( "
(
,
*
),
I" "
" ' X " " %
X ( ) I"
" " % * + (
" '
2
"
&
&
" (
&
&
2%
2%
"
!
(
"
"
"
%
2%
2
2
%
2
&
'C 2%7 ( (
' "
) ( ( '
@$ % " "
, (
% )
(
%
, (% , ,
)
% #
%
2
% &
/ "
5-
"
) &
)
(
'
! + " ( "
-
(
F
%
2% ,
=@ )
" 2
* " %
"
" "
.
7 (
J*
%
2 %
" 2
. * &
2
7 '
"I"
151
ULUSAL VE ULUSLARARASI P YASALAR
C# (
(&( 7
NB R;DN 3 & . $
. !0 &- 9
;DN R;EN # /
& @ & 3
& .
& ; 3(
@'9
=
B'L9 =
@'9 A
3(
. 1;P 0" ^ % ^^
2
&
(% ^^^ 5 # /$
&
2 " '
(%
"
I" 2 ( " @" ' 2
' 2 "
1
U9B
. 7
>
$
2
& &1
"
2
" /
( !0 &- 9 1' 1
& ; ; 3(
#*$ # $
= >'9
='L9 9'A89
#*$ # $
@'9 8'E89
@'?L9 ='A9A89
#*$ # $ 2
A E
L'9 @@'89
3(
. 1;P 1;P 0" 0" ^
+N * N ^^ 5 " /
2 (% 2 # /$
"
U9B
'
152
ULUSAL VE ULUSLARARASI P YASALAR
A9 +$ A4;9
?= + ?$ *
+ >
&
A4;4;9
.
/
. & 5 ( * M6 N$
*
$
A4;4 9
1 ' + &'" $
/ )-
! "
& #M
,
" " N$ 6
(% ,
,
#M % & + " #M
&
N$ N
'
. &
)
BE:=B7@8:BB
@=:BB7@L:BB
"
2
'
A4;4B9 % & ' / ( " ! " " '
A4;4D9
7
&
"-
"
&
"
.
, " -"
' % " %
" @BB ( 2 "-
"-
)
!
%
)
-
( %
(
(
"
%
#6
% (
2
(
'
'
'
"
9* "%
: )
% 6 6C:
@B'BBB+
(
( ; 6C %$'
" % ( )
,
" % 2
% &
( @B'BBB 6 ; 6C @B'BBB
,
(
+"
"
'
A4;4A9
0 & %
(
&
&
,
" "
2
(
"
M@BBN (
!
'
A4;4E9 &
"
,
A4;4:9
2
, " " ""-
"
/
% &
( "
&
)
# " (
! #- '@B8 8888$
"
( "
" ' (
"
!
) "
%
>
'
153
ULUSAL VE ULUSLARARASI P YASALAR
A4;4H9
.
A4;4H4;9
&
:
% & !
: "
"(
%
!
,
@BB (
%
2% 2% -" " ' F
"
"
.
!
"
"
S 2% "& " & & ( " )
"
% 2 &
" % &
!
, ) , )
& " )
!
"
' " %
2% #FF $ %
' lemi Faiz = Dönemsel kupon x
!
:
GGS x 100 Kupon dönemi içerisindeki gün sayısı
!
"
,
( !
!
:* !
!
:
& !
"
2% !%
&
!
!*
-" " ' F )-
!
'
"
!
% 2
!
'
; @BB !
]
.
,
]
Y P%
A4;4H4 9 .
%
2
] Y P%
2
!
" &
Y P%
% ,
'
'
!
; @BB ; @BB
0
& " , !
-
&
"
%
( &
! (
2
, " -"
%
2% " '
:
A CPN % x E M
* . PU
: % 2% -" & " : 2% -" ", " : , " 2% -" :5 2% ! % #U?
"% 0 !% F ,
"
%
& " & 2 F
@: % 8: 0 -
& !
, &
- )
"
?)
)
$
)
2
) ,
)
% (
,
% (
: )
# $
"
' # $ Y # 87 @$[=B #*87*@$[=AB #5875@$
2% O" & "
5 2 "
F
F
154
ULUSAL VE ULUSLARARASI P YASALAR
*@: % *8: 0 5@: % 58: 0 -
2% O" & " 2% O" & , "
5 ) )
!% "
" "
5 2 " "
#FF $ 3 ( ' ( % ) =B )
"
%
)
& &
A4;4 9
,
)
%
2 '
"
A4;4; 9 G!
" # 8$ 2 "
=@' '
: &
2
'
(
,
" ( '
!
(
N
)
M
, N
2 ) "
: ( (
% & ' 5 + "
% ,
"
,
"
%
"
2" ' %
% " "
2
! "
' M
M
& ,
" '
%
" " '
2" '
N
% &
) 2
'
,
"
-
! % % (
)
% '
A4;4;;9 + &'" $
F J JP )-
'
(
"
)
+"
(
' *
(
:
) N
!%
)
(
,
2
!
2
M
(
"
$(." "
2
"
&
& , ,
" &
,
, %
& (
% J JP , ! "
!
&
, & !
J JP
J JP % (
' % (
J JP+ , "
"
' 3( ( ) % &
"=AB )
"
% ) "
2
-
%
)
:
2
=B ) # @$ '
%
! '
"
F
, & ), )
3 "
"
&
( "
:
5
5 5
" )
%
5 2 "
)
2
(
(
, C & , ( &
" " !
)7 . & #676
%
& "
( &
7 6C$
,
" #)) $ " '
!
&
& ' 6
,
155
ULUSAL VE ULUSLARARASI P YASALAR
O 6
: & #J JP$ 6 EBB@8= 5AB
! ,
P% & , C@LB==A6 C
6 EBB@8=
L9
C@>B8=>6
C
6 EBB@8=
>B
C@9B@=B6
C
W B8@8AE>E8B
C@AB8@L
C
W B8>9=?L>9B
CB@B=@A
C
BBB B 6E==
C@BB8@>
C
A4;4; 9
&
+"
& @L'B='8B =A @>'B8'8B => @9'B@'8B =B @A'B8'8B @L B@'B='8B @A @B'B8'8B @>
6 6 6 6C 6C 6C
(
2
%!
"
' H ( * "
%! " %! " I 7 ; 9
5 ( H
B A
%
"
2 @' 8' =' 0 >' * 9' P% A' L'
( " 2 %
'
!% ! " " " " '
)
+ '
7 &
2 ( "
"
"
X "
2
(
!
2 2
"
,
)
2 %
"
" '
!
" " 2
"
" (
! " '
+" !
( ) '
+ )- -
"
(
)
) "
2 2 " "
"
"
+" -
! " ' %X "
('"
"
!
!% 2
2 %"
" %X
& .
"
2
2
" "
!
%"
$
; %
+"
"
! "
#
X
,
%
"
2
A4;4;B9
" '
" %
"
!% "
2 -
" *
' %
!
! ! " ! " " & "
" " % !
156
ULUSAL VE ULUSLARARASI P YASALAR
) "
) " " +"
"
%
( " '
(
+" %
"
-
" (
+
"
! %
+"
" "
!
7
!
"
"
!
"
-
) ) "
) "
"
)-
'
" ' "
!
-
'
! " ' " '
!
@L:BB+ "
) '
" 2
. 5&&
) , " (
"
! " &
" ' H "
"
" & ! % "
,
( (
%
"
"
&
+
"
(
'
"
)
!
"
" #J JP$
( )
'
5
( ! ( )
2
%
-
!
)
&
"-
'
%
) " %
"
2
"
%
%
&
A4;4;A9
(
"
)
, "
" " " -
A4;4;:9
+" " ! %
" N "
!
% "
!
$"
" '
" -
'
.
M,%
" & "
"
" 0
.
% '
)
!
A4;4;D9
!
!
2 % % "
)-
2 -
" &
2
!
!%
"
( "
, ( !
) ,
-
! &
'
(
' !% " - %
' !% " "-
( " "
!
'
H
%! "
+" "
2
( )
"-
! "
'
A4;4;E9
. ''
- &
2 ' %
%
&
"
! (
! ! %"
"
& "
" !
' %
! '
"
!
% )
) "
(
"
"
& ,
%
" (
(
%
!
'
157
ULUSAL VE ULUSLARARASI P YASALAR
A4;4;H9
'<
&&
+"
! " &
)
62 -"5" .
( =B
(
" ' "
" "
!
"
"
(
"
A4;4 ;9
.
* ? + $% ($ ) $ % !"
" ) 2
2
&
'
+
) " %
"
( % %
%
% ! " 2 )
2 5 ( X !
<
% * !
*
2 ,
"" & & 2
N %
,
* )- "
%
2% %
" "
'
' " ( "
( "
)
, "
(
?
+
2
( " ( ; " ( ( & % ( 5+ 8=+ "" * " ! " 2 " (
'
'
) ' 2
% "
" (
+
"
(&"1"
" )
2 ! " 2 (
2
?
%
2
(
"
2
'
"
M
2% %
"
,
A4;4 ;4;9
$
"%
"
,
%
" "
&
'
%
!
7@+"
(
, % "
+
)
"
!
&
&( %
$
& 3
9
H
"
% 2
% ! " 2 )
& X
#
!
" "
"
=B
3
+
5
% '
% %
( "
9
(
( )
"
( " -
" "
(
'
%
-
&
&
%
"
H
%
5.' 5
+
A4;4
;
( " " % " )" % I
"
A4;4; 9
!%
! "
! " ( '
) , ) ,
" 2% !-
2
. & . 2 ! " 2 (
& 3 " ( '
' " ( "
( "
)
, "
(
' )
158
ULUSAL VE ULUSLARARASI P YASALAR
($ ) $ % !-
"
!
5
)
"
) " %
,
"
( % %
! %
%
7@+"
M
& X
2
2
A4;4 ;4 9
' 3
A4;4 ;4 4;9 @' / H , 5 2
%
)- "
"
) '
. & .
* " (
5 ( * @/!/& &- 0" "&-" " ,
) , @9 " '"
"
#!
"
! " " '
"
" (
-
%
"
2
!%
% ) ,
& ( )
(
;
&
2 5 ( ,
%
) "
"
6 ,
,
+ "
2
"
"
" " '
%
%
'
( )
&
'
2 "
2
"
'
" ! " * " %% " %
* " )
-
" "
2
"
% 2 2 (
%
% "
% 2
2
5 ( * % " & & ) ( & " "
" " '
2
>'
( " '
+ 2 )
@9 " " ' ( % " ! ' ! " . 5- ' "
'
" 2 2 ! " " " ! " % '
(
+
, " * "
) " "
('$
! "
2 ) ,
& 3
"
*
!%
,
'
'
(&"1"
) ,
(
"
!
2 ! " ! " -
! "
%
"
% &
&
"
"
' !
2 %
;
,
" 7
)
"
'
)
-
(
) ,
'
A' H @ )
"
*
&
) ,
L'
( " ( ; " ( ( & % ( 5+ 8=+ "" * " ! " 2 " (
"
=' H 2 )
9' H "
2
2
N
* !
*
5 (
8' H "
5
"" & &
"
%
5 ( X !
%
"
; , " 2
&
& %
+ " * "
2
!
" ! "
%
,
% 2 2 '
%
"
)
2
, !
, "
2
5 ( "
* %"
'
159
ULUSAL VE ULUSLARARASI P YASALAR
A4;4 ;4 4 9 * *
+ 5-"
"
2
!
& 2 ".
&
"
% * " & " * " ! ' " (
2
* & &
"
% ""
A4;4 ;4 4B9
!
0
%
"
&
"
%
-
" & %
&
( "% 5-
% ) ,
1 '
' '* " + "
A4;4
9
,
2 "
2
" "
) , "
!
"
(
5 ( "%
"
"
%
5 (
; ( " (
% &
" ) (
&
'
"
%
) %
"
,
! !
& @BB
(
" " -"
;
"%
" "
" & %
%
" %
% " @BB ( "
'
% + '3' %
'
) ! "
(
% O"
%
( 3(
" " "
&
%
"
2
-"
2
'
'
&
+" (
*
&
% %
2
"
2
% 2
'
A4;4 B9
(
+" 2 UB BB@9 # ( " @ 9$ % H (% 2 - % H , , " -"
(% ,
! " (%
&
MH 3 "
! 2 (
0F 7
"
"
' ! " % O" / 'N 8?'B='8BB8
F &
@L>
H % F
)
'
@
'
&)'
-
0 - @
(
2
&
A4;4 D9 &
,
) * 0" )
"
&
@ 5 √ √ √
%" '
6 )
%2
)
-
)
%2
& ,
(
%2 ) ; )
) !
'
& , -
& ,
(
! (
√ √
160
ULUSAL VE ULUSLARARASI P YASALAR
)
) !
-
)
)
%2 -
; ) # %2 % % % 5
*
'1 ' )
)
$ ) ) ) ) ) )
*
)
%2 & & & & & & '
-
%
!
, , , , , ,
) ) ) ) ) )
) %2 )
/
, , ,
%2
F , ) *
%
"
$ ' '
√ ,
√
)
-
& ,
)
, " )
,
√
)
-
& ,
)
)
-
& ,
)
-
& ,
(
"
&
( '
"
&
-
& ,
(
-
& ,
(
&' " ) , " ) ,
, %2
(
, (
) )
,
: ,
,
! %
) 2
)- "
(
%
%
'
√ √
! √
: ' '
)
;
" ) ,
%"
√
' '# (
)
]*
, " )
) " " ) " " ) ) )
(
2%
#
√ √ √ √ √
)
(
* ) 2% "" &
'
& ,
&
%2
P%
!
'
)
2 *
(
√
-
)-
%2
1 '
& ,
!
" "
%2 %2 )
O O O %
(
)
)/
√
'
) *
& ,
% % % " ) , " ) , ) ,
, , , "
) " " )
,
(
' &
%2
& ,
'
%
%(% " ) ( ''$ " #@BB 6 ; 6C $ )" ' : ! :" " , %" " -" 2% ! #U
$ 2% ! 2% "" ) , -
& ,
S " % ) )
,
2% "" 2% -" ( " %
& , & " !
& " -
√ √
161
ULUSAL VE ULUSLARARASI P YASALAR
)
)
-
& ,
(
√
)
-
& ,
(
√
! ) !
A4 9
(&
#
2
' '
&&
.
&
.' & () $
)
2 ' ' & :JJJ * "" :@? # $ ( $ )$ ' ''&'N &
:0J
P%:>
(
! $ ! ' $ $ ) (& & 0JJ P%:@B ( :0J * "" :>@ # $ ( " M ! () $ $ ' ' 'N & ) ' ' (& & ! 5 + " ! " , 5 % 58B+ * "" "( " " M1 )$$) # ! () $ $ )$" ! ! ( ! # ' ''!' ' ' ! $ ' 'N & ) +" , % & " +" ) % " :
@' 5 2
" M
%
!%
2% !-
I "
(
! "
% !%
&
(
"
!
$
%
) "
!
!% "
, %
%" ,
" ( "
(
I (
' " %
)
( !
'
!% !% ;%
& ) % ' 5
%" "
"
2
" '
8' 5 % I 2 % =' ,
%
!% ' 5
) -
%
2% !% '
I #-
" "
>' F 5 ( " )
" " )" % I
-
, % * "
) , ! " )
" 2
#
" "
)
2
-
$ ( "
=B
!% * " "
9' %
% % '
!%
"
, '
( $ ) ,
"
2 !% * " + ( ( " 2 ' " " " "
%"
% !%
2% !-
( (
&
" '
% "
2
7 %
'
"
( * " ( "
! " 2 %
"
)
2 "
'
162
ULUSAL VE ULUSLARARASI P YASALAR
L' H %"
+"
5 (
A4B9
!% "
" &
" % * "
%
"
"
( )
+
$
! "
2
'
& (
"
(
%
,
='
,
)
"
'
)
-
'
) ) " '
" "
% %
, " "
" 2
(
,
"
EL=89
% (
"
2
") "-
'
2
"" " ,
"% % %
(
"
2
'
'*
"
4
+" & & & (
2 ) ( " "
,
% " & % "
" ( + , " "
( L' H ( &
%
(
% %" ) " ' . ( ;P < 5% + . ( ; ! +
,
9' 5 (
"
2
&
"-
)2 " '
%
) %
>'
+ , " & 2 2S % , . ( ) '
?' H
2 "
&
(
&
( -
& (
) "
;
2 + ( "
)(
( "
( " "
+
"-
)(
)
"
%
&
(
. ( " " " " =A@89==@ % & 2$
( (
" "
" " +
% EL=89
& ( ( % , . ( ;P < 5% " " >@@999AB@A
)- " ( + ( " ( "
(
(
' , " " '
)
( "% !
#
(
% (
2
E' H
( "
" (
'
2
%"
+ +"
" )
" " )
+" " % ,
"-
(
% )
% "
* ( (
2 (
A'
% ( "
)
&
% & '3' # " " - %
8' * & &
2 ( " !%
'
A4B4;9 @'
" S(
( " % *
+
)- " ( "
'
@
& & (
2 2 +
"
' " '
-
% @
)
-
'
163
ULUSAL VE ULUSLARARASI P YASALAR
@B' -" ;
" (
2
" " ' 5 )
&
"
(
(
A4B4 4;9 •
'
# ;P < 5% )- "
. ( , & " •
&
(% , " " ' P " "
(% ,
) '
& .
%
" (
& 0)
& ( 0)
(% , $ 0 ) + % 0)
@A:=B+ " " @A:=B+ # &
(
! "
. (
0) 0) ;P < 5% +
0) +
@A:=B+ )- "
@A:=B+
)- "
•
0) )
A4B4B9
" ( = & &- &
A4B4B4;9
' #
. ( ; 2 % " ' •
'
&
"
) '
.
# EL=89 $ )
$ &
%
" (
"
'
( " "
2
" -"
,
$ (
) 0)
! "
%
# 0[@ )
(
$ '
&
# (% ,
$ &
& .
(% , $ " " " , " >@@999AB@A % )- " ' P & " " "
'*
# ) '
# ,
@A:=B+" & 2
! ,
'
'
)
•
+
& G- &
• P %
( 2 " '
-" %
)
" "
1 '
( )
" &
(
• * )
)
.
$ =A@89==@
' *
A4B4 4 9
"
&
#
)
) ;
" '
= & &- &
'
"
-" " )
%
%
A4B4 9
,
(% , $ 0 ) + % 0)
& ( ( & ( 0) 0 ) " & @A:=B+ " " @A:=B+ # &
( -"
) )
'
# EL=89 )
+
$ '
$ &
%
" (
"
164
ULUSAL VE ULUSLARARASI P YASALAR
A4B4B4 9
1 '
& G- &
• * ) (
! "
. (
• P
0 ) 0) ! +
;
0) %
+
@A:=B+
)- "
•
@A:=B+" & 2
)
#
A4D4;9
"
# ) '
$ &
# ,
2
" -"
,
$ (
) 0)
! "
'
0)
A4D9
@A:=B+ )- "
% # 0[@ )
$ '
(
)
3 &
&
% & " "
%
)
(
,
"
) "
-"
"
) 2
!
&
"
"
'
H "
7 "
2
(
,
" "
&
$
" "
) " $
(
) )
"
"
, %
" " !
"
" && "
!
, &
2
&
&
2
A4D4 9
@"
)
%2
%
' "
"
S
"
"
! "
"
) "
%2
"
- "
"-
'.' * '
(
& 1 '
!
H $
%
) + " % B 9B
*
) C 2%
C 2% ( )
-
%
!
-
)
@L:=BI "
- ) + " %
@A:=@7@L:=B .* ( % "
+ "
"
!
$ ) C 2%
-
) .*
!
%
( "
+ " %
% *
=
%
C 2% ( ) !
165
ULUSAL VE ULUSLARARASI P YASALAR
$
+ " %
)
) (
.* !
%
)
* + "
"
%
#$ ! -
) ( %
) , ! "
" & '
(
H
"
=
(
, "
! ,
" %
)
) " % )( " ! % " " 2
&
" !
) 2
&
' # '
'
) "
$ !
-+
# "
"
" " )
,+ + + + ++ / 1 "/ * ) (
'
,
,
.+
"
+
0
0
% " ( )
( " ( ) "
"
" "
( 2
8 2 "
/
*
!
&
O
)
( & 2
)
%
"
! "
"
"
2 -" $ # C 2% C 2% + " % ! % " 2 ( , ) ( '3' ve '.' * "
&
& "
.* + )
" " '
)
!
,.
" "
) " "
! &
+
"
& "
-
(
"
;
( "
&
. -+ + . # -+ + " % ( ) U@BB+ -" ' -" " -" * " ) % "
-+
,
!
-
"
"
P ,
,
$ #
" ) , % *
! " )( "
5%' % ( )*
" ( & & ( ) , % , " ( " ! " ! & " ( " ( " " "
-
+
!
$ !
"
( " (
C 2%
) "
%
+ % '( )* +
&
; )
0 -
C 2% )
( !
'
*
%
%
) ,
(
(
)
,
)
(
" -"
'
)
" ' "
%
) "
" "
% "
2
" *
( & & %
5-
(
% " " ' + =9+
! " + " * ""
%
+
(
" %
&
,
" ,
"
'
166
ULUSAL VE ULUSLARARASI P YASALAR
+"
)
,
Y &
" " " ; , @2 , "
" "
"
( , &
"%
@ 1 )
A4D4B9 * %
'O "@E+" )
V =@ * '
$ "= , @?+ ' @P &
, ""
" "
8+" " =+
,
"
) #
2 " = % 8B+" "%
' H,
V =B /
!
@ (
+
"
& " " @E+ > ( (
V =B 2 '
(
@
3 &= !
5%
+
=9+
""
,
,
, "
,
"
& )
A4:9 .
3 1 ' *
&
% % 2 (
" ) -
,
" 2
"
+"
"2
&
, H, V =@
=
% "
+" " *
5-
%
" ( & +
2 9=+
"
( ( ""
'
1 $" " ". 7 2 ( ' Sözkonusu yetkili banka ve aracı kurumlar i lemlerini
MKB Tahvil ve Bono Piyasası’nda i lem yapma yetkisi olan temsilcileri ile gerçekle tirirler.
167
ULUSAL VE ULUSLARARASI P YASALAR
E9
+
E4 9
) # *"'"'
"
12
E;@@B@
%
2? 2 & '
%
'3'
@L;?;8BB@
"
8>EE & 8>99?
C
&
+
F -
" ) ,
2
=;E;8BB@ & 8=?@ >B+ "" )@E;@B;8BB@ 8BB@;=B89 " ' % > 3( 8BB9 & " !
+" (%
' ! " G
/
) (%
" 5)"
, " !
M0 " "
N
%2 "
12 % % -
% %2 '
"
%
E4B9 . E4B4;9 %
"
. -
" "
)
)
,
( %
,
01
+
-
@' 01 %
+ % "
01
% 2 #01
(
% &
%
)
( )
, (
( ' 01 !% ! " ) $+
%
!
=' ( 2%
! " " %
8' )%
"
"
'
" : %
)
01
2 ( " & 2 ( " %
%
+
01
2
" ) ,
(
'
"
,
" -
'
"
"
(
, " " "
,
'
, NF
M
01
"
%
' /
+ %
"
' H '
-
"
" ) & " ) %
%
%
&
2 )
'
01
168
ULUSAL VE ULUSLARARASI P YASALAR
& ( , ,
'
2% %
"
2
% 2 "
>' 01 % ) ) %
( " ; " ) , ( ' 01 +" " ( ' % ( ) " " '
" " ' %
%
, 2
9' H ) ,
%
)- " L' 01
%"
2
%
"
% %
E4B4 9
2% %
"
%
)
)-
"
% %
) "
)
, "
01 " !
M
-
01 "
(
%
,
(
( N
' N
M %
+" "
,
( ) 7,
(
'
!
"
, !
2 " '
O
E4B4 4;9 M
&
E4B4 4 9 G!
)
"
!
!
O
" " '
" " ! "
%
"
,
(
'
O
!
N % " '
2
/ %
)
( %
'
% '
(
7, % 2 ' ( "
'
A' )
, "
"
"
" " 2 " )- " ( ) 01 % ! " " @=E+ ""
5-
)
"
" (
2 ( ) ( )
0 % " '
"
&
( )
%
% " -
(
"
# G! ! 2
" %
-
(
&
!
( " ! " ) ( " '
(
MO
"
% 8'BBB
N "
"
-
" &
)-
(
,
'
169
ULUSAL VE ULUSLARARASI P YASALAR
MO
" N "
" " N) 2 % M "
%
-
)
( MO
"
' F
%
& 5) % "
C 2 "
%
2
)( N F
" ' "
)
%
2
" )
" (" ' 3 " % "
& % 2 % "
"
'
O %
"
!
-
)
"
(
(" : '
( "
! ) ,
'
*
! %
O , ) ,
"
%% % )
%
E4B4B9 01 )
+
-
+ !
-
M % " (
E4B4B4 9
% 2
" "
M
!
" N
%
"
' !
(
% -
"
"
!
"
"
!
' '
' O %
" %
"% "
) "
, "
!
N %
"
"
)
01 ,
!
-
/&
N " %
!
' -
-
"
"
+
% )
%
'
/& (
" ,
( " ! ) , " "
"
/&
'
5-
(
'
M ( '
-
-
%
" '
)
.
E4B4B4;9
)
! ( %
"
! " "
( %
'
" 2% "
%
2
,
"
(%
" %2 % M"
'
!
( )
(
!
N
"
01
+
" "
!
170
ULUSAL VE ULUSLARARASI P YASALAR
!
)
% " &
"
E4B4D9 %
.
&
"
! (
F -
* "
,
!
* "
-
"
,
'
S& & ) ( " " " ( ) " '
" F
* "
(
' )
"
" -" "
" ,
F
) %
)-
"
(
(
)
" "
'
"
" (
(
"
( "
'
E4B4:9 E4B4:4;9 %
&
"
(
2
% !%
'
%
"
01 &
" ' ) )
" % ,
" ,
01
! "
% % -
"
%
' P% " 9'BBB
%
' * ) ( " -
"
2
'
)
"
2
2 ! 8'BBB
"
!
"
) "-
-
'
E4B4:4 9
&
.
.
)- "
% "
'
) O
" '
D
! &
"
!
)-
" & " & "
!
-
'
! !
'
O
:
-
&
"
,
"
" &
-
)
'
(
,
"
&
,
"
( "
)(" :
"
: S" &
"
" )
! )
( 2
(% -
"
2
"
(
" "
)
' ' %
,
" (
%
"
)
171
ULUSAL VE ULUSLARARASI P YASALAR
)
(
(
(
'
)
*
,
,
"
(
"
"(
" '
E4B4:4B9 01 (
+
/&
) ,
(
% %
" "
"
(
, !
(
-
"
:
# * $ !
"
-
"
" !
)
)
, "
%
,
-
" '
'
# 5 $ )
"
"
)
-
"
2
"
(
! -
" % " %
2
M " (
2
"
F
%
M ! M
" ! !
2
N
,
& -
"
! !
"
N
" & N %
2
N
M
)
" M '
% !
" "
'
! " '6 M 2
(
2
, "
$ 2
"
(
"
"
! #
"
" '
% '
M
2 2
!
, 2
! "
" N ! " (
N " )- "
N
" (
'
"
(
E4B4:4D9 -
"
,
! 5 ) )
( " :
)
, %
"
#
, "
%
"
,
>
5$
" " )-
)
,
%
(
" ! ,
"
"
) "
,
%
!
" "
2
!
'
172
ULUSAL VE ULUSLARARASI P YASALAR
F
,
2
F " ) ,
"
#F
2
$
!
!
(
"
" " 2
F " ) , "
# "
2
"
)-
,
"
'
$
2
! " "
! ) ,
(
" 2
)"
,
'
3
#
C$ ) ,
" % 3
"
! "
)
-
,
" & "
"
(
!&
" % !
( ,
(
"
%
" &
#
%
!
"
)
! %
$ "
'
" "
! "
!
)
-
'
E4B4:4:9 )
"
" ) ,
(
,
)
% " :
"
"-
,
# P $ " %%
) %
F
"
) ,
" '
" ' F
%
%
"
! "
'
#F6P$ )
%
"
) " " '
"
F ,
2
2 ) ) ,
" 2
) ,
#
" 2 %
( "
" "
"
! "
%%
F$ 2
" "
%
"
" ! "
" " %%
) ,
" ' %
, " 2
"
" '
%
" "
173
ULUSAL VE ULUSLARARASI P YASALAR
&
#
C$ )
" -
&
(
& "
F
) %
"
, " " '/
M 2
" "
E4D9
) , "
'
" % " " &
"
N
( , M
)
) ,
(
" '
& ! " &)
( %" " )
& N '
&
'
01 +"
)-
-
,
F
@B'@8'8BB> (
& ( %
(
F "
"
M) N ) ,
>?;@AB8 ! "
%2 '
2
5-
%
'
"
)
!
%
5, ,
&
F
&
"
) "
+
*
5-
- )-
%
"
&
2 '
% +
2
2 "
" '
-
&
2 '
"
5)
F
(
N
"
#
E4D4;9
%
% %
, M &
!
" %
%
(
" " " ' ( & 2 " " , , 2% % '# (
F !
) " &
" *
- )( , )
% ! "
*
( )
" "
" '
,
" "
,
" ,
% "
%
" '$ " @'
%
"
) "%
)
)
, "
"
" : &
, " " ' "
%
"
( %
%
& %
(
" % "
" "
(
&
&
)
(
"
" "
%
'
174
ULUSAL VE ULUSLARARASI P YASALAR
8'
&2 %
,
2% (
" =' F
( ) )
+
" " "" '
A+
&
2 (
"
"
%
,
( " " )
2% "
"
)
% " " '5 " - )" ! " " ) , %
5(
9' )
, " %2
, (% ,
"
A' )
! &
" % %
"
" " &
&
) (
&
%
;, " ) "% "
"
" &
,-
2
#( % 2 "
P%
2 %
;, ( "
&
2
" (
@9 "
;, (
(%
"
&
%
(%
"
%
%
2 , 2
'
( & ) )
, ,
"
!
( 2%
%
, '
%
-
(
, " ' ' '
! " % 2%
@>:=B+
"
%
)
) ,
2
,
2 + % $% ,
! "
.
' ' &
(
" "
%! ,
'
'
)
WF '
(
%
! "
"
% ' " ,
&(
,
"
(
E4D4 9
% % 2
" (% , '
"
% (%
(
[@ F ) ( ( ( '
"
&
2
% )
>' " %
, &
, )
% "%
"" "
( '
%
" ,
2
,
2
) , " (
' (
'
175
ULUSAL VE ULUSLARARASI P YASALAR
E4D4B9 E4D4B4;9
& %
"
)
& &(
" ' )
,
,
) ) &
&
/
"
" "
(
)
), %
# ,
"
$ (
E4:4;9 %
% (
&-
" (
% ( "
"
2%
% "
' (
!
' " ,
% 2%
% " "
" XBX
"
)
!
$ )
&
%
2
)-
"
,
" 2 "
" (
'
5
% )
(
$
,
2%
%
,
$ "
( ,)
.
&
"
" %
%
E4:4;4;9
;
2
&
"% "
& "
" ;
5-
#
# #
%
"
%
.
" "
%
"
&
)
, %2 " '
E4:9
(
), ' / 2 XBX 2 #
2 %
"
! "
2 (
+
)
%
( %
(
'
% ( "
)
" "
" ( 2%
% , "
"
) ( 2
2%
.* +
,
2%
%
(
+
"
'
" -
' /
( " )-
"%
" '
(
:
&@ )
& ,
) 2
),
% ,
)
%
( ), 2
( ! "
%
), ) )
"
'
"
" %
!
"
( "
-
-
( (
"
2%
% %
"
"
176
ULUSAL VE ULUSLARARASI P YASALAR
2% 5
%
" 2%
%
E4:4;4 9 %
,
-
2% )-
%
% #! " & "
"
7" "
( ! " " (
-
5%
01
+ )
" "
) (
&
E4:4 9
,
&
%
"
" '
"
" (
" )
"
%
&-
! "
(
),
'
"
% "
%
2
'
"
2
"
"
N
'
/&
2
# $
% %
;
"
W> ,
M -
F
(
"
-
(
, 2 " @+" , ; , 2 ! " 2 & ; ; ) & % " & 2%
;
,
2
01
+
&
( 2
2% )
% ,
;
'
;
(
3 &
2 ;
" ;
" @+" ; (
)
%
'
(
,
"
'
(
; "
(
( 2
, 2 "
"
&
E4:4 4;9
( (
'
'
& ,
& )
% (
'
" ( "
%
"
$ % (
" ,
E4:4;4B9 2 5 & %
%
"
" (
2% (
&
" % ),
(
" 2%
"
% % 2 ( %
! " & 2 2 ; ) ( ' @+" ! % " " , " 01 " ( , 2 , 2 & " ' , 2 ( + )% , ( ' ,
&
2
&
2
% 2 @+" , 2
@ %
'
177
ULUSAL VE ULUSLARARASI P YASALAR
;
; "
& (
E4:4B9
.
,
% " 'P "
&
2 "
%
F
,
' $ 0"
"
-
&
0
0 +
#
) (
"
-
"
1 '$
(
%
&
$
(
7" "
% 'P
"
' %
(
"
7"
,
" : '
P -
#
'
-
=' -
"
"
# 6C$ ,
% , & # $ % % #/ $ " O" /
* %
=B 5
>' 5 ( ) %
# 0D$ % #6 $
2
8' - / -
!
$
P @' -
"
& &
# #
"
$ 5$
)
# 5 $
!%
)
( )
+ %
& )
%
$
)
, )
#
" #/ $ " & & %
%
" -
2 ( '
(
" )-
-
,
" " %
(% % ( K )- " ' " " ! '
(
" " ! " %
!
' P !
( %
& &
!
'
"
!
) % (% % , " )
%
" &
" " 2 ! " "
178
ULUSAL VE ULUSLARARASI P YASALAR
2
2% "
+ 2
" " /
" " " ( "
( "
)
; " ( " " '
% * ,
=B " " ) ,
E4:4D9
"
; 2
"
'
),
2 % %
*
*
& 2 % 2 & 2 " & "
E4:4A9
E4:4E9 / & (
) (
(! -
(
"
&
(
" "
,
)
3 ;
& @B " ' / ) % " ' F % " ( "
) "
M
c " ,
;
" 'C ) , ), ) &
( "
" ( (
) ,
! ! !
"
(
"
"
"
)'
&
2
&
&&
!
2N "
3
% %
" & ; " ,
!
)(
"
" & )
! N '
'
% ! "
( "
U@BB
c
2 M
"
( ' , ,
" '
% 2 !
M
" 2
N
" (
F 5
( +"
" 01
'
&
) " 01 01 +" ( " )
& "
,
, (
(
-" * +" & & ( %
3 N
) 2% ) , UEB
&
),
;
E4:4:9 M (
(
" '
' ;
"
" " 01 + 2
&
"
&
(
$J W>
" &
,
"
)
(
"
,
(
+
"
(-
(
2%
"
2 (
" '
( " , " (
, ( ) 2 (
&(
(& " %
( & 2%
( %
"
" '
%
"
" ,
( 2%
%
" :
179
ULUSAL VE ULUSLARARASI P YASALAR
E4:4E4;9 +" * (
2% %
'
%
2%
(& (
& ( , 2%
(
E4:4E4 9 2 1 % (
(!
&
(!
% %2 )-
2% % 2 ' * ! " ) ! ( ' %
% %
%
( ,
&
2%
%
;4
%
,
2%
"
,
%
"
%
"
%
% %
2%
) &2
& "
2 , % &
2
)
-
, 2%
% 2%
% "
"
%
%
2
%
%
%
(
"
%
-
" (
2% %
2%
2
' 2% '
%
"
2%
%
(&"
5-
(&"
& 12
,
,
) %
%
F
@ $ ' % ' 8BB'BBB % " "
)
%
,
@
2% (
(
"
! "
&
( (
(
%
% '
&
! "
2
2%
&
0"
! "
"
(
E4A4;9
%2 " '
'
%
E4A9
-
(&
*
%
) %
%
"
%
! "
"
"
" '3'+ %
8BB9;L %' ' F
)
)
" ( )
%
)(
' F - 5 .' & %
%
"
%
"
' F
%
: F
N
%
F ( ( '
(
% '
)
"
" ( 2
2
)
"
% %
2
"
) 5-
"
2 - )-
180
ULUSAL VE ULUSLARARASI P YASALAR
4 & 2
5 .' & $ 2 '
'
N
0"
" %
2 "
(
, 2% "
"
'
%
2
"
"
%"
)( " %
F
%
)
F
2
%
"
( %
7 7F 7
" %
"
%
"
@' 8' =' >' P' ,
(
=
& % (
)
% " &
, "
"
%
%" "% "
01 + '
(
'3' & " 12
) ' (! 5 7 B78B * 8B7=B * =B7>B * >B79B * O % % .
( "
% )
(&" $ (& = 9 % % % % [ @B *
)'3'+
% %
)
! "
)
2
C 2% " & )-
(
*
&
*
*
(
% " , 0"
3 5
"
" . ! &
)
E4A4 9
% "
'
%
F % ,
" " "
2
)
F
(
"
" "
P:
' F ( 2
)
"
2
:
%
*
2
2
&
" "
, %
"
(
)
" ) !% UEB+" ' F " (
! " "
%
-
'
F 8BB9;L ' .* +
%
' C 2% ( ' %
% %'
" )
"
%
!%
% )
"
) " '
' +&
" 7 >B >B >B >B
%
? '
$
'
(3
$
'
7
9 [ #87@$ [ #=7@$ [ #>7@$ [ #P7@$
>B ^8B ^8B ^8B ^8B
8BB 8BB 8BB 8BB
[ #87@$ [ #=7@$ [ #>7@$ [ #P7@$
8BB ^@BB ^@BB ^@BB ^@BB
(
181
9
ULUSAL VE ULUSLARARASI P YASALAR
/ ) ( , 2
% )
" -
M ,
2 (
2%
%
"
N& S
,
2%
%
"
, "
1
2% '
F ) , "
$
''
%
"
%
&
2 2%
! 2
"
" 2
H
-
(
"
"
!
"
&
% F ! "
)
(
(
) "
% %
"
2
' 2 %
"
% F
% %
'
"
E4E9 <
)
(
F
" " @ #( $ & 2 % %2
(
(
"
%
'
%
& (
)
2%
0$
2
, F % )
0)
, (
( AçıkPozisyonSayısıi * Sözle meBüyüklü üi *Uzla maFiyatıi )
Y i =1
0 -
" % ) 2
% "
2
"
'
&
2
)
) 2
& ) , 2
" (
) )
"
"
,
2 2%
2 "
"
'
%
,
'
'
E4E4;9
(
%
<
2
0
1 '
&
+ " ( ) ( "
%
(
, "
'
E4E4 9 %
" "-
@' / 8' =' >'
2
:
"
[
182
ULUSAL VE ULUSLARARASI P YASALAR
/ 2 "
" 2 " S (
" S&
"
2 "
" % ( ,
(
E4E4B9 %
"
%
" ,
)( (
"
%
(% % " -
% -
& " " 2 ( '
"
(
' *
2
% )- "
,
-
"
"
2
)2
"
(
'
6
5&
"
2 ( ' 12 ) " -
-
(
"
& " S& [ 2
"
" ( " ( )- (
"
!
" 2
"
" 2
"
2
( % @+" -" ) F ) + "
(
% %
! " ) ! " M %
%
! 2 2
)%
, 2
N%
& ' 8BB?;L@ " '
( &
"
&
&
"
'
2
M
% 5 2
0(; /!
.
-
(
01 7 ) 2
5
01 7
"%
01 7
%
"
( " (
5
( " (
5
( " "-
01 7
%
5
( " "-
01 7 *
=B
5
( " "-
01 7 *
@BB
5
( " "-
01 7
5
( " (
01 7F7
5
( " (
-
"
"
%
"
%
! "
%
"
"
(
%
'
5 (
" (
E4E4D9 H
< F
)
"
" & )-
2
% -"
%
&+ .
&
K%
% !
5U @I "
2
*
F
)
"
'
@" "
1 '
$"
2 %
K
6
" %
(
, (
(
'
183
ULUSAL VE ULUSLARARASI P YASALAR
E4E4:9
<
&
(!
(&
O LB'BBB'BBB + " % & & ) ( " & =B'BBB'BBB + , S01 7 % 0" 01 7 * % % 9B'BBB 01 7 * * @BB 0 " * % ) ' 5
" ( " %
- )&. O , & -
(
& 2% !- & " ,
(!
(&
.
"
2
, '
(
" XH %
&
, %
2 ( '
N -
E4E4A9
<
%
@B
%
H
.' "
% %
'
%
"
)
(
"
, ,
'
"" , " % " )-
"
%
%
% %
& F
, &
2% !8B'BBB
(
" 2 01 7
-
@8B'BBB'BBB "
-
+ ,
, & ) ( * "
% =B'BBB'BBB @BB'BBB -
" ,
, )
" % % 01 7 % % )
+
A 2% !0" '
@8B'BBB'BBB + , " , - )) MC * N % " " '
"
% ( %
"
M
$( " ,
-
" %2
! "
%
)- " " ( " ' &
&
"
(
H (
(
"
)
( %
S 2 2
%
(
"
)& ,%
"
" "
" 01
"
"
, ( " " X F ) " (
%
%
A
N
& 2% !-
%
-
@8B'BBB'BBB + & & ) ( " & , 01 7 % 0" * % %
2
" % % 0" =B 0 " % %
H (
%2 @B
% L)
% %
" &
%
= %2 " '
,
"
% %
)- " )
184
ULUSAL VE ULUSLARARASI P YASALAR
% "
% "
"
% %
" (
&
1
,
E4H9 0" b M01 b M01 b M01 b M01 b M01 b M01 b M01 b M01
"
2 , 7 * 7 * 7 7 7F7 7 7 ) 7
12 % =BN 0 " @BBN 0 " % N0" %N 0 " N0" "% 2 N0" N0"
/!
Y 2 R +$ & '
B Z '
$(
+&
"
.
%
-
7;
&@ ) /!
5 9
-
(
""
&
/!
(
(
%
. )-
%
-
" N 0" " '
-
/! . * 7=B " ! " ( # * #O
& "
&
!
" "
%
P "
I & 7=B "
/ , "
" %
" &
( (" % " 7=B " ;@'BBB$^@BB : LB >89^@BB Y L'B>8 9
B B89 #89 * * ! 3( # " ABB
" (
* 7=B " % , ( LB 99B$' -
.
"
'3'+"
.
-
.
( "
G & 5
(&"
"
%
'
/
.
' /!
,
)-
.
E4H4;9
/! . 7; -
% '
@BB
2
2 & %
)($
$ 89
"
! ,
@'BBBI (" % " "
&
" #-
+
) " LB 989
)
" '
% ( )-
, '
"
,
" ,
" '$
" (
) &9 &
),
U L9+
185
ULUSAL VE ULUSLARARASI P YASALAR
'7
&
!
9
'
*
. &
'
&
!
'
2% (
%
" cU@9+ " '
' .
% ;4 ) , ! ( 4
"
(
" ) %
(&"
(& . (!
!
&
.
,
"
-
, "%
"
" &
/
(&
* U@B+"
! , %
"
(
@B "
" @B+" % ( ' -
)
"
) "
(
!
% % %
2 " @B
)"
"
"
%
%
" '
(
: "
,
"
( 2 ,
2
)!
) %
2% ' %
%
2
%
" % ! " ( 2% ! % ) ! M % N " ! ' % ) % " " , " * +" " " & % * 7=B & " % " ! % ' * 2 " " & 2 * ) , * 7=B 2 ' / " % )
(&"
" &
)
@B " " )
-
(
!
!
-
-
% ' %
)
"
&
, ! % ( ) 7 9 ! 709 719 % 7-9
"
),
"
% !
%
, %
) ,
"
"
"
, &
2 )
% ) ,
2
"
-
, )
!
" "
, " "
@9 =B "
" @B
%
%
"
-
% &
@9 " "
"
("
2%
%
"
) 8B'BBB % & 2( "
)
'
186
ULUSAL VE ULUSLARARASI P YASALAR
H9
$
?$
( 2
#
$S
"-
" " @ ) ,
,
" @EEA+"
(
(
2 ( +
*
"
& '3' (
"
& '
( )
5&
+
-
+
=+
3 0
"
M
&&
N
%
*
)-
.*
.#" " + (
• • •
M "
( )
"
+ "
2 (
'
(
(
&
N (
! "
'
+
(
(
+
'
H4B4;9
CC
+ " )
(
S + & ( && ( "
,
8+
1 ' $" " ".
(%
H4B9
""
'
H4 9 .
& %
&
% )
'
H4;9 !
% 2 (
"-
" !
!
&
2
M
&&
N
" '
H4B4 9
1 $" " ".
2 >+ ) , ' " ( "
1 " " ' % + )
&
.' &
+ "
" +
( " " " '
% 2
+ " ( "
2 2 ( "
& '.'
187
ULUSAL VE ULUSLARARASI P YASALAR
(
! " +
% "
) " '
(
H4D9
'
+ " ) ( %
!
) ' %!
(
"
'
!
"
! "
(
"
"
"
"%
"
+ (
0 &',& $(&"
, 2 " '
!
( %
%
+
)
" " '
"
"
H4:9 (
& " " ' P ( 2 2 ( "
% " (
M C 2%
" %
H4:4;9
2 )
( (
% ' 2
&
%
"
5 /
"
"
"
"
& G P
%
P
2 &
2 !
(% , (
" ( & ( %2 )
" !
)
7
U@89+ % 2 "
"
" (
'
"
" '
&
+ "
5 /
%
.' &
,
( P P * / /
'
(% ( ) #! )($ " " & 2 ' " " '
'
+
H4:4 9
"
" '
&
,
N & C (
.* !
(
+
(
,
"
: #
5 $ * % % & % "
( #
5 $
)
188
ULUSAL VE ULUSLARARASI P YASALAR
H4:4B9
&
5 &
* P P
%2 ) ,
"
5J J
( #
@ @ @ @ @ B
5 $
)
"
, "
' , " %
U@89N
( %2
& %
) (
" " :
5 $ * % % & % "
5 /
2
JP . P
#
/
# $
&
% U@9+ ) , "
2
"
"" & , % " "
2 $ & ) + &
%
"
& (
' 6
, "
&
"
-"
""
TM-TL TM-YP TRB100805T13 TRT150306T20 AEFES NETAS
1 1.500.000 1.000.000 800.000 1.900 2.000
"
" %2
"
4 " ) N
5
6 "
2%
( "
BIRIM FIYATI
PIYASA DEGERI
1 1,52349 82,71200 95,23800 24,78000 31,55000
220.000,00 2.285.235,00 827.120,00 761.904,00 47.082,00 63.100,00
(
"
%
, S" ) , '
2 " %
)
%
2
'
DEGERLENMIS KATSAYI TEMINAT 1 1 1 1 0,75 0,75 TOPLAM
220.000,00 2.285.235,00 827.120,00 761.904,00 35.311,50 47.325,00 4.176.895,50
4.176.895,50 X %15 4.176.895,50 X %75
@7/ !
UL9+
'
3 1 " ( & MF
NOMINAL/ADET
2 "
'
TPP TEMINAT DURUMU TANIM
%2 %2
BB BB BB BB BB L9
626.534,33 3.132.671,63
%
%
189
ULUSAL VE ULUSLARARASI P YASALAR
87 % %
&
/ )
$
=75 (
2
,
% % (
, S" M &
.
2 "
)
, S"
2 " N'
1
)
)
,
J*
+ "
(
#
&
.*
"-
' >75
%
)
!
)
H4:4D9
,
, "
%)
"
" " #*
)
%
.
$
)
- &
" ,& "
,$
.
H4A4;9
.
+ "
H4A4 9
"
! " -" &
( " ( & (
) % @B:BB7@9:=B
0
+
& ' # &
)
&
" G
( ( "
&
2
H4A9 F
@A:BB+
%"
&
&
) " ' '
'
(5 & * '
% +
! "
U@89+
2 " &
( " "
'
%2 (
)
&
S %2
" 2
G
H4:4:9
" "
F 5
2 G
'
2
&
/ ) U@@9+
!
( +
2%
" $ & ( ' -"
%
" ' P
#"-
-"
'
@B:BB7@8:BB " ) , " '
@=:BB7@9:=B
"
2
'
-
Yap覺lan i lemlerin vadesi O/N (Gecelik) ile 30 g羹n
&
)
>9 )
8
=
" '
190
ULUSAL VE ULUSLARARASI P YASALAR
H4A4B9
"
+ "
2
%
(
9'BBB
% 2
@'BBB
+
'
H4A4D9 +"
(: * " ' F , ( " '
)
,
( 2
2 # )
, 2
( # %%
)
"
" "
: *
"
" ' ( " ' " " ' "
" 2
% %
(
) $ % F
$
" : *
) ) " % % :
;
2
"
, , "
! 2
% ( !% " ( ' 2 # ; $ ! % ) , % ( # $ % 2 " ' ; $ ! % % ) ,
2
" 2 ! % " " %% 2 2 # ) , 2 ! # $ 2 )
2
"
; )
:
% ) ;
2 ) , " " %%
H4A4:9
2 # "
)
"
'
"
$ " ,
2
! % "
(
'
( F
'
) % 2
(
"
' %
2
( ,
"
2 % "
) "
" '
"
2
) ! %
2 #
;
$ " ' $
2 )
( ,
# %
& 2
2 %!
"
#8@8$ =@9 8B BB
(
%
!% "
"
'
@' * 8' 2 ='
# F
2 # % !- * 7 $ # , 2
% ;51$ F , $
2
2
>'
191
ULUSAL VE ULUSLARARASI P YASALAR
9' A' (
%
# %
F
" "
'
"
2
UB B9
%
%
"
(
"
"% "
%
!% '
( ! " "
" "
" " N
"
%!
)
'
%
( ! "
"
" "
" ' 1! " ) 2 "
2
2
% "
) " " ' ( "
" " ! " ) !%
( '
%
!% " " (
" % MF(' " 3
'
'
' -
" (
! " "
2
'
( " " -
"
%"
-
"
'
'
N
, " & S
,
" " "
" "
7
" $
P% " ( ) ,
%
%
"
" " ( 2 ! % !" * " 5 !% 5 % 2 # 1
!%
2
)
2
(
2 (
"
)
"
" S
% 5 2
"
"
,
%
"
N
"
" " (
%
)
M (
M 2 ;
"
( ( "
N
"
" ' "
!%
"
"
%
M
'
!
" " ' 1!
%
7 7 7 7 7 7 7 7 7 7
, $
"
( "
%"
2
!
!%
5 (
,
(
,
" 2
"
2 ( 2
"
)
,
' '
192
ULUSAL VE ULUSLARARASI P YASALAR
!%
)-
!% &
% ( 6 %
; /
( "
-
H4A4A9
" 2
7 %
2"
H4A4E9
% * & (
% %2 '
F , 6 ) ,
"
) , "
"
) , ( %
!
"
2
)
' 1;P
'
' ,
"
%
" & " )
" '
!
-
,
% ( " &
% 2% !! "
" 2
&
)
'
) "
"
%
-
( !% )
(
)
,
;
" %
"
" !% " " (
'
S
'
(
)
&
"
" '
%
%
.
)-
% !
& " )-
-
'
%
&
.
( (
H4A4H9
' ""
%
" ! "
" '9" % " %%
;%
"
'
( % %
%
" 9 " (
"
"
" % ! %" )
!% -
"
"
"
%
8?L+
" %
%
%
'/ & "
"
) '
1 ) "
" " %
& ) (
&
& ) , '
( "
" % ( ) " 2 & " " % " " ! " (
"
,
+
&
%
)
( %
;%
(
" ( (
'
M
"
%
&&
N &
!
"
!
'
&& ( )
"
2 "
'
193
ULUSAL VE ULUSLARARASI P YASALAR
/
( &
" (% ,
( "
F H
"
(
+
"
MF
)
N
2%
' %! C 2%
! ,
" (
"
S
C 2% C 2% ; % , C 2% "
2
"
1
C 2% "
%2
C 2%
2 F , F
& )
C 2% C 2% C 2% 2 " (
*
H4A4 9 F )
.
"
'
& 3
,
2 " '
( &
@9:=B+ %
&
%
(
2
+ )
,
(
M 2
&
I "
(
( @>:=B+
( 2
+ " " "
"
N
"
' "
(
@A:BB+ "
(
" 2 ) ,
@A:BB+"
.* I " (
(%
"
)
"%
( " @9:>9+ ) '
.& (% ,
( 2
& "
(
& ( )- " ) , " '
)
( "
&
' H C 2%
(
(
(
(
2 %!
+
'
( " ,
%
/ (% ,
"
+
.' &
( " (% " & (
+
(
'
H4A4; 9 G+ " (
" ,
2
" "-
)
( 2 " / 2 " ( ' " )
& "
)
' %
% % (% , " " '
" " +
I " % * & 2 & "
194
ULUSAL VE ULUSLARARASI P YASALAR
(%
(
&
&
%! (% & 2
, " , ( % (% ,
(
)
"
2
"
(
" -"
-" "
2
+" *0
"
2 (
'
!% 2 (
"
UB BB8 #5
( "
$ %
2 " '
"
%
%
'
H4A4;;9 + "
2
"
&& " " "
) +
%
(% , &
+ " U=B+
@A:=B+ @A:=B % H
@A:BB+ '
)
& ) , % ( % @A:=B+" " 2
& '
"
% S % 2
+
&
2
' @A:BB+"
#1;P$ ) (%
%
!
(
&
) (
2
9 #( "
&(
,
! !
"
"
%
(% ,
"
)
)
[
(
2
" !
='9BB '
%
(% ,
$ 2 2
"
"
2
%
% @A:=B+
2
(% , (% , ,
(% , )
) '
'
*0+" '
9B
+
"
%
' " "-
H,
" ) " S
"
@7> 97? E7@9 H,
"
( %" )-
:
= ! 7
9 ) @B )
"-
"
%
& "
"
(
" %2
(
2 @A
(
"
"
"-
"
( "
%
+ "
' "
"
P
"
'
195
ULUSAL VE ULUSLARARASI P YASALAR
P
" , "
" + "
( % ( "
+ P
2 "
#
"
" " +
*
C
"
"
"
<
" '
( ( "
$ *
D #U$
8B 8B
P C
* CCH
@A'=BI P OP. D # $# *0
O P C / $
* CCH
@A'=BI P 1PC D 1C PJ#U$
O
P C
* CCH
@A'=BI P D # $#
O P C / $
* CCH
1PC *0
H4A4; 9
6
2
#! U@ %
"
)
" " '
+ " "
( (" '
5 %
"
"
@@B 89 9B >B L=9 BB
!$ (
2
"
'
&
( ) !%
) " +
" (
" " '
! + "
@
"
*0
( %
L 9A
.'
%
+ !
%
9BB'BBB BB
O
H4A4;B9
+
'
@A'=BI P OP. D 1C PJ#U$
"
' (%
G ? S
1;P 1C
+ "
"-
"
6 "
2
) !
! (
&
" " '
(
"
2
-"
!
%2 K
! & (
+
%"
:
196
ULUSAL VE ULUSLARARASI P YASALAR
3 . @B;B8;8BB> @B;B8;8BB> @B;B8;8BB>
+ "
)
(&" @@;B8;8BB> @L;B8;8BB> 8>;B8;8BB>
, " '
"
& @ L @>
+ &4 2 @E BB 8B BB 8@ BB
+
1;P
. @B;B8;8BB> @B;B8;8BB> @B;B8;8BB> S
)
&
$
" @BBBB 9BBBB 8BBBB
@ L @>
,
& BB BB @B
&
"
2 42 & 8@ 89 88 BB 8@ >B
( ) 3 " @BBBB 8=BBBBB @=9BBBB
& @ @ @
?
)
2 8B @E @E
-
( )
C
6C1 JP
MATR KS
" 9BBB @BBBB 8BBBB
"
!%
" 99BBB LBBBB ?BBBB
"
!%
& BB EB ?B
' 6 2 & " 88 BB @9BBBB 88 @B 9?BBBB 88 =B 89BBBBB
"
G>
1C
& (& 2 & 88 BB 8= BB 8@ @B
$2
?$ C 6
2 8B 8@ 8@
%
+ Q2 88 BB 8= BB 88 BB
(&" @@;B8;8BB> @@;B8;8BB> @@;B8;8BB> +
&
' 6 2 & " 88 BB @9BBB 8= BB >BBBB 8@ 9B =BBBB
?
@
6*@
P 7 2
P 7 !
P 7 F
(
$
1 P 7 F
(
!
!
TAKASBANKTakasbank Genel Sayfası
TAKASBANKTakasbank Genel Sayfası
/@ )
0" H
G!
)
0" H
G!
lgili Vade Üzerine Çift Klik
197
ULUSAL VE ULUSLARARASI P YASALAR
H4A4;D9
'
0 &' ) 1 (&
* " "
&&-
&? 8@;B8;@EEL % P
F ,
&
+ .
"
"
"
"
H4A4;:9
(& & &-
(& 5
% ) ,
& 89ABL " " 2% !- " )& (
(
" 2 ( ) , 8?;B=;B@ ""
2 ? '- &
C 2 " & 2
F " " " S2% (
!
& "
' ' # ' 0 &'
8>;@8;@EEE & 2% !" + " "
(
B?;@B;8BB> (
" "
&
%
" "
) ,
" (
&
(
(
U8B+
1 $" "
@88;@>99 # " (
'
'
' &-
%2
7(% ,
$
U8B+
'
" 5 ( # :0JJ P%:8>$ !- % 2% !"' ( " 2% !"
% ( % )-
" !% U8B+
' &
>A=8
" & (
"
" -
! %
5 )+ " "
8A+ ! !%
"
(
!%
!
'
198
ULUSAL VE ULUSLARARASI P YASALAR
9
> I*<
<
2
,
#% 7 & 7 % $ 2 ( ( ! " ( " , 2 G 2 " % (% ( " - )" , , " ) , 2 ( " " 2 ( ' ) &7 7
)
2
" (% ) &7
2
" (
2
2 "
2
2
"
#% )
"$ 2
' ) , ' O
(
) &7
2 , *
(
"
(
2
" '
" )
(% ( 2
' %
! " " "
%
(%
" " " ' % ) , ' 2 "
& (%
2
2 %
)
" (
(% % (
%
% '
) &7
" ' -
(-
"
(
&
" 2
(
"
( 2 (
(
%
" ' /
"
-, " "
" '
/ % ) 2 %
" 2 "
2
"
$
,
P ,
+ "
d+ (
2 2 2 ) "
" " ( % % % !%
) )'
" 2
) &7
" " ' ) &7 %
(
" '
% )-
"
"
( 2 " ) &7
"
"
" "
" ( 2 (
(%
) ) &7 (% 2 %
2 "
& " & ,( &
2
, !
2 ( !% ,% " &
)
"
" "
"
( ( " 2
, ) "
"
#"
; " % 2
& (%
( & .+
, &
(% (%
%
&
" 2
' "
,% 2 ) ! ( 2 % % '
"
" )
)
!% ' "-
)" "2
" ) (
( !
% ' 8BBA P d
% %"
' (
2
" '
' *%" "
(
!%
%
( (
" 2
,
(
199
ULUSAL VE ULUSLARARASI P YASALAR
' 5
4;9
" '
2
!@JC
*
4;4;9
'
(
2
"
(
2
& .'
#
+ "
, (- ) & ) " (% % % " , ) &7 2 " )- ' / , ( & P5 +" * W+" % % ( " % ( ( )4& 2 +" )- ' (% " ( (% 2 % % ( (% " )( " =B ) ) , ) " ' @E=> & * % + )- ( ( % 2 ) " (% & % ( % , ' 2 )& " % 2 ! ( , " " ) ' @EA@ % ) % % %"
"
P %2 2 2
P % 2 2 ?= P
1%
#
.$ + #P 2 !%
, "
@EL@
%
%
"
%
P < 5% , " &
"
8BBB 8BB8
%"
*
(
% (
#P5
$ )-
)
d+ ='8BB 2 " " ' %2 " '5 " %2 ) d %"
%"
% %K " '
8 ( )
&
) %
&
1
# * W$ )-
( " P
& d+
% +" " ' " '
P 2
2
(% !
%
%
% (
2 &
%
!% % ) ,
2 P
&
(%
- " %
"
=9B'BBB (
'
" & & !!
% "
(
" &
P "
'
)
' " &
) %
P
% 2
2
+
='9BB " e+" ' @'BBB " 2 >9B % 2 89B 8BB> " ?? % e+" ' 3 % e @@ % e% "
2 , ) ,
d!
%
,! @B 2
P
&2 %" %
, )-
%
& 9>B
(% " '
2 &
%
2
2 " d+
2
" @?
" (
" "
)4& ' 5 2
' +
" )4& ,% " "
% "
%
"
"
! $ )%
' )
)d+
" '
2 d+ 8BB> '
( , 2 & " % " 8B+" '
d+ (%
" " "
'
,
200
ULUSAL VE ULUSLARARASI P YASALAR
(
%"
2
"
P
d 2
8BB@ %2 "
% & (% P
"
P
+
d Q 2%
"
"
"
UA? 8+ ' P
" 2
"
" &
"
, Q 2% 8BB8
,
"
%! ( P
% d Q 2%
'
d+
%
+
)
"
d+
'
P
(
8BB= (% 2
'
" (
@EEE
' %
1
,
"
@8 9 d %2
% "
e (
"
P
)
)-
) , % %
' P %
)4&
2
d 8BB=
' %
"% )-
!
P
d
!
,
&,
d
A "
'
, %
P , % ) 2 ' d %" (
4;4 9 )
d
2 2
(
"
%
&
(
) '
( "
!
"
%
'
( %
( , "
(
,% ( '
(
" )
% ( (
,% )-
&@ +"
2
"
" 2 "
2
) +" " .%$ " % & # % " )
% "
4;4B9
"
!
)4& +"
2 )4&
(% 2
'
)4& )4&
"
" %" )( 2 " ' )
2
(
2 +" " " ( ] & ) $+" ( " " ! " "
2
F "
2
% +" + "
.% #
% '
" *Q / P )& (% "
" 2% !)( ( ' + " %" '
MQ %(( N " % % %
&
) %
2 %
% )(
'
[ 3(& " %" " & 2 2
" !% " )4&
2 &
)(
Q 2%
+"
)4&
(% 2
) ) ,
% (% ( 2
"
)
"
"
) !
, "
" ' % (%
) " '
201
ULUSAL VE ULUSLARARASI P YASALAR
)4& &
2
"
)%
%
&
"
%
"
%
( &
4;4D9
Q " R+ @@A
%2
" &
" " )
"
) ,
'
P
" ) (% (
*
2
E>9 e %
%
% ! " ( (%
"
(
"
% 2 2
" '
"
)
@@B 9BB
&
" ' " , ) , " ' " (% " 2 (% " ) , " ' (% " 2 !% ) ,
& *
*
"
%
e+" ' 8BB> % e+" '
"% !
!
(%
+" (% " '
" %
& )
" (%
(
" % 2
&
%
*
%
" % ,% P
% '
"
2
)-
8BBB +
*
2 # (
%
" & % "
& !!
# & * 2 %
& $ 2 P
*
$ " '
*
"
(
P
*
,
"' ) "
% %K ' "
+ & )"
2
% % %K
" )) %
"% &
%
' 2
2
)- " % ) , %
% )'
% " " "
" ' " "
2
$ "
+ % ( 2 8BBB )" ( (% % ,
), 2 P
2
)4& 2 ( " 2 " ,
' % #F % "
2
+ " )4& 2
)- " " 2
(% ( "-
( "
"
% ) , 8BB=
(
& +"
" 2
! "
&
Q " R @ELA " , -, ' Q 2% ' @= 8BB> & " % 2 ' )4& (% % % '
8BB> %2
Q
) "
% )
(
,
' 2
"
%
% (
, :
202
ULUSAL VE ULUSLARARASI P YASALAR
3 /
= , %
2 (
" , ,
/ % )
"
!
%
& %
& U89 % (%
- )@ 89 & ,
, %
2 %
" %% @B'BBB "
-
2%
& &
,
% 2 % 2
" '
1 ) 3
2
( %
"
" ,
)
% = %
"
% ( ! & (%
, ) % , %
" & & !! &
, -
:
@B'BBB " 2% ,
&
% 2 % 2
" '
1 ) -,
2 &
,
&
% )
"
(" '
"
(F 6 C +
% " %
)$
#(
2
)" % % " - )-
"
%
#
$
"
"
,
$
"
2% " '
2 " &
(% "
"
'
& " !
" "
2
"
(
%
'
"-
"
-
, - )-
(#
))
2 &
) "
" '
& "
2 " '
O
"
( "
"
% %
%
(
2 " SF
2 (
F &
2
" (-
C ,
2
!
- )-
!
" ' , "
" ( % ! )
( ,
% ) " F
2
( )
% %K
% 2%
% "
2
'
4;4:9 F
%
&
$(
%
% " R (% -,
+"
,
@EEA
" !
% %K %
'
203
ULUSAL VE ULUSLARARASI P YASALAR
% " R
%
%
+
2 - "
) + " )
%
" &
( "
% %K ) , '
% %
)-
%
,
%
(% " ' 8BBB
+"
! @E?L & ) "
" "
"
%
"
"
"
)
%
)4&
2
"
,
% )-
"
+
(% % 2
" % " R F% " % "
4;4A9
% )4&
" 2
" )-
"
( 2 #
% ) 2
$ (
'
8BBB .%
) " !
%
% %K +" UL9+ % " R
'
(% " "
$
@EEL
)4&
% " R (
% " R %
" " % %
$ & ) , ' @EEA % " R % ! ' @EE? " '
' ) ,
!
%
1 . '
#1
+ "
%
7 & 7
%
'
'
)4&
2
+" %
2
(
5 "
@E9=
%
@EE@ " % " R # )4& " % " R* 3 ) , ' % " R " % " R % ' @EEE
8BB9 (
% " " ' 0 % ' % " R & % +" &
%
(% ' @E?L "
% (
"
-
2
" ) " :
)
" % %
( % )-
7" :
"
2
)-
M *
)
%
#
)
, " $N
2 2
+"
" (
" *
" ( )
" &
&
@E
8BB8
! " 2 " '
" "
%
2 N &
9
" '
& ( (
)"
+"
; "
( )
%
" +
& (
,
"
" " •
) "
&
"% )
M
% &
" "
&
" (
%
204
ULUSAL VE ULUSLARARASI P YASALAR •
* ) , , *
•
!%
! "
)-
+
"
2
& " , ! "
*
"
9+
(
" ' 2 " %
)- " " " -
+
&
" "
%
%
" " (
, ) "
"
"
* (
)-
! " " '
2
: -
% % "
( " •
& "
"
)
% *
'
) 2
&
+"
) "
(
"
" " : " M N ,
2 "
%
" " ,
' *
" ' ( ) " !
• •
" # 2
(
(
N
=
(
%
%2 %
" % +
"
2 "
'
(
)
' "
"
! " K
( •
" +
! , % )
2
M* ( ) ( ' " ' ) , $'
'
%
• )
) ,
! )
"
,
, (
"
"
) , ( ) "
•
)
) 2% !-
"
•
% (
) , ' 5
( +
%
)
,
"
! 2
"
"
)
! "
'
% F ,
•
"
"
! " +"
*
+
,
;
(
,
,
& " "
"
' 2
"
)
)
,
!
& )
/
" )4&
)
2
2 ,
"
"
, 2
" / U 89+ % " & "
)
,
+ " "
%
2
)
' "
"
" '
205
ULUSAL VE ULUSLARARASI P YASALAR
4 9
&'
.* ( " J ( I" 2 ( " )( 2 % " " " 2 " ( " ( % " " " " 2 ( " ' % ) ( 2 % .* J ( I" 2 2 " " " " 2 " & ,% .* I " " ) .* ( " 2 " & % " ' .* ( " 2 & , ( " " !% " & & ) ( " ' 2 " "% ( 2 ( ( ) " ' 2 " X X " " ' / ( X X % ( ( X X " & " 2 ( " ' " " 2 & % " ( ) %2 " , & 2 ( % " ' ) " ) ! )( .* J ( & " 2 " & " " ' !% 2 2 ( " )( ( ) " ! " ) " ! " " 2 ( " ' ( ) ( ) " ! " C I 1 ! " ( " ' 2 " % 2 " " ( )( % 2 2 " " ( & , (% , % " " ( (% , & % " '
4B9
&'
2 ( "
3( 2% "
)( 2%
2
J* "
"
I
2
2
" " X X 2 ( " ' 2 " " ) " ! " C 2% I" ) ,
4D9
&' " ( %
"
"
C 2%7 ( % " " C 2%7 ) "
2 X
X
" (
" % "
( ) " " & " '
C 2% I" 2 ( " ' C 2% I" " " %" )( ( " & " ! ,% J* C 2%7
C# &
( " "% 2
J* ( " ( " " & ,% J* ( " & " ' % ( !% 2 2 " ' % (
(% % "%
" 7 I" " 2 ( " " & ,% J* J* I "
"% 2 ( " ' ( "
"
" )(
J* " &
"% 7 ) "
" " "
-
( I" "
206
ULUSAL VE ULUSLARARASI P YASALAR
2 " " & ,% ) ,
" %" " & " ! %
4:9 2 " ) )
&' "
, ,
" " " %
% ) ! % )(
4A9
2
' X " " %
X ( ) I"
" " ' -
"-
7 ! ! " ( " 2 " " " X X " & " ! ( ) " ! % % ( ) ) ( " ' .* "" 2 " " & " '
/#! ! 2
% )
"
2
" ( 2 " '
J*
! .* ( 2 ( " )( 2 % ( % 2 " " " 2 ( ( ( ,% 2 " ( " ' X X % ( 2 " "% & & ) ( % " " 2 !% " ! " % ) , " ' #C ! %" : @Y$ ) @ BBB BBB "% , ( " ( " -, " 2 & " 2 " !% " & 2 (
!
2 "
& X % !%
X
/#!
0
(
" " 2 " " " ' 2 " " ! " ) , ( " " '
)( ( 2 2 ( " ) ( ((
& " ' 2 " ' O " "
"
"
, %2 " !
" ! "-
( !
( ! &
) ) 2 "
!
"
2
" )-
2
(
" " ' U@BI " %" & " % " %" , ! & -" 2 ) ! "! " 2 " " ) " ! ! !
2 ) -" %"
&
"
& ! (%
" '
4A4;9 2
,
% !
$ 3 !
)
.
!
" " )
& (
"( % 2
%
)% "
% )2 ,
6' 6 +" ) , ! % " ' 5 ( & +"
!
2
(
! !
(
2
( " '
2
"
2
2
!
!
( " % %+
" (
%
2
( ( 2 " ) ,
% !
%
( " '
207
ULUSAL VE ULUSLARARASI P YASALAR
2
,
+"
2
) % ( (
"
&
* ,
2
+"
(
" , " !
( !
2" % " %" ! !
"
)
)" (
"
2 % ) +"
2 K
(
2 )
" 2
! !
*
,
" '
' " " *
" 2
, ( ( &2 %" ,
&
" "
2 2
& " & ! ! ! !
(
%
!
!
,
,
"
! + " "%
" '
"
%
'
( 2
"
:
"
2
%" "
&
&
,
&
) (
'
-
% %
(
!
" ' ( " ' ( " * " '
) % -
" ( (% !
! " "
@B BBB %
&
"
!
) "
& " "% +" * ( )-
'
" '
-
)
% F !
' 5
)
2 5 2 ) , ! "
" ,
" +
%2 ! !
"
" ' 2
-
-
"
2
-
-
%
" '
&2
2
,
% -
( )'
2 & % ) , " ) ( "% ! ! ,% ( ' ," ( 2 & % , & -
)
-
( ( 2
2
)
) + "
! " + " " %
"
"
(
"
(
(
2
2 * 2" %
!
* +" ' F 2 " (
! ,
%
'
% + " ! " " ( @BB BBB BBB # ( &
( " '
2 % $
(
"
% (
-
! " , C 2 ! ! @?:BB+ " " ' 2 ( ) 6 e 6C % 2 ( " % , ) ) " )" ' ! ( )* ! " 2 " ( 2 ! " ' ! + " 2 " & 2* * ! " % ) , " '
208
ULUSAL VE ULUSLARARASI P YASALAR
4E9
0
& (
2 %" ) , 2 %2 (
" "
2 (
"
( " '
( %" ) , @;=I 2 " 2 " " ! ! " " & % " ' ! , " "%
)! "
' J "
(
( I"
%
% 2 , % ( 2 & & ) ( " ( " " " ' " ( ) % ( 2 " ) , & " ! ! J ( % I" "" " " " ! " ( 2 " " " 2 " "% " " ( % " " ,% % " "
( ( "
" ' "-
" " ' "
" '
209
ULUSAL VE ULUSLARARASI P YASALAR
; 9 $
+ ?$
$
+
+
* )-
% 2
)%
"
(
, "
!
'
210
ULUSAL VE ULUSLARARASI P YASALAR
;;9
> 2
;;4;9
&
$%
(
" ) ,
3(
-
.* " '
" ' &W (0
*
=
$
&
!
?
"
' &W (0 &
*
3( &
6'
7 (
&
7
" '
3( (
3(
1
C " &
R
3
9 F
R
"
9 (
&
"
+
,
" '
3( 2% "
&
"
. !
" 3(1" 2%
7 3( 2 %) )
&'
& 7
,
& " 2%
" ,
" 2% ! "
(
" (
" 2%
! " '
9 "
" 2%
-" " 2%
) @"
& 9
% &
3( &
% "
&
@
!
(
2 , ,
%
"
" "
! )
%"
(
&
.$ $ , ,
! " "
@E== " )
+ "
MP 57
'
(& #
*
# "
"
" ]& ) @E==7 & " 2
.%
% 7
&
" ' " ;DD . ! "
" ;dJ
"
7 R
! "
%
(
N +
" '
211
ULUSAL VE ULUSLARARASI P YASALAR
;;4 9 2%
3(
6'
#
C
!
, &
'
2%
) "
2%
, &
% ! 2
&
2
" ' )
)
(
) 2 "
@E8L
"
%2 " '
!
"
;;4 4;9
3(
;;4 4;4;9
3(
!
& ! ( " % " &%< " &
" 2%
!
&
& " ! 2 C # C$ ( "
" 2%
! " , ( ( "
( " M " '
)2% !
" C
% " F %
)
"
( 7
! "
,
& .+
2 $ -
" 2% 2 N
(@ C
%
, %
' 2
(%
(
%
" 2
2 2% !-
' ' " '
2
( 2%
6' 6'
! C
! "
"
JJ' ( 2 " ' @E?B+ " % ) " ,
%
)
!
" 2%
2 &
) 2
%
)
% %K
2%
% %
!
& ( " P /% " )+
2% 2 %) C #
"
2
2%
2%
@EEB
/
,
(
,
@E8E % % 2 !
2 7 C$ ( " ( ! " " '
2
" M
2 2 F C #F %(
& 2%
" &
2 %) C$
" ' N )
& & 2 ". " "
1
&
, " )
(' (
,
'
212
ULUSAL VE ULUSLARARASI P YASALAR
D epo Sertifika sı Ç ıka rtılm ası Süre ci Kon so rsiy um Lideri
DS’ler uluslararası takas sisteminde, ko nsorsiyum lideri hesabına g eç ilir.
Ulusla rarası Tak as (clearin g) Sistem i
DS’ler
DS ihracı Dep ocu (dep ositary) Hisse sene tleri
" 2% %" $ " 2% ( " 2% ( ! " ! "
;;4 4;4 9
@ #
M
N
(
! "
,
( ) "
, "
( ) " 2
( )
% % " 2
& '
,
& # $ "
" (
,
" "
'
) &
&
! ( ) ( ) & #
,
( ) "
" ('
)
"
#%
& 2
( %
" %
" "
"
1
!
&
' ! "
! "
@ * !
" ' &
(
" 2% 2
"
' 3 %
( '
"
S ak lam acı (cu sto di an )
Hisse sene di teslim
Yab anc ı irket
/
)
B lo kaj bildirim
"% (%
% !
"
&
2
&
,
"
! " )
& % 2
,
" -
$&
%
( '
-, " 2
" "% 2 % 2
2 2
"
( )
% % "
' %
%
(
" 2 %2 # % )$ (
% " " 2%
! " 2 %2 ! !
2
2 #(%% ( (
( 2
, " )$ "
(
(
%
!
" ' &
" 2 "
&
'
& 2
'
213
ULUSAL VE ULUSLARARASI P YASALAR
;;4 4;4B9 2%
3(1"
( "
(
" 2% % ,
! " %
,
"
2
"
# "%
! " 2%
, %
)($
'
(
(
, )-
" '
2 %
"
" "
& ! "
( " 2% ! & ) 2 " " % 2 " " & ( "
&2
&
,
'
2%
!
&
2
"
(' -" ! &2
% 3( # % 2% ) 2 %) )
6' )% ) 2% 2
2
(
( % " 2%
"
1 & ) ' !
"
) .% 2 "
#
& " 2% " "
'
2% 2 %) !
! " 2%
.$
"
& " " " ' (
, " 2% ,
!
# "
" 2% %
-"
#&
& "
%
"
(
!
%
)($
( ,%
&
,
%
"
'
" ( !
%
'
" " '
&
( 2% (
!% &
(%
!
"-
& 2 %)
"'
"
2 %)
)
,
" & 6 ( ' @/ #&
'
$
& , )(
,
-
+"
2% . "
2%
) ! "
/& 1 % 2 " " 2% ! & " , ' 2%
&
( '
! " 2%
2
(@ $ " 2%
2% &
" 2%
"
" 2% (' -"
"
, 2 "
&
" 7 )
( (' ( )
3(1" "' @/ #& % & " 2% ! ) '
"
,
& )
" 2%
&'
%
.
]& "
) .%
% + # )
.$
% 2
214
ULUSAL VE ULUSLARARASI P YASALAR
& %
" " "
-
"
;;4 4;4D9
3(
2%
"
,
)
" 2% %
!
! 2
&
( ( " & 2
"
7 7 7
,! " 2%
2% 2% 2%
" !
,
2 "
&
' &
&
)
2 " ( " 2%
)-
2% 7 7
% % 2% 2%
!
,,
"
%"
" % 2 )
" "
( %
'
,
(
" ' ,
" 2% " MC )
%
+"
(
,
" 2% 2%
& .
2%
"
! N
"
" ,
2
" '
"
"
" '"
2% "
% "
P < 5%
! !
%
&"
! " 2%
" '
)-
2
M" 2%
N
(
" "%
)
! )
,
" & &"
,
!
%
" 2%
"
( %" 2 2 " '
" 2% & " " '
F "-
"
2%
(
%
2%
&2
% " 2%
'
" 2% " " '
"
" (
('$
.
" 2% 2 ), P < 5% ) ,
"
#P < 5%
, )-
& 2 %)
2% / " ! 2
&
& &
!
)
'
" 2%
" 2%
!
&
,
" " 2% ! " 2%
" ,
#
$
!
& %
! &
)
(
)-
2
M" 2%
" " '
% " P < 5% ,
N
( !
&
&
,
#
$
215
ULUSAL VE ULUSLARARASI P YASALAR
" 2 !" " ' " % #" " 2% $ (
'
2%
,
)
& " 2%
' &
"
" ( ) , "
!
" 2% )- " ( && "% " &
,
$" " "."
, " %" & ( %
" 2% 2
"
"
! &
), " ( %
"
" 2%
) %
&
"
" ( " ' 6
& " &
& ! (
& " - " ) " "
% 2 ( &
,
%
(
( ( %
'
% 2%
, ('
" '
%
7
) )
(-
!
" 2% ( ( ,
&2
!
;;4 4;4:9 2%
!
2% &
-
%
!
:
&
" 7 & ( ) 7
,
)
2%
" ,
,
%
$ "
( ) " )
(' -"
%2
" " 2% "
&
" '
5
%
(
(
(
, %2
7 5 %
"
" ( -
(
) ,
: %
"
7 7 5 "
,
)%
% "
75
# % 2% " " 2%
%
"
,
(
"
& %
&
"
(
(
%
'
7 5
( )- -
&
" ,%
"
"
216
ULUSAL VE ULUSLARARASI P YASALAR
(
"
%
;;4B9 6 &
"
3(
)"
2
!
2
& ( "
6' " &
"
" 2
2 2%
2
)
(
2
& , , ( " 2% ( , "
& ! ( " !
2
#
" 2% "
2 " ' &
" "
(
;;4D9
"
&
2% #
% " '
"% ,%
27 "
&
" (
2 ,
( % " 2% % ('$ ,
" " ! "
(
%
, 2 " '
"-
" ' %
-
(
" K
% )
(
" " ! " & , " (
" !%
'
(
, % (
" ' " '
)" ( " '
6'
' & ,, ) & , "
"
!
2
"
2 %) 2
3(
;;4D4;9
"
(
! "
" " -" "%
2% ,
2% !2 %) ( &
( )
2 %)
-
K
"
) , "
5 ( & ,,
(
%
2 %)
2
& (
% " ' ) " 2% " ' "
2 (
!
+ % ,
#&
' , ( " ) " 2 &2
(
" & " ,
!%
&& )
( "
"
" '
(@
7 2 " '
2
"
" %
%
(
3( +"
6'
2
&
,
"
" "
@E== @E=> < $" (
( ]&
)
% 2 (
&
, %
" '
"
" '
217
ULUSAL VE ULUSLARARASI P YASALAR
+" ) )
&
2 % 2
,
( +"
! 2% % "
" 2% ' / & , " '
%
&
, ) " %! % %(K &
" " &
2%
( (% )" . 2%
"
%
(
&
" &
+
%
2 %) 2 %)
,
,
.
(
! " 2
" "
8 2 %) 2 %)
" & & ) ( " '
! " " '
"
C
& )
( %
"-
!
%
,
,
"
"
(
"
M
2% % 2% %
%
%
!
" 2%
7
! +
2%
2 %) %
"
"
,%
" ( 2% % %2 " 2 %) %2 " 2% ! " ' @8)=78#($8+
!
" 2% ( )" ! '
! "
%
( & 2% % 2 %) ( " ' ( 2 %) ( 2 %) M" ( % N " 2% % " 2% ! " ' , " ( )2
;;4D4;4 9 3(& ( " 2% 2
"
&
N M 2% % N % 2 %) " & %" 2 %) 2% %
2 %)
(
! " % " 2%
%
,
(
& "
2 (
(@
" ' / & % N 2
& 2
%
" " "
M 2% &
"!
"
( &
,
2 %)
2 %) & ,
"
(
&
!
;;4D4;4;9 3(& ( 2%
"
& " '
)"
" 2% ! " ( 2 " 2% ! 2 %) " ' " " .( ( ( " (
(
! '
(@ &
, " ' + " 2%
&
" 2%
!
&(
! & " 2%
" & , 2
2 12g3-2(b) Kuralı, menkul kıymetleri ABD borsalarında veya NASDAQ’da kote edilmemi
ve ABD’de halka arz yapmamı olan yabancı irketleri genel SEC kayıt artlarından muaf kılar. irketin bu muhafiyetinin devam ettirebilmesi için kamuya duyurdu u, hissedarlarına gönderdi i veya kendi ülkesindeki düzenleyici kurulu lara bildirdi i her türlü bilgi ve beyanı SEC’ye de bildirmesi gerekmektedir. SEC bu bilgileri incelememekte ve yalnızca kamunun aydınlatılması kapsamında merkezinde bunları halkın incelemesine sunmaktadır.
218
ULUSAL VE ULUSLARARASI P YASALAR
&
%
" )
+" )
%
2 %"
,
%
!
"
(
(
(
( " '
& ="
2%
%
"
2 %)
'
# J 2 %) " ( " ' "
% " %
" " "
J " 2% d % % % "$ &
"
2 2
" (
&
!
& $ P (%
&
( &
(
"
N
)-
+
" #P 1 .
#P
%
.+ " ' 7
+" '
%
(
(
'
) +"
C* :
2 "
(
.+
'
)
2 %! P
! 2 & "
(
%
!% "
)4&
"
* G: 3
F
%
" %
" "
)
&
( ( 2 %)
, M2
+
3
,
)
,
&2 ! "
" 2% .+
306C6: 3 " 2% ( ( ( ' G% % ( !% " 2% , , " . ! " " " ( % " ) & " " MC @8)=78#($N ! '
&
" 2% 2 '
" 2%
(
"
M %
7AN "% " ' *
"
.+ )
" .+"
"
&
"
# %) 2 %! % (%
" " % "
2 %) 2%
, , 2
"
& -
% " ( "
" "
(% , &
(
&
' * JJ 2 %) ) ( '
% " 2% "
#6
( " ' % 2 " 2%
" '
! F
2
.+ $
(% % !
" %
"
'
219
ULUSAL VE ULUSLARARASI P YASALAR
&
"
"
"
2 %) " &
,
" &
* G: 3 F
.+
3
" 2% (
.+
306C6: 3
% "% " % )
2% " '
!
(
" ' %
& ( ( ( " " ' %
%
( ( )
" 2% ( .+" % %" 8B7 % "
)
2% +"
P C* : % "
(%
!
!! !
" 2% & ( "
M % 2
(
2
' 2
'
)
' 7AN "% "
.+ (
" .+
% 8B7 + 2 %" ( ) " ( "% " '
(% , "
(
' %
8B7
"
# *
(
(%
" * )
& %
" ' ( JJJ
)
* G: F (%
%
(%
%) " '
)
,
,
.+
2
% "
%
" "
(
(%
"
%
" "
JJ
" 2% .(
306C6: 3
' * & ( % " " (%
"
(
2
2
&
("
& %"
!% ( &
" 2%
"
JJ 2%
2% )"
P C* : 3 % "
" "
(
" " '
+"
.+
% "
% %
,
& " '
'
" "
% JJJ 2 %)
'
" ' " 2% '
( ( ( %" , " % " % 8B7 + ( ) "
"
2
'
M % 7AN "% " % % 7@ " & ( !% .+ " )
)
' 3 .+
,
2 ' % ( ( % " " '
220
ULUSAL VE ULUSLARARASI P YASALAR
C
.
2 %) 2
#P 5$= "
" " ' )
1C
;P
* G: 5
(
F
P
.+ ) , "
) &7 ,
d+" )
"
#1 .$
"
C* :
(
d J
%
; % "
" '
& +"
306C6:
(
2
(
+"
'
" 2% (
2
)
'
&
% '
) &
" ,
&
,
C
"
#C @>> $ @8)=78#($
2
" !
R ;DD JJJ 2 %) % , @BB e 2% !dJ 2
% ; .
! "
@>> @EEB " ,
MC
" )@>>
e 2% !% " ' . dJ +" &2 '
% " &
" @>> N" "
C 2 %) "
& " ' P
" N
"
C
! % 2 %
"
,
,
3 Qualified Institutional Buyer-QIB
@B !
+ " M "
&
" " (
%
, "
, " &
2%
. @>> 27 '
7"
'
.+
"
( %
"
% "
(
" 2%
"
!
&
!
'
2
P 5+ (
2 %) #C
"
C7 C
C$'
221
ULUSAL VE ULUSLARARASI P YASALAR
;;4D4;4B9
(@
+
+" ( %
&
&&
&
) "
' "
+
% e+
& "
)( 7 "
,
-"
(
27 %
S
)-
"
' ,
&
'
5 ( )-
"
3(
2 %) 2 %) %
'
6'
&
( +" " ' /
G!
2 2
2 %!
, -
$ %
"
$( .+
" "
% 2
0( "
'
1 (@ 2%
K
2 -
7
"
+
#&
(
&
!
5 -5
%
$ (&
1 .
5 2
5%
1 .
5 2
5% 0
" " -&
" 7J # JJ #
.+
#
.+
JJJ C
@>> '#
'#
# "3
2
( $
'
5 2
"
( $
'
5 2
(
0
/
5 2
(
5%
/
5 2
(
5%
#P 5$ % $
) "
" F " & , " & )
(0
2 '
+ "
+ 2
(
2
#P 5$ % $
.+
#
) "
"
"
;;4D4 9
,
'
.+
% (
2 &
( $
" (
C )
" .+
3( ( " 2
! % 2% %
6'
,
"
" !
# ,
&
F ) , 2 2 C7 %2 " '
, #F %( "
2% C 2 $ "% " % % 2% C 2 $ %
222
ULUSAL VE ULUSLARARASI P YASALAR
2 %) 7 %2 7 F ; 2 " 7 "%
2 %) %
F & " % " " ( ' & , 2 % 2 & F
&
" 2%
% 2 )-
&
2 %)
(
, "
( " & ,, F
'5 2 % 2
) "
2%
( ( ) " 2 % 2 & ,, & " '
" ,
%% " " , ' & " 2
+ "-
, ( ( ' & , " 2% F + & ) ,, "
F
- "
)
,
" '
( "
,
"
'
,
)
% " '
-
+
" " ' C ) " ) , 2
"
F
" "
(
% % 2
"
" ' , " !
"
(
+
"
"
2
" ( ,% " +
F &&
) & ,, " &
,
( ' 2&
(
&
!
"
" 2% " ( 2 " 2%
' (
"
2
-
"
" '
"
% 2 (
" @E== " ( " 2%
"
%
" , ) "
)
"
&
'
& ,
2 %) % " 2%
K ( , ( ) ) & ,
"
%
2 2 " ' F
N"
,
&
,
% %
"
2 & MC ) % F N " " " 2
%
& )
, "
"
"
"
(
# % "7 &%<$ "
2
,
'
&
,
%2
2 &
%
2 " ' % 2 " ( )
&
5
,% ( " &
"
2
2 ,
@
,
" MC )
!
" " % 2 " ' C ) % ( ( " >B ) ( (
" " 2% ( %
" % ( !
'
223
ULUSAL VE ULUSLARARASI P YASALAR
; 9
?=
;9AL
+
F
M
" @9+
%
=8 "" $
/ %
) " '
*
/ ""
"
(
" )-
2
+" " " & , $ " , & , & , , "$ $ " " & $ & )( ! $ +" )2 "
"
" S ,
"
" (
"
2
)
,
( '
"
)
(
( "
(
S(
-
!
2
(
"
"
)-
( (
-
!
"
' )
%
,
"-
&
"
' !
,
(
"
2 ,
, " "
!
% %
(
%
!
:JJJ
(
2
,
" 2%
:
2 2
% 2 "
'
"
,
,
& &
& 2
,
&
" 2% +"
2
2
!
" (
$ 5 , ($ 5 ( $ 2% "$ 5 (
!% ,
(
"
%
(
(
" 2% 5 ( (
2 2
" "
,
( )
H " P%:8B
,
"
&
(
( " $ *
2
' +"
#
!
5 (
N
'
($
(
? ?
&
!
& %
' " 2%
!
'
224
ULUSAL VE ULUSLARARASI P YASALAR
5
"
&
2 (
-
2
%
5 (
,
" ' #/ 2%
S,
"
(% &
&
!
S ( " 2% " " & (
"
"
,
-
%
%
(
" " '
2 (
+
' & )
"
%
% "
!%
( )
) (
)-
, ( (
2
- "
"
'('$
(
&
%
"
! "
"
"
2
" ' 2%
!
(
(
-
"
"
" !
" 2%
( ) (
; 4;9
3(
2% (
( ! "
6'
! " + "
+
2 "
2
; 4 9
5 ( 2 -" 2 )
" "
" " "
" 2% +
,
,
' 2
,
, " 2 " 2%
'
"
( " M
"
" ( ) !
2
C* 5
,
! &2 J C .J
5
+" ( "
"
f
C'
% , * D'N (
J
0 &1 G!
"
'
(
,
( & ! " '
" +
"
'
2
( %
+
2 " 2% "
&&F'
" ,
5 ( ( )
+
2 2 )"
)
, -"
, 2
&
! &2
"
(
% (
&
, "
.' &
! "
(
2 ' ) -"
2
)
" 2% 2
" 2
)
(
,
(
( & %
" " '
225
ULUSAL VE ULUSLARARASI P YASALAR
; 4B9 5 %
&- &
2
( " " !
&
% &2
2%
&2
& "
, "
! " 2% " !
%
F
%2
"
&
" 2%
'
)
( ) " '
+
'
% 2
2
" &
'
* '' & & $"
&
)
"
) )
&
%2 (
2
'
& &
2 " (
(
&
"
"
"
(
' ,
"
&
( "
" 2%
!
&
,
% & &2
,
" %
)-
%
' ,,
+"
% %
) &
&
"
,
&
%
' 5 ( ,
, (
" %2
"
(
%2
%
&
( '
(
)
&
(3 & -&
&2 , 2 " + )- "
"
,
!
) !
)(
+" (
=
"
& $" " # $ " "
" 2% & )
( -"
, " , " " " 2%
"
" " '
( "
2%
2 " "
S " 2% " " '
%
"
(
; 4D9
&
& ! "
%
S
" 2% &2
!
"% &
" "
"
2%
"
2
!
&
"
" %" , "
,
" 2%
!
&
(5 & * '
,
" )- "
( "
" &
( 2% ( (%
( %" " "
"
"
'
)- & )&
"
(% (
&
( "
2%
,
,
& ! "
, " "
( "
+ )
% " '
+
226
ULUSAL VE ULUSLARARASI P YASALAR
;B9
? ? L
!
2
2
" !
" " %72
2 " %
%" " : "% ( 2 &2 ' 6 ( ( ' F %
2 - " # % % % % " "
% $
" 2
)' G
"
% 2
" " '
" ! " 2
( ( 2
"
" (1"
%
(
" 2
2 " %"
2 %(% " 2 &2 ' % % ,
" '
! % " ' 2 " ( %!! &% / % " '
%" 2
&% ' 2
2
" " ' O ! + 2 & +"
"
2 ( ) , " ' 2
&
"
-
" 2
"
2 % 2
'
, " 2 " ' 1 " , ( ( % &% 2 "% "
" ( !% - " % ( & % " % " '
2
2
)
" "
' 6
" ' 6 (
"
"
; %
!% 2
"
2
" '
2 Z% < ) ! ( 2 )-
(
&1
# " ' M " '
(
) ' 2
2 $ - ' " ! P < 5% + 7 % % D & ) 2 +" ( ( " ( " %!! &% 2 - % " '
;B4;9
"
(
% " %(% " 2 ) % 2 ) ,% ( )
(
%(% " 2 )" " ' 2 " ! " , 6 ( % &% +" ' & " " " %!! &% 2 -
2
!
!
2
2
-
"
% %( " " "-
%(% " 2 -
"
) '
2
%2 %
( (
"
(
)(
2 %
2
2
2 " "
#
"
2
6 % 2 !
2
9 ;
( (
7
%72 $ 2 %"% N 2 " " " ' M "%
"
"
#-
"% N MC %"%
@E9B+
N
) M
% " 2 +" $ ( ( " %"% N )('
% "% (- ) ),
%"% ! " )"
227
ULUSAL VE ULUSLARARASI P YASALAR
2 +"
"%
2 "
,
M
%N -
2
% " '
% (
&2 %"
" ! "2 "% (
"% " "% " " ' 2 " "2 " ( ( + "% " %
&& !% % " 2 & &2 '
" ' K 2 %"%
) %
( )(
#
2
% $ & (
( K
, 2
"
(
'
2 "
'
( " "!
2
( "
"
! !
( " '
" ' (
"
&
!
2 " % ( " ' 6 2 " & 2 " ! % ( 2 " ) , % - % " ' ! %
%
2
" ' 1C # % " ( "% " ' H " '
" "
% "% " ' " "
&2
2
2
2
2
(
,
"
!%
%
% &
) "
!
" "
(
,
'
"
"
S %
"
(
" '
" % % &
) " " '
(
" "
&2 ( 2 )
" (
(
"%
.
!
(
!
" "
.
&
: %"% %
% " %"%
2 +" ( ,
"
(
! % %
(
!
%
,% %
2
"" ' %
-
"% " ' %"%
"%
'
"
,
K
2
( !
3
"
" ! "
"
" " ( & %"% " %
" ( % (
(
2
2 (
%
" & % " "% " ( "
"
" ' N-
;B4;4;9
2
'
MW
2( 2 @' %"% "8' %"% %"% =' +" ! " ' >' %"% 9' 6
2 (
(
" ) 2 +" (
( (
( " (
"
!
2 ! "
( & 2
) " !
!
" " (
! " ! "
% % (
(
228
ULUSAL VE ULUSLARARASI P YASALAR
(% ( " ' O ( " ' ( M < 2N % ' * " 2 " , ( )- " , "
" " " '
" ! "
" 2
" & 2
-
( (
"
%( % ( ) ' ( %"% ( %
" (
% ( %
& ! )( " " 2
," %"
2
"
( " ( %2 " '
" '
+"
" "
"
"
" !
"
2
%" "
" ,%
- " (
( (
2 , (
%"% (
(
(
"
"
%
" +" " 2 %"% " ' " ' O
(
(
2
"
" "
" ' ! 2" %"
! (
"
"
!
%
"
"-
,
" !
"
!
" 2
"
) )( (
(
% %
!
' % " " % ( ' 5 " ! " ( ' % ( ( ) " : % + ( % ( ( % " ' " " " ( )
!% " ' " %"%
"
2 &2
%
, )
2 %2
) (
'
% ( (
"-
(
)2
: "
(
!
( "
"
%
"
! "
(
% (
"
' "
% " +" ( &2 % " + ! " " " +" %2 "% & ' *@+ )( " " ' F- " " ( % ( " ! % % %"% "
' "
%
(
) %
(
"
2
" "
# 2
(
" '
( " " % " ' " ( -, " % ( " ' 2 ( ( " % ( ' /, ( , 2 "% % % " 2
" " "
"
" " "
" %
% "
(
&
, "
(
" " '
2 %
) , " " " " %"% " , 2 " # " 2 ) "% $ %"% " , 2 % ! %" " "
'
2 $ (
) ' ) "
( (
,
2
)% " ( % " )
%2 !
( ( %
: !
%2 (
#<&%
$ ( ) , " '
229
ULUSAL VE ULUSLARARASI P YASALAR
"
( ,
)
" &
% %
2
! " ( ( ! " % %
)
( )
"
"
"
,
( ' O, " %2
" (
(
'
" -,
, %
( ( "
!
-
-, "
)
% " "
!
"
" ' , "
% ' "%
,
"
" '
" ,
% " !%
(
" 2
) " '
" '
" ! " 7 " "
-
( ( "
"
2
(
" 2
# "
"% % (
"%
"
"
" "
( ) "-
% "
)2 (
"
(
" (
! (
" ' " %
@8
%
"
" (
- )
)
-
(
' !
"
( V
&
! ' %
' % " '
"
( % " ( % " % " ' " & % ( 2 2 !% % % " '
"
" (
(
(
" -
"
" %"
!
" (
" %
"
" 2 2 $ " ' 0" " " '
(
+ 2
2 "
2
%
(
2 2
( ,
(
)
%
(
& ") )+
( ! "
(
), ) % "
( )
&
"-
+
(
2
"
" 2
#
-"
2
)
(
%
& " '
" " "
(
%
"
(
%(
% " '
,
!
K !
&'
7
( " '
( 2
"
(
!
" '
-
(
"
,
" &
"
!%
2
(
( 2
,
;B4;4 9
" & ) " '
(
%
" %
"
" ' " ' -
(
" ( : # $ #($ " ! "
2 %
" ' 2 !
" 2 "
, "
(
( (
"
!
(
"(
!% %
" "
( )-
(
230
ULUSAL VE ULUSLARARASI P YASALAR
! ( (
"
! "
"
" (
(
;B4;4B9
" (
" P < 5% %
% 2 #
% 2 %
" "
(
( )- " " %
" ,
(
2 % " % 6 "
(
"
% "
"
2 % " " ( 2 !% 2 " ) , )" ' % #J $ %"% '
"
+
-
%"
"
"
& %
" : 2 ( ) "& &
+ (
"
%
%
" ' % % ) ( "
% -
%
" '
(
( " '
( -
2
! "
% !% " % " %!! &% % ( " ) " ' 2
%
% % !% &
P < 5%
!
"
%" )"
(
-
"
%
"
! " '
" '
%
( '
"
%
!
='
! 2
' (
" (% , P < 5% ( ( 2 -
2
(
.% ! (
)
,%
,
@' 8' 6 "
)$ % ) " "
%
' !
( " ' "
!
( " ' ! % P 1C$ ( ) % +" "
1C +" % "
"
#
" ( %"
% ) " ,"
" ! "
%)
& (
, ; " 2
-
" " % 2 " " % %
2
" " % % 2
" ' ,% "
-,
" !
"
, " %
'
( )
" " " ' / ! " " ( "
! (
(
(
; ! % -
"
) 2% & )
2
%
% %
%!! &%
( "
2 "
2 &
&2 & " (
%
(
)
% " (
& ! ( " ' 1!! &% ) %
' 2
" "
2 " 'G
( " (
"
2
) )
"
(
( ! "
" %
(
" ' &2 %" " % " % " "% %
" " ' -
( " ( " ' 2 % " " '
231
ULUSAL VE ULUSLARARASI P YASALAR
% %
"
, :
" % " " % " % 6 % 1 "% 2
*
% % )
!% & ( ( ( &
)( " % %+" % " % +" % % "
)
" "
"% % % (
%
" ' O 2%
" &
(
" )- -
,
( " ( "
#"" ' % )($
" %2 ( !%
"
"
" ,
" '
!
(
" '
" %( 2 (
: .% !
( ) " 2 SP < 5% % % % .& )% * S ) 2 /% ) S & 2 P 7 & . " ' 3 2& ( 2 ( ( " ! " ' O % " + " % % ( " /% ) % ) ) 2 + ( -, " ) 2 (
!%
( "
%
! D
" " " !
! "
"
!% #!%
" !% "
!
"
" '
'
-
" 7 " < )$ # % " +" '
) ) (
(
%
) (- )
" "
" ' $ ( "
!
!% " 2
!
" ' 1!! &%
!
" 2
( " )
& "
" %
!
"
" )- !% % ,% ( " ' G ( ( " ' % % - 2 " " '
"
(
" (
" "
) &
2 %( " " &
( " ' 6 )
)
"
( (
" " '
;B4 9 ;B4 4;9 C ;B4 4;4;9
" (0(&"
C#
'
, &&
"
C#
) "
C#
&&
.
232
ULUSAL VE ULUSLARARASI P YASALAR
%
"
2
"
!%
(
" (
2
"
"
%
" "%
%
F %( / &
& ) ( ( ' )" ( ' ;4 4 B4 D4 :4 A4 E4 H4 4
(
2
! ,
"
" "
(
%
(
" " " ( " ,% , ,
& & ) 2 ( " , " / ) " & , " " / ) (% " % " " & , & ) " %" 5 & ) " %" & " % " ) #"% % $ %" & & ) ( % ) -" " & )
•
"
3
-
(
S C#
%
C
2 $ " " '
#(
7) 3 (
0 &1 " %
C# "
) (
7-(
C 2 %"
)
" 2
&
& " +" /% " +" Q 2% +" ) +" 2 +"
&
5 (
•
" ( (
C# U ;
' & & & & &
9 C ) & 2
&
,
, , , , ,
S " " " " "
2
"
, 2
"
) %
" 6
% %
%"
$
2 " ) -
&
C#
# %2 K
U 6
)
2
$'
(-
'
" &
) &
,
&
& & & & & %
2 -
" '
%"
" " ' "
" & %
2
%
# ! "
" ) ,
, % &
(
: 5 : C : : : *
,
(
(
&
,
! "
" "
@& 0(&-9U 5 ( ( & ( " & " % 2 & ) +" ) ( " & & " " '
( (
,
S
76 (
( ( ( ( (
-" " '
(
& #
1 0(&-9U " 2 % 2 & " !
"
!% "
%
%
! " % , )
( "
( %
" ' O
-
(
&
" &
( "
"
"
"%) "%
$( "
! (
% " ' &
233
ULUSAL VE ULUSLARARASI P YASALAR
% %
&
-
& " '
%
M&
&
% " (
&
( 2
N %2 K
% &
%
,
& !
% + 1 .2
,%
(%
%" "
)
" " )
"
-
2 ' (
"
(
& )
&
)
) (
(%
"
%
%
+
) , ,
" &
% '
,
&
%
"
,
&
(
2% !-
" ' % & %7"%
#
2
, " % ( ) % " " '
" %
% & & & e+ " " •
& , 5 " & 2 , ;4 6 ( 4 , " B4 ( D4 " ( " /
" &
(
#(% )&
' "
2 "
"-
)-
"
(-
" '
( %
% K " & ,
"
)
& ''''$
%7
, " )-
C# C ( "
%
"
% %
"% "
" ' ,% %
(
&
( % "
&
2
&
7 " -. C# & N ( " " M%!! &% N &2 ' S % ! " % #) %( & ,$ ( " " ' # ) " !% $'
& %7 & & ) " $ % " , ,% " 2 " ' % &
% % %"
( &
& "
"
'
)
& "
(
"
" -
% &
! " % " +" % & & , " 2 ( " ' ( '
) M
"
(
) (
"
( ( "
( '
2
" &
"% % %
9D U %(% " M " & & 2 " ' 2
) " & % 2
( N " &
( , " % &
,
" " " ' " &
&
& " ' ,
' "
'
" % " %" , ) , & % % % ! %" & , " & , ( 2 & , %7 & & &2 2 -" "
4 Bazı ara tırmacılar ve piyasada faaliyet gösteren kurulu lar uluslararası/yurtdı ı tahvil piyasasına “Eurotahvil” piyasası da demektedir.
234
ULUSAL VE ULUSLARARASI P YASALAR
2
(
%" " 2 " ' & & ,% " 2 2 ; " '
"
( %
"
) % & (
&
, " ' 2 ( " " Q 2% % $ Q 2% +" ( & %
( 2 2
&
F , ) , & & & 2 "%
2 "
M@ (0
" (
6 ) , ' O % %
&
( "
' )
% ) , & ,%
& , "% " ! "
C# R@ (0 ) ,
+ &
0(&-N " ( 5 -
" '
2 ! " &
(
&
)
)%
&
) "
%
( "
) " /%
"
%
& (
"
,% )
% "
, 2 &
& , % & !
" &
;B4 4;4 9 %2 )
%
1 " %
" " ) %( " %7 @'9
&
2
( " '
"
"
)
"
" & , !
"
%" ( !
,
'
2 "% , ( & % & & , ' @E?9 " ( 2 & " # " ) ;(%% " & , " ( 2 2 " %2 & , " " " '
) ) 2% ) ( %2 K
" ' ( (
N
2 &
"
)" ) , " &
, " SQ 2% & &
& @E?E & ) , & 2 " & & @B "
%
2 "
"
! &
'
" ! ,%
" '6 ) " " "% ( & , ( ,% %% ( ( " % ( "
"%
" )% " & & ) ( " ( ( ( & , ( ( " " ( 2 ( " & , & " S#( & , " " ( 2 ( " 2 & & " 2 % M &% ) % MF & N " " '
" ' S
" " " 2
-" (
" ( ( " $ 2 % " '
&
& "
)
" # ) % MBN" ' " ' " ) " '
-
"
" ' %2 K
" $ % & (
&-
" "
" " &
! " (
)-
& (
,
"( '
( "
&
235
ULUSAL VE ULUSLARARASI P YASALAR
& " (
% " 2
"
!% ! )
2 %
" "
"
" "
" & "
" %
"
"
%
% 2 %)
2 %
(
"
;4 5 4 2
)-
,
(
! # ! 7 MK
) N
"
#
:J
"
(
% 2
% &
,
" &
%
S
"
" $
)%
" S
&
' N &
& " ' 5
! " MQ M
( MK
N
*%%" +
g+ " '
& N )
! "
+((- ,
#@ 8 =$
" "
&
)" & " 2 " 7 & )& "N & "
'
( %"
#@ 8 =$
-
"
"
"
#@ 8 =$
2 '
'
%
"
"
&
MK &2
K
( )
"
,
" -
2 - " "
"'
"
)% " " %
!
2
"
;4 " " g %% .% 2' 4 *%%" + J % B4 J % . " D4 &J % &
(
"
"
"
( , 2 "
-
" '
"
,
2
"
" " )
&
&-
R
#[;7$ $
5 # " R
#[;7$ R
$
0" " 5 # " R &% %
*%
#[;7$ $
g % " *
)
" $
&
- \ (( ,
5 # ]
) 7 ") "$
5 #/ )& R
#
" F , % )$
G% F , #0 % )$ F , # % )$ 5 # " R
$
!'LE'
236
ULUSAL VE ULUSLARARASI P YASALAR
;B4 4;4B9
C#
F % & M( N & #M" N & , % 2 & , ( 2% " " " ( " M" N & & , " @ELB )" ( ' ! @;=+ % ' & , " ! % ) ( " " & % 2 2 N' H, ( & & , )% , & & , " ' &( & , ( " ( , , " & " ' &
- " %
( "
'
2%
M
"
" " " '$ ! % ( & " ' / " ( " 2 & " (% , @E?B+ " & , A J 1C+ ( % ( " M % " 7 2 " % 2 ( & % & " " ( ( &
"
N
!
-
!
2
& % 2 & (
(
,
!
&
" S 9
!
C# 70" % 3 & # & &9N ( ( " " ( ( " " #- 'S % " 09 ! C# 73 3 " % 0 & , )& , ! 2% " ( ), ( ! % " ) " ' 19 6 $"3(& " C# N 2% ( % " " % % " & , " -9 /& . 0 71(&# 0 9 C# N 5 #( ( & & , " ( & " ' 9 & <! & C# N 2 & , ( ( ( ( ( ! 6 9 &- ' 5 C# N 0" " & " %< / " " $ " )" #- ' %$! )- ( " % @9 F 6 /#! GC# N 2% -" 2 " ' O 2% -" " ! " & & '
;B4 4;4D9 6 -
"
" 2 )
C# "
, & & "
%
( " ' " ( '
& & -
2
&2 % 2 ( 2% ( " $, ' ( " % 2 ( " ! % " ' " & " &
9N "
-"
2
!
(
" ' & (
(
(
( $
"
&
"
) , " ' #- 'SP
& (
(
"
" '
(
"
7 (
" ' ! "%
!
2 % 2
"
(
"
&1 & %
" , -
( "
(
( ), )
&
237
ULUSAL VE ULUSLARARASI P YASALAR
&
,
(
;4 2 % 2 4 % , B4 2% ( D4 & , ! :4 5
%
%
" ) ( %
( ;
% 2
" (
2
)
(
S
"
"
2
"
2 &2 ' 6 " % ( 2 " #" " (
"
%
2
"
2
"
2
&
!
,
)-
(
' " ' % &
" "
"
"
"
2 % 2
" '$ %
&
" " & " "
!
%
&
% % #(% )& " $ )" ( " ' ( " & " &
, "
"
&
"
%
& (
, (
) -" " & U %
" &
)-
& "
'
,
"
&
&
"
& 6 " -"
,
"
%
%
"
%
( ( % 2 %! " &
2 %
(
!%
%
" & " ) % %
%
&
& '
(
% (
% % -"
!
" "
(% , "
,
" ,
( "
% !
% " ' " %
"
)) %
%
" &
%
' ,
2
'
G & 5 &U % 5 % % (3
% %
: @8'9 7e #@BBBe 7E?L'9e$ : 9 7e #E?L'9e 7E?8'9e$ : 9 7e #E?8'9e 7ELL'9e$ N 4:%R] 7; ] R EE4:] 9
% "
%
%
" " @BBB 7e % ' " % % " #UEL'L9$ & % " " ! " % & ! " % " " ) ) 2
"
& & , " ELL'9 7e " " " % % % " ! " " "
#(% , " '5 " '
(
$
78 4 :9
U8'89 % " " % % (% % % " ( " ( ( # 2 "$ "
238
ULUSAL VE ULUSLARARASI P YASALAR
& ) , ' % " % %
&
%"
& ,
%
&
" 2
(
2
"
"
% % '
(
"
" %
"
"
5 -
"
&
2
(
"
" ( ,
F %
*
&&
. 1
2% (
#
"
% #2
% % (
F
% "
$ &
%!
;B4 4;4:9
( " -
% & % %
)
,
!
,-
) "
.
& %
" !
, &
" (
(
2
) &
2
"
$
& ' &1
" ' ('
%
2 2
#"
)
2
"
!'A='
"
% % 7J *
%
"$
' (
C#
%
)
)'
! ! "
"d
2
'
' (
(
"
2 " &
$
' )-
& ':
&
'
,
5
$
#
' -"
( )
5
'
' -"
6
2
(
'
"
F %
G!
(
'
0 ) ,
,
(
( ( " 2 " ! " ( ! " " " " ( ! ) (
F
&
%"
)(
% % ! ) , ,
C#
& %
%2
" "
" '
% (
' 2
( )( " (
%"
%
% & ! & %
(
& 2 ,"
! " '
, &(
(
) &7 2 " ( ) , % " ! ( " " ' , % 2 , J % % )( ) " ' " " ' , ,
" "
( -
2
&
&
,
( 2%
% &
% !
" * , (
, % " ' !
( ! ( "
239
ULUSAL VE ULUSLARARASI P YASALAR
" !! ! (
2
&
;4
" ( ( "
" "
%
" ( & ( ( " )-
" " %" "
2 " ' !! ! (
&
;B4 4 9
2 "
=
C
. ( " % % *
/ %
%
%
!
% -
"
" ' % %
2
%
"
" & " S
! "
" )
& &
!
'
& ( % " & ! " & ,% ! % (' ! "
2 !
)
(
& ( 2 " "
% 2
" '
+
.
5
6&- &
3
&
$ ,
.
, "
& #/ %
*
#
$
"
"
%7 & (
(
(
(
(
2
" ' %2
&
# 2
% ( " " %
"
& -
%
" ( %7 & % %
% (-
(
#(
&
, %"
! $
&
(
#
2
" &
% (
( 7%!!
< , %
" " '
( !
"
" '
2 '
2
" &
-,
%
"
%
, "
(
) , %
2
" &
% )-
"
" " '
(
2 & ( (
(
(%
)
%
" '
-
(
& , %
( %
)
& " / * % % & & ,
(
"
"
&
2 , (
( -
" & , " ' " )(
.0 ' & ' * ! & C# C )
" ;B4 4 4;9
" (
)-
& !
2" % (
-,
B4
-
" "
" '
"
4
&
) ,
& , $ ( 2 2 )
,
$ ! " " "
(
& (
' / ' / "
2 " !
& !
! ' '
240
ULUSAL VE ULUSLARARASI P YASALAR
;B4 4 4 9
( " % ,! ) 2
' &1
%7 & % ) ( 2 ( " " ' F ! ! % % " '
( 2
(
& .
.
(-
&
"
)" %
2 % %
2 " ( " ' %
"
%
"
% 2
(% " & "
2 2
& & 2 " @78 & ! % 2 ( @78 & ! ! - % " " ' , " ( " # " ) $ )% ( %7 & " !% "
2 "
&
" (
& 2
"
% " ' "
&
' &1
%7
& " S
;4 F 4 B4
& !%
"
)
5 2 & 2 ( "
, M , ( % %
& ,7
& 2
" " &
"
% ( " $
% <
)N % % &
% " !
" %
( (
(
2 ( " "
1
&&
(
"
( % "
)
-
"
(
)
,
2 "
'
" " ,
"
! 7 2
)-
" &
2 "
(
"
5 "
"
"
%
= "
2
!%
( ' " U=9+
"
&
-
( ) ) *
#
2 ! & , " & " ( )" & % " ' 2 )- " & " '
$
2 ( (
( % &
" %
'
& (
;B4 4 4B9
2
&
" '
"
2
%7
%7 & - %
%
' &2 %" , " " %
)( & " ! " %
& "
) 2 , " 2
" ' "
% ) , %7 2 & " '
& & & , -
, " %" UA9+ " " 2 " , "
241
ULUSAL VE ULUSLARARASI P YASALAR
)
, "
K
-
2
( &
%
+"
% (
!%
&
% &
%7
" 2
(
)
"
%
" "
2
" (
&
&
,
( ! 2 )$'
"
#(% " "
!
7
,% " ( " ' 9B7L9 ( 2 " ( ! % " ' ( "
! 2
2
&, ! " &
&
'
% &
)
"
%
"
" "
(
, " ) ( "
(
,
"
) " '
"
" 2 % , 2 " ) ( ( "" 1 % = " ( & #( 2% $ " " " ' 5 " ( @BB7@9B ( 2 , ( & 5 % %% & & , & ) ( % " " ' 6 % )
"
( ) & 2% !-
"
"
2
"
" )
2 " (
"
%
)
" &
5
" "
" "
" 2
,
"
% "
% "
%
2
"
(
" ' 6 (% (
!% " & -
"
2
"
2 )
" %
"
" '
2
2
% %
"
'
;B4 4B9
(
"
" ( ^"
% R ! ! " "
#
%7&
)
"
( "
" % R
" ' ! 2
(
! "-
( %
!
( "
-
%
" "
(%
(
"
% % (
' (
%
%
2
(
&
(
&
"$ &
,
( (
' O 2 " '
(
(
! " ! " ' " %" " " 7 " & ,%
2 ( ! 2 ( 2
! " ( ! "
%
( " '
"
2 V
(
( ! %
" %
"
" ' (
;
2 -
& % " '
) )(
%
( " ) "
242
ULUSAL VE ULUSLARARASI P YASALAR
;B4 4D9
" (R=(
@ELB+ % " +" ,
( "%
"
3
% ' 5
" (
#
(
" )
% F
1
! " !
2
2 (
"
( 2
%
"
(
(
( 2
2
( " " '
" ) "
"
! %2 ( 2
"
"
% , ), %
!%
" & " - % % ' 0" (% , ) 2%
"
(
, & !
"
2 +"
"% %
(
) 2
" &
2
( " ( '
"+
"
(
%
"
2 ! " " '
)
2 " " " ' 2 " " ' , " ' ( ( !
" ' "
)- ) ! "
!%
" "
(
"
) , " 8LB ) ( "
" "% %
(
( ( -
,
8B7>9 )
$ ) ! % ! %
2
)
-
2 2 "
2
( ! "
% &
%
!%
" ' %
% " "
%
" '
243
ULUSAL VE ULUSLARARASI P YASALAR
;D9
+
;D4;9
-
;D4;4;9
-
)
)2 2 % %
&2 ! ! M %K " % @?+ !
"
2
.
(%
@AEL
" "
Q 2%
!
%! " N "
, "
"
! "
(
+"
@E+
%2 , Q 2% ) ( "
(&
)-
"
+" % )-
,
2 $ , )" % 2 ,
" ' 2 ' 2% 2 2
& )
? ?
C)
# 23
,
) !
-
#!
' Q 2% ! %" % % " 2 )( ( , ! " % ( " ( ! ! " % ! ! & ) ' " ( ,
$ " )-
2
, "
% " & " &
' )
" )
,! ,
7 % 2 " "% ) % , ' "" & " ' G! , , " 2 2 ) " ' @?=B+ " & % 2 #( " % )($ " ( % " & " .& )%+ ) % " ,! , ! % % "' " " , " & ,! , ( " ' ,! , ! ! " "' ) ,% ! " " 2 " % , ,! , ! ( ) 2 " & ) %" ' % < " % " ( ( & ! % ) ! " ( && " & % " ' " % " , ( "% "' % " " % ,@?>? " & ( ) % ) ( (% " " ) , , .& )% + #.& )% % " %! " 7. 1 $ ' ) " " @?9@ " . 1 +" " ) , ' @?A9 " " ! " " ( "'
2 .& )% .& )%+" "
, "
F
"
2
" ,
/!
% )
2 # "
2?
&&
.
) "7
" " ) (
.
"
( %2
2
244
ULUSAL VE ULUSLARARASI P YASALAR
*%" " %2 & ( ( 8B' ) 2 ( % " 9 + % ! " "' ( .% %2
H (
% $ (% " ( "
"
% &
%2
%
%2
) % 2 ! "
( (
@E+
%
% " '
(
.&
)%
"
2 ' (
( ) % ' @EBB+ 12 % % " ' 2 " %2 ( )4& %2 % 2
% %2
-
" A
%2
%
" (
%
( "
"
&
%2 % ]& ) % ) " " ' #2 $ " '
# )L #. 1 $ " , " "
& " %2 % @EL= " .& )% 12 % % 8A P @EL= & " @A & "' #2 $ %2 % @ELL /
&
"
" "
"
!
%
"
) &7 "
)
!
"
-
)- "
(
% )
2
" '
;D4;4 9
)*
-
.+"
% (% %2 %
)
% "
(%
%
& &
% 7Z%%" " I" ( 2 ]&
-
.
! & 2
% "
( #J**76 ) $ ! "
( #. 1 $ % " ? & % )&$ FP* ! ! &
% , " ' "
% 8B
&&2
" -
)" " @EL9
"
. 2
, (
)
!
/!
(
$ .& !
F'.
"
! @EL8 " )% "
& , " & " U? ! . 1 +" , " -
" ) " % (
"% 2
" " (
#.* 7.& )% %" '
& 7) , &
.& )% "' #2 7 " ' "
5 Put and Call Brokers and Dealers Association 6 Chicago Board of Trade (CBOT) 7 Chicago Board Options Exchange (CBOE) 8 “Ginnie Mae Pass-Through” olarak da isimlendirilen bu menkul kıymetler, ABD’de Devlet Ulusal potek Birli i (GNMA) garantisinde çıkarılan ve ipotek senetlerinin olu turdu u bir portföyü teminat gösteren kıymetlerdir. potek kar ılı ı kredili ev alanların, bankalarına yaptıkları ödemeler, ufak bir tutar komisyon dı ında, do rudan GNMA pass-through senedi yatırımcısına aktarılmaktadır. Bu anlamda, GNMA senetleri ülkemizde son yıllarda yaygın olarak yapılmaya ba lanan menkul kıymetle tirme uygulamalarına benzemektedir.
245
ULUSAL VE ULUSLARARASI P YASALAR
2% !-
& %
"
" "
+ ! "
"
&
,
"
%
!
%
" % (%
" !
%
(
"
%
(
#& ") )$
%
% "
% ) "
" '
)-
' "
(
2
2 %2
!
" %
2 2 )-
,
"
% (
% )
$
" %
@L'B?'8BB@ & =E;@@B@ 8=?@ "" )12 % % '3' 8>99? "
"
-
12
%
% 2
,
2
"
@9 )-
(
"
, "
M0 "
(
,
2 %
!
%
%
)%
#& ") )$ H " * ( " , " #
" ) !
"
"
(
(
)
" )
"
+"
-
) " " #.% %" "
:
2
97
) " % . .+" % %
)-
2
( %
" , " ) " +"
% $
87 F
>7
"
"
2% !-
=7
+
2
" ) .% " @7
2 "
-
" "
%
2
P5
" g 9BB
" % ) " %! " ! " 0 " ' .* g 9BB P < 5% ]& ) 2 , "' " & ! % " '
.
&
( &
" " g @BB
" !
@E?8
%
3
%
" ' 1 )
, %2 % % 8BB@ '
N
(%
@EE> " ( ! 2 & " "-
"
%2
%
S
" 8>EE @E'@B'8BB@ & " C F +" " (% % 2 ( BE'BL'8BB8
+
B='BE'8BB@ & " >B+ ' 0" 8BB@;=B89 " B>'BL'8BB8 & " & F "
' # G
/
"
$ 5-
! "
0" ?+
12 ""
%
% 0"
12
%
246
ULUSAL VE ULUSLARARASI P YASALAR
% 12 F
'3'+ %
% +"
>3(
#01 $ B9'B='8BB> & " ! % 3 % 5N 8L'B='8BB> ) ' 01 +" " 8BB9 & ( ( '
;D4 9 • 0" % •
-
2
!
"
• 0" &
2
)
%
2 &
" )
%
)
%
" "
" ! %
M
%
,
" & ( 2
&
" & &
(
, " 2
"
'
2% 2
2% 2
% )
)-
2
2% !" "
, 2
;D4B9
)
"
" &
"
-
#"% '
. & & " % )($
' 1 2
,
2% !'
"
2%
,
%
"
2%
) ( )($
%
.
%
2 %
"
"
" ( 2% 2
'
)" !
'
&&7 " " #2
( '
"%
" "
% " 2
, , "
2%
/!
! )-
'
"
)) ! 2 $
)
#& 2 (
%
"
,
2 # %
% 2%
"
"
-
" ( "
)
% ,
"
" " )
2
%" 2
• 0"
" &
% " "%
%
%
• 0" )( "
)
C
'
"
• 0"
" '
5
%
" ( )
"
( ) 2%
2
!
% •
2%
!
2
& 2
%
?
%
"
• 0" "%
%
"
2 ' 0" 2 "%
1
' M0 " 89>@9 -
&
2 #& #
,
9 G! (
" "
(
2
'
)($ ! & (% % ) ( $ )($
247
ULUSAL VE ULUSLARARASI P YASALAR • 0"
%
"
"
,
, ) ' 0"
% -
) " (
/! -
.
/! 2
.
(
$(&"
&&
(
<
&W+ &'" " 2
N " ' F ( %
( - )
:1
- )
( &
% "
) !
%
%
&
"
3( )
@ N
0" '
! "- )
* % (
% " '
(
' " '
-
%
"
P " -
-
/ , " ( ,
!
"
% , " (
"
%
5 N
3(
'
-
" (
& N 0"
)
"
-
"
' " ( "
2
"
'
! ! "
"
"
(
%
,
& !
-
2( '
" (
"
" )
;
-
2
(
%
'
& 2%
!
" )"
' N 0" 2 N
S1 " !
/ )(
/
&
,
"
%
!
'
.
(& . ) "
"
-
W & & ";
"
" !
2 . " '
$ ;&
*
:* )" "
"
&
! % %
P
:3(
- )
01 +"
/!
!
'
"
a. 1 b. 3 ( c. *
" '
2 %
&
N 0"
&
%
" '
-
N 0" " '
&
'
* "%
2
"
" "
(
-
' &
"
"
N 0" ! (
2%
%
( )
-
(
!
-
"
!
) "
),
)
(
,
"
(
)
, "
"" '
248
ULUSAL VE ULUSLARARASI P YASALAR
(!
(&
N 0" 2%
• 0" "
%
" " )
%
" !
"
"
-
" "
-
!
. %
), " F 0"
& ! '
"
'
%
! " " ( ) '
2 " ) ) ,
&
"
"
% -
" &
"
& %
(
!
! " " (
'
) -
;D4B4;9
-
%
)
• 0" %
0"
"
"
"
&
(
&2 %
" '
-
• 0" • 0" 2 , , -
%
-
/! : : : : : : :
; @9B @@8 9 L/ =B / @'BBB @ 9@=9
! ,
"
-
"
"
% " 2
(
2% "
!
-"
%
R
" ' +
'
/ -
% %
" "
0"
( "
"
( (
%
-
-
(
"
(
(
" -
( "
(
"
.
(
RG & ' 6
%
%
8BB9 8BB9 %
249
ULUSAL VE ULUSLARARASI P YASALAR
& C
!
(&"
$J W>
. 7
7
W'@9
9
@ 9@=9
* '
& 0 7
9
F 5
7
9
@9B BB
L/
@ 9@EB
9 9B
@99 9B
?/
@ 9BBB
7@E BB
@=A 9B
E/
@ 9@A9
@A 9B
@9= BB
@B /
@ >LAB
7>B 9B
@@8 9B
@@ /
@ >A=9
7@8 9B
@=L 9B
@8 /
=L 9B
@=L 9B
@= /
@=L 9B
@> /
@ >9@B
7@8 9B
@89 BB
@9 /
@ >=L9
7@= 9B
@@@ 9B
@A /
@ >>LB
E 9B
@9E 9B
@L /
@ >AB9
@= 9B
@L= BB
@? /
@ >?89
88 BB
@E9 BB
@E /
@E9 BB
8B /
@E9 BB
8@ /
@ >?BB
78 9B
@E8 9B
88 /
@ >EL9
@L 9B
8@B BB
8= /
@ 98=B
89 9B
8=9 9B
8> /
@ 98@9
7@ 9B
8=> BB
89 /
@ 9>AB
8> 9B
89? 9B
8A /
89? 9B
8L /
89? 9B
8? /
@ 9?BB
=> BB
8E8 9B
8E /
@ 9AL9
7@8 9B
8?B BB
=B /
@ 9L=9
A BB
8?A BB
(!
&
(&" ),
1. 2. % )
,
(3
&
&
6 )
&- & &
'J N
5
: 7 @9B
G
: 7=L 9B
G
: 7=? 9B : 8?A
$W> 7'J 9
=? 9B
: AB
9 31.01.2004 tarihinde yürürlü e giren 5083 nolu kanun gere i, kar/zarar büyüklükleri virgülden iki hane kullanılarak açıklanacaktır.
250
ULUSAL VE ULUSLARARASI P YASALAR
0" AB ( " &
-
-
" "
5
"
' 8? / #AA 9 $
#-
"
"
& " " " $ " " ' & ) % " ) , , 2 0" , " @E9 *
( 8BB9 "
& " $
' -
-
&
" % 2
% )
+ + "
"
( >9
),
! @? / 8BB9 " " " % ) &2 '
+ &
! ) " )($ % %
% " &
. -
,
" ,
" M
%
(
( M( 2%
&
&-
?
2% "
%
" 2
2%
"
(&
"
%
' ' 0" 2% % N
, %
2%
%
"
, 2% %
%2
& M
(
" ,
%2
%" &
'
)
"
" (
M
% "
%
&
(!
2% ,
)
8BB9 + ,
N %
2%
)(" '
" 2 (
"
"
%
( ), , ( ' 5 & " & % "
@9 / % @9B " & (
), % N
" %
2
%
.
"
-
2%
/!
(
2% ,
), (
-
2%
! " ( " #@B
"
,
;D4D9
• 0" 6
" (
• 0" 2% % % '
%2 "
2
" " %2 K )- " & & ) " ,
'
2 !
" " , % '
! @9B " ( ( ), 2 " )- " ) % L/ 8BB9 @ 9@EB % 2 ( @ 9@=9+" ) % " 99 ##Y@ 9@EB7@ 9@=9$ ^ @'BBB !99 " 'F ; % " ) , ! ( ) ! " ! (
!
%
" % &( 2% " &2
2% 2%
% %
%
% " " ' , 2 )' '
251
ULUSAL VE ULUSLARARASI P YASALAR •
, 2% , ' '
2% % 2%
% 2 %
2% 2%
•
,
2%
• 0" 2 "
2
% % &(
2%
2% "
"
%
%
%
, ! % " "
" )
!
" "
,
( " "
"
)
2% 2%
(
) " " (
2%
% % %
(
"
2% % % "
) )
(
'
' '
,
"
" " " " "
,
2% S
! !
" " 2 " " ' 6
'
LEM UZUN POZ SYONU
Kar/Zarar
VADEL
)
)
,
! %
%
% %
,
! 2% ! 2%
" "
" "
% '
)
&2 ( 2
Vadeli
LEM KISA POZ SYONU
Kar/Zarar
VADEL
lem Fiyatı
Vadeli lem Fiyatı
252
ULUSAL VE ULUSLARARASI P YASALAR • 0" 2%
2 % "
"
5
#.
"
" &
"
' MH 2 '
• O ! ) % &
" 5
&
%
2 -
"$N 2%
%
%
% "
2% %
"
% (
! " ( " -
' "
"
"
% , "
(!
"
"
" & #J % ( "
" "
" !
" %" "
2
"$N
"
-
"
-
! !
( ( %
" ! 2% % N " % 2 %
M &
"
% H 0" F &
: ; : : 8L
% 0" 8BB9 8BB9
-
& . &
+'
. F /!
.
4
& .
/ - '
(3
)'
(!
&
(&
&
.
- '
(3
)'
@ =9BB
=
@ =>9B
>
@ =9BB
L
@ =99B
N; +'
/
= (!
(&
@ =9BB
N;
& . &
&
+'
/
1.
! 2%
"
9
/!
%
(&
&
/!
)( M 2%
'
)'
7O -
B4
( ' 5
"
"
(
;D4D4;9
;4
% (
'
• M "
( (
N %
9
.
- '
(3
&N
-
" "
2
)'
(! 2
(&
@ =9BB
N ;D )-
%2
@E
( 2%
" %
)
"
? !
'
253
ULUSAL VE ULUSLARARASI P YASALAR
2.
&N
)
%
( 2
( %
2% 2%
3.
% L+"
;D4:9
• 0" !
, ) "
# % ,
' /
"
/ , % " ! % " " & # " " &2 %" 9 " 2% % @>+ )
/!
-
!
( ! "
-
!
;D4:4;9
&- '
•
"
" " %
^
) @ =9BB+" 9 " 2% % % " = ! "" L 2% % ( / @B+ , ' % , 9+" 8+ " %2 , 2% % " ( "
.
) # " " '
.
% % ('$ " 2% " " ! )-
-
) !
.
/!
-
!
e
(r −d )
"
%
"
9
$
%" $ 2 2%
2 " 2% % ' % , ) 2 "
9 %
'
&
'
) )(
&
"
2% 2 "
, "-
"
. %
2% "
"
2
!
! -
%
:
VKG 365
" % " " ) !%
-
2
2% % $ " + " = 2% % + &2 %" /+ 2% % % '
" '
! " &
#
2% %
S ) "
" "
@B 2% -
&&
)
Y0 " Y 2% 2 Y ! " Y) 0 FY " • 5 !
-
= @B+ ,
&N H, 2% % % 2 # $ 2% % " & "% "
Y
" 2%
"
%
!
"
" % , "
"
#
)-
" 2%
2
!
%
" !
$
%
% ,
'
254
ULUSAL VE ULUSLARARASI P YASALAR
;D4:4 9
/#!
-
" 2
( !%
Y
^
-
e
.
/!
" " )-
( rd − rf )
!
%
-
& ""
. 0 !
, &'
N
!
2
'
! ,
-
.
( /!
.
%
!
%
2% 2
2
!
%
! , "
'
.
!
( !
(
/!
" %
%
2% 2 &
!
,
!
)
%
%
;D4:4B9
"-
" :
!
"
VKG 365
" 2
% "
%
Y0 " Y 2% 2 " " Y ! % !Y ( ! % 0 FY " ) -
.
" '
" " !%
" &&
" (
&&*
" "
" )-
( 3
%" "
)( ! " :
&
rT
F = (S − I ) × e Y0 " Y 2% 2 JY 0 " Y0 " Y
" (% " # $
+
0" ( "
"
2% ) ,
"
( )
)
;D4:4D9 .
-" "%
-
!
.
/!
" %
'
" '
.
+(" %
%
&
" "
)
2 -
! )-
! )
% !
(
(' " '
255
ULUSAL VE ULUSLARARASI P YASALAR
!
M
! )
%" 2 " '
0" (
%
!
N
"
( )
)-
&
(
!
" "
K %
2 )
K
"
#
2 " " '
%
$ %
!
%
"
!
'
)
"
" : * *
(
2
%
!
)
" !
!
!
)
)
%
* 2% )%
2
))-
)( %" "
"
;
0"
.
+
!
%
%
) 2 !
-
Y 2% ! Y
* P% : )% & 2
"
&'
.
[
& %
e
( r +c )
Y0 " Y 2% 2 Y ! Y 0 FY "
*
2
" )
)
!
" '
& "
3
' [" 2%
"
^
" "
:
&'
Y
)( K
[ )% " ! " & "
2 !
+
& &
"
)
& ' ' )&
2
"
-
" 2% , "
*
)" "
!
3
VKG 365
" %
%
#" 2% )
)%
!
('$
256
ULUSAL VE ULUSLARARASI P YASALAR
;D4A9
-
. 1
• 0"
2
/!
2
!
"
,
"
!%
-
2% , )
% • 0" "
2 ,
"%
' ( 2 % 2 2 •
(
K "
% 2
2
"
%2
(
'
S
(
2 % "
# ( " ! " "
2 &
2 7
-
K-
" $ 2 & " !
! (! %
" % 2
2 ) )
"-
" (
#
( % " 2% 2 " ! # !$ " !$ % ) '
2
"
" "
% " ,
%
2% !( ( ! " %" , ( 2% !, ) 2 " % " 2% !, 2% !- " & " 2% 2 " ( ' " " 2 " ) , ( " " " " , & 2 " 2 " " ) ( ! " " " % % " ( % 2 " 2% 2 " " " 2 " ( " '
) " 2
"
% "
)
! ) " % " 'O
) 2 2
2%
" ' -
,
" % 2% !"
' %
"
" -
" N
'
)
(
)
%
3 &
K
(
2 % ( ,
,
%
%
.
% -
• C
% "
&-
3
"
a. C b. 2 c. (
.
" "
" ( " ( " " %
" %"
2 ,
-
"
" ' 0" K
! "
& 2
" ! " " ' O )% ( K & " " ' % % " ( K " 2 2 " )
2
& (
" ' "
' ) (
" % "
) '
% 2% 2 ) !
! % "
! 2 & " ! 2 "
! % 2
257
ULUSAL VE ULUSLARARASI P YASALAR
( ( 2 " '
"
"
;D4A4;9 .
-
%
:6
% &
&
O (
/!
(
%
%
.
&-
&-
'
! 2
" %
$( "&
1
%
" ! 2
C % @8'BBB'BBB "% % " ?'BBB'BBB "% " $ % " " @ " -
(
,
' %
7* -@ 9
62
)
' $( "&
7 (&@
2
!
! % %
"
%
"% ( #>'BBB'BBB;@'BBB$'
, ! )
"
" &
" !%
"
,
) !
#!
"
.
(
-
% ! " "%
"%
) "
! " 2 2% !) "
&
/!
.
,
%
)
.
;D4A4;4;9 * -@ 9
2%
" K
(
(
%
& ' O &
( "
( 2% !&
' # % ) / ") $ , 2% % ( " ) " " " ( " ' 01 +" ( " ! @ 9BBB +" '
@
"
-
"
" '
, " ' " -
@'BBB
>'BBB
"
-
, @ " )-
(& (
% "
' $" "
"% )(" :
,
' 7
&
(& 9
,
;
/! . - & $ W> 7 & 9
(3 7+ (&
(%
9
@ 9LBB
7A'8?B
8?B
7ABB
@ 9BBB
7A'BBB
B
7ABB
@ >8BB
79'A?B
7=8B
7ABB
258
ULUSAL VE ULUSLARARASI P YASALAR
;D4A4;4 9 * -@ 9
.
"
/!
"
% %
% , "
% ,
"
-
$ " 2% !2% !% %2 % 2 ) " '
.
&-
1
,
"
"
(
(% , ) & )
" (
$
% !, ) , " ) ' O
: .
&
(
%
,
!
2
"
%
( ! %
C
+ " @'BBB "%
%
%
2% !" #! " %2
" $ %
#2
&
" "
!
% ! % ' %2 % $
&
"
,
&
! %
! %
( % " %
%
# &%
"
(
,
% "
" %
( " " "
" =
"% ( #9BB'BBB;@'BBB$'
(
= "
"
-
% "
&
%
" "
" ' "
) ( " &
,
/ ") $
"
%
"% -
2%
" "
"
9BB'BBB "%
3
" "
" )
' ( " ! "
%
"
7 C(
'
"
2
' $( "&
-
"
$ / %
' "
' 0"
! "
62
& "
"
'
" " ( ! " " ' 01 +" ( " ! @'9BB +" '
% "
"
-
"
%
,
=
"
-
"
9BB
"
, . " )-
= "
% "% )(" :
,
,
;
(%
259
ULUSAL VE ULUSLARARASI P YASALAR
: <) (& (
' $" "
?=L 9
@ 9BBB @ =9BB
"
2 "
(
" ) "
&2
2
!
• 0" "" 2
B
L9B
AL9
L9
L9B
% "
" ' 0"
2
)
) " ' O ) " " % % 2 " " " 2 % ( " % % % % , 2 % ( ' G2 " 2 " " % , " %
(!
(&
3 '
-
"
)"
) , '
(
"
3 '
( " " % 2
,! , % ( 2% % "
! " ' 2
(
,! , ""
( 2
"
% '
(&
(&"
% 2
" '
,%
&-
!
( % ( , 2
"
"
2% !-
(
" "
2%
-
.
"
" , %
-
(
& ( 2 " 2 )% " " " 2% 2% !& 2 " %
;D4A4 4;9
L9B
( N "
% ( % 2 ! %
-
L9B
-
"
;D4A4 9
9
7?L 9
% (
% , MG 2
(3 7 &
! $( "&
% %
%
/! . - & $ W> 7 & 9
@ AL9B
"
! (
( & &- &
5 & & 7 & 9
;D4A4;4B9 F 3
%
4
,
"
% "
" '
( ) " ,
), " 2
-
,
• G & ' 0" ;6
% " F
* % & # B$
%
: ;6 :6 % % : 88 8BB9 : @ =BBB
260
ULUSAL VE ULUSLARARASI P YASALAR
-
: @'BBB 6 : @9B : @ 89BB
), 2%
6 •
) # 2% 3( (
" !
( % 2% " " 2
2
$" "
2 78 9
" "
" "
3(
%
)% " "
% ( .
&
2%
-
-
2
"
(
"
. $W>
2 78 9
8A
U@L =
@ 8A8B
U@
@ =@=B
@=
U? A
@ 89BB
UB
@ =BBB
B
@ 8=?B
7 U@
@ 8?LB
7@=
7 U? A
@ 889B
7 U8
@ 8L>B
78A
7 U@L =
( ,%
-
% " & ! % " " " U? A #@=;@9B$ %
;D4A4 4 9 2 2 "
G & 'N " "
'#
"%
"
!
!
, 2 % )%
2 "
% %
"
(
(&" Y 3 '
(&"Z &
2
" "
"
%
%
!
% "
"
!
%
'
" "
"
-
,
!
"
( %"
' '
'
3
-
@8
@ =BBB
@ =@BB
[ B B@
@=
@ =B9B
@ =8BB
[ B B@9'
@8 8BB9 @ =@BB+" 2% % N # 2% % -
!
; 2% ! U@ K $ 2% %
&
&
UB
"
) !
2
"
(!
%
! " ) C
" " ' O ) # " '
%
" $'
-
@ =8AB
)2%
, 2
U8
"
"
"
@ 8L9B
( %"
"
"
& " ( 8BB9 " " 2 "$ 8BB9 " 2
@ =BBB+" ' @= ' "
8BB9 8BB9
"
-
7 & "
)
M " 8BB9
"
2
"
,S
261
ULUSAL VE ULUSLARARASI P YASALAR
8BB9 8BB9 P
; ;
,
/ 2 " #B B@9 V B B@$ ^@'BBB •
Y #@ =B9B7@ =BBB$ ^@'BBB Y 79 Y #@ =8BB V @ =@BB$ ^@'BBB Y@B 777777777777777 9
O 2
" )% $ )M ) " " % N '
2% (
;D4A4B9
0
• 0"
&
"-
2
S
"%
" 2% % N " & ( 2% % " ' " , % ) (% "
%
2%
%
#%
%
(
" ) " & "
(
)& (
M "
" " '
)
" S
(
%
%
K
"
!
"
(
2
K ,
0"
;D4A4B4;9 % 0" 0
&
#
%
"
.
K
2% F 0" -
&
&
#
@$ 8$ OD 3* =$
.
K &&
.
" @ 8BBB +" "% # " @ 89BB +" 0" P $ " " "% "
K
RG & '
: @ 8BBB : 88 : =B : @ 89BB :7 7 7F
& %
2
7
F
(
K.
K
a. b.
" " & ( ' Y9
' 8BB9 8BB9 % (
)
)"
%
! ' %
% % ' "
,
2
: 1
$ + "
-
"
% %
"
# 1
C
6 6C
'
Y #@ 89BB V @ 8BBB$ ; @ 8BBBY U@A AL
262
ULUSAL VE ULUSLARARASI P YASALAR
5
"
2
"
' U@A AL !
" -"
(
)
" " /
2 )
!
" U@A AL+" ' " "
% %
" " 2 & 2 ) #U@A AL$ (% , U@A AL+" " & ! (% , ( % 5 2 " (% , 2% % 2 ! ( K " @' 8' ='
% % % ,
2% ! "
( '
;D4A4B4 9
5
#
" )
@$ 8$ =$
-
+" ' +"
-"
% %
"
%
2 2
#
"
P
/ DP
" " 2
1P1 6$
% ' ( " 2 (
"
2
"
K
" 2% K
'
% 2
2
)
&
" S
#!
""
(
! #!
2%
(!
"
2
"
(& $ 3
K
RG & '
,
"
"
2% 2 "
"
"
( " 2 " " ( '
(&"&-
"
, U@A AL ! ! K S
" & (
"
2
% 2%
%
" @ 8BBB 2 ! " @ 89BB
"
)
$
K
)5
)( !
$! #!
2
@$ 8$ =$
#!
%
(% ,
#! (% , "
$2
"
@ 8BBB + " ( " '5 $ 2 %
2% (% , (% ,
" '
2 2
% %
2% % " " ( K
'
"
(% (
2 "
@ 89BB '
U@A AL+" " ( ' 2
$!
" ! ( '
K
%
"
"
2%
"
2
"
)
&
263
ULUSAL VE ULUSLARARASI P YASALAR
;D4E9 12 (
23
(&
% & -
/!
.
? - M
! & " ( " ' %
(
%2 % ! ( %2 % ! ( &
( % 2 -
" ' -" (
! %2 %2 % 2 -"
!
,
"
&
! %
-
&
%
•
23
•
/!
-
"
(&"& .
3N
(
(&
'(&"
• $"
&
6
•
-
•
#
,
, ' 12
( % )( (
'
% N/
%
%
#
' "
:*
%
$ %2 "
&
&
% (' !
=' .
/
)
$
!
(&
3 23
(& &
' & &
$ %2
N 12
;D4E4;9 23 # "3
( )
2 %2
#
(&"N #O N 12
'
2
3N.
• 23
"
( & (
2 ! ! ,% ( ' & ) , " )% ( (% ( " )% 2 -" ' & )% 2 -" )% " ' 2% !2% 2 " " ) ( % ) ! " 2% !" ) , ( " ( ( " ( %2 % # %2 % 7 7$ ( " 2 -" " " )% %" , ( " ' 12 % 2% !2 " ! " M2% !)% N # % !% % J $% " " " ' %2
2 )% ( )%
% 2
) "
3 23
N 12 " (&
%
N 0"
! "
% %
-
%
" " " & %2 %
%2 % " '
%2
%
%
" ' "
264
ULUSAL VE ULUSLARARASI P YASALAR
12 %2
% %
)+" )
2 + "
"
)-
-
23 (& " (
& %
$"
&
-
N #. 12 % $ 12 ( ! #
(& N # " (
N 12
%
%"
• 12
%
( ( ( " ) 2 %2 %
% &
! !
$
%2 &
-
%
" '
% %2
%
" '
%
' "
&
%2
-
%
!
%
% )
(&
"
&
" '
'
.
%
(
"
%
"
,
!
" :
'
"
(
"%
"
%2
% 2
"
' #
%"
$ %2
%
%
!
"
,
!
-
" ' (
(-
2%
%
!&
•
"% 2
"
(&
!
" & "
gC ( & 2
2 )
%
;D4E4B9 23
! C% !
$
!
%
%
2
$
$
"%
•
12 (
2 " " 'F " &
(
"
• 12
!
!
%
• 12
"
!
$ 12 #
-
•
%
2 #6
(&"N 12
%
12 % ( !
N # ] "
"
;D4E4 9 23 12
2 )-
" '
23 $" %2
2 " 2 +"
2
% 2 g &% !% "
%2 % ) , '
! &
& & 723 %"
, g
(&
9
&
!% " ' /
.%] C% gC ( " ' F % 2 %2 % ! !% " " " " '
'
' "
%2
%
N ' 12
&%
%
2
% ! %" 2 %2 "
% % .%] %2 %
265
ULUSAL VE ULUSLARARASI P YASALAR • 12
%
-
•
%
2% !
!
• 0"
%
• C
!
• 5 12 ) )2
" % "
2
% ! " , " '
#0%
$
-
"
" "
2
" )
;D4H9
%
" !
-
. -
&
"
% 0"
"
" ' ,
<
" %2 %
"
%2 %
% !
!
" "
(
(
-
@7
2
(
2
" 87 ! # % $ =7 P 2 ! " >7 H " ) , " 97 & ) " " A7 ) % L7 P # 2% $ &% %K ?7 2% 2 " % ( &
;D4H4;9 0" ) (
-
.
%2 " '
.
&
2 (
(
' "
) "
$(&"
)&2 % ,
-
" %
" : 2% 2
%
%
2 "
(
(
%
/!
(
2
)(
%
( )
% %"
!
"
/! '
#D " '$
2
%
! " "
" "
)
" )-
(& G!
" -
" 2
# 23 & & -
" ! 2
%
'
.
& $(&"
"
#
.'
- &< $ )
&
(
!
'
7
" 76 6 7 % "S6 Q 2% 71 0"
"
-
& % )F S & #Q F $S &
&
"
" S &
& #P% %
#
$
$S'''
266
ULUSAL VE ULUSLARARASI P YASALAR
6 % %
7P%
S1
0"
&
# %( $S =A9 F
/
S
7 1 ( 7 H, / % % S , / % % SE@ F / % % S 7 H, " % # %"% S % S J 1C$ S 7 H, " * " ! # +" "% ( " $SH, " 6C1 S 7 #. $ % S % S %S " % S Q 2% 5 S S , )S )S % S 7 & , & " 7 " " " 1 JW #Q 2% ) 2 $S J W=9 # 2 7* C0$S . .>B # 7* J(% 2 # 7 *g $S g @BB # 7. 1 $S 0 # $S g 9BB # .* $S 7 @BB # ) 7 J $SP 889 #Q 2% 71 $S * 7=B # 7 ! % % ! " )( % % & " % % % " " & " ' (7 G 7
"
7 7 7
% % * . %
! ( # %
$ # #!
J $S 7 $ )(
-
" 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
)
" # % ( #2%
$ (
$
$ "
$ # % (
! %# % % $ & # %!! $ % #% ) K 3 # ) $ # % % $ " #<& $ 5 ! #% $ % ! # % ( . "% # &%) $ # ( $ & # !%%"$ % " " 7 #)% "$ 7F # $
% $
$
$
-
267
ULUSAL VE ULUSLARARASI P YASALAR
7/ 7J 7 7 7 7 6 % (
2
% #
"
# %22 $ #2 " #2
$ $ #
(
$ "
)4& " "% ) %
& ( % (%
"
7 J $ " )% " '
2
"
"
" & "
" " "
2 "
2
, )4&
" ' )
" %
%
"
( " ), " 2 2 UEA
% (
% )%
ABB ),% "%
)-
8BBL
!% J
( # % %
)-
)% $
$
(
(%
% #&
#
O"
%
% ( &
" % $ 2
"
2 , !
! " "
" ' 1 ) U?? " " '
(% " " '
%2 "
" %"
! "
8BBL
% "% ( " )- ,% " & ! " ' ! ,
(
( (
" "
" '
) % %2
%2
268