Foreign exchange market (FOREX) is the biggest volume financial market in the world. Through FOREX, one currency of a country is exchanged for another country's currency. Since it is the world's largest financial market, overall estimated daily average turnover of upwards is about $5.1 trillion. With the extend of globalization, both developing and developed countries have started to use similar policies among which financial liberalization is one of them. Financial liberalization is opening up economies to international capital flows, in particular by restructuring regulation of developing countries where controls and restrictions are either reduced or removed in order to attract international financial activities of developed countries to their own countries. In this study, analysis was done for Turkey's position in the world; specifically, for the period before and after Capital Market Boards regulation. The new regulation creates authority to brokers. In order to compare the effect of changing legal structure on the participants of forex market, the groups of years were separated as the selected values of the year of 2012 before and after. The results of independent test were carried out. In conclusion, after the comparison of the parameters, the change in legal structure has significantly led to expansion in forex transactions. Test results for transactions in forex market shows that EUR/USD transactions have significantly increased after the regulation. In addition, the increase in the participation of both local and foreign investors after the regulation has also found to be statistically significant. Keywords: Forex, Forex Markets, Regulation and Legal Changes, Turkey. ; ÖZ: Döviz piyasası (FOREX) dünyadaki en büyük hacme sahip finansal piyasasıdır. FOREX döviz kuru sistemi ile bir ülkenin bir para birimi başka ülkenin para birimi karşılığında değiştirilir. Genel olarak günlük ortalama cirosu yaklaşık 5,1 trilyon dolara ulaşarak, dünyanın en büyük finansal piyasasını oluşturmaktadır. Küreselleşmenin yaygınlaşması ile hem gelişmekte olan ülkeler hem de gelişmiş ülkeler benzer politikalar kullanmaya başlamıştır ki bunlardan birisi de ekonomileri uluslararası sermaye akışlarına açma sürecinde olan finansal liberalizasyon politikalarıdır. Bu politikalar özellikle gelişmekte olan ülkelerin, ya da gelişmiş ülkelerin uluslararası finansal faaliyetlerini kendi ülkelerine çekmek için finansal sistem üzerindeki kontrol ve kısıtlamaları azaltmak amacıyla uygulanmaktadır. Bu çalışmanın içeriği Türkiye'nin dünyadaki konumu ve özellikle Sermaye Piyasası Kurulu düzenlemeleri ile öncesi ve sonrası etkilerini ve düzenlemelerini incelemektir. Değişen yasal yapının forex pazarı katılımcıları üzerindeki etkisini karşılaştırmak için, yıl grupları, 2012 yılının öncesi ve sonrasında belirlenmiş değerler olarak ayrıldı. Sonuç olarak, parametrelerin karşılaştırılmasından sonra, yasal yapıdaki değişikliklerde önemli ölçüde forex market işleminin kullanılmasına başvurulduğu gözlemlenmiştir. Forex piyasalarındaki işlemler için uygulanan testte EURO/DOLAR işlemlerinin regülasyon sonrası önemli bir oranda artış gösterdiği gözlemlenmiştir. Piyasadaki katılımcılar için uygulanan testte ise hem yerel hem de yabancı katılımcıların regülasyon sonrası daha fazla piyasaya dahil oldukları test edilmiş ve istatistiksel olarak anlamlı bulunmuştur. Anahtar Kelimeler: Döviz alım satımı, Döviz Alım Satım Piyasası, Yasal Düzenlemeler, Türkiye ; Master of Science in Banking and Finance. Thesis (M.S.)--Eastern Mediterranean University, Faculty of Business and Economics, Dept. of Banking and Finance, 2017. Supervisor: Prof. Dr. Mustafa Besim.
Mitrofans Slobodjans. MAĢISTRA DARBS . FOREX PAKALPOJUMU UZŅĒMUMA IZVEIDE. - Rīga:Latviajs Universitate, 2010.- 81 lpp. Maģistra darba apjoms ir 81 lappuses, tas satur 13 tabulas, 9 attēlus, 1 pielikumus un 31 izmantotās literatūras avotus. Pirmajā daļā tiek dota projekta ideja, viņa aktualitāte. Foreks tirgus radās divdesmitā gadsimta 70.gados ar piesieto valūtu kursu atcelšanu, tiem pašiem izmainot toreizēja sistēmu pasaules finanšu. Uz valūtu tirgu, tikai pozitīvi iedarbojas pasaules finansiāla krīze, kapitāla daļa no fondu tirgus pārgāja uz valūtu. Augsts bezdarba līmenis liek ļaudīm meklēt jaunus peļņas avotus. Radāmās kompānijas misija - piešķirt ļaudīm iespēju efektīvi tirgot pasaules valūtu tirgū. Kompānijas mērķis pelnīt peļņu uz spredā un kursiem. Otrajā daļā aprakstās uzņēmums, viņa juridiskā forma, nosaukums, vieta, kā arī pamatkapitāls, īpašnieki, pamatlīdzekļi un organizatoriska struktūra. Tiek dots teorētisks katra apakšpunkta pamatojumi un aprakstās pati kompānija. SIA Invest-Tredings tiks iereģistrēts Latvijā, un še gan vedīs savējo darbību. Kapitāls pirmajā posmā būs aizņemts tas un piederēs kompānijas ārvalstu partneriem. Kompānijai Invest-Tredings no pamatlīdzekļiem vajadzīgi galvenokārt mēbele un ofiss. Telpa saimnieciskas darbības tiks ņemta nomā. Kompānijai ir vajadzīgi pasniedzēji – strādājošie treideri valūtu tirgū, sekretāri, aģenti un menedžeri pa klientu saistīšanu, kopumā aptuveni 10 cilvēkus. Stils pārvalde būs demokrātiska un koleģiāla. Darba trešajā daļa tiek dots nozares pētījums, nozares nozīme Latvijas tautsaimniecībai, nozares attīstība pēdējos gados, perspektīvas tuvākajos gados. Pats Foreks tirgus izveidojās 70.gados, kad valūtu kursi tika aizlaisti brīvā peldēšanā. Latvijā brīva valūtas apmainīšana tika atļauta agrāk neka visa PSRS, 1991 Parex saņēma licenci uz doto operāciju. Foreks tirgus tas nav vienkāršs valūtas apmainīšana, tā ir vēl spekulāciju iespēja ar maržinalas tirdzniecības izmantošanu. Viens no pionieriem dotā pakalpojuma bijis Parex banka, 90 gadus beigas. Uz šo brīdi spekulāciju pakalpojumi ar valūtu dod liels kompāniju daudzums, globāls tirgus dod iespēju lietot pakalpojumus ar jebkādai ārvalsta kompānijai. Tirgus segmentā, kura piedāvā ne tikai iespēju atvērt kontu, bet arī spēles apmācību uz Foreks ir tikai trīs - četras kompānijas, kas iesaka, ka šī niša ir brīva. Spēlētāju uz Foreksā Latvijā, daudz atpaliek no ES rādītājiem. Šis tirgus ir pats vienkāršākais un saprotams no visiem finanšu tirgiem, uz valūtu tirgu labvēlīgi ietekmēja arī pasaules finansiāla krīze (ja viena valūta krīt, tad aug cita), kas viss kopā padara šo tirgu par pievilcīgu tuvajos gadus. Ceturtā darba daļā tiek dots kompānijas un piedāvāto pakalpojumu darba apraksts, kā arī kompānijas vieta nozarēs, pakalpojumu un izejvielas vērtībā. Kompānijas mērķis - ieņemt vadošo vietu Foreks tirgū Latvijā, kompāniju segmentā kas piedāvā apmācību valūtas tirgū un iespēju spēlēt. Kompānija piedāvās iespēju strādāt ar galvāniem valūtu pāriem, ar kredītu plecu 1 pret 100. Būs iespēja tirgot, sākot ar 0,5 loti pie spreda 0,0005 USD. Uz kursiem tiek lasīti lekcijas un tiek veikts praktiskas nodarbes par tehnisku un fundamentālu analīzi, par Fibonači un Eliota viļņas teorijas, par atliktajiem orderiem. Kompānijas konts tiks atvērts Deutsche banka. Piektajā daļā aprakstīta mārketingu kompānijas plāns. Globālā valūtu tirgū eksistē tikai 5 tirgus dalībnieku tipi - Centrālas burkas, komerciālas burkas, starptautiskas korporācijas, brokeru sabiedrības, fiziskas sejas. Vislielākais spēlētājs Deutsche banka, kas aizņem aptuveni 21 % valūtu pasaules tirgu. Desmitniekā tādas burkas kā UBS, Barclays, RBS, Citi, J.P. Morgan, HSBS, Goldamn Sachs, Credit Suisse, BNP Baribas. Paši liela skaita grupa ir fiziskas personas, bet tie ar savējo aktivitāti praktiski nevar ietekmēt uz valūtas kursu. Bet mērķu grupu jebkādai kompānijai, kura piedāvā pakalpojumus uz Foreks ir tieši fiziski personas. Kuriem tiek piedāvāti apmācības, u ; Mitofan Slobodian. Master degree work. Company which will offer a wide spectrum of services on Forex markets. Riga, Latvian University 2010. 81 pages. Works target – to explain Company which will offer a wide spectrum of services on Forex markets. Degree work consists of 66 pages, includes 18 tables, 20 figures both 3 appendices, and 51 sources of the used literature. The idea of project, his actuality, is given in the first part. The market of Forex arose up in 70th of the twentieth century with abolition of the tied rates of exchange, changing the same of that time the system world finances. To the market of currencies, only a world financial crisis influences positively, part of capital from a fund market passed to currency. A high unemployment rate compels people to search the new sources of earnings. Mission of the created company - to give possibility effectively to trade in the world currency market to the people. Aim of company to earn an income on a spread and courses. An enterprise, his legal form, name, location, and also fixed assets, proprietors, fixed assets and organizational structure, is described in the second part. The theoretical is given grounds of every subitem and a company is described. LTD. of Ievest-Trading will be registered in Latvia, and here will conduct the activity. As a capital on the first stage will be a loan that and to belong a company will be to the foreign partners. A company Ievest-Trading from the fixed assets need furniture and office technique mainly. An apartment for vision of economic activity will be leased. A company need teachers are operating traders at the market of currencies, secretaries, agents and managers on bringing in of clients, in general complication about 10 persons. Style a management will be democratic and collective. In third of part of work research of industry, value of industry, is given for the Latvian national economy, industries development in the last few years, and prospects in the nearest years. The market of Forex appeared in 70th, when the rates of exchange were sent in the free swimming. In Latvia the free exchange of currency was settled before everything in the USSR, in 1991 Parex got a license to this operation. Market of Forex it is not simple exchange of currency, it yet is possibility of speculations with the use of marginal trade. Parex came forward one of the earliest explorers of this favors Banka in the middle, end of 90th. Now services of speculations with currency give plenty of companies, the market global enables to use services and to any foreign company. In the segment of grant of courses on teaching of playing the Forex present only three are four companies, which do this niche of open. An amount of people is in Latvia of playing the Forex, noted falls behind from the indexes of EU. Market the simplest and clear from all financial markets, to the market of currencies a world financial crisis (if one currency falls, then other grows) influenced favorably, that all together does this market attractive in the nearest years. In fourth part of work description of business of company and given services, and also place of company, is given in industries, cost of services and raw material. Aim of company - to take the leading place at the market of Forex in Latvia, in the segment of companies giving teaching at the market of currencies and possibility to play. A company will give possibility to work with basic currency pair, with a credit shoulder 1 against 100. There will be possibility to trade, since a 0,5 plumb line at a spread 0,0005 USD. On courses will be given lectures and conducted practical employments on a technical and fundamental analysis, on theory Fibonachy and waves of Eliot, about the set aside warrants. Company will be scored first in Deutsche bank. The marketing plan of company is described in a fifth. At the global market of currencies there are only 5 types of market participants - Central banks, commercial banks
