Publication: Basel II düzenlemelerinin sermaye piyasalarına etkileri üzerine değerlendirmeler ve bir uygulama
Abstract
Globalleşme ve artan teknolojik gelişmeler ile birlikte özellikle uluslararası alanda faaliyet gösteren finansal kuruluşların rekabet eşitsizliklerini ortadan kaldırmak amacıyla uluslararası düzenlemelere ihtiyaç duyulmuştur. Bu kapsamda, bankacılık sistemini tek bir standart ölçü ile denetleme anlayışının ilk adımı Basel Komitesi tarafından Temmuz 1988’te yayınlanan “Basel Capital Accord” ile atılmıştır. Finansal piyasalarda meydana gelen gelişmeler, Basel Uzlaşısı’nın bankacılık risklerini gerçekçi bir şekilde ölçememesi ve “Cooke Oranı” olarak anılan sermaye yeterlilik rasyosuna getirilen eleştiriler üzerine Basel Komitesi yeni sermaye yeterlilik uzlaşısı olan Basel II Uzlaşısı’nı 2004’te yayınlamıştır. Avrupa Birliği de Basel II’yi esas alan bankalar ve yatırım şirketleri ve kredi kuruluşlarının sermaye yeterliliğine ilişkin direktiflerini yayınlamıştır. Asgari sermaye gereksinimi, denetim otoritesinin incelenmesi ve piyasa disiplini bloklarından oluşan Basel II Uzlaşısı’nın temelini finansal piyalarda istikrarın sağlanabilmesinde daha esnek ve riske duyarlı bir yapı oluşturmaktadır. Bu kapsamda bankacılık sistemini hedef alan Basel II düzenlemelerinin finansal sisteme ve reel sektöre derin etkileri olacağı düşünülmektedir. Bu tezde Basel II düzenlemelerinin ülke ekonomisine muhtemel etkilerine değinilerek değişik açılardan genel olarak sermaye piyasalarına ve özelinde finans sisteminde önemli bir yere sahip olan sermaye piyasası aracı kuruluşlarına etkisi analiz edilmeye çalışılmıştır.
Due to the globalization and enhancements in technology, international regulations are required to overcome disadvantages to provide fair competitive environment between financial institutions. The unique standard measurement method called “Basel Capital Accord” which was published by the Basel Committee in July 1988 constructs the first step of supervision concept for the banking sector. In line with the developments and changes in financial markets, capital adequacy ratio that was called “Cooke Ratio” became insufficient along the models of measurements in Basel Capital Accord. Therefore, Basel Committee published a new capital adequacy accord in 2004 that is called Basel II Capital Accord. The European Union has published directives for banks, investment firms and credit institutions that are based on Basel II. Basel II Capital Accord consists of three pillars that are called minimum capital requirement, supervisory review process and market discipline. The aim of this accord is to provide stabilization of financial markets by forming more flexible and sensitive to the risks. In this context, it’s expected that the financial system and reel sector will be effected deeply by Basel II. The purpose of this thesis is to analyze the effects of Basel II Capital Accord on capital markets and investment firms that have a very important place in the financial system.
Due to the globalization and enhancements in technology, international regulations are required to overcome disadvantages to provide fair competitive environment between financial institutions. The unique standard measurement method called “Basel Capital Accord” which was published by the Basel Committee in July 1988 constructs the first step of supervision concept for the banking sector. In line with the developments and changes in financial markets, capital adequacy ratio that was called “Cooke Ratio” became insufficient along the models of measurements in Basel Capital Accord. Therefore, Basel Committee published a new capital adequacy accord in 2004 that is called Basel II Capital Accord. The European Union has published directives for banks, investment firms and credit institutions that are based on Basel II. Basel II Capital Accord consists of three pillars that are called minimum capital requirement, supervisory review process and market discipline. The aim of this accord is to provide stabilization of financial markets by forming more flexible and sensitive to the risks. In this context, it’s expected that the financial system and reel sector will be effected deeply by Basel II. The purpose of this thesis is to analyze the effects of Basel II Capital Accord on capital markets and investment firms that have a very important place in the financial system.