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Continious linked settlement sistemi ve sistemin döviz piyasasındadaki rolü

Bu çalışmanın amacı, uluslararası döviz ticaretinde meydana gelebilecek muhtemel risklerin ve bunlardan kaynaklanabilecek finansal krizlerin engellenmesinde, döviz ticaretinin sıfır riskle gerçekleştirildiği yeni transfer sistemlerinin incelenerek, politika yapıcılara ve ekonomik karar vericilere çeşitli öneriler sunmaktır. Bu amaçlara ulaşmak üzere, uluslararası döviz piyasalarında gerçekleşen transferler değerlendirilerek, döviz piyasalarında yaşanabilecek problemlerin giderilebilmesinde kullanılan Continuous Linked Settlement (CLS) sisteminin önemi ve yaygınlaştırılması incelenmiştir.Döviz piyasasında gerçekleşen transferlerde, taraflardan birinin üzerine düşen görevi yerine getirememesi durumunda oluşacak risklerin (likidite, anapara ve market riski) yol açacağı finansal krizlerin engellenmesi noktasında CLS’nin çalışma prensibi oldukça basit bir mantık üzerine kuruludur. CLS, döviz transferlerinin “ödeme karşılığı ödeme- PvP” mantığına göre gerçekleştirildiği ve CLS tarafından eşleştirmelerin yapıldığı bir yöntemdir. Bu yöntemde, taraflar, CLS gözetiminde ticareti gerçekleştirirler. Risk önlemleri sayesinde, tarafların anapara riski ve likidite riskine maruz kalmaları engellenir. Döviz piyasasındaki transferlerin yaklaşık yüzde 60’ı CLS sistemi üzerinden gerçekleşmektedir. Bu da, transferlerin yüzde 60’lık diliminin anapara riskinden korunduğu anlamına gelmektedir.

Continuous linked settlement system and its role on foreign exchange market

The aim of this study is possible risks in international foreign exchange markets, and preventing financial crisis stem from it, by researching the new transaction systems on the foreign exchange transaction with zero risk, giving some advice to politics and economics decision makers.To reach these targets, by evaluating transaction in international foreign exchange, the importance and dissemination of Continuous Linked Settlement (CLS) system is researched which is used to prevent from possible problems on foreign exchange markets.Working principle of CLS is based on a simple sense which prevents from financial crisis stem from risks (liquidity, principal, market risk) in the case of one parts failure to do its duty on foreign Exchange transaction.CLS is a system of “payment versus payment-PvP” sense and method of matching by CLS. In this method, all parts carry out their trade by supervision of CLS. All part’s exposure of principle and liquidity risks are impeded through risk cautions.About 60 percent of transaction in foreign Exchange market carried out by CLS. This means 60 percent of transactions are covered against principle risk.

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