Türk sermaye piyasası uzun yıllar sınırlı sayıda yatırım araçları ile faaliyetlerini sürdürmüştür. Fakat son zamanlarda türev ürünlerinin kullanımı ülkemizde de giderek artmıştır. Türev ürünlerinin kullanımı hızlı bir şekilde yayılmakla birlikte, kamuoyunun bu ürünler hakkında yeterli bilgiye sahip olmadığı görülmektedir. Bu nedenle, sermaye piyasalarının finansal piyasalarda ki payının artırılması amacıyla yapılan çalışmalar kapsamında yatırım araçlarının çeşitlendirilmesine yönelik girişimler de gün geçtikçe önem arz etmektedir. Sermaye Piyasası Kurulu’nun son yıllarda yaptığı bu çalışmalardan biri de varantlardır. Varantlar kısaca, kaldıraç sağlayarak yatırım yapma imkanı veren, hak kullanma üzerine kurulan menkul kıymetleştirilmiş bir opsiyon modelidir. Bu çalışmanın amacı; yeni bir finansal araç olan varantlar hakkında bilgi vererek, Türkiye’deki aracı kurum varantlarının muhasebeleştirilmesini incelemektir.

Financial markets went through a rapid transition from traditional financial instruments like securities and equities to more complex financial instruments starting from the 1980‟s . Interest rates, foreign currencies and permanent changes in product prices played an important role in this transition and various risk management methods were developed against financial risks. During this process of change, financial byproducts like futures, forward, swap and options were commonly used next to traditional debt instruments (Mısırlıoğlu,2008:66), and over the past years we have been confronted with warrants as structured financial instruments. The aim of this paper is to analyse the accounting of warrant transactions of intermediary institutions in Turkey and to provide information on warrants as new financial instruments. Warrants are capital market instruments with security values which provide the right to purchase or sell an underlying stock or indicator at a specific price within a certain time and with which these rights are used for book delivery or cash settlement (http://borsaistanbul.com/docs/urunler/varant.pdf?sfvrsn=0). An investor buying a warrant purchases the right to sell or buy the underlying stock, but not the underlying stock itself in return for the payment he/she made. Warrants are securizations of option contracts and are quoted on the stock exchange and are marketised. The trading of warrants in secondary markets is realised as with other securities (Akbulut, 2012:185). Warrants are products with securization option characterstics and which are classified as structured products. Warrants are issued based on a financial asset or indicator. These financial instruments, with the right to buy and sell warrants, are called “underlying” assets. The “underlying asset”, giving the right to buy and sell warrants, may consist of a single share or a basket of more than one shares. These shares can be chosen from the shares placed in the BIST 30 Index and transacted in the Istanbul Stock Exchange Share Market. (http://borsaistanbul.com/urunler-ve-piyasalar/urunler/aracikurulus-varantlari/varantlara-yatirim). The first warrants in Turkey were issued by the Deutsche Bank on 13.08.2010 and the Deutsche Bank, ĠĢ Yatırım, Türkiye Sinai Kalkınma Bankası and Erste Group are now present in the warrant market as issuers. Dudley stated in his work that warrants are, one of capital market instruments, date back to the 1900s (Dudley, 1972: 1422). Intermediary firms warrants, which are defined as structured instruments and form one of the types of warrants, are said to have come up and to have been traded in the 1920s for the first time. ( http://www.stockhouse.com/Columnists/2008/August/213/Abrief-history-of-warrants) . Freeman (1992) mentions that the various types of warrants can be used in various ways and that they bear similarities with options in terms of buying and selling warrants (Freeman, 1992: 224) . Tanrıöven (2000) underlines the issue and accounting of warrants and explains that warrants can form a balance between the debt and equity capital and help borrowing with low interest rates, and concludes that with their usage when no capital is necessary for the firm will lead to an increase in the number of equities and dilute equities and thus cause a redundant equity capital accumulation. He further stresses that firms need to predict the future when issuing warrants (Tanrıöven, 2000: 181). Hanke and Pötzelberger (2002) state that firms issuing warrants are affected in terms of equity price processes (Hanke ve PÖTZELBERGER, 2002:70). Eberhart (2005) stressed two major points in his paper. The first is that warrants are an important derivative instrument in economic terms for firms, and the second is that investors should take long term positions in warrants and the risks for investors should be reduced (Eberhart, 2005:2418). In his paper written in 2006, Emre concentrates on the factors affecting the prices of warrants, the pricing of warrants and their risks, and concludes that the required legal and technical infrastructure was formed in our country for the transaction of warrants which were already traded in the stock exchanges of the developed world (Emre, 2006:25). Temple (2007) emphasizes in his book that the types, issuing and evaluation of warrants, which are not presented in many soures, and also points to the similarities/differences of options (Temple, 2007:142). Özkan (2008) presents in his paper the advantages and disadvantages of warrants, the similarities and differences between the warrants themselves and between warrants and options, and mentions that warrants have a protecting characteristic for investors against price changes of warrants in spot markets (Özkan, 2008: 23). Adıgüzel (2010) gives detailed information on the various aspects of partnership warrants, intermediary firms warrants, the differences between warrants and options by referring to the bulletin of SPK Volume III No:36 and Volume III No:37, and at the same time explains the legal characteristics of warrants (Adıgüzel, 2010: 229). Xiao, Zhang, Xu, Xili and Zhang (2011) mention in their work called “The Valuation Of Equity Warrants In A Fractional Brownian Environment” that it is a right to buy an equity warrant at a certain time for a certain price, and that the the transaction volume of short-term equities is high. Furthermore, they state that there are two types of equtiy warrant as the European and American types and that the ownership and trade of these two types is different, the European type warrants can be used at their expiry date whereas the American-type warrants can be used as wished until the expiry date (Xiao, vd, 2011:1748). The increase in financial instruments in our county over the past years led both to new laws and to new accounting regulations. The issuing of warrants, persons entitled to issue warrants, and basic principles for their recording and their trading were determined with the bulletins of SPK (capital market board) Vol III No 36 “Ortaklık Varantlarının Kurul Kaydına Alınmasına ve Alım Satım ĠĢlemlerine ĠliĢkin Esaslar Tebliği” and Vol III No 37 “Aracı KuruluĢ Varantlarının Kurul Kaydına Alınmasına ve Alım Satım ĠĢlemlerine ĠliĢkin Esaslar Tebliği”. The SPK issued a bulletin Vol VII-128.3 called “Varantlar ve Yatırım KuruluĢu Sertifikaları Tebliği” on the 10.09.2013 dated 28761 numbered Official Gazette in order to simplify regulations and to collect the partnership warrants and intermediary firm warrants under one bulletin. On the other hand, the TMSK (Turkish Accounting Standards Board) issued TMS- Turkish Accounting Standards 32: “Finansal Araçlar: Sunum” ve TMS 39: “Finansal Araçlar : MuhasebeleĢtirme ve Ölçme” in 2006, and TFRS- Turkish Financial Reporting Standards 7: “ Finansal Araçlar: Açıklamalar” in 2007, and TFRS 9: “Finansal Araçlar” in 2010. These standards include the presentation of financial instruments, their classification, measurement and explanation. This paper includes the accounting of warrants which gain more and more importance with the opportunities the create, and takes into consideration the regulations of the SPK and Intermedary Firm Chart of Acounts; -accounting of buying-selling transactions of warrants on behalf of the customer in the intermediary firm warrants, -accounting of buying-selling transactions of warrants on behalf of the the intermediary firm itself for intermediary firm warrants. -samples for accounting of reimbursement transactions for intermediary firm warrants. For the accounting of warrants and the transfer to financial charts, it is required that accounting standards, regulations of the SPK and Intermediary Firm Chart of Accounts are taken into consideration, and to overcome shortcomings in regulations for the mutual accounting transactions in the sector, where relatively few firms are active at the moment