B-book d\u00f6viz brokerleri, genellikle \u201cpiyasa yap\u0131c\u0131\u201d olarak adland\u0131r\u0131l\u0131rlar ve emirleri d\u00f6viz piyasas\u0131na aktarmak yerine, genellikle platform i\u00e7inde yat\u0131r\u0131mc\u0131lar\u0131n emirleriyle do\u011frudan kar\u015f\u0131 pozisyon alarak i\u015flemleri ger\u00e7ekle\u015ftirirler. Bu t\u00fcr d\u00f6viz brokerleri, m\u00fc\u015fterilerle z\u0131t y\u00f6nl\u00fc i\u015flemler yapt\u0131klar\u0131 i\u00e7in m\u00fc\u015fterilerle potansiyel bir \u00e7\u0131kar \u00e7at\u0131\u015fmas\u0131 i\u00e7inde bulunurlar.\u00d6rne\u011fin, bir m\u00fc\u015fteri 10.000 JPY\/USD\u2019lik bir uzun pozisyon a\u00e7arsa, B-book broker da ayn\u0131 anda 10.000 JPY\/USD\u2019lik bir k\u0131sa pozisyon a\u00e7ar. E\u011fer bu d\u00f6viz \u00e7iftinin fiyat\u0131 sonunda d\u00fc\u015fer ve yat\u0131r\u0131mc\u0131n\u0131n stop-loss s\u0131n\u0131r\u0131n\u0131 a\u015farsa, yat\u0131r\u0131mc\u0131 pozisyonunu kapatmay\u0131 se\u00e7ti\u011finde zarara u\u011frar.Ayn\u0131 zamanda, broker da ayn\u0131 miktarda k\u00e2r elde eder. Yani, B-book modelinde broker\u0131n k\u00e2r\u0131, yat\u0131r\u0131mc\u0131n\u0131n k\u00e2r edip etmemesine do\u011frudan ba\u011fl\u0131d\u0131r ve ikisi aras\u0131nda potansiyel bir \u00e7\u0131kar \u00e7at\u0131\u015fmas\u0131 mevcuttur.<\/p>\n\n
A-book brokerlar\u0131n\u0131n<\/a> spread \u00fczerinden k\u00e2r elde etmesine k\u0131yasla, B-book forex brokerlar\u0131<\/a> daha h\u0131zl\u0131 k\u00e2r elde eder. Asl\u0131nda, forex piyasas\u0131ndaki yat\u0131r\u0131mc\u0131lar\u0131n \u00e7o\u011fu zarar etti\u011fi i\u00e7in, bu yat\u0131r\u0131mc\u0131larla hedging yapan brokerlar\u0131n k\u00e2r elde etme olas\u0131l\u0131\u011f\u0131 y\u00fcksektir. Ancak buna kar\u015f\u0131l\u0131k, y\u00fcksek k\u00e2r, broker\u0131n maruz kald\u0131\u011f\u0131 riskin de daha b\u00fcy\u00fck oldu\u011fu anlam\u0131na gelir.<\/p>\n\n B-book d\u00f6viz brokerlar\u0131, m\u00fc\u015fterilerle hedging yaparken dalgal\u0131 d\u00f6viz piyasas\u0131n\u0131n i\u00e7inde yer al\u0131rlar ve bu nedenle d\u00f6viz piyasas\u0131ndaki dalgalanmalar\u0131n getirdi\u011fi risklerle kar\u015f\u0131 kar\u015f\u0131ya kal\u0131rlar. Peki, B-book brokerlar\u0131 riskleri nas\u0131l y\u00f6netmelidir?<\/p>\n\n B-book brokerlar\u0131 genellikle m\u00fc\u015fterilerle hedging yaparken m\u00fc\u015fterilerin zararlar\u0131ndan k\u00e2r elde eder. Bunun yan\u0131 s\u0131ra, her i\u015flemin spreadinden de k\u00e2r elde edebilirler.\u0130\u015flem emri tamamland\u0131\u011f\u0131nda, platformdaki farkl\u0131 yat\u0131r\u0131mc\u0131lar aras\u0131nda tam olarak e\u015fle\u015fen i\u015flem hacmi ve tutar\u0131 varsa, yat\u0131r\u0131mc\u0131lar broker\u0131n kat\u0131l\u0131m\u0131na gerek kalmadan platform i\u00e7inde do\u011frudan birbirleriyle hedging yaparak emri tamamlayabilirler.Bu durum, broker\u0131n d\u00f6viz piyasas\u0131ndaki riskli i\u015flemlere kat\u0131l\u0131m s\u0131kl\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde azalt\u0131r. Broker, risk hedgingi yapmas\u0131na gerek kalmadan platformdaki yat\u0131r\u0131mc\u0131lar\u0131n i\u015flemlerinden elde edilen spread fark\u0131ndan k\u00e2r elde edebilir; bu da broker\u0131n riskini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde azalt\u0131r, ancak k\u00e2r\u0131n\u0131 da d\u00fc\u015f\u00fcr\u00fcr.<\/p>\n\n Bunun yan\u0131 s\u0131ra, B-book arac\u0131 kurumlar\u0131, pozisyon riskini makul bir \u015fekilde kontrol ederek, spread\u2019i uygun \u015fekilde geni\u015fleterek ve opsiyon portf\u00f6yleri olu\u015fturarak yat\u0131r\u0131mc\u0131lar\u0131n pozisyon riskini dengeleyebilir ve i\u015flemlerde ortaya \u00e7\u0131kabilecek risk ve kay\u0131plar\u0131n bir k\u0131sm\u0131n\u0131 \u00f6nleyebilir.Yani, baz\u0131 yat\u0131r\u0131mc\u0131larla hedging yaparken zarar etseler bile, brokerlar \u00f6nceden tasarlanm\u0131\u015f i\u015flem spreadlerinden elde ettikleri kazan\u00e7larla bu zarar\u0131 telafi edebilirler.<\/p>\n\n Spread\u2019i y\u00f6netirken, broker ayn\u0131 zamanda yat\u0131r\u0131mc\u0131lar\u0131n a\u00e7t\u0131\u011f\u0131 pozisyonlar\u0131 da kontrol etmelidir. E\u011fer bir yat\u0131r\u0131mc\u0131n\u0131n tek bir i\u015flemdeki tutar\u0131 \u00e7ok y\u00fcksekse, buna ba\u011fl\u0131 olarak daha b\u00fcy\u00fck bir riskle kar\u015f\u0131 kar\u015f\u0131ya kal\u0131r. Bu, onunla hedging yapan broker\u0131n da bu b\u00fcy\u00fck riskle kar\u015f\u0131 kar\u015f\u0131ya kalaca\u011f\u0131 anlam\u0131na gelir.T\u00fcccar k\u00e2r ederse, arac\u0131 kurum b\u00fcy\u00fck bir zarara u\u011frayabilir. Bu nedenle, arac\u0131 kurum, t\u00fcccar\u0131n tek seferlik i\u015flem tutar\u0131n\u0131 makul bir aral\u0131kta tutmal\u0131 ve \u201cb\u00fcy\u00fck bahisler\u201din riski art\u0131rmas\u0131n\u0131 \u00f6nlemelidir.<\/p>\n\n Pozisyonu Makul \u015eekilde Kontrol Etmek<\/strong><\/h2>\n\n
Emir tutar\u0131n\u0131 y\u00f6netme<\/strong><\/h2>\n\n