Employing a Data Envelopment Analysis (DEA) approach, we investigate the technological progress, efficiency, and productivity of the Turkish securities firms between 2010 and 2015. After measuring the performance of these firms with DEA analysis, we combine the efficiency scores with contingency factors (ownership, size and bank affiliation) in a panel regression analysis in order to determine the effects. Our results indicate that the securities industry in general is less efficient than the existing technology allows. The relative productivity of the Turkish securities industry in general improved. Foreign acquisition has positive significant contribution to the efficiency of securities firms. Smaller firms, due to their inability to respond to technological innovation, experienced especially large decreases in both efficiency and productivity.

Securities firms are the leading institutions that facilitate the flow of funds by performing key services both in primary and secondary markets. The assessment of the efficiency of these firms has become a contemporary major issue due to the increasingly intense competition, globalization, and innovation in capital markets. As part of the nature of the business environment for such firms, risk-taking behaviors play a key role in their efficiency. In addition, the level of capitalization has become a more critical tool to counterbalance risk and efficiency. Therefore, we aimed to assess the relationship between efficiency, risk, and the level of capitalization in a sample of Turkish securities by covering the detailed data of securities firms between 2004 Q1 and 2021 Q4. After employing a three-stage least-squares method in a panel-data framework, the empirical findings showed that there was a positive and significant relationship between the risk incentive and efficiency in the brokerage industry, which implied that firms can improve their efficiency through a more diversified portfolio. We further report that there was also a positive and significant relationship between securities firms’ risk incentives and capital that could be explained by the higher risky-asset ratio needed for larger amounts of capital to compensate for losses. These results have potentially important implications for the brokerage industry’s prudent supervision and underlined the importance of attaining long-term efficiency gains to support the development of capital markets.

Leveraged transactions, widely known as forex trading in Turkey is regulated by the Capital Markets Authority since August 2011 and only brokerage firms are allowed to trade in this industry. Employing the regression analysis, we investigate the effect of foreign exchange volatility on brokerage firms between 2012 and 2016. Our results indicate that, the volatility in foreign exchange rate have a significant positive effect on the revenue of forex trading of brokerage firms. The movements in the direction of foreign exchange rates have a bigger effect on the profit of brokerage firms. Keywords:Over the counter capital markets, leveraged forex transactions, brokerage firms, foreign exchange movements. JEL Codes: G20, G11, G23 KUR HAREKETLERİNİN TÜRKİYE'DE KALDIRAÇLI FOREKS İŞLEMİ YAPAN ARACI KURUMLARA ETKİSİ, 2012-2016 ÖZETKamuoyunda "foreks" olarak bilinen kaldıraçlı alım satım işlemleri 2011 Ağustos ayından itibaren Sermaye Piyasası Kurulu'nun düzenlemelerine tabi olmaya başlamış ve bu işlemler bu tarihten itibaren yalnızca yetkili aracı kurumlarca yapılmaya başlamıştır. Döviz kurundaki hareketlerin, aracı kurumların kaldıraçlı işlemlerden elde ettiği gelirlere etkisinin regresyon analiziyle incelendiği bu çalışmada, volatilitenin aracı kurum gelirlerinde, pozitif yönde, anlamlı bir etkisi olduğu görülmüştür. Kurdaki volatilitenin yanı sıra kur yönündeki değişim sayısı da aracı kurum gelirlerinde önemli etkiye sahiptir. Söz konusu ilişkinin, aracı kurumların iş modellerine göre değişmesi de ayrıca irdelenmiştir. Tezgahüstü bir piyasa olan bu işlemlerde, piyasa yapıcısı konumundaki aracı kurumların gelir yapısı bu piyasada işlem yapan yatırımcı getirileri hakkında da ipucu vermektedir.Anahtar Kelimeler: Tezgahüstü sermaye piyasaları, kaldıraçlı alım satım İşlemleri, aracı kurumlar, döviz kuru hareketleri JEL Kodları: G20, G11, G23