General theroritical structure of future and option markets and its applicability criteries in Turkey

Today's economies, one of the important factor for market players is risk factor. Risk factor has disappered by appearing the Future & option market. Therefore, this markets are very important now a days. Speicaily, this markets are determination factors in U.S.A. The main target of Future & Option Market is, to determine the value of specific good or material by now. Price risk has been disappered by this determination. Investors are following this financing technic due to a specilations. In 1st and Ind part of our work, there are some models of applications in the world general charesteristics and processes of this markets. In the Illrd part of our work, there is a establishment of Future Option Market in Turkey. Modern financing technics are started to develop by the end of 1980 in Turkey. Istanbul Stock Exchange has been established in 1986. In 1990, Future Option market related to cotton has been put on the agenda but, no certain result has been obtaioned. In 2001, first Future option market related to foreign exchange has been established. But, there was a failure due to a volatile. The diffuculities of developping this markets are; economic and political incapacities, non convertibility of Turkish Lira in reality, the incapabilty of spot market, non advertisements of this markets, investor's preference and habits. With this aim; some investigation has been made on improvement of telecomunication systems, support investor training, provide the economic and political stability. There is a time necessity to develop this market and determinant in the economy.