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Dynamics of Turkish Capital Market Institutions: Competing & Cooperating in Financial Evolution

Explore the rapid growth of Turkey's capital market institutions, comparing their size and performance with global counterparts. Delve into ownership structures, trading volumes, listed companies, savings preferences, investor profiles, and the evolving landscape of derivatives trading. Learn about the short and medium-term agendas for market development, including new instruments, regulations, and international cooperation initiatives.

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Dynamics of Turkish Capital Market Institutions: Competing & Cooperating in Financial Evolution

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  1. Turkish capital market institutions - competing and cooperating in a rapidly developing financial market Nevzat ÖZTANGUT, TSPAKB

  2. Brokerage Firms’ Ownership Structure Source: TSPAKB

  3. Market Capitalisation (Billion $) • Turkey's equity market capitalisation has grown nine-fold between 2002 and 2007. • When compared to the world’s leading exchanges, the size of the Turkish market is still limited.

  4. Equity Trading Volume(Billion $) • ISE’s trading volume increased four times between 2002 and 2007. • ISE’s trading volume of $300 bn. is still moderate as compared to other stock exchanges.

  5. Listed Companies • The number of listed companies on the ISE has been increasing since 2003. • However, the overall number of around 320 is still very limited as compared to other exchanges.

  6. Breakdown of Savings (Billion $) Source: BRSA

  7. Savings’ Preferences • Equities represent 64% of foreign investors’ savings. • Equities’ share in domestic investors’ savings remains at 7%.

  8. Number of Equity Investors(Million) Source: CRA

  9. Equity Ownershipvs. Trading Volume • Foreign investors hold around 70% of total equities traded in the market. • Domestic individual investors provide market liquidity.

  10. Derivatives Trading Volume of Intermediaries (Billion $) Source:TURKDEX

  11. Turkish Capital Market Agenda Short-term: New InstrumentsWarrantsMortgage backed securitiesSingle-stock futuresOptionsCorporate bondsMedium-term: New RegulationsAbility for financial innovationAdoption of the EU acquis

  12. Need for Cooperation National Cooperation among financial intermediariesCooperation with regulatory authoritiesInternational International Organization of Securities Commissions(IOSCO)International Council of Securities Associations (ICSA)

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