March 2008 Turkish capital market institutions - competing and cooperating in a rapidly developing financial market Nevzat ÖZTANGUT, TSPAKB.

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March 2008 Turkish capital market institutions - competing and cooperating in a rapidly developing financial market Nevzat ÖZTANGUT, TSPAKB

March 2008 Brokerage Firms’ Ownership Structure Source: TSPAKB

March 2008 Market Capitalisation (Billion $) Turkey's equity market capitalisation has grown nine-fold between 2002 and When compared to the world’s leading exchanges, the size of the Turkish market is still limited.

March 2008 Equity Trading Volume (Billion $) ISE’s trading volume increased four times between 2002 and ISE’s trading volume of $300 bn. is still moderate as compared to other stock exchanges.

March 2008 Listed Companies The number of listed companies on the ISE has been increasing since However, the overall number of around 320 is still very limited as compared to other exchanges.

March 2008 Breakdown of Savings (Billion $) Source: BRSA

March 2008 Savings’ Preferences Equities represent 64% of foreign investors’ savings. Equities’ share in domestic investors’ savings remains at 7%.

March 2008 Number of Equity Investors (Million) Source: CRA

March 2008 Equity Ownership vs. Trading Volume Foreign investors hold around 70% of total equities traded in the market. Domestic individual investors provide market liquidity.

March 2008 Derivatives Trading Volume of Intermediaries (Billion $) Source:TURKDEX

March 2008 Turkish Capital Market Agenda Short-term: New Instruments Warrants Mortgage backed securities Single-stock futures Options Corporate bonds Medium-term: New Regulations Ability for financial innovation Adoption of the EU acquis

March 2008 Need for Cooperation National Cooperation among financial intermediaries Cooperation with regulatory authorities International International Organization of Securities Commissions (IOSCO) International Council of Securities Associations (ICSA)