Turkish Capital Markets
May 2017
CONTENTS
2
3
Turkish Economy at a Glance
5
Structure of the Turkish Financial Markets
18
Turkish Capital Markets Association
26
Turkish Capital Markets
44
Investment Institutions
68
Investor Profile
TURKISH ECONOMY AT A GLANCE
KEY MACRO-ECONOMIC INDICATORS
Population and Employment
Population (mn.)
Unemployment (average, %)
National Accouts
GDP (bn. $)
GDP per capita ($)
GDP, real growth (%)
External Balance
Exports (FOB, bn. $)
Imports (CIF, bn. $)
Foreign Trade Balance (bn. $)
Current Account Balance (bn. $)
Current Account Balance/GDP (%)
Foreign Direct Investment (net, bn. $)
CBRT Reserves (including gold, bn. $)
External Debt (bn. $)
Prices
CPI (y-o-y, %)
PPI (y-o-y, %)
Fiscal Balance
Primary Balance/GDP (%)
Budget Balance/GDP (%)
General Government Debt/GDP (%)
Exchange Rates
USD (year-end)
Euro (year-end)
Source: CBRT, Treasury, TurkStat
4
2012
2013
2014
2015
2016
75.6
8.4
76.7
9.0
77.7
9.9
78.7
10.3
79.8
10.9
871.0
11,588
4.8
950.0
12,480
8.5
935.0
12,112
5.2
861.0
11,014
6.1
857.0
10,807
2.9
152.5
236.5
-84.1
-48.0
-5.5
9.5
119.2
339.5
151.8
251.7
-99.9
-63.6
-6.7
9.3
131.0
389.8
157.6
242.2
-84.6
-43.6
-4.7
5.8
127.3
401.9
143.8
207.2
-63.4
-32.1
-3.7
12.5
110.5
396.1
142.6
198.6
-56.1
-32.6
-3.8
9.1
106.1
404.2
6.2
2.5
7.4
7.0
8.2
5.4
8.8
5.7
8.5
9.9
1.2
-1.9
32.6
1.7
-1.0
31.3
1.3
-1.1
28.7
1.3
-1.0
27.5
0.8
-1.1
28.3
1.78
2.35
2.13
2.93
2.33
2.83
2.92
3.18
3.52
3.71
STRUCTURE OF THE
TURKISH CAPITAL MARKETS
CAPITAL MARKETS BACKGROUND
1982:
1985:
1992:
1995:
1997:
2001:
2002:
2005:
2006:
2009:
2011:
2012:
2013:
2014:
2015:
2016:
2017:
6
Capital Markets Board established.
Istanbul Stock Exchange (ISE) established.
Takasbank (Settlement & Custody Bank) established.
Istanbul Gold Exchange (IGE) established.
Banks are forbidden to trade equities.
Association of Capital Markets Intermediary Institutions of Turkey established.
Central Registry Agency established. Investors' Protection Fund established.
Private pension system introduced.
IFRS adopted for financial intermediaries and listed companies.
Turkish Derivatives Exchange (TurkDex) established.
Dematerialization of equities completed.
Dematerialization of corporate bonds & mutual funds completed.
Automated Disclosure Platform introduced.
Istanbul International Financial Centre strategy announced.
Forex regulation passed.
New Capital Markets Law passed.
ISE demutualised and merged with Istanbul Gold Exchange under Borsa Istanbul.
Borsa Istanbul announced strategic partnership with Nasdaq.
Borsa Istanbul and TurkDex merged.
The structure of the Association has changed and the membership base was expanded to
cover asset management companies and investments trusts, in addition to brokerage firms
and banks. The name of the Association was revised to Turkish Capital Markets Association.
Takasbank introduced the Electronic Fund Distribution Platform (TEFAS).
Borsa Istanbul introduced new trading platform for equities (BISTECH).
TCMA arbitration committees established.
Türkiye Wealth Fund established
Auto-enrollment in the private pension system enacted.
REGULATORY STRUCTURE OF THE FINANCIAL MARKETS
Banking
Capital Markets
Insurance
Banking Regulation and
Supervision Agency (BRSA)
Capital Markets Board (CMB)
Undersecretariat of Treasury
-Banks’ Association of Turkey
-Participation Banks’ Association of
Turkey
-Association of Financial Institutions
-Banks
-Participation Banks
-Savings Deposit Insurance Fund
-Leasing Companies
-Factoring Companies
-Consumer Finance Companies
-NPL Management Companies
7
-Turkish Capital Markets Association
-Borsa Istanbul
-Banks
-Brokerage Firms
-Asset Management Firms
-Investment Trusts
-Central Registry Agency
-Settlement and Custody Bank
-Capital Markets Licensing and
Training Agency
-Investor Compensation Center
-Public and Listed Companies
-Rating, Appraisal, Audit Firms
-Insurance Association of Turkey
-Insurance Companies
-Private Pension Companies
-Private Pension Funds
CAPITAL MARKET INSTITUTIONS IN TURKEY
Capital Markets Board
TCMA
(SRO)
Banks
Brokerage Firms
Inv. Trusts
Asset Mgmt . Co.
8
Borsa
Istanbul
Public Co.
Listed Co.
Licensing and
Training
Agency
Rating Co.
Ind. Audit Co.
Settlement &
Custody Bank
(Takasbank)
Central
Registry
Agency
CAPITAL MARKETS BOARD
•
Capital Markets Board (CMB) is the main regulatory and
supervisory authority for the securities markets and institutions
in Turkey.
•
The Board is responsible for the protection of rights and
interests of investors.
•
The CMB’s jurisdiction areas:
9
o
Primary markets,
o
Secondary markets,
o
Investment services.
BORSA ISTANBUL
•
Borsa Istanbul, formerly named as Istanbul Stock
Exchange, was established in 1985.
•
The exchange was demutualised in 2013.
•
The exchanges operating in Turkey, namely Istanbul Stock
Exchange, Istanbul Gold Exchange and the Turkish
Derivatives Exchange merged under the roof of Borsa
Istanbul.
•
Borsa Istanbul and NASDAQ OMX signed a partnership
agreement in 2013. Technological infrastructure is
provided by NASDAQ OMX.
•
European Investment Bank acquired a 10% share in 2015.
10
BORSA ISTANBUL
The main markets and the traded securities on Borsa Istanbul
•
are:
11
o
Equity Market: Shares, rights coupons, ETFs, warrants, certificates.
o
Debt Securities Market: Government bonds, corporate bonds, asset
backed securities, Islamic bonds, repo-reverse repo transactions,
Turkish eurobonds, money market.
o
Derivatives Market: Single stock, equity index, gold, currency,
commodity, overnight repo, metal, ETF and power futures. Single
stock, currency, equity index and mini index options.
o
Precious Metals and Diamond Market: Gold, silver, platinum and
palladium.
TAKASBANK (ISTANBUL SETTLEMENT AND CUSTODY BANK)
•
Takasbank was established in 1988 as a department of Borsa Istanbul. It
was incorporated as a separate company in 1992 and became a nondeposit taking bank in 1995.
•
Takasbank is:
o
The clearing and settlement centre for Borsa Istanbul,
o
The central counterparty (CCP) for Borsa Istanbul Futures & Options
Market,
o
The national numbering agency of Turkey.
•
It operates a money market.
•
Takasbank operates the Securities Lending & Borrowing Market and acts
as the CCP for this market as well as the Borsa Istanbul Money Market.
•
The Bank allocates the legal entity identifier codes.
•
It operates the Electronic Fund Distribution Platform (TEFAS).
•
It records leveraged transactions and handles collateral management as
an authorized trade repository institution.
12
MERKEZI KAYIT ISTANBUL – CSD OF TURKEY
•
Merkezi Kayit Istanbul – CSD of Turkey was established in 2001
as a private company.
•
It is the only central depository for all dematerialized capital
market instruments.
•
The dematerialization process is completed for equities, mutual
funds, corporate bonds, warrants, certificates, asset backed
securities and investors’ (excluding investment institutions)
government debt holdings.
13
INVESTOR COMPENSATION CENTRE
•
Investors’ Protection Fund, which covered equity settlement
obligations, was established in 2001.
•
Investor Compensation Centre replaced the Investors’
Protection Fund in 2013 with the renewed Capital Market Law.
•
It covers settlement obligations of all capital market
instruments, up to TL 125,451 (~$ 35,000) in 2017, in case of
liquidation or bankruptcy of investment institutions.
•
All investment institutions have to be a member of the Investor
Compensation Centre.
14
ACTIVITIES OF INTERMEDIARIES
• Equity Trading
• Leveraged FX trading
BROKERAGE
FIRMS
• Public Offering
• Asset Management
• Investment Consultancy
• Fixed Income Trading
BANKS
15
• Derivatives Trading (exc. equity-linked
products for banks)
TYPES OF BROKERAGE FIRMS
Market
Makers
Execution
Brokers
Introducing
Brokers
16
• execution of orders from their
own account by positioning their
customers as counterparty
• minimum capital: TL 25 million.
• execution of orders of in the name
of customers and/or their own
account
• offering custody services
• minimum capital: TL 10 million.
• reception of orders and
transfer them to other brokers
• minimum capital: TL 2 million.
ASSET MANAGEMENT COMPANIES
Portfolio
Management
Companies
Real Estate
Portfolio
Management
Companies
• May establish stock, bond,
balanced mutual funds
• Mn. capital required varies btw.
TL 2 million and 10 million
depending on AUM.
• May establish only real estate
investment funds
• Mn. capital required varies
btw. TL 1 million and TL 5
million depending on AUM.
Venture Capital
Portfolio
Management
Companies
17
• May establish only venture
capital investment funds
• Mn. capital required varies btw.
TL 1 million and TL 5 million
depending on AUM.
TURKISH CAPITAL MARKETS ASSOCIATION
TCMA
•
Founded in April 2001.
•
It is a self-regulatory professional organization in the Turkish
capital markets.
•
The structure of the Association was changed and its name was
revised to Turkish Capital Market Association in 2014, in line
with the new Capital Markets Law.
•
TCMA is under CMB supervision.
•
Association has 231 members as of April 2017; 84 brokerage
firms, 43 banks, 51 portfolio management companies, 9
securities investment trusts, 31 real estate investment trusts
and 8 venture capital investment trusts.
19
MEMBERS
Investment Trusts
Asset Management Firms
226
46
142
40
20
Banks
Brokerage Firms
232
231
47
48
40
46
43
44
226
48
52
51
43
43
102
97
95
88
84
2013
2014
2015
2016
2017/04
AIMS
•
Contribute to the development of the capital market
•
Meet the collective needs of members and facilitate solidarity
among its members,
•
Prevent unfair competition between its members,
•
Enhance know-how in the sector.
21
FUNCTIONS
•
Establish code of ethics for the profession,
•
Establish professional rules and regulations,
•
Conduct research,
•
Offer educational programs,
•
Assist in the resolution of disputes,
•
Cooperate with related foreign institutions,
•
Engage in financial literacy activities.
22
ORGANISATION
Discipline
Committee
Chairman
(Board of
Directors)
Board of
Auditors
Secretary
General
Assistant
Secretary
General
Research &
Statistics
23
Corporate
Communications
Assistant
Secretary
General
Assistant
Secretary
General
Training
Legal Affairs
Compliance &
Surveillance
Human
Resources,
Administrative &
Financial Affairs
Information
Technologies
Membership
Affairs
INTERNATIONAL MEMBERSHIPS
•
Asia Securities Forum (ASF) member since 2009.
•
Federation of Euro-Asian Stock Exchanges (FEAS) affiliate member
since 2009.
•
OECD International Network on Financial Education (INFE) affiliate
member since 2015.
•
International Council of Securities Associations (ICSA) member since
2006.
•
International Forum for Investor Education (IFIE) member since 2009.
International Forum for Investor Education/Asia Chapter founding
member since 2010.
•
International Organization of Securities Commissions (IOSCO) affiliate
member since 2003.
•
24
Islamic Financial Services Board (IFSB) observer member since 2016.
PARTICIPATIONS
CENTRAL REGISTRY AGENCY
• 5% stake
• one seat at the board of directors, out of 8 members
BORSA ISTANBUL
• 1.3% stake
• one seat at the board of directors, out of 10 members
CAPITAL MARKETS LICENSING & TRAINING AGENCY
• 49% stake
• 2 seats at the board of directors, out of 7 members
25
TURKISH CAPITAL MARKETS
BIST-100 INDEX & TRADING VOLUME
Point
Mn. TL
100,000
10,000
Trading Volume
BIST-100 (TL)
80,000
8,000
60,000
6,000
40,000
4,000
20,000
2,000
Source: Borsa Istanbul
27
2017/03
2016/10
2016/05
2016/01
2015/08
2015/03
2014/10
2014/05
2014/01
2013/08
2013/03
2012/10
2012/05
0
2012/01
0
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION TL)
504
627
555
614
692
2013
2014
2015
2016
2017/03
Source: Borsa Istanbul
28
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
100%
90%
80%
Technology
70%
Financials
Services
60%
Industrials
50%
40%
30%
20%
10%
0%
2012
Source: Borsa Istanbul
29
2013
2014
2015
2016
CONCENTRATION IN THE EQUITY MARKET (MCAP)
No. of Equities
1-10
11-25
26-50
51-100
100+
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2012
Source: Borsa Istanbul
30
2013
2014
2015
2016
DOMESTIC MARKET CAPITALIZATION (2016, BILLION $)
Abu Dhabi
Warsaw
Qatar
Borsa…
Santiago
Tel Aviv
Oslo Bors
Philippines
Mexico
Malaysia
Indonesia
Thailand
Saudi Arabia
Moscow
Singapore
Spain
Brazil
Taiwan
JSE
OMX Nordic
South Korea
Australia
Swiss
NSE India
BSE India
Deutsche
TMX
Hong Kong
Shenzhen
Euronext
London…
Shanghai
Tokyo
Nasdaq OMX
NYSE
0
Source: WFE
31
158
Rank: 32
500
1,000
1,500
2,000
2,500
3,000
3,500
4,104
5,062
7,779
19,573
4,000
WFE definition excluding investment funds, ETFs, unit trusts, unlisted companies,
holding companies with a mere business of holding shares on the exchange.
MARKET CAPITALIZATION/GDP (2016)
20% Rank: 51
Borsa Istanbul
Colombo
Kazakhstan
Wiener
Shenzhen
Dubai
Warsaw
Mexico
HoChiMinh
Shanghai
Abu Dhabi
Colombia
Muscat
Nasdaq OMX
Amman
Lima
Malta
Brazil
Indonesia
New Zealand
Irish
Deutsche
Moscow
Casablanca
Spain
Oslo Bors
Bahrain
Mauritius
NSE India
BSE India
Tel Aviv
Saudi Arabia
London Group
Philippines
Qatar
Santiago
Euronext
South Korea
Luxembourg
NYSE
Australia
Thailand
OMX Nordic
Malaysia
Tokyo
TMX
Taiwan
Swiss
Singapore
JSE
Hong Kong
213%
221%
329%
1013%
0%
Source: WFE, IMF
32
40%
80%
120%
160%
200%
NUMBER OF SECURITIES IN EQUITY MARKET
Warrants+Certificate
ETF+Inv. Trusts
Other Equities
Equities
1,071
640
1,241
846
328
30
56
24
65
22
67
18
69
18
66
352
348
341
332
328
2013
2014
2015
2016
2017/03
Source: Borsa Istanbul
33
Equities: BIST Main+BIST Star+REITs+Venture Capital Investment Trusts
Other Equities: BIST Emerging Companies, Watchlist,
Pre-market Trading Platform
NUMBER OF LISTED COMPANIES (2016)
Colombo
Santiago
HoChiMinh
Tehran
Brazil
JSE
Borsa Istanbul
Tel Aviv
Indonesia
Deutsche
Thailand
Singapore
Warsaw
Malaysia
Taiwan
OMX Nordic
Euronext
Shanghai
NSE India
Shenzhen
Hong Kong
South Korea
Australia
NYSE
London Group
Nasdaq OMX
TMX
Spain
Tokyo
BSE India
381
3,419
3,506
3,541
5,821
0
Source: WFE
34
Rank: 24
500
1,000
1,500
2,000
2,500
3,000
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION TL)
1,023
817
1,014
873
315
2013
Source: Borsa Istanbul
35
2014
2015
2016
2017/03
EQUITY TRADING VOLUME (2016, BILLION $)
Moscow
Saudi Arabia
Thailand
Borsa Istanbul
JSE
Taiwan
Brazil
NSE India
OMX Nordic
Spain
Australia
Swiss
TMX
Deutsche
Hong Kong
South Korea
London Group
Euronext
Tokyo
Shanghai
BATS Chi-x…
Shenzhen
BATS US
NYSE
Nasdaq OMX
0
Source: WFE
36
331 Rank: 22
11,673
13,683
19,737
31,944
2,000
4,000
6,000
8,000
10,000
WFE definition excludes investment funds, ETFs, unit trusts, holding
companies with a mere business of holding shares on the exchange.
Negotiated deals are included.
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2016)
Mexico
New Zealand
Warsaw
Athens
Dubai
Irish
HoChiMinh
Moscow
JSE
NSE India
Hong Kong
Oslo Bors
Egypt
TMX
Taiwan
OMX Nordic
London Group
Saudi Arabia
Brazil
Australia
Swiss
Deutsche
Thailand
Euronext
Spain
NYSE
Tokyo
South Korea
Taipei
Shanghai
Borsa Istanbul
Shenzhen
Nasdaq OMX
0%
Source: WFE
37
Rank: 3
210%
363%
411%
40%
80%
120%
160%
200%
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (MILLION TL)
6,654
6,296
5,565
2,937
2012
Source: Takasbank
38
3,023
2013
2014
2015
2016
SHORT SELLING IN BORSA ISTANBUL
18 8
18 4
18 0
17 6
20 %
Short Selling Volume (bn. TL)
17 2
16 8
16 4
Share in Total Volume
18 %
16 0
15 6
17%
15 2
14 8
14 4
16 %
17%
14 0
13 6
13 2
14 %
16%
12 8
12 4
12 0
11 6
12 %
11 2
10 8
10 4
10 0
96
10 %
92
12%
88
84
80
76
8%
72
68
64
60
6%
56
52
48
44
40
36
6%
4%
32
28
24
20
2%
16
12
8
4
34
95
138
178
170
0
0%
2012
Source: Borsa Istanbul
39
2013
2014
2015
2016
MARGIN TRADING
Outstanding Loan Size (mn. TL)
11,462
10,417
9,914
9,539
8,924
1,062
1,616
1,148
1,507
1,465
2012
2013
2014
2015
2016
Source: TCMA
40
No. of Contracts
FUTURES TRADING VOLUME OF BORSA ISTANBUL
Futures Trading Volume (bn. TL)
No. of Contracts (million)
88
100
53
62
59
404
415
435
567
580
2012
2013
2014
2015
2016
Source: Borsa Istanbul, TurkDex
41
Security expiry transactions are included.
.
TRADING VOLUME IN FUTURES MARKETS (2016, BILLION $)
Borsa Istanbul
Malasysia DE
BSE India
Spain
JSE
MCX-India
Euronext
Moscow
Nasdaq OMX
Taiwan FE
NSE-India
CFFEX- China
Hong Kong
ICE (US)
Korea
Zhengzhou CE
Dalian CE-China
Tokyo SE
Shanghai FE
BM&FBOVESPA
Montreal
LME-London
ASX SFE Derivatives
Deutsche Börse
ICE (Europe)
CME Group
131
66,946
107,967
1,025,444
0
Source: WFE
42
Rank: 26
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
NUMBER OF LISTED CORPORATE BONDS IN BORSA ISTANBUL
436
464
519
299
192
2012
Source: WFE
43
2013
2014
2015
2016
NUMBER OF LISTED CORPORATE BONDS (2016)
Kazakhstan
Brazil
Lima
Warsaw
Shenzhen
Borsa Istanbul
Colombia
Tel Aviv
Hong Kong
Swiss
Moscow
Taipei
Buenos Aires
JSE
Oslo Bors
Wiener
Spain
Shanghai
NSE India
Irish
Euronext
BSE India
OMX Nordic
South Korea
London Group
519
5,311
5,383
7,276
8,901
0
Source: WFE
44
Rank: 20
1,000
2,000
3,000
4,000
5,000
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
Brokerage Firms
Banks
1,945
1,766
143
1,635
97
1,308
1,257
117
1,670
1,802
Source: Borsa Istanbul
46
2013
184
117
1,141
2012
1,059
2014
942
2015
1,125
2016
Excluding Central Bank and Takasbank.
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
Brokerage Firms
16,315
Banks
14,626
13,289
1,358
14,877
1,331
1,397
1,271
13,229
11,931
11,508
2012
2013
Source: Borsa Istanbul
47
12,779
1,614
2014
14,700
2015
13,546
2016
Excluding Central Bank and Takasbank.
EQUITY TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
1,634
2,045
2,027
2015
2016
1,746
1,247
2012
Source: Borsa Istanbul
48
2013
2014
FUTURES TRADING VOLUME OF INVESTMENT INSTITUTIONS (BILLION TL)
Banks
Brokerage Firms
5
6
8
9
808
95
830
1,135
4
1,160
6
1,131
1,154
2015
2016
869
5
85
865
712
745
2012
2013
Source: Borsa Istanbul, TurkDex
49
2014
FOREX TRADING VOLUME (BILLION TL)
21,850
Liquidity Provider
Client
17,005
9,604
7,459
7,693
4,956
2,366
940
1,426
2012
Source: TCMA
50
9,546
1,986
2,970
2013
12,245
3,340
4,353
2014
2015
2016
CONCENTRATION IN TRADING VOLUMES (2016)
No. of Intermediaries
51+
21-50
7%
19%
11-20
1-10
13%
11%
20%
23%
67%
66%
Futures
Forex
17%
24%
76%
57%
Equity
Source: Borsa Istanbul, TCMA
51
Fixed Income
TOP 10 MEMBERS IN THE MARKETS (2016/12)
Equity Market
1
2
3
4
5
6
7
8
9
10
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
YAPI KREDİ YATIRIM A.Ş.
GEDIK YATIRIM MENKUL DEĞERLER A.Ş.
AK YATIRIM MENKUL DEĞERLER A.Ş.
MERRILL LYNCH MENKUL DEĞERLER A.Ş.
TEB YATIRIM MENKUL DEĞERLER A.Ş.
DENİZ YATIRIM A.Ş.
FİNANS YATIRIM MENKUL DEĞERLER A.Ş.
YATIRIM FINANSMAN MENKUL DEĞERLER A.Ş.
Total (bn. TL)
Fixed Income Market
1
2
3
4
5
6
7
8
9
10
8%
8%
7%
6%
5%
5%
5%
4%
4%
4%
2,015
1
2
3
4
5
6
7
8
9
10
TEB YATIRIM MENKUL DEĞERLER A.Ş.
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
AK YATIRIM MENKUL DEĞERLER A.Ş.
SANKO MENKUL DEĞERLER A.Ş.
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
A1 CAPITAL MENKUL DEĞERLER A.Ş.
CREDIT SUISSE İSTANBUL MENKUL DEĞERLER A.Ş.
DENIZ YATIRIM MENKUL KIYMETLER A.Ş.
Total (bn. TL)
13%
11%
10%
7%
6%
5%
5%
4%
3%
3%
1,160
Forex Market
AKBANK T.A.Ş.
27%
1
HSBC BANK A.Ş.
9%
2
YAPI KREDİ BANKASI A.Ş.
7%
3
T. GARANTİ BANKASI A.Ş.
7%
4
TÜRK EKONOMİ BANKASI A.Ş.
5%
5
T. İŞ BANKASI A.Ş.
4%
6
CITIBANK A.Ş.
4%
7
ANADOLUBANK A.Ş.
3%
8
JP MORGAN CHASE BANK MERKEZİ NEW YORK İSTANBUL TÜRKİYE
3%
ŞB
9
DEUTSCHE BANK A.Ş.
2%
10
Total (bn. TL)
1,308
Source: Borsa Istanbul, TCMA
52
Futures Market
IŞIK MENKUL DEĞERLER A.Ş.
INVEST-AZ MENKUL DEĞERLER A.Ş.
GCM MENKUL KIYMETLER A.Ş.
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
SANKO YATIRIM MENKUL DEĞERLER A.Ş.
DESTEK MENKUL DEĞERLER A.Ş.
ALB MENKUL DEĞERLER A.Ş.
VENBEY YATIRIM MENKUL DEĞERLER A.Ş.
ATIG YATIRIM MENKUL DEGERLER A.Ş.
Total (bn. TL)
10%
9%
9%
7%
7%
6%
6%
4%
4%
4%
21,850
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
Privatization
883
IPO&SPO-Equities
M&A
Other Consultancy
746
Corporate Actions
11
34
644
Bond Issuance
14
63
90
72
87
83
393
409
16
47
21
43
34
608
702
465
114
284
175
2012
Source: TCMA
53
2013
2014
2015
2016
INITIAL PUBLIC OFFERINGS
IPO Volume (mn. TL)
No. of IPOs
30
19
13
6
2
343
648
1,381
714
119
2012
2013
2014
2015
Source: Borsa Istanbul
54
2016
CORPORATE DEBT SECURITIES ISSUANCE
758
Size of Corporate Bonds Issued (bn. TL)
No. of Corporate Bonds Issued
621
517
330
235
42
56
66
80
90
2012
2013
2014
2015
2016
Source: Borsa Istanbul
55
INSTITUTIONAL INVESTMENTS (BILLION TL)
Venture Capital Inv. Trusts
REITs
Investment Trusts
Pension Funds
Mutual Funds
133
1.1
96
1.5
76
1.0
18
0.3
22
112
1.3
24
0.3
21
0.3
61
0.3
48
38
27
41
47
30
35
2013
2014
2015
2016
Source: Borsa Istanbul, TCMA
56
ASSET MANAGEMENT BY BROKERAGE FIRMS
Assets Under Management (mn. TL)
3,500
No. of Investors
3,082
2,861
3,000
2,500
2,118
2,283
2,422
2,000
1,500
1,000
500
0
56,367
64,614
81,799
100,979
122,081
2012
2013
2014
2015
2016
Source: TCMA
57
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
Assets Under Management (mn. TL)
3,500
No. of Investors
3,082
2,861
3,000
2,500
2,118
2,283
2,422
2,000
1,500
1,000
500
0
56,367
64,614
81,799
100,979
122,081
2012
2013
2014
2015
2016
Source: CMB, TCMA
58
BROKERAGE FIRMS’ BRANCH NETWORK
Bank Branches
6,911
161
Branches
7,174
153
Rep. Offices
7,288
150
6,162
323
5,374
310
6,684
6,950
7,071
5,763
5,018
2012
Source: TCMA
59
2013
2014
2015
2016
BROKERAGE FIRMS’ EMPLOYEES
6,632
5,258
2012
Source: TCMA
60
5,480
2013
6,478
5,657
2014
2015
2016
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
583
615
2013
2014
Source: TCMA
61
698
720
2015
2016
BANKS’ EMPLOYEES
213,431
200,745
216,063
216,722
210,136
2012
2013
2014
2015
2016
Source: BRSA
62
BALANCE SHEET OF BROKERAGE FIRMS (BILLION TL)
Current Assets
Total Assets
Shareholders' Equity
20.1
13.0
10.4
14.2
15.3
11.4
2012
Source: TCMA
2013
2014
4.3
4.0
3.7
3.3
3.0
63
14.1
14.0
15.1
21.2
2015
2016
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION TL)
Total Revenues
Operating Profit
Net Profit
2,175
2,001
1,587
1,394
1,122
529
290
126
2012
Source: TCMA
64
226
2013
281
2014
372
433
483
301
332
2015
2016
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES (MILLION TL)
Brokerage Commissions
Proprietary Trading Profits
Asset Management
Others
Corporate Finance
2,175
2,001
360
1,587
1,394
1,122
257
167
133
52
95
129
686
2012
Source: TCMA
65
308
170
89
2013
164
106
136
78
1,332
895
358
1,511
1,017
2014
2015
2016
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION TL)
Current Assets
Total Assets
Shareholders' Equity
571
472
609
552
507
456
410
321
373
348
311
2013
Source: TCMA
66
365
2014
2015
2016
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION TL)
Total Revenues
Operating Profit
Net Profit
347
296
230
205
61
2013
Source: TCMA
67
59
65
2014
70
88
2015
91
105
2016
111
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES (MILLION TL)
Fund Sales
Financial Advisory
Discretionary Asset Mgmt.
Investment Trust Mgmt.
Pension Fund Mgmt.
Mutual Fund Mgmt.
337
294
22
229
205
28
25
20
99
91
69
52
177
121
134
2013
2014
Source: TCMA
68
2015
211
2016
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION TL)
2,263
1,989
1,818
1,610
1,459
213
563
Deposits
518
517
469
474
772
2012
946
2013
Source: BRSA, CRA, TCMA estimates
70
1,053
2014
Equities
Fixed Income
226
249
195
247
1,245
1,453
2015
2016
SAVINGS OF DOMESTIC INVESTORS
15%
32%
53%
2012
12%
29%
14%
28%
11%
11%
26%
25%
Equities
Fixed Income
Deposits
59%
58%
2013
2014
63%
64%
2015
2016
Total Domestic Inv. Savings as of
Source: BRSA, CRA, TCMA estimates
71
2016: TL 2 trillion
SAVINGS OF FOREIGN INVESTORS
Equities
49%
43%
47%
44%
45%
Fixed Income
Deposits
39%
39%
12%
2012
72
28%
26%
27%
2015
2016
35%
19%
18%
2013
2014
Source: BRSA, CRA, TCMA estimates
29%
Total Foreign Inv. Savings as of
2016: TL 350 bn
NUMBER OF EQUITY INVESTORS
Number of Equity Investors
(thou.)
2012
Domestic Investors
1,080.3
Dom. Individuals
1,075.4
Dom. Corporations
4.3
Dom. Institutionals
0.6
Foreign Investors
8.3
For. Individuals
4.8
For. Corporations
1.3
For. Institutionals
2.2
Total
1,088.6
Source: CRA
73
2013
1,100.9
1,095.2
5.1
0.6
9.6
6.0
1.3
2.3
1,110.4
2014
1,065.5
1,059.6
5.2
0.7
9.9
6.2
1.4
2.3
1,075.4
2015
1,049.2
1,043.5
5.0
0.7
9.8
6.2
1.5
2.1
1,059.0
2016
1,031.3
1,025.9
4.7
0.7
9.5
6.2
1.4
1.9
1,040.8
BREAKDOWN OF MARKET CAPITALIZATION (BILLION TL)
Privately Held
Foreigners' Portfolio
Domestics' Portfolio
627
553
606
555
504
378
361
329
340
310
159
157
141
121
73
73
90
85
89
2012
2013
2014
2015
2016
Source: CRA, Borsa Istanbul
74
141
SHARE OF FOREIGN INVESTORS
MCap
Vol.
80%
32%
Share in Free Float Mcap
Share in Trading Volume
70%
28%
60%
24%
50%
20%
40%
16%
30%
12%
20%
8%
10%
4%
0%
0%
2012
Source: CRA, Borsa Istanbul
75
2013
2014
2015
2016
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
100%
For. Institutional
90%
80%
For. Corporation
70%
60%
For. Individual
50%
Dom. Institutional
40%
30%
Dom. Corporation
20%
Dom. Individual
10%
0%
2012
Source: CRA
76
2013
2014
2015
2016
Total equity portfolio as of 2016: TL 247 bn
BREAKDOWN OF EQUITY TRADING VOLUME BY INVESTOR CATEGORIES
100%
For. Institutional
90%
80%
For. Corporation
70%
60%
For. Individual
50%
Dom. Institutional
40%
30%
Dom. Corporation
20%
Dom. Individual
10%
0%
2012
Source: TCMA
77
2013
2014
2015
2016
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
100%
For. Other
90%
80%
For. Corporation
70%
60%
For. Individual
50%
Dom. Other
40%
30%
Dom. Corporation
20%
10%
Dom. Individual
0%
2012
Source: CRA
78
2013
2014
2015
2016
Total corporate bond portfolio as of 2016: TL 49 bn.
MUTUAL FUND INVESTORS
50.0
45.0
3.0
Portfolio Size (bn. TL)
Number of Investors (mn.)
3.0
2.92
40.0
2.91
2.9
35.0
2.9
30.0
2.8
2.81
25.0
2.77
20.0
2.8
2.75
2.7
15.0
2.7
10.0
2.6
5.0
2.6
-
30.5
31.0
36.2
38.9
47.1
2012
2013
2014
2015
2016
Source: CRA
79
2.5
PENSION FUND INVESTORS
70.0
6.6
Portfolio Size (bn. TL)
7.0
6.0
60.0 Number of Investors (mn.)
6.0
5.1
50.0
5.0
4.1
40.0
4.0
3.1
30.0
3.0
20.0
2.0
10.0
1.0
-
20.3
26.0
37.6
48.0
60.8
2012
2013
2014
2015
2016
Source: PMC
80
-
Portfolio size includes government contributions.
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES
(BROKERAGE FIRMS ONLY)
100%
For. Institutional
90%
80%
For. Corporation
70%
For. Individual
60%
50%
Dom. Institutional
40%
30%
Dom. Corporation
20%
Dom. Individual
10%
0%
2012
Source: TCMA
81
2013
2014
2015
2016
FOREX TRADING VOLUME OF BROKERAGE FIRMS
100%
For. Institutional
80%
For. Corporation
For. Individual
60%
Dom. Institutional
40%
Dom. Corporation
20%
Dom. Individual
0%
2012
Source: TCMA
82
2013
2014
2015
2016
www.tspb.org.tr
[email protected]