Turkish Capital Markets
June 2016
CONTENTS
2
3
Turkey at a Glance
16
Structure of the Turkish Financial Markets
28
Turkish Capital Markets Association
38
Turkish Capital Markets
55
Investment Institutions
81
Investor Profile
TURKEY AT A GLANCE
LOCATION
4
POLITICS
The Republic of Turkey, founded in 1923, is a parliamentary
democracy.
Latest general elections were held in November 2015.
The composition of the Grand National Assembly is as follows, as of
June 2016.
•
•
•
Justice and Development
Party (Right)
133
317
Peoples' Democratic Party
(Left)
59
40
1
5
Republican People's Party
(Left)
Nationalist Movement Party
(Nationalist)
Independent MPs
SOVEREIGN FOREIGN CURRENCY RATINGS (LONG TERM)
Investment-Grade Ratings
Highest Credit Quality
High Credit Quality
Strong Payment Capacity
Adequate Payment Capacity
Speculative-Grade Ratings
Speculative, Credit Risk
Developing due to Economic
Changes
High Speculative, Credit Risk
Present with Limited Margin
Safety
High Default Risk,
Capacity Depending on
Sustained Favourable
Conditions
Default
Source: UNCTAD, Treasury
6
S&P
Moody's
Fitch
AAA
AA
A
BBB
Aaa
Aa
A
Baa
AAA
AA
A
BBB-
BB+
BB
BBB+
B
BCCC+
CCC
CCCCC
C, D
Ba1
Ba2
Ba3
B1
B2
B3
Caa1
Caa2
Caa3
BB+
BB
BBB+
B
BCCC+
CCC
CCCCC
C, D
Ca, C
The credit ratings of Turkey are highlighted in red.
POPULATION
As of 2015:
•
Population: 78.7 million
•
Median age: 31
•
Labour force: 29.7 million, participation rate: 51.3%
•
Unemployment rate: 10.3%.
7
GROSS DOMESTIC PRODUCT (BILLION $)
742
649
732
774
786
823
799
720
617
526
2006
2007
Source:TurkStat
8
2008
2009
2010
2011
2012
2013
2014
2015
REAL GDP GROWTH
9.2%
8.8%
6.9%
4.7%
4.2%
4.0%
3.0%
2.1%
0.7%
-4.8%
2006
2007
Source:TurkStat
9
2008
2009
2010
2011
2012
2013
2014
2015
WORLD GDP RANKINGS (2015, BILLION $)
Philippines
Hong Kong
Malaysia
South Africa
UAE
Austria
Thailand
Iran
Norway
Belgium
Poland
Sweden
Nigeria
Taiwan
Argentina
Saudi Arabia
Switzerland
Turkey
Netherlands
Indonesia
Mexico
Spain
Russia
Australia
Korea
Canada
Brazil
Italy
India
France
UK
Germany
Japan
China
USA
Rank: 18th
720
0
600
Source: IMF-WEO October 2015, TurkStat
10
1,200
1,800
2,400
3,000
ANNUAL INFLATION (%)
20
CPI
PPI
15
10
5
0
-5
2006
2007
Source:TurkStat
11
2008
2009
2010
2011
2012
2013
2014
2015
FISCAL BALANCE
8%
Interest Expenditure/GDP
Budget Balance/GDP
Primary Balance/GDP
6%
4%
2%
0%
-2%
-4%
-6%
-8%
2006
Source:MoF
12
2007
2008
2009
2010
2011
2012
2013
2014
2015
PUBLIC DEBT (EU DEFINED PUBLIC DEBT/GDP)
47%
46%
40%
2006
2007
Source: Treasury
13
40%
2008
2009
42%
2010
39%
2011
36%
36%
2012
2013
34%
33%
2014
2015
FOREIGN TRADE
Billion $
300
60%
Exports
Imports
X+M/GDP
250
50%
200
40%
150
30%
100
20%
50
10%
0
0%
2006
2007
Source: TurkStat
14
2008
2009
2010
2011
2012
2013
2014
2015
CURRENT ACCOUNT BALANCE
Bn. $
80
Current Account
Financial Account
Chg. in Reserves
60
40
20
0
-20
-40
-60
-80
2006
Source: CBRT
15
2007
2008
2009
2010
2011
2012
2013
2014
2015
STRUCTURE OF THE
TURKISH CAPITAL MARKETS
CAPITAL MARKETS BACKGROUND
1982:
1985:
1992:
1995:
1997:
2001:
2002:
2005:
2006:
2009:
2011:
2012:
2013:
2014:
2015:
17
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).
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
18
-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.
19
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:
20
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.
21
BORSA ISTANBUL
The main markets and the traded securities on Borsa Istanbul
•
are:
22
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.
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.
•
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.
23
CENTRAL REGISTRY AGENCY
•
Central Registry Agency (CRA) was established in 2001 as a
private company.
•
CRA 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.
24
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 120,823 (~$ 42,000) in 2016, in case of
liquidation or bankruptcy of investment institutions.
•
All investment institutions have to be a member of the Investor
Compensation Centre.
25
ACTIVITIES OF INTERMEDIARIES
• Equity Trading
• Leveraged FX trading
BROKERAGE
FIRMS
• Public Offering
• Asset Management
• Investment Consultancy
• Fixed Income Trading
BANKS
26
• Derivatives Trading (exc. equity-linked
products for banks)
TYPES OF BROKERAGE FIRMS
Market
Makers
Execution
Brokers
Introducing
Brokers
27
• execution of orders from their
own account by positioning their
customers as counterparty
• minimum capital: TL 25 million
(~$ 8.5 million).
• execution of orders of in the name
of customers and/or their own
account
• offering custody services
• minimum capital: TL 10 million
(~$ 3.5 million).
• reception of orders and
transfer them to other brokers
• minimum capital: TL 2 million
(~$ 700,000).
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 234 members as of June 2016; 90 brokerage
firms, 44 banks, 52 portfolio management companies, 9
securities investment trusts, 31 real estate investment trusts
and 8 venture capital investment trusts.
29
MEMBERS
Investment Trusts
Asset Management
Firms
Banks
Brokerage Firms
41
30
47
48
40
46
52
43
44
48
46
41
40
44
101
102
97
95
89
2012
2013
2014
2015
2016/03
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.
31
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.
32
ORGANISATION
33
DEPARTMENTS
Legal Affairs
Compliance and Surveillance
•
•
Monitors and inspects the
activities of the members.
Monitors related regulations,
makes proposals for changes
in the existing or draft
regulations.
•
•
•
•
34
Provides legal advisory
services.
Conducts necessary legal
investigations about the
applications and complaints
made to the Association.
Keeps record of disciplinary
action of the members.
Assists in the resolution of
disputes.
DEPARTMENTS
Research and Statistics
•
•
•
35
Gathers statistical data on
members and produces
periodic reports.
Publishes research to
enhance the development of
the capital markets.
Represents the Association
at international institutions.
Training
•
Prepares training programs
towards professional
development of industry
professionals.
Membership Affairs
•
Examines applications for
membership, keeps detailed
records of members and
provides advice on members
to the Association.
DEPARTMENTS
Corporate Communications
•
•
Financial Affairs
Manages media
correspondence and public
•
relations.
Promotes investor education
activities of the Association.
Information Technology
•
36
HR, Administrative and
In charge of the IT backbone
of the Association.
Manages the administrative,
accounting and personnel
operations of the Association.
INTERNATIONAL MEMBERSHIPS
•
Asia Securities Forum (ASF) member since 2009.
•
Federation of Euro-Asian Stock Exchanges (FEAS) affiliate
member since 2009.
•
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.
37
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
38
TURKISH CAPITAL MARKETS
2009/12
2010/03
2010/05
2010/08
2010/10
2011/01
2011/03
2011/05
2011/08
2011/10
2012/01
2012/03
2012/05
2012/08
2012/10
2013/01
2013/03
2013/05
2013/08
2013/10
2014/01
2014/03
2014/05
2014/08
2014/10
2015/01
2015/03
2015/06
2015/08
2015/10
2016/01
2016/03
BIST-100 INDEX & TRADING VOLUME
Point
Mn. $
100,000
4,000
90,000
40
Trading Volume
BIST-100 (TL)
Source: Borsa Istanbul
3,500
80,000
3,000
70,000
2,500
60,000
2,000
50,000
1,500
40,000
1,000
30,000
500
20,000
0
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION $)
311
270
238
227
190
2012
Source: Borsa Istanbul
41
2013
2014
2015
2016/03
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
100%
Technology
90%
Financials
80%
Services
Industrials
70%
60%
50%
40%
30%
20%
10%
0%
2011
Source: Borsa Istanbul
42
2012
2013
2014
2015
DOMESTIC MARKET CAPITALIZATION (2015, BILLION $)
Irish
Warsaw
Qatar
Borsa Istanbul
Santiago
Oslo Bors
Philippines
Tel Aviv
Thailand
Indonesia
Malaysia
Moscow
Mexico
Saudi Arabia
Brazil
Singapore
JSE
Taiwan
Spain
Australia
South Korea
OMX Nordic
NSE India
BSE India
Swiss
TMX
Deutsche
Hong Kong
Euronext
Shenzhen
London Group
Shanghai
Tokyo
Nasdaq OMX
NYSE
189
4,549
4,895
7,281
17,787
0
Source: WFE
43
Rank: 32nd
500
1,000
1,500
2,000
2,500
3,000
3,500
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 (2015)
Borsa Istanbul
Wiener
HoChiMinh
Colombo
Brazil
Warsaw
Colombia
Lima
Moscow
Shenzhen
Abu Dhabi
Mexico
Shanghai
Indonesia
Nasdaq OMX
Amman
New Zealand
Casablanca
Malta
Oslo Bors
Deutsche
Irish
Bahrain
Mauritius
Spain
Saudi Arabia
NSE India
Muscat
BSE India
Qatar
Santiago
Philippines
Luxembourg
Tel Aviv
London Group
Euronext
South Korea
Thailand
Australia
NYSE
TMX
OMX Nordic
Tokyo
Malaysia
Taiwan
Singapore
Swiss
JSE
Hong Kong
0%
Source: WFE, IMF
44
25%
Rank: 49th
40%
80%
120%
160%
200%
NUMBER OF SECURITIES IN EQUITY MARKET
Warrants+Certificate
ETF+Inv. Trusts
Other Equities
Equities
846
872
640
328
231
34
40
30
56
24
65
22
67
20
348
352
348
341
338
2012
2013
2014
2015
2016/03
Source: Borsa Istanbul
45
68
Equities: BIST Main+BIST Star+REITs+Venture Capital Investment Trusts
Other Equities: BIST Emerging Companies, Watchlist,
Pre-market Trading Platform
NUMBER OF LISTED COMPANIES (2015)
Egypt
Moscow
Philippines
Swiss
Colombo
HoChiMinh
Lima
Santiago
Tehran
Brazil
JSE
Borsa Istanbul
Tel Aviv
Indonesia
Deutsche
Thailand
Taipei
Singapore
OMX Nordic
Taiwan
Malaysia
Warsaw
Euronext
Shanghai
Shenzhen
Hong Kong
South Korea
Australia
NYSE
London Group
Nasdaq OMX
Tokyo
TMX
Spain
BSE India
393 Rank: 24th
3,513
3,559
3,651
5,836
0
Source: WFE
46
500
1,000
1,500
2,000
2,500
3,000
WFE definition excludes investment funds, ETFs, unit trusts, unlisted companies,
holding companies with a mere business of holding shares on the exchange.
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION $)
431
399
349
381
98
2012
Source: Borsa Istanbul
47
2013
2014
2015
2016/03
EQUITY TRADING VOLUME (2015, BILLION $)
Irish
Warsaw
Tel Aviv
Indonesia
BSE India
Malaysia
Oslo Bors
Taipei
Singapore
Thailand
Moscow
JSE
Borsa Istanbul
Brazil
Saudi Arabia
Taiwan
NSE India
OMX Nordic
Australia
Spain
Swiss
TMX
Mexico
Deutsche
South Korea
Hong Kong
Euronext
London Group
Tokyo
BATS Chi-x Europe
BATS US
Shenzhen
NYSE
Shanghai
Nasdaq OMX
Rank: 23rd
351
14,217
18,878
19,991
20,502
32,984
0
Source: WFE
48
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 - 2015)
Irish
New Zealand
HoChiMinh
Hungary
Warsaw
NSE India
JSE
Athens
Dubai
Oslo Bors
OMX Nordic
TMX
Swiss
Hong Kong
Australia
Moscow
Thailand
Taiwan
Brazil
Deutsche
Euronext
Saudi Arabia
London Group
NYSE
Tokyo
Spain
South Korea
Borsa Istanbul
Taipei
Mexico
Shanghai
Nasdaq OMX
Shenzhen
0%
Source: WFE
49
186%
40%
80%
120%
160%
Rank: 6th
208%
290%
451%
453%
519%
200%
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (MILLION $)
2,878
1,639
2,097
1,613
477
2012
Source: Borsa Istanbul
50
2013
2014
2015
2016/03
SHORT SELLING IN BORSA ISTANBUL
72
20 %
Short Selling Volume (Bn. $)
68
Share in Total Volume
64
18 %
19%
60
17%
56
16 %
16%
52
14 %
48
44
12 %
40
12%
36
10 %
32
8%
28
24
6%
20
6%
16
4%
12
8
2%
4
19
51
63
66
18
0
0%
2012
Source: Borsa Istanbul
51
2013
2014
2015
2016/03
MARGIN TRADING
10,417
Outstanding Loan Size (Mn. $)
No. of Contracts
11,462
9,914
9,257
598
759
493
516
449
2012
2013
2014
2015
2016/03
Source: TCMA
52
9,539
FUTURES TRADING VOLUME OF BORSA ISTANBUL (BILLION $)
Trading Volume (Billion. $)
No. of Contracts (Million)
62
88
59
53
25
226
220
199
209
52
2012
2013
2014
2015
2016/03
Source: Borsa Istanbul, TurkDex
53
Security expiry transactions are included.
.
TRADING VOLUME IN FUTURES MARKETS (2015, BILLION $)
NZX Ltd
Budapest SE
Athens
Oslo
ASX Group
ICE (Canada)
Warsaw
Colombia
Mexican DE
Malasysia DE
Borsa Istanbul
BSE India
Euronext
Spain
JSE
Moscow
OMX Nordic
TAIFEX
NSE-India
Zhengzhou CE
Hong Kong
Dalian CE-China
ICE (US)
Osaka
Tokyo SE
Shanghai FE
LME-London
Korea
Montreal
ASX SFE Derivatives
BM&FBOVESPA
Deutsche Börse
CFFEX- China
ICE (Europe)
CME Group
Rank: 25th
209
47,327
64,382
85,353
879,624
0
Source: WFE
54
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
487
299
192
2012
Source: WFE
55
2013
2014
2015
2016/03
NUMBER OF LISTED CORPORATE BONDS (2015)
Mauritius
Tokyo
Malaysia
Ljubljana
Casablanca
Thailand
Malta
New Zealand
Colombo
Hungary
Kazakhstan
Shenzhen
Brazil
Lima
Warsaw
Borsa Istanbul
Colombia
Hong Kong
Swiss
Tel Aviv
Moscow
Taipei
Buenos Aires
JSE
Oslo Bors
Wiener
Shanghai
Spain
NSE India
Irish
BSE India
Euronext
OMX Nordic
South Korea
London Group
464
7,021
9,905
0
Source: WFE
56
Rank: 20th
1,000
2,000
3,000
4,000
5,000
6,000
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION $)
Brokerage Firms
986
54
Banks
963
75
574
53
932
389
888
43
521
161
346
143
2012
Source: Borsa Istanbul
58
2013
2014
2015
2016/03
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION $)
Brokerage Firms
7,416
758
Banks
6,669
660
6,682
638
5,933
1,635
593
6,658
6,009
6,044
5,400
1,535
121
1,413
2012
Source: Borsa Istanbul
59
2013
2014
2015
2016/03
EQUITY TRADING VOLUME OF INTERMEDIARIES (BN. $)
863
798
697
761
196
2012
Source: Borsa Istanbul
60
2013
2014
2015
2016/03
FUTURES TRADING VOLUME OF INVESTMENT INSTITUTIONS (BILLION $)
Banks
5
6
8
9
452
53
Brokerage Firms
440
45
397
417
2
305
399
395
395
416
304
2012
2013
Source: Borsa Istanbul, TurkDex
61
2014
2015
2016/03
FOREX TRADING VOLUME (BILLION $)
6,224
Liquidity Provider
Client
2,732
3,516
2,753
1,526
1,320
524
1,515
1,027
3,492
1,546
670
1,991
846
795
2012
Source: TCMA
62
2013
2014
2015
2016/03
CONCENTRATION IN TRADING VOLUMES (2015)
No. of Intermediaries
51+
21-50
11-20
1-10
7%
22%
7%
17%
19%
23%
20%
23%
75%
62%
54%
Equity
Source: Borsa Istanbul, TCMA
63
Fixed Income
Futures
69%
Forex
TOP 10 MEMBERS IN THE MARKETS (2015)
Equity Market
1
2
3
4
5
6
7
8
9
10
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
DENİZ YATIRIM MENKUL KIYMETLER A.Ş.
AK YATIRIM MENKUL DEĞERLER A.Ş.
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
TEB YATIRIM MENKUL DEĞERLER A.Ş.
MEKSA YATIRIM MENKUL DEĞERLER A.Ş.
FİNANS YATIRIM MENKUL DEĞERLER A.Ş.
BURGAN YATIRIM MENKUL DEĞERLER A.Ş.
Total (bn. $)
Futures Market
8%
7%
7%
5%
4%
4%
4%
4%
4%
3%
761
Fixed Income Market
1
2
3
4
5
6
7
8
9
10
AKBANK T.A.Ş.
GARANTİ BANKASI A.Ş.
YAPI VE KREDİ BANKASI A.Ş.
J.P. MORGAN CHASE BANK İSTANBUL
HSBC BANK A.Ş.
DENİZBANK A.Ş.
CITIBANK A.Ş.
TÜRKİYE İŞ BANKASI A.Ş.
DEUTSCHE BANK A.Ş.
TÜRK EKONOMİ BANKASI A.Ş.
Total (bn. $)
Source: Borsa Istanbul, TCMA
64
1
2
3
4
5
6
7
8
9
10
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
TEB YATIRIM MENKUL DEĞERLER A.Ş.
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
SANKO MENKUL DEĞERLER A.Ş.
DENİZ YATIRIM MENKUL KIYMETLER A.Ş.
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş.
DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş.
AK YATIRIM MENKUL DEĞERLER A.Ş.
Total (bn. $)
11%
11%
7%
5%
4%
4%
4%
4%
4%
3%
417
Forex Market
29%
7%
7%
6%
6%
6%
4%
3%
3%
3%
389
1
2
3
4
5
6
7
8
9
10
GCM MENKUL KIYMETLER A.Ş.
IŞIK MENKUL DEĞERLER A.Ş.
INVEST-AZ MENKUL DEĞERLER A.Ş.
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
DESTEK MENKUL DEĞERLER A.Ş.
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
SANKO MENKUL DEĞERLER A.Ş.
İNTEGRAL MENKUL DEĞERLER A.Ş.
IKON MENKUL DEĞERLER A.Ş.
ALB MENKUL DEĞERLER A.Ş.
Total (bn. $)
12%
9%
8%
8%
7%
6%
5%
5%
5%
4%
6,224
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
747
11
34
Privatization
IPO&SPO-Equities
M&A
Other Consultancy
14
63
Corporate Actions
Bond Issuance
16
47
88
83
21
43
34
608
465
114
284
65
175
2012
Source: TCMA
65
269
61
20
2013
2014
2015
2016/03
INITIAL PUBLIC OFFERINGS
IPO Volume (Mn. $)
No. of IPOs
30
19
13
6
362
758
320
45
2012
2013
2014
2015
Source: Borsa Istanbul
66
1
13
2016/03
PRIVATE DEBT SECURITIES ISSUES
Size of Private Debt Securities Issued (bn. $)
621
No. of Private Debt Securities Issued
508
330
235
29
30
23
29
172
7
2012
Source: Borsa Istanbul
67
2013
2014
2015
2016/03
INSTITUTIONAL INVESTMENTS (BILLION $)
Venture Capital Inv. Trusts
REITs
Investment Trusts
Pension Funds
41
Mutual Funds
38
0.5
36
0.5
9
9
0.3
0.6
9
37
0.5
7
0.1
41
0.5
8
0.1
0.1
0.2
11
12
17
2012
16
18
14
14
13
14
2013
2014
2015
2016/03
Source: Borsa Istanbul, CMB
68
16
ASSET MANAGEMENT BY BROKERAGE FIRMS
Assets Under Management (Mn. $)
No. of Investors
2,923
2,846
2,753
2,649
2,511
2,101
2,049
2,310
434
410
2012
2013
2014
2015
2016/03
Source: TCMA
69
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
Assets Under Management (Mn. $)
3,500
No. of Investors
2,681
2,422
3,000
2,861
2,500
2,000
2,118
2,283
1,500
1,000
500
31,710
30,330
35,153
34,604
35,874
2012
2013
2014
2015
2016/03
0
Source: CMB, TCMA
70
BROKERAGE FIRMS’ BRANCH NETWORK
Bank Branches
6,911
161
6,684
Branches
7,174
153
6,950
Rep. Offices
7,288
150
6,162
6,175
323
331
7,071
5,763
5,752
2012
Source: TCMA
71
2013
2014
2015
2016/03
BROKERAGE FIRMS’ EMPLOYEES
5,258
2012
Source: TCMA
72
5,480
2013
6,639
6,697
2015
2016/03
5,657
2014
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
583
615
2013
2014
Source: TCMA
73
698
721
2015
2016/03
BANKS’ EMPLOYEES
214,226
201,453
216,912
217,504
216,532
2012
2013
2014
2015
2016/03
Source: BRSA
74
BALANCE SHEET OF BROKERAGE FIRMS (MILLION $)
Current Assets
6,416
5,847
Total Assets
6,566
Shareholders' Equity
6,503
6,426
6,076
6,085
5,885
4,881
1,711
2012
Source: TCMA
75
1,566
2013
1,572
2014
5,247
1,374
2015
1,398
2016/03
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION $)
Total Revenues
733
Operating Profit
725
Net Profit
736
626
278
170
162
119
128
70
2012
Source: TCMA
76
159
111
149
43
2013
2014
2015
56
2016/03
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES
Others
Asset Management
Proprietary Trading Profits
Brokerage Commissions
15%
18%
19%
18%
18%
15%
18%
19%
18%
18%
12%
10%
4%
9%
5%
8%
5%
7%
3%
61%
64%
64%
66%
2012
2013
2014
2015
8%
Source: TCMA
77
Corporate Finance
70%
2016/03
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION $)
Current Assets
Total Assets
176
162
150
174
156
162
171
156
158
148
145
2013
Source: TCMA
78
160
Shareholders' Equity
2014
2015
2016/03
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION $)
Total Revenues
108
Operating Profit
109
105
34
31
Net Profit
32
32
32
33
27
5
2013
Source: TCMA
79
2014
2015
2016/03
7
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES
Discretionary Asset Mgmt.
Fund Sales
Financial Advisory
Investment Trust Mgmt.
Pension Fund Mgmt.
Mutual Fund Mgmt.
14%
8%
31%
7%
28%
25%
30%
59%
58%
60%
64%
2013
2014
2015
2016/03
Source: TCMA
80
11%
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION $)
821
120
756
92
647
Equities
781
107
683
78
74
267
220
222
434
444
452
2012
2013
179
205
368
2011
Source: BRSA, CRA, TCMA estimates
82
427
2014
2015
Fixed Income
Deposits
SAVINGS OF DOMESTIC INVESTORS
5%
31%
6%
31%
6%
6%
5%
27%
27%
25%
Equities
Fixed Income
Deposits
64%
63%
2011
2012
Source: BRSA, CRA, TCMA estimates
83
68%
67%
70%
2013
2014
2015
Total Domestic Inv. Savings as of
December 2015: US$ 571bn
SAVINGS OF FOREIGN INVESTORS
Equities
48%
49%
42%
46%
43%
Fixed Income
Deposits
39%
36%
39%
15%
12%
2011
2012
Source: BRSA, CRA, TCMA estimates
84
32%
36%
19%
18%
2013
2014
26%
2015
Total Foreign Inv. Savings as of December
2015: US$ 112 bn
NUMBER OF EQUITY INVESTORS
Number of Equity Investors
(thou.)
Domestic Investors
2012
2013
2014
2015
1,080.3
1,100.9
1,065.5
1,049.6
1,075.4
1,095.2
1,059.6
1,044.0
Dom. Corporations
4.3
5.1
5.2
5.0
Dom. Institutionals
0.6
0.6
0.7
0.7
Foreign Investors
8.3
9.6
9.9
9.7
For. Individuals
4.8
6.0
6.2
6.2
For. Corporations
1.3
1.3
1.4
1.5
For. Institutionals
2.2
2.3
2.3
2.1
1,088.6
1,110.4
1,075.4
1,059.3
Dom. Individuals
Total
Source: CRA
85
BREAKDOWN OF MARKET CAPITALIZATION (BILLION $)
Privately Held
Foreigners' Portfolio
Domestics' Portfolio
311
270
237
202
190
191
163
145
128
113
79
46
68
48
28
41
34
39
29
2011
2012
2013
2014
2015
Source: CRA, Borsa Istanbul
86
57
SHARE OF FOREIGN INVESTORS
MCap
Vol.
80%
32%
Share in Free Float Mcap
Share in Trading Volume
70%
28%
60%
24%
50%
20%
40%
16%
30%
12%
20%
8%
10%
4%
0%
0%
2011
Source: CRA, Borsa Istanbul
87
2012
2013
2014
2015
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
100%
For. Institutional
90%
80%
For. Corporation
70%
60%
For. Individual
50%
Dom. Institutional
40%
30%
Dom. Corporation
20%
10%
Dom. Individual
0%
2011
Source: CRA
88
2012
2013
2014
2015
Total equity portfolio as of December 2015: US$ 77.6 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
89
2013
2014
2015
2016/03
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
100%
For. Institutional
90%
80%
For. Corporation
70%
60%
For. Individual
50%
Dom. Institutional
40%
30%
Dom. Corporation
20%
10%
Dom. Individual
0%
2011
Source: CRA
90
2012
2013
2014
2015
Total corporate bond portfolio as of December 2015: US$ 16.2 bn.
MUTUAL FUND INVESTORS
20.0
3.0
Portfolio Size (bn. $)
18.0
Number of Investors (mn.)
3.0
3.0
16.0
2.9
2.9
14.0
2.9
12.0
2.8
10.0
2.8
8.0
2.8
2.8
2.8
6.0
2.7
4.0
2.7
2.0
-
15.9
17.2
14.5
15.6
13.3
2011
2012
2013
2014
2015
Source: CRA
91
2.6
PENSION FUND INVESTORS
18.0
7.0
Portfolio Size (bn. $)
16.0 Number of Investors (mn.)
6.0
14.0
6.0
5.0
12.0
5.1
4.0
10.0
4.1
8.0
6.0
3.0
3.1
2.6
2.0
4.0
1.0
2.0
-
7.6
11.4
12.2
16.2
16.4
2011
2012
2013
2014
2015
Source: PMC
92
-
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES
(BROKERAGE FIRMS ONLY)
100%
For. Institutional
90%
80%
For. Corporation
70%
60%
For. Individual
50%
Dom. Institutional
40%
30%
Dom. Corporation
20%
10%
Dom. Individual
0%
2012
Source: TCMA
93
2013
2014
2015
2016/03
FOREX TRADING VOLUME OF BROKERAGE FIRMS
100%
For. Institutional
80%
For. Corporation
60%
For. Individual
Dom. Institutional
40%
Dom. Corporation
20%
Dom. Individual
0%
2012
Source: TCMA
94
2013
2014
2015
2016/03
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