Capital Markets
From The Report: Turkey 2015
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Turkey’s stock exchange, Borsa Istanbul (BIST), had a bumper year in 2014. It was the fifth-best-performing exchange globally, with the BIST 100 index rising by 26% and closing at a record year-end high. While the early months of 2015 were more muted, the appeal of the exchange and many of its listed stocks to investors is still strong. Turkey’s equity and bond markets felt the impact of cooling investor sentiment and the related fall in the lira in the first few months of 2015. A degree of uncertainty over the fiscal and monetary policy outlook ahead of the election had an effect as well. However, the reforms of the past few years have left the country’s capital markets larger, more liquid, more accessible to foreign capital and all together better-off. Tough as some periods may be, the market’s future is founded on that of its economy, and in this regard Turkey’s large, young populace and diverse economic base are major assets.

This chapter contains interviews with Vahdettin Ertaş, Chairman, Capital Markets Board, and İbrahim Turhan, Former Chairman and CEO, Borsa Istanbul.

Articles from this Chapter

Overview

Turkey’s capital markets to attract new listings through regulatory reforms and multi-tier trading platforms
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Turkey’s stock exchange, the Borsa Istanbul (BIST), had a bumper year in 2014. It was ranked as the fifth most profitable exchange globally, with the BIST 100 index rising by 26% and closing at a record year-end high. While the early months of 2015 were more muted for the BIST, the appeal of the exchange and many of its listed stocks to investors is still strong. Core Features As of the end of 2014, there were 217 companies listed on the main National Market, with a total market capitalisation…

Interview

OBG talks to Vahdettin Ertafl, Chairman, Capital Markets Board (CMB)
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Interview: Vahdettin Ertafl Are there any new initiatives to further develop Turkey’s financial services sector? VAHDETTIN ERTAFL: Our new capital markets legislation provides market infrastructure in harmony with current EU practices, especially the Markets in Financial Instruments Directive. This is important, as it integrates Turkey’s capital markets into the global financial system. The new Capital Markets Law and our new regulations have begun returning successful results. The introduction…

Interview

OBG talks to Ibrahim Turhan, Former Chairman and CEO, Borsa Istanbul
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Interview: Ibrahim Turhan Given recent macroeconomic volatility, why should international investors remain confident in the growth prospects of the Turkish equities market? IBRAHIM TURHAN: In 2014 Turkey was rated as the 14th most attractive foreign direct investment (FDI) destination in the world. Assessing the conditions in any market by looking at just short-term movements will lead to wrong conclusions. Emerging markets are affected by the monetary policy of international central banks and…