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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011
THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB) AFFILIATE MEMBER
TSPAKB, celebrating its 10th year
anniversary in 2011, will continue to support
the growth of the Turkish capital markets.
E. Nevzat Oztangut
Chairman
2010 was another outstanding year for the emerging
markets as a whole. Turkey, in particular, has
underlined its strong position in the global markets
again.
From our Association’s point of view, we have
undertaken several projects to raise awareness on the
Turkish capital markets, both at home and abroad.
Investing in the future of our capital markets is our
main objective.
First and above all, TSPAKB is committed to the
Istanbul Financial Centre Project. We are fully engaged
in the activities of all 8 working committees which were
formed in 2010. Major laws are being changed and
there is a very serious reform process going on.
The Association is also involved in the Initial Public
Offerings Awareness Project, initiated in 2008 by the
Istanbul Stock Exchange. This project has been quite
successful and 25 new companies were listed last
year, second best year in ISE’s history. Judging by the
number of IPO applications in the beginning of 2011,
we are quite optimistic about this year as well.
We believe that, widening the investor base is also
crucial for the sound development of markets. In this
regard, our Association has conducted a financial
literacy survey in 2010 to assess investors’ perceptions
about the markets, institutions and investment
products. Based on the results of the survey, we are
designing a comprehensive investor education
program in collaboration with other institutions.
We think that foreign investor base should also be
expanded along with domestic investors. Within this
scope, for the first time in our market, “Turkish Capital
Markets Day” was organized in Seoul, South Korea.
Turkish delegation, including Capital Markets Board,
Central Bank of Turkey, Istanbul Stock Exchange,
Turkish Derivatives Exchange and other authorities
discussed the opportunities of the Turkish capital
markets with more than 200 Korean participants.
We continued to represent the Turkish brokerage
industry in several international platforms. International
Council of Securities Associations’ Annual General
Meeting was held in Istanbul, hosted by our
Association. Besides, we became a founding member
of Asia Forum for Investor Education in 2010.
Proving our strong international presence, I have been
honoured to have been elected as the Advisory Board
Member of the International Forum for Investor
Education, Advisory Board Member of the Asia Forum
for Investor Education, Chairman of the Emerging
Markets Committee of the International Council of
Securities Associations and Chairman of the Dealers’
Associations Task Force of FEAS last year.
In 2010, we expanded the range of our training
programs. The number of people attending our
courses increased to 6.700. Moreover, two licensing
examinations were held jointly by the Association and
the Capital Markets Board for the first time. The
number of employees registered at our Association
has reached to more than 40.000 by the end of the
year.
TSPAKB, serving as the information hub of the
industry, published various statistics and reports about
the Turkish capital markets and the brokerage industry.
We continued to produce various research reports on
issues concerning national and international agenda,
in Turkish and in English.
TSPAKB, celebrating its 10th year anniversary in 2011,
will continue to support the growth of the Turkish
capital markets.
History and Development
The Association of Capital Market Intermediary
Institutions of Turkey has been established in March
2001 as the self-regulatory organization in the
Turkish capital markets. 103 brokerage firms, 1
derivatives brokerage firm and 41 banks,
authorized for capital market operations, constitute
the members of the Association as of end-2010.
The Association aims to:
• Contribute to the development of capital markets
and intermediation activities;
• Facilitate solidarity among its members;
• Safeguard prudent and disciplined conduct of b
usiness by its members;
•Prevent unfair competition among members;
• Enhance professional know-how in the sector.
The main functions of the Association are to:
• Establish professional rules and regulations;
• Set safety measures to prevent unfair
competition;
• Monitor professional developments, changes in
rules and regulations and inform members;
• Evaluate complaints against its members;
• Impose disciplinary action on members, when
necessary;
• Assist in the resolution of disputes arising from
off-exchange transactions among its members or
between its members and investors;
• Appoint arbitrators upon the request of
concerned parties;
• Conduct research on Turkish and international
capital markets;
• Offer training programs;
• Issue licenses to capital market professionals
who are required to pass exams organized by the
Capital Markets Board;
• Keep records of all capital market professionals;
• Cooperate with related foreign institutions.
Future Outlook
• The Association plans to organize a comprehensive
investor education program in 2011, in cooperation
with relevant financial sector institutions. The program
will be based on the results of the financial literacy
survey conducted by TSPAKB in 2010.
• TSPAKB will continue to contribute to the IPO
Awareness Project, in cooperation with the Istanbul
Stock Exchange and the Union of Chambers and
Commodity Exchanges of Turkey. The program is
expected to be extended to SMEs in 2011 with the
cooperation of the Small and Medium Sized Industry
Development Organization.
• TSPAKB will continue to take part in the Istanbul
Financial Centre Project.
• TSPAKB will celebrate its 10th anniversary in May
2011.
Legal Status
Not-for-profit association
Regulated by
Capital Markets Board
Board of Directors
7 persons chosen among members by the General
Assembly, every two years. The General Assembly
is the highest decision-making body, where each
member firm has one voting right.
Memberships to International Organizations
AFIE (Asia Forum for Investor Education):
http://www.afie.asia
ASF (Asia Securities Forum):
http://www.asiasecuritiesforum.org
FEAS (Federation of Euro-Asian Stock Exchanges):
http://www.feas.org
ICSA (International Council of Securities
Associations): http://www.icsa.bz
IFIE (International Forum for Investor Education):
http://www.ifie.org
IOSCO (International Organization of Securities
Commissions): http://www.iosco.org
* Please refer to page 74 for the Turkey country report.
CONTACT INFORMATION
Contact Name Alparslan Budak E-mail research@tspakb.org.tr Website www.tspakb.org.tr
Address Buyukdere Caddesi No 173 1. Levent Plaza A Blok Kat: 4 1. Levent 34394 Istanbul TURKEY
Phone +90 (212) 280 8567 Fax +90 (212) 280 8589
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