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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB) AFFILIATE MEMBERE. Nevzat OztangutChairmanIn Turkey, where the capital markets werenot directly affected by the global crisis,efforts to improve the structure of themarkets were carried on.The year 2009 was marked by the financial crisisthat evolved into a global recession. In order toprevent the occurrence of similar problems,various studies both on national and internationallevel were conducted. The post crisis era will leadto the restructuring of financial and regulatorylandscape across the world.In Turkey, where the capital markets were notdirectly affected by the global crisis, efforts toimprove the structure of the markets were carriedon. In this context, new regulations introducingmortgage backed securities, company andcovered warrants were released. Furthermore,regulations regarding existing instruments havebeen revised in order to facilitate new issues.Another achievement in 2009, was theannouncement of a strategy and action plan formaking Istanbul a global financial centre. OurAssociation was fully engaged in the preparationof the strategy document. Now it is time for allinstitutions in the market to implement the definedmeasures. Our Association assumed severalresponsibilities, varying from training toassistance in the development of new financialproducts.As the Association, we are also involved in theEncouragement of Public Offerings Project,aiming to promote public offerings. We believethat this project will make an importantcontribution to the development of our industry.We pursued our endeavours to reduceintermediation costs. For example; Istanbul StockExchange and the Turkish Derivatives Exchangegenerously accepted our proposals and reducedthe transaction fees in their relevant markets.In 2009, we diversified our training programs andstarted to offer courses in a wider number ofcities across Turkey. Nearly 5.000 people haveattended our education programs in 2009. On theother hand, the number of registered marketprofessionals at our Association has reached33.000, while the number of issued licensesreached 19.000.Our Association serves as the information hub ofthe industry through our unique statistics andvarious publications. Besides our monthly andannual reports in Turkish, we have also increasedthe range of our reports in English.Moreover, we strengthened our close relationswith international organizations through newmemberships. In addition to our membership tothe Federation of Euro-Asian Stock Exchanges,we also became member of Asia SecuritiesForum and the International Forum for InvestorEducation.Regarding the latter issue, in 2010 ourAssociation plans to conduct a comprehensivefinancial literacy survey in view of developing aneffective investor education program inassociation with relevant capital marketinstitutions. We are dedicated to continue workingfor the development of the capital markets inTurkey.History and DevelopmentThe Association of Capital Market IntermediaryInstitutions of Turkey has been established in March2001 as the self-regulatory organization in theTurkish capital markets. 103 brokerage firms and 41banks that are authorized for capital marketoperations constitute the members of theAssociation as of end 2009.The Association aims to:•Contribute to the development of capital marketsand intermediation activities;•Facilitate solidarity among its members;•Safeguard prudent and disciplined conduct ofbusiness 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 inrules and regulations and inform members thereof;•Evaluate complaints against its members;•Impose disciplinary action on members, whennecessary;•Assist in the resolution of disputes arising fromoff-exchange transactions among its members orbetween its members and investors;•Appoint arbitrators upon the request of concernedparties;•Conduct research on Turkish and internationalcapital markets;•Offer training programs;•Issue licenses to capital market professionals whoare required to pass exams organized by the CMB;•Keep records of all capital market professionals;•Cooperate with related foreign institutions.Future Outlook• Between 9-13 May 2010, TSPAKB will host the 23rdAnnual General Meeting of the International Councilof Securities Associations (ICSA). ICSA representstrade associations and self-regulatory organizationsfor the securities market from around the globe.• In cooperation with the Capital Markets Board,TSPAKB aims to hold the exams for the licensing ofcapital market professionals. Until 2010, the examswere held by the Capital Markets Board, whereas thelicenses were issued by the Association.• TSPAKB aims to conduct a financial literacy surveyin order to develop an effective investor educationprogram to assist investors in making financialdecisions.• TSPAKB will continue to contribute to theEncouragement of Public Offerings Project, incooperation with the Istanbul Stock Exchange andthe Union of Chambers and Commodity Exchangesof Turkey.• TSPAKB will take part in the Istanbul FinanceCentre Project, coordinated by the State PlanningOrganisation.CalendarInternational Council of Securities Associations’23rd Annual General Meeting,May 9-13, 2010, Ceylan Intercontinental Hotel,IstanbulLegal StatusNot-for-profit associationRegulated byCapital Markets BoardBoard of Directors7 persons chosen amongst members by theGeneral Assembly every two years.Memberships to International OrganizationsAFIE (Asia Forum for Investor Education):http://www.afie.asiaASF (Asia Securities Forum):http://www.asiasecuritiesforum09.comFEAS (Federation of Euro-Asian Stock Exchanges)http://www.feas.org/ICSA (International Council of SecuritiesAssociations): http://www.icsa.bzIFIE (International Forum for Investor Education):http://www.ifie.orgIOSCO (International Organization of SecuritiesCommissions): http://www.iosco.org* Please refer to page 96 for the Turkey country report.CONTACT INFORMATIONContact Name Alparslan Budak E-mail info@tspakb.org.tr Website www.tspakb.org.trAddress Buyukdere Caddesi No 173 1. Levent Plaza A Blok Kat: 4 1. Levent 34394 Istanbul TURKEYPhone +90 (212) 280 8567 Fax +90 (212) 280 8589PAGE 176