Download - FEAS

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 ISTANBUL STOCK EXCHANGE Osman Birsen Chairman and CEO The Turkish economy continued to strengthen in 2004, following the consecutive crises in 2000 and 2001. The inflation rate fell to below 10 percent for the first time after thirty years. A very significant development for Turkey was the determination of a date for starting the membership negotiations with the European Union. The Istanbul Stock Exchange enjoyed the good news in the Turkish economy. The ISE main index, National-100, appreciated by 38% in US Dollar terms. Among world markets, the ISE was the 9th highest yielding HISTORY AND DEVELOPMENT In 1981, the Capital Market Law was enacted and one year later, the Capital Markets Board was established. In October 1983, the Parliament approved the Regulations for the Establishment and Operations of Securities Exchanges, which paved the way for the establishment of the Istanbul Stock Exchange (ISE), formally inaugurated on December 26, 1985. Currently, there are three markets operating at the ISE; the stock market, the bonds and bills market and the international market. The ISE provides a fair and transparent environment for trading of a wide variety of securities, namely, stocks, exchange traded funds, government bonds, Treasury bills, money market instruments (repo/reverse repo), corporate bonds and foreign securities. As of the end of the first half of 2005, 102 out of 110 members have been provided with remote access to the stock market trading systems. During the same period, the number of orders sent by members via Ex-API (Express Application Programming Interface) terminals reached 85% of all orders, with the number growing steadily. Trading on the bonds and bills market is already carried out remotely. In 1989, the foreign exchange regime was amended to allow non-residents to invest in Turkish securities, making the Turkish stock and bond markets open to foreign investors without any restrictions on the repatriation of capital and profits. The ISE was recognized as a “Designated Offshore Securities Market” by the U.S. Securities and Exchange Commission in 1993 and was designated as an PAGE 80 In 2004, a very significant development for Turkey was the determination of a date for starting the membership negotiations with the European Union. market in 2004. The ISE Equity Market average daily trading volume increased by 46% to reach US$ 593 million in 2004. The ISE stands at 22nd rank among world stock markets in terms of trading volume at yearend. Market capitalization also registered an increase of 42%, reaching US$ 98 billion. The ISE Bonds & Bills Market average daily trading volume, on the other hand, increased by 59% in US Dollar terms and reached US$ 1.742 million, ranking 6th among world markets in terms of bond trading volume. “appropriate foreign investment market for private and institutional Japanese investors” by the Japan Securities Dealers Association in 1995. Likewise, the ISE has been approved by the Austrian Ministry of Finance as a regulated market in accordance with the regulations of the Austrian Investment Fund Act in 2000. As a result of all these developments, foreign investors now account for a substantial volume of daily trading and hold around 60 percent of the publicly-held stocks in their portfolios. The ISE currently owns 26.24% of the ISE Settlement and Custody Bank (Takasbank), 30% of the Central Registry Agency and 18% of the Turkish Derivatives Exchange (TURKDEX). On the international level, the ISE has participations in the Kyrgyz and Baku Stock Exchanges with stakes of 24.51% and 5.55%, respectively. FUTURE OUTLOOK • Demutualization and privatization of the ISE is continuing in coordination with the Capital Markets Board (CMB). • Efforts toward software development under the Central Surveillance Project jointly carried out by the CMB and the Istanbul Stock Exchange and work towards creating a new software system which will allow real time surveillance to be carried out electronically and more efficiently, is scheduled to be finished in 2005. • The Disclosure Automation Project which will enable traded companies to directly disclose information using Internet technologies and digital certificates, is still underway. When the project is completed, financial statements, explanatory notes, special situations and other information submitted by the companies will be received electronically in line with the information security standards and be disclosed to the public by electronic means. • As the chairing Exchange of the Federation of Euro-Asian Stock Exchanges (<strong>FEAS</strong>) and the project leader of the Southeast European Cooperation Initiative (SECI), the ISE leads many projects, one of which is to establish a linkage among the securities markets in the region via an electronic network of intermediaries of these exchanges. Additionally, the Enterprise Development and Finance Project conducted jointly by ISE and OECD has been completed in 2005 and within this framework a report titled “A Framework for the Development and Financing of Dynamic Small and Medium Sized Enterprises in Turkey” has been published. • Istanbul, Athens and Tel Aviv Stock Exchanges have continued their efforts to encourage their members to establish an electronic member-to-member order routing platform among the three stock exchanges. A regional index covering the three markets and the promotion for the establishment of regional funds are also planned. Local CSDs also have continued their cooperation to facilitate cross border settlement and clearing. • The ISE has initiated a project (Islamic Stock Exchanges Forum) to promote cooperation among stock exchanges of the Organization of Islamic Conference (OIC) member countries. Within this framework, ISE, in close cooperation with the relevant institutions of OIC, held a meeting with 11 stock exchanges in March 2005 in Istanbul.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 ISTANBUL STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 17,431.7 917.5 7,115.9 374.5 Feb-05 19,106.0 955.3 7,608.3 380.4 Mar-05 18,372.3 798.8 6,577.6 286.0 Apr-05 11,438.5 544.7 5,256.0 250.3 May-05 10,996.2 523.6 5,452.1 259.6 Jun-05 12,869.9 585.0 5,815.4 264.3 TOTAL 90,214.6 720.8 37,825.4 302.5 Bonds Jan-05 29,634.5 1,559.7 0.05 0.002 Feb-05 35,280.7 1,764.0 0.06 0.003 Mar-05 43,160.8 1,876.6 0.07 0.003 Apr-05 29,834.0 1,420.7 0.06 0.003 May-05 33,088.5 1,575.6 0.06 0.003 Jun-05 30,030.2 1,365.0 0.05 0.002 TOTAL 201,028.8 1,593.6 0.34 0.003 Other Jan-05 82,314.6 4,332.3 0.03 0.002 Feb-05 98,243.9 4,912.2 0.04 0.002 Mar-05 118,591.5 5,156.2 0.04 0.002 Apr-05 110,267.7 5,250.8 0.04 0.002 May-05 129,539.7 6,168.6 0.04 0.002 Jun-05 127,042.1 5,774.6 0.04 0.002 TOTAL 665,999.5 5,265.8 0.23 0.002 Market Capitalization US$ Millions Index Jan-05 108,471.8 1,197.0 Feb-05 116,311.6 1,293.4 Mar-05 99,866.4 1,105.5 Apr-05 89,504.4 992.4 May-05 98,309.2 1,084.5 Jun-05 106,038.4 1,177.0 CONTACT INFORMATION MONTHLY STOCK VOLUME (US$ Millions) 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Stocks Index Contact Name Mr. Eren Kiliclioglu E-mail dis@imkb.gov.tr Website www.ise.org 1,400 1,200 1,000 800 600 400 200 MONTHLY MARKET CAPITALIZATION (US$ Millions) 120,000 100,000 80,000 60,000 40,000 20,000 0 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun PAGE 81
Page 1:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Welcome to FEAS, your gateway to th
Page 13 and 14:
Atos Euronext Market Solutions (AEM
Page 15 and 16:
Page 17 and 18:
Page 19:
Page 23 and 24:
Page 25:
Page 29 and 30:
Page 31 and 32: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 33 and 34: ‹stanbul Edinburgh London inspiri
Page 80: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170:
show all

Download - FEAS

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?