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Sermaye Piyasalarının Ekonomideki Yeri ve Borsa İstanbul. Dr. M. İbrahim Turhan Borsa İstanbul Başkanı 15 Mart 2013

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Sermaye Piyasalarının

Ekonomideki Yeri ve

Borsa İstanbul

Dr. M. İbrahim Turhan

Borsa İstanbul Başkanı

15 Mart 2013

(3)

12.03.2013 1

Turkish Financial System

86% 11%

3%

Banks Capital Market Institutions Insurance Companies

Capital Markets have promising potential for development Breakdown of Financial Sector Assets in Turkey*

Agriculture, Forestry and Fishing 0.01% Mining 1.44% Manufacturing Industry 26.64% Electricity, Gas and Water 0.80% Construction and Public Works 2.76% Whoelsale and Retail Trade, Hotels and Restaurants 5.26% Transportation, Telecommunica tion and Storage 11,38% Education, Health, Sports and Other Social Services 0.98% Financial Institutions 49.68% Technology 1.05%

Source: Borsa İstanbul

* As of September 2012

Source: BRSA

*As of October 2012

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Borsa İstanbul’da Yer Alan Piyasalar

PAY PİYASASI ARAÇLARI PİYASASI BORÇLANMA ARAÇLARI PİYASASI YURT DIŞI SER. PİY. GELİŞEN İŞLETMELER PİYASASI (11 Şirket) VADELİ İŞLEM VE OPSİYON PİYASASI Ulusal Pazar (242 şirket)

İkinci Ulusal Pazar

(77 şirket)

Gözaltı Pazarı

(13 şirket)

Kurumsal Ürünler Pazarı

Kesim Alım Satım Pazarı Repo/Ters Repo Pazarı Nitelikli Yatırımcıya İhraç Pazarı Menkul Kıymetler Tercihli Repo Pazarı

Bankalar arası Repo/Ters Repo

Pazarı

Uluslar arası Tahvil Pazarı

İMKB 30 Endeksindeki 10 Şirketin Pay Senetleri için Vadeli Sözleşme ve Opsiyon

• Total number of listed companies is 406

• Precious Metals and Stones Market is to be established after the merger with Istanbul Gold Exchange

• Borsa İstanbul is to be the trading platform for energy and commodity derivatives

Endekse Dayalı Vadeli İşlem ve Opsiyon Sözleşmeler: 2013 1. Ç

Borsa Yatırım Fonları

(16 BYF)

YO, GYO, Girişim Sermayesi

(47 şirket)

Varant Pazarı

(4 şirket, 253 varant, 105 sertifika)

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12.03.2013 3

Borsa İstanbul: Market Status

Average Daily Equity Market Traded Value (USD Billions) Equity Market Traded Value (USD Billions)

8th highest equity market turnover among the emerging

markets Source: Borsa İstanbul, *As of January, 31st, 2013

Market Capitalization (USD Billions)*

Source: World Federation of Exchanges, as of December , 31th, 2012

0 500 1,000 1,500 2,000 2,500 3,000 Tel Aviv SE

Warsaw SE Indonesia SE GreTai Securities Market BSE India Bursa Malaysia Mexican Exchange The Stock Exchange of Thailand

Johannesburg SE MICEX / RTS Borsa Istanbul Saudi Stock Exchange - Tadawul National Stock Exchange India Taiwan SE Corp. BM&FBOVESPA Korea Exchange Shenzhen SE Shanghai SE 0 0.5 1 1.5 2 2.5 1.19 1.04 1.26 1.7 1.67 1.38 1.21 1.25 1.75 1.72 2.16 0 50 100 150 200 250 300 350 69 98 162 163 290 120 236 307 201 309 318

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Borsa İstanbul: Foreign Interest and Velocity

Source: Borsa İstanbul, *As of December, 31st, 2012

Percentage of Foreign Investors in Free Float Market Capitalization

Share Turnover Velocity 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 2006 2007 2008 2009 2010 2011 2012 65.3% 72.4% 67.5% 67.3% 66.2% 62.1% 65.8%

Source: World Federation of Exchanges

4th highest turnover velocity in the world as of December 2012

0% 50% 100% 150% 200% 250% Singapore Exchange

NYSE Euronext (Europe) National Stock Exchange…

London SE Group Australian SE Deutsche Börse BM&FBOVESPA TMX Group NYSE Euronext (US) BME Spanish Exchanges Taiwan SE Corp. Korea Exchange Saudi Stock Exchange -…

Tokyo SE Group Shanghai SE Borsa Istanbul NASDAQ OMX GreTai Securities Market Shenzhen SE

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12.03.2013 5

Borsa İstanbul: A Well-Established Debt Securities Market

Borsa İstanbul has the world’s 4th largest bonds market on electronic order book

Source: Borsa İstanbul, *As of December, 31st, 2012

* Includes repo/reverse repo market.

0.00 500.00 1,000.00 1,500.00 2,000.00 2,500.00 3,000.00 3,500.00 4,000.00 3,813.69

DSM (USD Billions) OTC (USD Billions) Organized Market Share: 35% Organized Market Share: 82%

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Borsa İstanbul: High IPO Potential

10 new companies in emerging

companies market with a total of 26

IPOs and one SPO during 2012

• Number of listed companies reached to 406

• Funds raised through debt

instrument issuances amount to USD

23,6 billions in 2012

Remarkable increase in the

issuance of debt instruments: 263

new issuances in 2012

• With more IPOs, our intention is to

reach at least 50-60% market

capitalization/GDP ratio 0 5 10 15 20 25 30 2002 - 2009 2010 2011 2012 6 22 27 26 Number of IPOs*

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12.03.2013 7

New Regulatory Framework

The new Capital Markets Law is enacted at the end of 2012 with a specific intention to:

 meet the requirements of İstanbul International Financial Center Project

 sustain more transparent, effective, reliable, competitive environment for capital market in Turkey

 improve the institutional investment environment such as asset

management companies together with increasing retail investor base

 achieve coherence with EU capital market regulations

 enhance corporate governance

(10)

New Regulatory Framework

The Law includes substantial changes on;

 Financial Instruments and Issuers

 Financial Reporting, Independent Audit, Rating, and Valuation

 Capital Market Activities, Intermediaries, and Self-Regulatory Organizations

 Institutional Investors

 Surveillance and Precautionary Measures

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12.03.2013 9

New Regulatory Framework

In terms of Stock Exchanges

 Stock exchanges are supposed to be established only as joint-stock companies

 Alternative exchanges and trading platforms are allowed with subject to approval of the

CMB

 Stock exchanges are allowed to make agreements with alternative platforms and

operators to manage their markets

 Stock exchanges are given the authority to determine the principles and rules for the

activities of capital market institutions, issuers, and investors engaging in their markets. For this purpose, they should prepare guides that are subject to the approval of the CMB

 The rules for the organization structures, operation principles, surveillance of stock

(12)

References

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