ANNUAL REPORT JUNE 2010
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB) AFFILIATE MEMBER
In Turkey, where the capital markets were
not directly affected by the global crisis,
efforts to improve the structure of the
markets were carried on.
E. Nevzat Oztangut
Chairman
The year 2009 was marked by the financial crisis
that evolved into a global recession. In order to
prevent the occurrence of similar problems,
various studies both on national and international
level were conducted. The post crisis era will lead
to the restructuring of financial and regulatory
landscape across the world.
In Turkey, where the capital markets were not
directly affected by the global crisis, efforts to
improve the structure of the markets were carried
on. In this context, new regulations introducing
mortgage backed securities, company and
covered warrants were released. Furthermore,
regulations regarding existing instruments have
been revised in order to facilitate new issues.
Another achievement in 2009, was the
announcement of a strategy and action plan for
making Istanbul a global financial centre. Our
Association was fully engaged in the preparation
of the strategy document. Now it is time for all
institutions in the market to implement the defined
measures. Our Association assumed several
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 and 41
banks that are authorized for capital market
operations constitute the members of the
Association as of end 2009.
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
business 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 thereof;
•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;
responsibilities, varying from training to
assistance in the development of new financial
products.
As the Association, we are also involved in the
Encouragement of Public Offerings Project,
aiming to promote public offerings. We believe
that this project will make an important
contribution to the development of our industry.
We pursued our endeavours to reduce
intermediation costs. For example; Istanbul Stock
Exchange and the Turkish Derivatives Exchange
generously accepted our proposals and reduced
the transaction fees in their relevant markets.
In 2009, we diversified our training programs and
started to offer courses in a wider number of
cities across Turkey. Nearly 5.000 people have
attended our education programs in 2009. On the
other hand, the number of registered market
professionals at our Association has reached
33.000, while the number of issued licenses
reached 19.000.
•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 CMB;
•Keep records of all capital market professionals;
•Cooperate with related foreign institutions.
Future Outlook
• Between 9-13 May 2010, TSPAKB will host the 23rd
Annual General Meeting of the International Council
of Securities Associations (ICSA). ICSA represents
trade associations and self-regulatory organizations
for the securities market from around the globe.
• In cooperation with the Capital Markets Board,
TSPAKB aims to hold the exams for the licensing of
capital market professionals. Until 2010, the exams
were held by the Capital Markets Board, whereas the
licenses were issued by the Association.
• TSPAKB aims to conduct a financial literacy survey
in order to develop an effective investor education
program to assist investors in making financial
decisions.
• TSPAKB will continue to contribute to the
Encouragement of Public Offerings Project, in
cooperation with the Istanbul Stock Exchange and
the Union of Chambers and Commodity Exchanges
of Turkey.
• TSPAKB will take part in the Istanbul Finance
Centre Project, coordinated by the State Planning
Organisation.
Our Association serves as the information hub of
the industry through our unique statistics and
various publications. Besides our monthly and
annual reports in Turkish, we have also increased
the range of our reports in English.
Moreover, we strengthened our close relations
with international organizations through new
memberships. In addition to our membership to
the Federation of Euro-Asian Stock Exchanges,
we also became member of Asia Securities
Forum and the International Forum for Investor
Education.
Regarding the latter issue, in 2010 our
Association plans to conduct a comprehensive
financial literacy survey in view of developing an
effective investor education program in
association with relevant capital market
institutions. We are dedicated to continue working
for the development of the capital markets in
Turkey.
Calendar
International Council of Securities Associations’
23rd Annual General Meeting,
May 9-13, 2010, Ceylan Intercontinental Hotel,
Istanbul
Legal Status
Not-for-profit association
Regulated by
Capital Markets Board
Board of Directors
7 persons chosen amongst members by the
General Assembly every two years.
Memberships to International Organizations
AFIE (Asia Forum for Investor Education):
http://www.afie.asia
ASF (Asia Securities Forum):
http://www.asiasecuritiesforum09.com
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 96 for the Turkey country report.
CONTACT INFORMATION
Contact Name Alparslan Budak E-mail [email protected] 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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