FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB)
TSPAKB will continue to support efforts
towards the growth of the Turkish financial
sector, from expanding the product range
to widening the investor base.
Attila Köksal, CFA
Chairman
2011 was a challenging year for the world economy.
The problems experienced in the European Union
countries, the first credit rating downgrade for the
United States, the devastating earthquake in Japan
and political changes in the Middle East have all
affected the global financial markets. Amidst this
environment, in Turkey the stock market index went
down, interest rates went up and the Turkish lira
depreciated.
Despite all these negative developments, several
regulatory amendments were undertaken and new
products were introduced to our financial markets.
From our Association’s point of view, while celebrating
our 10th anniversary, we decided to concentrate
on three main objectives in order to restructure the
Turkish financial markets: enhance our employees’
knowledge, widen the investor base and diversify the
range of investment products.
In 2011, we have diversified our professional
development training programs. Moreover, we
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. 101 brokerage firms, 1 derivatives
brokerage firm and 40 banks, authorized for capital
market operations, constitute the members of the
Association as of end-2011.
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;
• Evaluate complaints against its members;
• Impose disciplinary action on members, when
necessary;
participated in the newly formed Capital Markets
Licensing and Training Agency.
In cooperation with other market institutions, we are
running a nationwide financial education project. Our
Association conducted an investor perception survey
in 2010, and in the light of the results, several projects
have been tailored for different target groups.
We think that foreign investor base should also be
expanded along with domestic investors. Within this
scope, “Turkish Capital Markets Day” was organized
in Taipei, Taiwan in October 2011. 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 our
Taiwanese colleagues.
We have undertaken several projects on the issuers’
side as well. The Association is involved in the Initial
Public Offerings Awareness Project, initiated in 2008
• 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 2012, in cooperation
with relevant financial industry institutions.
• TSPAKB will continue to contribute to the IPO
campaign in cooperation with the Istanbul Stock
Exchange.
• TSPAKB will continue to take part in the Istanbul
Financial Centre Project.
• TSPAKB will organize the International Council
of Securities Association’s interim meeting and
the International Organization of Securities
Commission’s Self-Regulatory Organisations
Consultative Committee meeting between 5-9
November 2012 in Istanbul.
by the Istanbul Stock Exchange. This project has been
quite successful, as 27 new companies were listed
in 2011. We have also signed another cooperation
protocol with the Capital Markets Board, Istanbul
Stock Exchange and the Small and Medium Size
Enterprise Development Organization, to encourage
listings of small and medium sized enterprises.
TSPAKB continued to serve as the information hub of
the industry in 2011. We published various statistics
and reports about the Turkish capital markets
and the brokerage industry. We produced various
research reports about the issues on the national and
international agenda, in Turkish and in English.
To conclude, in Turkey there is strong coordination
among capital market institutions to develop the
market further and TSPAKB will continue to support
efforts towards the growth of the Turkish financial
sector, from expanding the product range to widening
the investor base.
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 at 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 69 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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