FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB)
Attila Köksal, CFA
Chairman
While 2012 was another challenging year
for the world economy, the Turkish economy
performed relatively well as its credit rating
was upgraded. Accordingly, interest rates
went down, the Turkish lira appreciated, and
the Turkish stock market was among the best
performers in the world. In addition, several
regulatory amendments were undertaken,
the most important amongst them being the
introduction of the new Capital Markets Law by
the end of the year.
From our Association’s point of view, we
concentrated on financial education. We are
running a nationwide financial education project
in cooperation with the Capital Markets Board
and Borsa Istanbul. In this context, in 2012,
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. 100 brokerage
firms, 1 derivatives brokerage firm and 42
banks, authorized for capital market operations,
constitute the members of the Association as of
end-2012.
The Association’s licensing and record-keeping
authority has been assigned to the Capital
Markets Licensing and Training Agency in June
2012. The Association has 40% stake in this
Agency which was established in 2011.
In 2013, in line with the new Capital Markets
Law, the Association’s member base will
be extended to cover other capital market
institutions to be defined by the Capital Markets
Board. Accordingly, the name of the Association
will also be modified.
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.
Looking forward, in 2013, in line with the
new Capital Markets Law, the Association’s
member base will be extended to cover
other capital market institutions to be
defined by the Capital Markets Board.
our Association has formed a working group
composed of professionals from the financial
industry in order to build a comprehensive
program based on behavioural finance
principles.
In the first phase of the program, a blog
and a Facebook page were launched, in
order to encourage household savings. The
working group is also planning to prepare
educational programs, including e-learning
videos. Meanwhile, another working group
with the participation of markets professionals
was formed in late 2012, with regard to initial
public offerings. The Association is planning to
determine best practices for public offerings to
ensure the sound growth of the market.
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;
• 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;
• Cooperate with related foreign institutions.
FUTURE OUTLOOK
• The Association will continue to take part in
the national financial education program.
• The Association will continue to contribute to
the IPO campaign in cooperation with Borsa
Istanbul.
• The Association will continue to take part in
the Istanbul Financial Centre Project.
TSPAKB continued to serve as the information
hub of the industry in 2012. We improved the
infrastructure through which we are collecting
data from our members, and developed an
in-house software. Our goal is to become the
main information source for the industry.
Looking forward, in 2013, in line with the new
Capital Markets Law, the Association’s member
base will be extended to cover other capital
market institutions to be defined by the Capital
Markets Board. I am confident that this change
will enable our Association to strengthen
its contribution to the growth of the Turkish
financial industry.
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):
www.afie.asia
ASF (Asia Securities Forum):
www.asiasecuritiesforum.org
FEAS (Federation of Euro-Asian Stock
Exchanges): www.feas.org
ICSA (International Council of Securities
Associations): www.icsa.bz
IFIE (International Forum for Investor Education):
www.ifie.org
IOSCO (International Organization of Securities
Commissions): www.iosco.org
* Please refer to page 51 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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