Turkish Capital MarketsSeptember 2021
23
2
Turkish Capital Markets Association
Investment Institutions
Structure of the Turkish Financial Markets
Turkish Capital Markets
Investor Profile
CONTENTS
15
48
3
71
STRUCTURE OF THE TURKISH CAPITAL MARKETS
CAPITAL MARKETS BACKGROUND
4
1982: Capital Markets Board established.1985: Istanbul Stock Exchange (ISE) established. 1992: Takasbank (Settlement & Custody Bank) established. 1995: Istanbul Gold Exchange (IGE) established.1997: Banks are forbidden to trade equities. 2001: Association of Capital Markets Intermediary Institutions of Turkey established.
Central Registry Agency established. Investors' Protection Fund established. 2002: Private pension system introduced. 2005: IFRS adopted for financial intermediaries and listed companies.
Turkish Derivatives Exchange (TurkDex) established. Dematerialization of equities completed.
2006: Dematerialization of corporate bonds & mutual funds completed.2009: Automated Disclosure Platform introduced.
Istanbul International Financial Centre strategy announced.2011: Forex regulation passed.2012: New Capital Markets Law passed.
ISE demutualised and merged with Istanbul Gold Exchange under Borsa Istanbul.2013: Borsa Istanbul announced strategic partnership with Nasdaq.
Borsa Istanbul and TurkDex merged.2014: The structure of the Association has changed and the membership base was expanded to
cover asset management companies and investments trusts, in addition to brokerage firms and banks. The name of the Association was revised to Turkish Capital Markets Association.
2015: Takasbank introduced the Electronic Fund Distribution Platform - TEFAS.Borsa Istanbul introduced new trading platform - BISTECH.
2016: TCMA arbitration committees established.Turkey Wealth Fund established
2017: Auto-enrollment in the private pension system introduced. 2018: Presidential Finance Office established. 2019: TURIB- e-Warehouse Market started to operate.2021: Takasbank introduced private pension fund platform BEFAS.
REGULATORY STRUCTURE OF THE FINANCIAL MARKETS
5
Capital Markets Insurance
Banking Regulation and Supervision Agency (BRSA)
Capital Markets Board (CMB)Insurance and Private Pension
Regulation and Supervision Agency
-Banks’ Association of Turkey -Participation Banks’ Association of Turkey-Association of Financial Institutions
-Banks-Participation Banks-Savings Deposit Insurance Fund-Leasing Companies-Factoring Companies
-Consumer Finance Companies-NPL Management Companies-Payment Companies-Electronic Money Companies-Rating, Audit Firms
-Financial Holding Companies
-Turkish Capital Markets Association-Borsa Istanbul-Turkish Appraisers Association
-Banks-Brokerage Firms-Asset Management Firms-Investment Trusts-Central Registry Agency
-Settlement and Custody Bank-Capital Markets Licensing and Training Agency-Investor Compensation Center-Public and Listed Companies
-Rating, Appraisal, Audit Firms-Turkish Merchantile Exchange-Crowdfunding Platforms
-Insurance Association of Turkey
-Insurance Companies-Pension Companies
Banking
CAPITAL MARKET INSTITUTIONS IN TURKEY
6
Public Co.
Listed Co.
Settlement & Custody Bank (Takasbank)
Capital Markets Board
Banks
Brokerage Firms
Inv. Trusts
Asset Mgmt. Co.
TSPB(SRO)
Borsa Istanbul
Central Registry Agency
Licensing and Training Agency
Rating Co.Ind. Audit
Co.
Turkish Merchantile Exchange
Crowdfunding Platforms
CAPITAL MARKETS BOARD
7
• Capital Markets Board (CMB) is the main regulatory and
supervisory authority for the securities markets and institutions
in Turkey.
• The Board is responsible for the protection of rights and
interests of investors.
• The CMB’s jurisdiction areas:
o Primary markets,
o Secondary markets,
o Investment services.
BORSA ISTANBUL
8
• Borsa Istanbul, formerly named as Istanbul Stock Exchange, was established in
1985.
• The exchange was demutualised in 2013.
• The exchanges operating in Turkey, namely Istanbul Stock Exchange, Istanbul
Gold Exchange and the Turkish Derivatives Exchange merged under the roof of
Borsa Istanbul.
• The main markets and the traded securities on Borsa Istanbul are:
o Equity Market: Shares, rights coupons, ETFs, warrants, certificates, real estate funds.
o Debt Securities Market: Government bonds, corporate bonds, asset backed securities,
Islamic bonds, repo-reverse repo transactions, Turkish eurobonds, money market and
swap transactions.
o Derivatives Market: Single stock, equity index, gold, currency, commodity, overnight
repo, metal, ETF and power futures. Single stock, currency, equity index and mini index
options.
o Precious Metals and Diamond Market: Gold, silver, platinum and palladium.
TAKASBANK (ISTANBUL SETTLEMENT AND CUSTODY BANK)
9
• Takasbank was established in 1988 as a department of Borsa Istanbul. It was
incorporated as a separate company in 1992 and became a non-deposit taking bank
in 1995.
• Takasbank is:
o The clearing and settlement center for Borsa Istanbul,
o The central counterparty for Borsa Istanbul Futures & Options, Debt Securities,
Equities, Money and Swap markets
o The national numbering agency of Turkey.
• Takasbank operates the Securities Lending & Borrowing Market and Takasbank
Money Market, and acts as CCP in those markets
• It offers clearing and central counter party services for Turkish Lira IRS (Interest
Rate Swap) and OIS (Overnight Index Swap) contracts in OTC markets
• It serves as a custodian to private pension system.
• It operates the Electronic Fund Distribution Platform (TEFAS) and private pension
fund platform (BEFAS)
• It records leveraged transactions and handles collateral management as an
authorized trade repository institution.
MERKEZI KAYIT ISTANBUL – CSD OF TURKEY
10
• Merkezi Kayit Istanbul – CSD of Turkey was established in 2001 as a
private company.
• It is the only central depository for all dematerialized capital market
instruments.
• The dematerialization process is completed for equities, mutual funds,
corporate bonds, warrants, certificates, asset backed securities,
government debt holdings (excluding investment institutions), real estate
sertificates and electronic warehouse receipts.
• Operates the Public Disclosure Platform.
• Runs various electronic services for investors and public companies such
as; Investor Notification and Alert System (eCAS), Companies Information
Portal (e-Company), Electronic General Assembly (e-GEM), corporate
management and investor relations portal (e-Governance) or Electronic
Warehouse Receipt Center (e-Warehouse), TURIB e-Warehouse Market,
Crowdfunding System.
1
INVESTOR COMPENSATION CENTRE
11
• Investors’ Protection Fund, which covered equity settlement
obligations, was established in 2001.
• Investor Compensation Centre replaced the Investors’
Protection Fund in 2013 with the renewed Capital Market Law.
• It covers settlement obligations of all capital market
instruments, up to TL 237,643 (~$ 32,000) in 2021, in case of
liquidation or bankruptcy of investment institutions.
• All investment institutions must be a member of the Investor
Compensation Centre.
ACTIVITIES OF INTERMEDIARIES
12
• Equity Trading*
• Leveraged FX trading
• Public Offering*
• Asset Management
• Investment Consultancy
• Fixed Income Trading
• Derivatives Trading (exc. equity-linked
products for banks)BANKS
BROKERAGE
FIRMS
*Authorized activities for Investment Banks
TYPES OF BROKERAGE FIRMS
13
Market
Makers
Execution
Brokers
Introducing
Brokers
• execution of orders from their
own account by positioning their
customers as counterparty
• minimum capital: TL 29.2 mn.
• execution of orders of in the name
of customers and/or their own
account
• offering custody services
• minimum capital: TL 11.7 mn.
• reception of orders and
transfer them to other brokers
• minimum capital: TL 2.3 mn.
ASSET MANAGEMENT COMPANIES
14
Portfolio Management Companies
Real Estate/Venture Capital
Portfolio
Management
Companies
• May establish stock, bond,
balanced mutual funds
• Mn. capital required varies btw. TL 3.1 million and TL
15.8 million depending on
AUM.
• May establish only real
estate or venture capital
investment funds
• Mn. capital required varies
btw. TL 1.5 million and TL
7.9 million depending on
AUM.
TURKISH CAPITAL MARKETS ASSOCIATION
TCMA
16
• TCMA is the self-regulatory professional organization in the
Turkish capital markets.
• Brokerage firms, banks, asset management companies, and
investment trusts are members of the Association.
• Founded in April 2001 according to the Capital Markets Law.
• Membership base expanded in 2014 with new law.
• Membership is mandatory.
• Under CMB supervision
MEMBERS
17
80 78 74 71 71
44 44 44 45 45
50 5654 50 53
48 4949
49 50
2017 2018 2019 2020 2021/09
Investment Trusts Asset Management Firms Banks Brokerage Firms
221227
222215 219
AIMS
18
• Contribute to the development of the capital market
• Meet the collective needs of members and facilitate solidarity
among its members,
• Prevent unfair competition between its members,
• Enhance know-how in the sector.
FUNCTIONS
19
• Establish code of ethics for the profession,
• Establish professional rules and regulations,
• Conduct research,
• Offer educational programs,
• Assist in the resolution of disputes,
• Cooperate with related foreign institutions,
• Engage in financial literacy activities.
ORGANISATION
20
Chairman(Board of Directors)
Secretary General
Assistant Secretary General
DisciplineCommittee
Board of Auditors
Research & Statistics
Information Technologies
Corporate Communications
TrainingCompliance & Surveillance
Legal Affairs
Human Resources,
Administrative & Financial Affairs
Assistant Secretary General
Membership Affairs
Assistant Secretary General
INTERNATIONAL MEMBERSHIPS
21
• Asia Securities Forum (ASF) member since 2009.
• OECD International Network on Financial Education (INFE) affiliate
member since 2015.
• International Council of Securities Associations (ICSA) member since
2006.
• International Forum for Investor Education (IFIE) member since 2009.
International Forum for Investor Education/Asia Chapter founding
member since 2010.
• International Organization of Securities Commissions (IOSCO) affiliate
member since 2003.
PARTICIPATIONS
22
CENTRAL REGISTRY AGENCY
• 5% stake
• one seat at the board of directors, out of 8 members
BORSA ISTANBUL
• 1.3% stake
CAPITAL MARKETS LICENSING & TRAINING AGENCY
• 49% stake
• 2 seats at the board of directors, out of 7 members
JCR EURASIA CREDIT RATING AGENCY
• 6% stake
JOINT MORTGAGE FINANCE CORPORATION
• 5% stake
• one seat at the board of directors, out of 7 members
TURKISH CAPITAL MARKETS
BIST-100 INDEX & TRADING VOLUME
24
Source: Borsa Istanbul
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
0
200
400
600
800
1,000
1,200
1,400
1,60006.1
9
09.1
9
12.1
9
03.2
0
06.2
0
09.2
0
12.2
0
03.2
1
06.2
1
Trading Volume BIST 100bn. TL
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION TL)
25
Source: Borsa Istanbul
880
795
1,109
1,783
1,607
2017 2018 2019 2020 2021/06
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
26
Source: Borsa Istanbul
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020
Technology
Financials
Services
Industrials
CONCENTRATION IN THE EQUITY MARKET (MCAP)
27
Source: Borsa Istanbul
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020
1-10 11-25 26-50 51-100 100+
No. of Equities
6,718
6,130
237
0 1,000 2,000 3,000 4,000 5,000 6,000
NYSENasdaq OMX
ShanghaiTokyo
Hong KongEuronext
ShenzhenLondon Group
TMXBSE IndiaNSE India
Saudi ArabiaDeutsche
South KoreaOMX Nordic
SwissAustralia
TaiwanTehran
S. AfricaBrazilSpain
MoscowSingapore
ThailandIndonesiaMalaysia
MexicoIran
PhilippinesTel Aviv
Borsa IstanbulAbu Dhabi
SantiagoWarsaw
19,060
6,975
26,233
DOMESTIC MARKET CAPITALIZATION (2020, BILLION $)
28
Source: WFE
Rank: 32
33%
0% 50% 100% 150% 200% 250%
Hong KongS. Africa
Saudi ArabiaSwiss
TaiwanTehran
SingaporeOMX Nordic
TMXSouth Korea
TokyoEuronextMalaysiaAustralia
NYSEQatar
ThailandBSE IndiaNSE India
KuwaitNasdaq OMX
London GroupJamaica
SantiagoLuxembourg
PhilippinesBrazil
BahrainTel Aviv
New ZealandSpain
DeutscheCasablanca
Abu DhabiMauritius
IranHoChiMinh
MoscowShanghaiIndonesia
LimaColombia
CroatiaMexicoBeirutMalta
ShenzhenBorsa Istanbul
WarsawAmman
1,796%372%357%283%252%
MARKET CAPITALIZATION/GDP (2020)
29
Source: WFE, IMF, Turkstat
Rank: 48
336 343 344
273325
66 62 64
129
979 9 4 13
13
2017 2018 2019 2020 2021/06
Real Estate/Venture Capital Investment Trusts/Funds
ETF
Other Equities
Equities435
411 414 412 415
NUMBER OF SECURITIES IN THE EQUITY MARKET
30
Source: Borsa Istanbul Due to changes in the market structure of Bosra İstanbul in 2020, BIST Main Group 2 companies under the former ‘companies’ classification became a part of SubMarket
and were re-classified as ‘other companies’
Equities: BIST Main+BIST Star
Other Equities: SubMarket, Watchlist,
Pre-Market Trading Platform,
372
0 500 1,000 1,500 2,000 2,500 3,000
BSE IndiaTokyo
TMXNasdaq OMX
NYSESpain
Hong KongShenzhen
London GroupSouth Korea
AustraliaNSE IndiaShanghaiEuronext
OMX NordicTaiwan
MalaysiaWiener
WarsawTaipei
ThailandIndonesiaSingaporeDeutscheTel Aviv
HoChiMinhBorsa Istanbul
TehranHanoiBrazil
S. AfricaDhaka
ChittagongSantiagoColombo
3,394
5,620
3,758
NUMBER OF LISTED COMPANIES* (2020)
31
Source: WFE
Rank: 27
**Borsa Istanbul data excludes mutual funds, investmenttrusts and Pre-Market Trading Platform
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION TL)
32
Source: Borsa Istanbul
1,4681,993 2,130
6,544
3,892
2017 2018 2019 2020 2021/06
904
0 1,000 2,000 3,000 4,000 5,000
Nasdaq OMXNYSE
CBOE USShenzhenShanghai
TokyoSouth Korea
London GroupCBOE Europe
Hong KongEuronextDeutsche
TMXNSE India
TaiwanSwissBrazil
AustraliaOMX Nordic
Borsa IstanbulSaudi Arabia
SpainTehran
ThailandTaipei
MoscowS. Africa
SingaporeMalaysia
IranIndonesia
Astana InternationalTel AvivMexico
Warsaw
63,63426,446
12,21317,84918,946
6,983
EQUITY TRADING VOLUME (2020, BILLION $)
33
Source: WFE
Rank: 20
0% 50% 100% 150% 200%
Borsa IstanbulShenzhen
Nasdaq OMXTaipei
South KoreaShanghai
BrazilLondon Group
TokyoNYSE
TaiwanDeutscheThailandAustralia
TMXNSE India
SwissIran
SpainMalaysia
Hong KongOMX Nordic
MoscowAthens
WarsawEuronextHungary
EgyptTel Aviv
SingaporeTehran
HoChiMinhS. Africa
381%
341%334%267%224%
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2020)
34
Source: WFE
Rank: 1
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (BILLION TL)
35
Source: Takasbank
13.0
14.2
22.021.1
25.3
2017 2018 2019 2020 2021/06
SHORT SELLING IN BORSA ISTANBUL
36
Source: Borsa Istanbul
184 185 135 312 380
13%
9%
6%
5%
10%
0%
5%
10%
15%
20%
25%
0
4
8
12
16
20
24
28
32
36
40
44
48
52
56
60
64
68
72
76
80
84
88
92
96
100
104
108
112
116
120
124
128
132
136
140
144
148
152
156
160
164
168
172
176
180
184
188
192
196
200
204
208
212
216
220
224
228
232
236
240
244
248
252
256
260
264
268
272
276
280
284
288
292
296
300
304
308
312
316
320
324
328
332
336
340
344
348
352
356
360
364
368
372
376
380
384
388
392
396
400
2017 2018 2019 2020 2021/06
Short Selling Volume (bn. TL)
Share in Total Volume
MARGIN TRADING
37
Source: TCMA
2.1 1.8 2.8 6.8 8.5
10,67012,101 11,895
25,076
28,891
2017 2018 2019 2020 2021/06
Outstanding Loan Size (bn. TL) No. of Contracts
FUTURES TRADING VOLUME OF BORSA ISTANBUL
38
829 1,249 1,401 2,852 1,852
139 232
389
1,518
931
2017 2018 2019 2020 2021/06
Futures Trading Volume (bn. TL)
No. of Contracts (million)
Source: Borsa Istanbul
1,119,700
357,1757
118,037
386
0 10,000 20,000 30,000 40,000 50,000
CME Group
ICE (Europe)
Deutsche Börse
BM&F Bovespa
ASX Group
Shanghai FE
CFFEX- China
Tokyo SE
Dalian CE-China
LME-London
Korea
Hong Kong
Zhengzhou CE
ICE (US)
TAIFEX
LSE Group
NSE-India
Euronext
OMX Nordic
Moscow
MCX-India
Spain
JSE
Borsa Istanbul
Malasysia DE
Matba Rofex
Dubai Gold
Mexican SE
TRADING VOLUME IN FUTURES MARKETS (2020, BILLION $)
39
Source: WFE
Rank: 24
NUMBER OF LISTED CORPORATE BONDS IN BORSA ISTANBUL
40
Source: WFE
662611
511
578 588
2017 2018 2019 2020 2021/06
MARKET VALUE OF DOMESTIC CORPORATE DEBT SECURITIES (BN.TL)
41
Source: Borsa İstanbul
8 9 12 12 14
22 27 23
34
44
40
50
76
84
80
2017 2018 2019 2020 2021/06
Bank Non Bank-Finance Non Finance
139
129
110
87
70
46,675
578
0 500 1,000 1,500 2,000
EuronextDeutscheShanghai
South KoreaOMX Nordic
London GroupNSE IndiaShenzhen
MoscowSwiss
S. AfricaBuenos Aires
TaipeiPanamaTel Aviv
ColombiaHong Kong
Borsa IstanbulLima
KazakhstanCosta Rica
TunisiaColomboHungary
New ZealandArmeniaBulgaria
BrazilGhana
MauritiusIran
TehranNigeria
BotswanaCasablanca
27,40714,8809,0447,3556,378
NUMBER OF LISTED CORPORATE BONDS (2020)
42
Source: WFE
Rank: 18
BOND TRADING VOLUME
43
Source: Borsa Istanbul
561 565 592526
197
37 70
69
112
87
21
3144 77
49
2017 2018 2019 2020 2021/06
Eurobond Corporate Bonds Government Bonds
706
334
619666
715
Including over the counter transactions
Over the counter transactions as of 31.05.2021
REPO-REVERSE REPO, SWAP AND TAKASBANK MONEY MARKET TRADING VOLUME
44
Source: Borsa Istanbul Repo-reverse repo including over the counter transactions
Over the counter transactions as of 31.05.2021
4,733 4,706
16,476
22,412
8,362609 856
557
671
416
12
1,528
2,010
986
2017 2018 2019 2020 2021/06
BIST Swap
Takasbank Money Market
BIST Repo-Reverse Repo
5,575
18,560
9,765
5,342
25,418
INITIAL PUBLIC OFFERINGS
45
Source: Borsa Istanbul
1,254 5,419263
1,124 11,407
3
9
6
8
23
2017 2018 2019 2020 2021/06
IPO Volume (mn. TL) No. of IPOs
EQUITY FINANCING
46
Source: Borsa Istanbul
1.3
5.4
0.3 1.1
11.4
3.8
9.6
6.1
20.4
8.4
2017 2018 2019 2020 2021/06
SPO + Rights Issue (bn. TL) IPO (bn. TL)
19.8
5.1
15.0
6.3
21.5
CORPORATE DEBT SECURITIES ISSUANCE
47
Source: Borsa Istanbul Excluding private placement
130 179 210 199 125
1,217
1,3851,330
1,255
648
2017 2018 2019 2020 2021/06
Issuance (bn. TL) No. of Corporate Bonds Issued
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
49
Source: Borsa Istanbul
1,0241,091 1,144 1,100
551
195191
191 272
127
2017 2018 2019 2020 2021/06
Brokerage Firms Banks
1,3721,3351,282
1,220
678
Excluding CBRT and Takasbank
Excluding Eurobond transactions
Including over the counter transactions
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
50
Source: Borsa Istanbul Excluding CBRT and TakasbankIncluding over the counter transactions
6,177 5,512
21,688
27,856
10,6151,177 1,138
5,659
6,742
3,301
2017 2018 2019 2020 2021/06
Brokerage Firms Banks
13,916
7,354 6,650
27,346
34,598
EQUITY TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
51
Source: Borsa Istanbul
2,7733,626 3,906
12,394
6,989
163
361354
794
823
2017 2018 2019 2020 2021/06
Banks
Brokerage Firms
3,9874,260
2,936
7,811
13,189
FUTURES TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
52
Source: Borsa Istanbul
1,628
2,4242,684
5,486
3,547
31
74119
217
157
2017 2018 2019 2020 2021/06
Banks
Brokerage Firms
3,704
1,658
2,499
2,803
5,703
Excluding CBRT
FOREX TRADING VOLUME (BILLION TL)
53
Source: TCMA
4,667 4,494 4,121
6,978
3,002
3,9125,211
3,611
5,463
2,288
2017 2018 2019 2020 2021/06
Liquidity Provider Client
7,732
9,705
8,578
5,289
12,442
CONCENTRATION IN TRADING VOLUMES (2021/06)
54
Source: Borsa Istanbul, TCMA
64% 66% 69%
81%
25% 23% 20%
17%12% 11% 11%
2%
Equity Fixed Income Futures Forex (Customer)
51+ 21-50 11-20 1-10No. of Intermediaries
TOP 10 MEMBERS IN THE MARKETS (2021/06)
55
Source: Borsa Istanbul, TCMA
Excluding Central Bank and Takasbank*Including OTC transactions
Equity Market Futures Market
1 YAPI KREDİ YATIRIM 13% 1 YAPI KREDİ YATIRIM 21%
2 BANK OF AMERICA 10% 2 İŞ YATIRIM 10%
3 İŞ YATIRIM 9% 3 QNB FİNANS YATIRIM 7%
4 GARANTİ YATIRIM 6% 4 TACİRLER MENKUL 5%
5 AK YATIRIM 5% 5 İNFO YATIRIM 5%
6 İNFO YATIRIM 5% 6 DENİZ YATIRIM 4%
7 GEDİK YATIRIM 5% 7 GARANTİ YATIRIM 4%
8 DENİZ YATIRIM 4% 8 GEDİK YATIRIM 4%
9 A1 CAPITAL 4% 9 AK YATIRIM 4%
10 QNB FİNANS YATIRIM 4% 10 TEB YATIRIM 3%
Total (billion TL) 7,860 Total (billion TL) 3,704
Fixed Income Market* Forex Market* (Customer)
1 HSBC BANK 12% 1 GCM YATIRIM 16%
2 AKTİF YATIRIM BANK 9% 2 İŞ YATIRIM 14%
3 TÜRKİYE GARANTİ BANKASI 7% 3 INTEGRAL YATIRIM 11%
4 TÜRK EKONOMİ BANKASI 7% 4 AK YATIRIM 9%
5 JPMORGAN 7% 5 MEKSA YATIRIM 9%
6 OYAK YATIRIM 6% 6 İNFO YATIRIM 8%
7 AKBANK 5% 7 IŞIK MENKUL 4%
8 AK YATIRIM 4% 8 VENBEY YATIRIM 4%
9 TÜRKİYE VAKIFLAR BANKASI 4% 9 ALB MENKUL 4%
10 TÜRKİYE FİNANS KATILIM BANKASI 4% 10 DENİZ YATIRIM 3%
Total (trillion TL) 678 Total (billion TL) 3,002
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
56
Source: TCMA
1,020
1,216 1,145 1,100
566
96
97113
93
75
80
8875
47
43
4
17
6 17
3
22
23
19
17
7
2017 2018 2019 2020 2021/06
Other Financing
Privatization
M&A
IPO&SPO-Equities
Corporate Actions
Other Consultancy
Bond Issuance
1,457
1,228
1,3621,278
721
INSTITUTIONAL INVESTMENTS (BILLION TL)
57
Source: Borsa Istanbul, TCMA
59 57
127152
21080 93
128
171
184
0.40.3
0.7
1.5
1.3
2718
28
54
64
2.6 1.5
3.0
6.5
5.1
2017 2018 2019 2020 2021/06
Venture Capital Inv. Trusts REITs
Investment Trusts Pension Funds
Mutual Funds
169 170
464
385
287
ASSET MANAGEMENT BY BROKERAGE FIRMS
58
Source: TCMA
1.9 2.1 3.8 3.2 3.2
2,649 4,331
3,388
3,048
2,556
2017 2018 2019 2020 2021/06
Assets Under Management (bn. TL) No. of Investors
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
59
Source: TCMA
159 173 284 365 446
3,344 3,475 3,398
4,183
4,998
0
1,000
2,000
3,000
4,000
5,000
6,000
2017 2018 2019 2020 2021/06
Assets Under Management (bn. TL)
No. of Investors
CONCENTRATION IN PORTFOLIO MANAGEMENT FIRMS
60
Source: TCMA
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/06
Investment Trusts Discretionary Asset Man. Pension Funds Mutual Funds
61
Source: TCMA
TOP 5 MEMBERS IN PORTFOLIO MANAGEMENT ACTIVITIES (2021/06)
Mutual Funds Pension Funds
1 İŞ PORTFÖY 14% 1 ZİRAAT PORTFÖY 22%
2 YAPI KREDİ PORTFÖY 13% 2 AK PORTFÖY 18%
3 ZİRAAT PORTFÖY 12% 3 İŞ PORTFÖY 17%
4 AK PORTFÖY 12% 4 YAPI KREDİ PORTFÖY 14%
5 AZİMUT PORTFÖY 11% 5 GARANTİ PORTFÖY 13%
Total (billion TL) 209.6 Total (billion TL) 183.9
Discretionary Asset Management Investment Trusts
1 ZİRAAT PORTFÖY 20% 1 METRO PORTFÖY 35%
2 AZİMUT PORTFÖY 19% 2 İŞ PORTFÖY 28%
3 AK PORTFÖY 19% 3 HEDEF PORTFÖY 27%
4 İŞ PORTFÖY 18% 4 GARANTİ PORTFÖY 5%
5 İSTANBUL PORTFÖY 10% 5 OYAK PORTFÖY 4%Total (billion TL) 51.2 Total (million TL) 0.87
BROKERAGE FIRMS’ BRANCH NETWORK
62
Source: TCMA
9,361 9,387 9,332 9,252 9,479
291 289277 278
29540 46 64 95
116
2017 2018 2019 2020 2021/06
Bank Branches Branches Rep. Offices
9,6259,7229,692 9,673
9,890
BROKERAGE FIRMS’ EMPLOYEES
63
Source: TCMA
2,811 2,841 2,8523,215 3,465
1,940 2,075 2,112
2,318
2,613
2017 2018 2019 2020 2021/06
Male Employees Female Employees
5,533
4,9644,9164,751
6,078
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
64
Source: TCMA
475 498 474 511 538
260279
264
290318
2017 2018 2019 2020 2021/06
Male Employees Female Employees
856
801
738777
735
BALANCE SHEET OF BROKERAGE FIRMS (BILLION TL)
65
Source: TCMA
21.920.4
25.1
38.6
43.3
23.121.9
27.2
41.3
46.3
4.76.2
7.6
11.613.8
2017 2018 2019 2020 2021/06
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION TL)
66
Source: TCMA
2,510
3,557
4,264
8,494
5,727
774
1,4221,842
5,113
3,482
799
1,3431,728
4,424
2,966
2017 2018 2019 2020 2021/06
Total Revenues Operating Profit Net Profit
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES (MILLION TL)
67
Source: TCMA
1,4351,928 1,986
5,306
2,891302
343900
1,318
862
240
323
344
335
394
485
904
967
1,461
1,539
2017 2018 2019 2020 2021/06
Brokerage Commissions Proprietary Trading Profits Corporate Finance
Asset Management Others 8,494
4,264
3,557
2,510
5,727
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION TL)
68
Source: TCMA
698
863
1,034
1,697
1,987
740
918
1,139
1,787
2,090
664
809
982
1,505
1,782
2017 2018 2019 2020 2021/06
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION TL)
69
Source: TCMA
439
517
666
1,231
838
165 188
290
741
535
165232
318
655
480
2017 2018 2019 2020 2021/06
Total Revenues Operating Profit Net Profit
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES (MILLION TL)
70
Source: TCMA
282358
488
891
68312199
108
157
75
4
5
4
4
2432
40
82
43
2017 2018 2019 2020 2021/06
Discretionary Asset Mgmt. OtherFinancial Advisory Investment Trust Mgmt.Pension Fund Mgmt. Mutual Fund Mgmt.
666
517
439
838
1,231
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION TL)
72
Source: BRSA, CRA, TCMA estimates
1,6511,990
2,522
3,476 3,849
751
851
1,193
1,678
1,807
355
315
476
743
665
2017 2018 2019 2020 2021/06
Equities
Fixed Income
Deposits
2,756
3,156
4,191
6,3215,897
SAVINGS OF DOMESTIC INVESTORS
73
Source: BRSA, CRA, TCMA estimates Total Domestic Inv. Savings: TL 5,8 trillion
67% 68% 65% 62% 63%
27% 28%30%
31% 30%
5% 4% 5% 7% 7%
2017 2018 2019 2020 2021/06
Equities
Fixed Income
Deposits
SAVINGS OF FOREIGN INVESTORS
74
Source: BRSA, CRA, TCMA estimates Total Foreign Investors’ Savings: TL 566 bn
21%29% 28% 31%
38%
27%
23%18% 11%
12%
51% 48%54%
59%
49%
2017 2018 2019 2020 2021/06
Equities
Fixed Income
Deposits
NUMBER OF EQUITY INVESTORS
75
Number of Equity Investors
(thou.) 2017 2018 2019 2020 2021/06
Domestic Investors 1,031.3 1,081.3 1,193.7 1,977.0 2,432.4
1,025.9 1,076.1 1,188.1 1,970.4 2,425.4
4.7 4.6 4.9 5.7 6.2
0.7 0.7 0.7 0.8 0.9
Foreign Investors 9.5 9.6 9.7 12.0 13.1
6.2 6.2 6.6 9.2 10.5
1.4 1.5 1.4 1.3 1.2
1.9 1.9 1.7 1.5 1.4
Total 1,040.8 1,090.9 1,203.4 1,988.9 2,445.6
Source: CRA
Dom. Individuals
Dom. Corporations
Dom. Institutionals
For. Individuals
For. Corporations
For. Institutionals
NUMBER OF ACTIVE EQUITY INVESTORS (2021/06)
76
Source: TCMA
Active # of
Investors
1,211,694
# of Investors
2,445,559
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
01.2
017
05.2
017
09.2
017
01.2
018
05.2
018
09.2
018
01.2
019
05.2
019
09.2
019
01.2
020
05.2
020
09.2
020
01.2
021
05.2
021
Active # of Investors: Investors with at least
one order execution per month
BREAKDOWN OF MARKET CAPITALIZATION (BILLION TL)
77
Source: CRA, Borsa Istanbul
123 111186
381 385232 204
290
362279
525479
633
1040
943
2017 2018 2019 2020 2021/06
Privately Held
Foreigners' Portfolio
Domestics' Portfolio
1,607
880
795
1,109
1,783
SHARE OF FOREIGN INVESTORS
78
Source: CRA, Borsa Istanbul
0%
4%
8%
12%
16%
20%
24%
28%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2017 2018 2019 2020 2021/06
Share in Free Float Mcap (left) Share in Trading Volume (right)
Vol.MCap
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
79
Source: CRATotal equity portfolio: TL 665 bn
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/06
For. Other
For. Corporation
For. Individual
Dom. Other
Dom. Corporation
Dom. Individual
EQUITY TRADING VOLUME BY INVESTOR CATEGORIES*
80
Source: TCMA *Brokerage firms and investment banks only
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/06
For. Institutional
For. Corporation
For. Individual
Dom.
Institutional
Dom. Corporation
Dom. Individual
NUMBER OF CORPORATE BOND INVESTORS
81
2017 2018 2019 2020 2021/06
Domestic Investors 81,865 77,671 65,998 55,378 53,818
78,954 75,361 64,010 53,450 51,815
2,292 1,660 1,344 1,284 1,359
619 650 644 644 644
Foreign Investors 622 662 453 475 443
594 641 431 450 423
24 18 19 20 15
4 3 3 5 5
Total 82,487 78,333 66,451 55,853 54,261
Dom. Corporations
Number of Corporate Bond Investors
Dom. Individuals
Source: CRA
Dom. Institutionals
For. Individuals
For. Corporations
For. Institutionals
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
82
Source: CRA Total corporate bond portfolio: TL 105 bn.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/06
For. Other
For. Corporation
For. Individual
Dom. Other
Dom. Corporation
Dom. Individual
MUTUAL FUND INVESTORS
83
Source: CRA
56.4 52.8 122.7 143.8 197.6
3.02.9
3.0
3.1 3.1
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
-
50
100
150
200
250
2017 2018 2019 2020 2021/06
Portfolio Size (bn. TL)
Number of Investors (mn.)
PENSION FUND INVESTORS
84
Source: PMC Portfolio size includes government contributions
78 89 119 160 170
2
5
8
11
13
6.9 6.9 6.9 6.9
3.4
5.0 5.4 5.7 5.7
9.4 10.8
11.4 11.8
11.8
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
-
20
40
60
80
100
120
140
160
180
200
2017 2018 2019 2020 2021/06
Auto Enrolment - Total Portfolio Size (bn. TL)
Private Pension - Portfolio Size (bn. TL)
Private Pension - Number of Investors (mn.)
Auto Enrolment - Number of Investors (mn.)
Unique Number of Investors (mn.)
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES*
85
Source: TCMA *Brokerage firms and investment banks only
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/06
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
BREAKDOWN OF FOREX TRADING VOLUME BY INVESTOR CATEGORIES
86
Source: TCMA
0%
20%
40%
60%
80%
100%
2017 2018 2019 2020 2021/06
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
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