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Turkish Capital Markets Association Overview

Learn about The Association of Capital Market Intermediary Institutions in Turkey, regulatory structure, international cooperation, foreign investment interest, new products, and technical infrastructure.

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Turkish Capital Markets Association Overview

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  1. TSPAKB THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY TURKISHCAPITAL MARKETSDEIK/Turkish-US Business CouncilAnnual Investment Conference: “Turkey Beyond 2008” “2008 Outlook: Economic and Regulatory Environment” Roundtable DiscussionsMarch 2008

  2. The Association of Capital Market Intermediary Institutions • Founded in April 2001. • It is a self-regulatory professional organization in the Turkish capital markets. • The Association currently has 145 members, of which 104 are brokerage houses and 41 are banks.

  3. Regulatory Structure Background • Capital Market Law passed in 1981 • Capital Markets Board founded in 1982 • CMB: First independent regulatory body • Capital marketsregulatory structure based on US experience

  4. Current Regulatory Structure • International standards adopted • Strong regulatory infrastructure: • Disclosure requirements • Accounting standards • Capital adequacy • Supervision

  5. European Union Harmonization • CMB twinning project with Germany • Major regulations reviewed: • Prospectus, UCITS, Transparency,Investor Protection, Markets in Financial Instruments, Capital Adequacy, Market Abuse, Takeovers

  6. Technical Infrastructure • Strong technical infrastructure: • Electronic Trading • Clearing, Settlement, Custody • Central Registry Agency • Electronic Disclosure • Information Dissemination

  7. Foreign Investment Interest • Strong interest for the financial industry. • Foreign institutions have controlling stakes in 26 brokerage firms. • Major international financial institutions, law offices, consultancy/audit firms, rating institutions operate in Turkey.

  8. New Products • Single-stock futures, • Options • Warrants • Corporate bonds • Mortgage instruments

  9. International Cooperation • CMB has close relations with International Organization of Securities Commissions (IOSCO). • Our Association is member of the International Council of Securities Associations (ICSA).  

  10. The Association of Capital Market Intermediary Institutions of TurkeyBuyukdere Cad. No:1731. Levent Plaza A Blok Kat:41. Levent 34394 IstanbulTel: (90) 212 – 280 85 67Fax: (90) 212 – 280 85 89tspakb@tspakb.org.trwww.tspakb.org.tr

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