2014 ANNUAL REPORT
Regional Hub Global Actor
Benchmark for Investment!
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Borsa İstanbul 2014 Annual Report
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borsaistanbul.com
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Audit and Surveillance Activities
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Sales and Marketing Activities
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Research and Business Development Activities
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Strategic Planning Activities
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Corporate Communications Activities
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International Memberships
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Human Resources
Message from the Chairman & CEO
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Board
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CEO and Executive Vice Presidents
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Dispute Committee and Disciplinary Committe
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Developments in 2014
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Audit Committee’s Evaluation Report for the Year 2014
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10 / 12 / 14 / 16 / 22 / 24 /
Early Risk Assessment Committee’s 2014 Evaluation Report
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Information Technology Project Management Legal Activities Compliance Activities Financial Affairs Borsa İstanbul Anonim Şirketi Comparative Balance Sheet as of end-2013 and as of end-2014
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Corporate Governance Committee’s 2014 Evaluation Report
Borsa İstanbul Anonim Şirketi Comparative Income Statement as of end-2013 and as of end-2014
Global Markets and an Overview of the Turkish Economy
Support Services
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Borsa İstanbul Markets
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Corporate Governance, Social Responsibility and Sustainability Activities
Borsa İstanbul Private Market
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Listing Activities
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Corporate Governance Compliance Report We are a Family
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Borsa İstanbul 2014 Annual Report
man Message from the Chairman & CEO Greetings,
During the great conversion process of the Turkish capital markets initiated in late 2012, we are going through a period where Borsa İstanbul takes steps to shape the future of the Turkish financial markets. In that respect, 2014 has been a year of new endeavors which witnessed the launch of new products and markets, strengthening of our technological infrastructure, and the collaborative work with our foreign counterparts and international financial institutions. Borsa İstanbul, the main actor of İstanbul International Financial Center project, improved its organizational, functional and technological infrastructure while realizing important projects that will contribute to the efficiency and brand value of Borsa İstanbul and the Turkish capital markets.
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2014 stands out as a year when developed countries decoupled in terms of both their economic growth performance and monetary policies they follow. The US economy, under the influence of the expansionary monetary policy, grew by 2.4 percent in 2014. On the other hand, the Euro area economy performed poorly, with a growth of 0.8 percent, while the Japanese GDP did not change from 2013. These developments also influenced the monetary policies of the relevant economies, with the Fed putting an end to the monetary expansion policy in October. Following a weak growth performance, Bank of Japan extended its asset purchases program while the European Central Bank announced that it will start asset purchases in March 2015 to support the economies of the region. With a global business cycle, the Turkish economy grew by 1.7 percent in Q3 of 2014 compared to the Q3 of the previous year. The positive results of the decline in energy costs started being observed; with the inflation rate at 8.2 percent in 2014, and the current account deficit, standing at US$ 64.7 billion in 2013, falling to US$ 45.8 billion in 2014. A high volatility was observed in the financial markets in 2014. During the year, the total market capitalization and total traded value of the World Federation of Exchanges (WFE) members increased by, respectively, 5.6 percent and 17 percent in US$ terms. During the same period, Borsa İstanbul Equity Market traded value was realized at US$ 398 billion, and its market capitalization increased by 13.5 percent to US$ 269 billion.
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The fluctuations in the international markets, particularly emerging markets, once more prove the correctness and necessity of the steps taken to reshape the Turkish capital markets. At a time when both investors and companies become more selective, and the competition among financial markets gets tougher, the platforms that will stand out will be the centers that will respond to the demands and needs of the market participants in the most efficient and transparent manner. Aware of such developments, Borsa İstanbul continued its efforts in 2014. The economic stability in Turkey and the future vision that Turkey has established for her capital markets enable designing new financial instruments and developing the current markets. Within this framework, the amount of corporate debt issues has grown significantly recently. Maintaining a low level until 2010, issues increased to the all-timehigh level of US$ 30.3 billion as of end-2014. Thanks to the markets and products launched in 2014, Borsa İstanbul took important steps towards becoming a center of power and attraction. The Private Market, a web-based and membership-based platform bringing together companies and investors, was launched in November. The new platform offers companies the opportunity to have access to finance without going public, and to provide liquidity for company partners that want to sell their shares. The Private Market offers investors both new investment choices and the opportunity to liquidate their investments.
Borsa İstanbul Private Market will not only attract angel investors and venture capital funds, but will also contribute significantly to the Turkish entrepreneurial ecosystem. Private Market was awarded the “Most Innovative Initiative of the Year” during the Innovation Week. Borsa İstanbul also worked in cooperation with numerous institutions including University of California-Berkeley and Angel Investors Network. Borsa İstanbul was also awarded “The Best Stock Exchange Concretely Supporting Startups in South East Europe” at the Europe Angel Investor Forum meeting organized with the support of European Business Angel Network. USD/TRY and Mini Index options contracts were introduced for trading on Borsa İstanbul, and with the contribution of new products, 2014 has been a year of records for Borsa İstanbul. The efforts on partnering with Energy Markets Operation Joint Stock Company (EPİAŞ) reached the final stage during this period. Borsa İstanbul is located at the center of a region rich in natural resources. Borsa İstanbul will soon become a trading platform for standard energy contracts and derivative products, and convert into a platform where numerous products from electricity to natural gas and commodities are priced efficiently and transparently. In addition to the products it offers, Borsa İstanbul continues to increase the number of indices calculated. In this regard, the most important development has been BIST Sustainability Index introduced in November 2014. Towards creating long-term value, the Index is aimed at strengthening
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Borsa İstanbul 2014 Annual Report
the awareness regarding harmonization of the economic, environmental and social factors as well as corporate governance principles in the company activities and decision mechanisms. In addition to that, the Index offers investors an instrument that will help them select companies that adopt sustainability and corporate social responsibility principles; and an indicator for issuing various financial products such as funds, exchange traded funds and structured products based on sustainability principles for asset managers. Doubtless, the success of a stock exchange lies in the product diversity offered to investors in addition to the efficiency of its technological infrastructure and the ease of access to the relevant platforms. Thanks to the strategic partnership agreement signed with NASDAQ in 2013, Borsa İstanbul will have the most advanced exchange technology in the world. Within the scope of the cooperation, the efforts to adopt the new technology to be applied in the Equity Market and test studies accelerated. In order to ensure that the new trading system is effectively designed, extensive studies have been carried out with NASDAQ officials during 2014. An important step for the technological conversion at Borsa İstanbul has been the launch of the Primary Data Center (PDC). The Center is highly secure and can be monitored from a single point, and employs technical hardware of international standards and full redundancy. Compared to its counterparts, PDC employs high energy efficiency. Thanks to the Primary Data Center, Borsa İstanbul has made a significant progress towards becoming the data center of not only Turkey, but also the whole region. Launch of PDC and offering
co-location services for investment institutions will attract new institutional investors to Borsa İstanbul and significantly contribute to the liquidity in the Turkish capital markets. Borsa İstanbul is a leading stock exchange of its region and the world, in terms of both its liquidity and financial infrastructure. Borsa İstanbul Equity Market ranked 7th among emerging markets on the basis of traded value in 2014, and ranks 4th among WFE-member exchanges with its turnover velocity of 188.2 percent as of the end of the year. This not only indicates the high liquidity in Borsa İstanbul, but also shows that it has the potential to support a higher market capitalization. Debt Securities Market traded value, which reached US$ 3.5 trillion as of end-2014 carried Borsa İstanbul to the fourth rank among the world bond markets. We made new arrangements in 2014 in order to enhance liquidity and deepen our markets. While price tick sizes were reduced in the Equity Market, liquidity providers were offered flexibility and ease, and the scope of market making was extended. Market making mechanism was introduced in corporate debt market, while market making on income basis for single stock, currency and index options contracts will be introduced in early 2015. In order to attract traditional gold investors and the jewelry sector to the market, and widen the investor base, the size of gold futures contracts was decreased from 100 g to 1 g.
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A significant factor to support the deepening of the Turkish capital markets is doubtless to increase the number of publicly traded companies. Efforts towards this purpose were intensified in 2014; Borsa İstanbul executives paid visits to a total of 281 companies; including 256 domestic and 25 foreign. Including those realized in 2014, the number of companies visited since 2012 reached 651. Listingİstanbul program, initiated in 2013 within the scope of the vision to make İstanbul first a regional, and then a global financial center, continues its activities in 41 target countries with 17 domestic and foreign program partners.
foreign investor interest in Borsa İstanbul. Introduction of futures contracts on Sarajevo Stock Exchange’s main index SASX 10 Index on VIOP as well as the Islamic Development Bank’s sukuks (lease certificates) amounting to US$ 6.05 billion on Borsa İstanbul platforms clearly demonstrates Turkey’s and Borsa İstanbul’s potential in our region.
Aiming to become a center of capital markets instruments trading in its region, Borsa İstanbul improves its relations with regional exchanges, international exchanges and financial institutions, and plays a significant role in the promotion of İstanbul as an international financial center. Within this framework, the cooperation with the London Stock Exchange Group (LSEG) is of utmost importance. Offering futures and options contracts on BIST 30 index as well as single stocks on the London Stock Exchange (LSE) and counter-party function of LSE’s participation London Clearing House in these trades will support the brand value of the Turkish capital markets and maximize the
In the previous year, we realized important investments to carry Borsa İstanbul to the point it deserves among the world markets. In the upcoming period, we will continue to take the steps to make Borsa İstanbul a point of attraction in its region with new products, international cooperation, and advanced technology, while continuing our efforts for Borsa İstanbul’s public offering which is drawing near. During this process, we rely upon the support of our esteemed stakeholders and staff.
In 2014, Borsa İstanbul continued its promotion activities as the main actor of İstanbul International Financial Center project. Within this framework, the second “İstanbul: Regional Hub, Global Actor” forum was held in New York City on April 21-22, 2014.
Sincerely yours,
İbrahim M. TURHAN, Ph. D. Borsa İstanbul Chairman & CEO
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Borsa İstanbul 2014 Annual Report
Board
İLHAMİ KOÇ
Board Member
MURAT TACİR
Board Member
MUSTAFA BÜYÜKABACI
Board Member
OSMAN AKYÜZ
Deputy Chairman
TALAT ULUSSEVER
Board Member
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IŞINSU KESTELLİ
Board Member
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MELİKŞAH UTKU
Board Member
İBRAHİM M. TURHAN, Ph. D. Chairman & CEO
SEYİT AHMET IŞKIN
Board Member
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Borsa İstanbul 2014 Annual Report
Senior Management
MUSTAFA KEMAL YILMAZ, Ph. D. Executive Vice President
AYDIN SEYMAN, Ph. D. Executive Vice President
HÜSEYİN ZAFER Executive Vice President & CFO
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ÇETİN ALİ DÖNMEZ, Ph. D. Executive Vice President
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İBRAHİM TURHAN, Ph. D. Chairman & CEO
ALİ ŞÎR YARDIM Chief Audit Executive, Board of Audit and Market Supervision
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Borsa İstanbul 2014 Annual Report
Dispute Committee
ARZU TURHAN Dispute Committee Member
OZAN SAVAŞKAN Dispute Committee Member
SEMİH ÇETİN Dispute Committee Chairman
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Disciplinary Committee
MUSTAFA GÜNGÖR TUNA Disciplinary Committee Member
ERTAN MERTOĞLU Disciplinary Committee Member
MURAT ÇETİNKAYA Disciplinary Committee Chairman
Borsa İstanbul 2014 Annual Report
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JANUARY 1, 2014
All market data of the Sarajevo Stock Exchange (SASE) start being disseminated through Borsa İstanbul on a real time basis.
JANUARY 1, 2014
End-of-day net traded volume information for the trades realized on VIOP on member and contract basis start being disseminated by data vendors.
JANUARY 8, 2014
On the Precious Metals and Diamond Markets, trades with a value date of T+90 are launched on the Electronic Exchange System. As of this date, market members and their clients may engage in trades with a value date of T+90.
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FEBRUARY 14, 2014
Brokers are allowed to correct the erroneous trades on VIOP.
JANUARY 20, 2014
A bell-ringing ceremony is held at Borsa İstanbul on the occasion of the strategic cooperation agreement signed between Borsa İstanbul and NASDAQ.
JANUARY 21, 2014
Debt securities instruments and lease certificates issued abroad by legal persons operating in and out of Turkey, and held in custody overseas, are allowed to be traded on Borsa İstanbul secondary markets, subject to an application being filed with Borsa İstanbul and Takasbank procedures being observed.
JANUARY 25, 2014
VIOPS application is launched following a series of visual and functional improvements on its interface (responsive design, central alignment, etc.)
Exchange commission of minimum 1 kurus applicable in options contracts trading is cancelled.
FEBRUARY 17, 2014
On the Debt Securities Market, part of the provisions regarding the capital markets instruments trades, as well as those provisions regarding settlement and default are cancelled, and some provisions are harmonized with the revised legislation.
FEBRUARY 28, 2014
Companies whose capital markets instruments are traded on Borsa İstanbul are allowed to request suspension.
FEBRUARY 28, 2014
Operation of the Public Disclosure Platform is transferred to Merkezi Kayıt Kuruluşu A.Ş.
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MAR
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APRIL 2, 2014
Borsa İstanbul - Turkish Derivatives Exchange (TURKDEX) merger is completed.
APRIL 3, 2014
Primary Data Center, offering technical equipment of international standards, full redundancy, monitoring and control from a single point of high security, and energy efficiency is launched.
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APRIL 3, 2014
MARCH 3, 2014
Takasbank begins providing central counterparty (CCP) services for VIOP.
MARCH 3-4, 2014
The first volume of Islamic Finance Conference Series entitled “Implications of Participation Model in Finance” is hosted by Borsa İstanbul with the cooperation of the World Bank, Islamic Development Bank, INCEIF, IDB Islamic Research and Training Institute (IRTI), Kuwait Finance House, Durham University and the Central Bank of the Republic of Turkey.
MARCH 10, 2014
On the Equity Market and Emerging Companies Market, the base price increments on which the price ticks depend are extended and price ticks are lowered.
MARCH 17, 2014
With regard to the equities subject to gross settlement, the trades realized by the market maker/liquidity maker within the scope of market making/liquidity providing are exempt from gross settlement, and netting off facility for such trades is retained.
MARCH 17, 2014
All-time-high in the number of open positions on BIST 30 Index Futures Contracts (354,724).
MARCH 28, 2014
Following the registration of the decision regarding the merge of the Turkish Derivatives Exchange to Borsa İstanbul in the Trade Registry on March 28, 2014, the legal personality of the Turkish Derivatives Exchange is transferred to Borsa İstanbul including all its assets and liabilities and the merger of the two companies is completed.
MARCH 31, 2014
The type of single stock option contracts traded on VIOP is changed from American to European.
MARCH 31, 2014
Borsa İstanbul’s first Ordinary General Assembly meeting is held. Following the Ordinary General Assembly meeting, 12 investment institutions with the highest traded value on the four markets of Borsa İstanbul are awarded.
A training on the implementation of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from ConflictAffected and High-Risk Areas in the gold sector is organized jointly by Borsa İstanbul and the OECD.
APRIL 4, 2014
Order transmission through FIX (Financial Information eXchange) protocol, widely used in the world exchanges and alternative trading platforms, is introduced in VIOP.
APRIL 17, 2014
Trading API, aimed at allowing Precious Metals Market members to directly transmit client orders to the trading platform, is launched.
APRIL 21-22, 2014
Following the bell-ringing ceremony at NASDAQ headquarters in the honor of Borsa İstanbul, the second of the forum series entitled “İstanbul: Regional Hub, Global Actor”, organized as part of the vision to make İstanbul a regional and international financial center is held in New York City.
APRIL 30, 2014
All-time-high traded value in VIOP: TRY 3.8 billion.
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JUNE 3, 2014
2nd Euromoney Eurasia Forum, organized jointly by Borsa İstanbul and Euromoney Conferences aimed at deepening the Eurasian capital markets, is held in İstanbul.
JUNE 5, 2014
Offers and trades on the basis of London Bullion Market Association (LBMA) in/out Refinery Discrimination on the Precious Metals and Diamond Markets are allowed.
JUNE 5, 2014
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MAY 5-30, 2014
1st VIOP Virtual Portfolio Competition (VIOPS) is held.
MAY 14, 2014
Borsa İstanbul signs a cooperation agreement with the European Trade Association for Business Angels, Seed Funds and Other Early Stage Market Players (EBAN) and Business Angels Association – Turkey.
MAY 16, 2014
USD/TRY option contracts are introduced for trading on VIOP.
MAY 22, 2014
BIST Risk Control Indices, offering investors the opportunity to invest in a portfolio of indices consisting of an underlying index they choose according to their risk perception (BIST 30 or BIST 100) and repo (BIST Debt Securities Market Repo Index) start being calculated.
A separate market is launched for mini bullion trades in the Precious Metals and Diamond Markets. The trade size, which was previously mini bars and minimum 100 grams, is decreased to 1 gram. Mini bullion offers are displayed on a different screen.
JUNE 13, 2014
As a result of the improvements in the current software, and introduction of private sector borrowing instruments market making system, OTASS version, used in the Debt Securities Market Trading System is renewed.
JUNE 16, 2014
Contract size for gold futures contracts is decreased to 1 g.
JUNE 19, 2014
Borsa İstanbul signs a Memorandum of Understanding (MoU) with the World Diamond Mark Foundation® (WDMF) to implement the programs of the World Diamond Mark in Turkey.
JUNE 27, 2014
With Borsa İstanbul’s Circular no. 455, dated June 27, 2014, conversion procedures are introduced to allow Precious Metals Market members to convert the standard gold traded on the market into gold of different weight and/or fineness of standard unprocessed gold.
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JULY 1, 2014
Efforts to transfer Equity Market members from EXAPI order transmission channel to FIXAPI channel are finalized.
JULY 1, 2014
The revision regarding exchange commission and other fees for the Equity Market and Emerging Companies Market goes into force.
JULY 1, 2014
Participation 50 and Participation Model Portfolio Indices start being calculated.
JULY 9, 2014
The documentation regarding co-location services (Service Contract, Service Guide, Price List, Order Form) is finalized, and Borsa İstanbul announces that co-locations services are offered in the Primary Data Center.
JULY 11, 2014
Within the scope of the efforts to encourage public offering, 500th company visit is realized.
JULY 18, 2014
Primary Data Center starts offering MBO market information on a tick-by-tick basis through the ITCH protocol.
JULY 20, 2014
All market and other IT infrastructures of Borsa İstanbul move to the Primary Data Center.
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AUGUST 4, 2014
Lunch break is cancelled for the contracts other than single stock and index contracts traded on VIOP.
AUGUST 18, 2014
Council of Ministers’ decision no. 2014/6681, regarding Turkey’s first “Finance Technopark Technology Development Region”, to be established with the cooperation of Borsa İstanbul and Boğaziçi University, is published in the Official Gazette no. 29092 dated August 18, 2014.
AUGUST 22, 2014
Private sector debt securities market making system is introduced in the Debt Securities Market.
AUGUST 25, 2014
Upon initiation of the renewal efforts for the Equity Market Trading Floor, the temporary trading floor with a capacity of 150 terminals is launched.
AUGUST 27, 2014
All-time-high traded value in futures and options contracts traded value: TL 4.3 billion.
AUGUST 28, 2014
A high speed, low latency and redundant network infrastructure to be used for co-location clients is established for both NASDAQ systems and the systems currently offering services for co-location clients.
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SEPTEMBER 1, 2014
Data dissemination policies are revised, and the new Data Distribution Contract goes in force.
SEPTEMBER 1, 2014
Index Constituents and Corporate Action data packages are completed and the data start being distributed through İstanbul’s sFTP infrastructure.
SEPTEMBER 1, 2014
A new data package allowing the real time display of the capital markets instruments in the scope of client portfolio is defined.
SEPTEMBER 3, 2014
Borsa İstanbul VIOP signs a cooperation agreement to develop training programs for option contracts with Options Industry Council (OIC), in order to add to the financial literacy of Turkish investors.
SEPTEMBER 11, 2014
Thanks to Radio Link technology, which offers an alternative to land lines, Borsa İstanbul members are offered uninterrupted access to the markets.
SEPTEMBER 11, 2014
Borsa İstanbul discounts the Diamond and Precious Stone Market membership fee from TL 20,000 to TL 2,000 for the year 2014, receiving 454 membership applications.
SEPTEMBER 13-14, 2014
Two-day VIOP Academy training program, designed by the Center for Applied Research (CARF) founded as a result of the cooperation of Borsa İstanbul and Boğaziçi University, is held at Boğaziçi University.
SEPTEMBER 15, 2014
A strategic cooperation agreement is signed between Borsa İstanbul and Kazakhstan Stock Exchange.
SEPTEMBER 19, 2014
Mini Index option contracts are introduced for trading on VIOP.
SEPTEMBER 24-25, 2014
Borsa İstanbul participates in All Energy Turkey Fair and Exhibition, discussing all topics regarding the energy industry and market for the international and Turkish actors of the energy sector.
SEPTEMBER 26, 2014
Members engaged in precious metals trading on the Precious Metals and Diamond Markets are offered the facility of early settlement, if they wish.
SEPTEMBER 26, 2014
Groundbreaking ceremony for Borsa İstanbul Finance and Technology Campus, which will bring together Borsa İstanbul, Merkezi Kayıt Kuruluşu and Takasbank under the same roof as part of İstanbul International Financial Center project, is held.
SEPTEMBER 30, 2014
Following the cancellation of the 20 percent Special Consumption Tax applied on jewelry manufacturers by the Law no. 6552, the first Special Consumption Tax-free precious stone trading is realized on Borsa İstanbul Precious Metals and Diamond Markets.
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OCTOBER 1, 2014
Index licensing and market making contracts are renewed in accordance with the sector practices and market demand and go into force.
OCTOBER 1, 2014
The agreement for using BIST Indices as benchmark for collective investment instruments goes into force.
OCTOBER 13, 2014
Precious Metals and Diamond Markets moves to Kuyumcukent.
OCTOBER 16, 2014
In accordance with its main principle of complying with corporate governance principles and becoming a transparent, efficient and reliable company, Borsa İstanbul establishes a Compliance Department.
OCTOBER 19, 2014
“Regulation Regarding the Principles of Exchange Business Activities of Borsa İstanbul A.Ş.” and “Regulation Regarding the Principles of Precious Metals and Precious Stones Exchange Business Activities of Borsa İstanbul A.Ş.” is published in the Official Gazette no. 29150 dated October 19, 2014.
OCTOBER 23, 2014
As part of its efforts to improve the entrepreneurial ecosystem and thereby increase the number of entrepreneurs and angel investors, to expand the ecosystem, and to create employment and innovation, Borsa İstanbul holds an international conference entitled “Building Bridges through Entrepreneurship: Turkey’s Rise as a Startup Nation in Regional and Global Perspectives” jointly with the University of California, Berkeley.
OCTOBER 30, 2014
All-time-high number of open positions at VIOP: 669,762.
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NOVEMBER 3, 2014
Avivasa Emeklilik ve Hayat A.Ş. realizes the largest IPO of the year, raising funds totaling TL 331 million.
NOVEMBER 4, 2014
BIST Sustainability Index, including companies with a high sustainability performance from BIST 30, starts being calculated. A “Sustainability Guide for Companies” is published to answer the questions of all companies that are traded on Borsa İstanbul, or have such potential, and to offer them a roadmap that they can follow.
NOVEMBER 11, 2014
The 8th annual meeting of the Organization of the Islamic Cooperation (OIC) Member States’ Stock Exchanges is held in İstanbul under the coordination of Borsa İstanbul. Prior to the Forum meeting, a conference entitled “Islamic Economy and Finance with its International History, Theory and Practice: The Case of Turkey” is held jointly by Borsa İstanbul and Marmara University.
NOVEMBER 14, 2014
The price tick in USD/TRY and Euro/TRY futures contracts is decreased to 1 bps.
NOVEMBER 14, 2014
Council of Ministers’ decision no. 2014/6747 regarding the public offering of Borsa İstanbul A.Ş.’s (B) group shares owned by the Turkish Treasury is published in the Official Gazette no. 29175, dated November 14, 2014. Such (B) group shares will not exceed 42.75 percent of Borsa İstanbul A.Ş.’s capital, and will be offered to the public by December 31, 2015.
NOVEMBER 15, 2014
Disaster Recovery Center test is performed with the participation of IT departments, relevant departments, work units, and members.
NOVEMBER 17, 2014
The world’s first web-based private market developed by a stock exchange, Borsa İstanbul Private Market, is launched with a bell-ringing ceremony organized by Endeavor Turkey, İstanbul Chamber of Commerce, and Borsa İstanbul during the official opening of the Global Entrepreneurship Week.
NOVEMBER 21, 2014
A market making program based on income sharing for single stock, currency and index options and futures contracts on VIOP is announced.
NOVEMBER 26-27, 2014
A training on the implementation of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from ConflictAffected and High-Risk Areas in the gold sector is organized jointly by Borsa İstanbul and the OECD. Also, the Guidance translated into Turkish is distributed to the participants.
NOVEMBER 28, 2014
Sukuks (lease certificates) amounting to US$ 6,050,000,000 issued by the asset leasing company founded by the Islamic Development Bank start being traded by qualified investors on Borsa İstanbul Debt Securities Market Outright Purchases and Sales Market.
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DECEMBER 5, 2014
The scope of liquidity providing is extended to include all company shares other than those included in BIST 30 Index and traded on the National Market, Second National Market, Collective Products Market.
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DECEMBER 1, 2014
Market-by-order data in ITCH format start being disseminated to the clients on a real time basis.
DECEMBER 3, 2014
The first order is transmitted through the Co-location infrastructure on the Primary Data Center.
DECEMBER 3-31, 2014
2nd VIOP Virtual Portfolio Competition is held.
DECEMBER 4, 2014
In standard gold trades, the first trade on fixing price is realized.
DECEMBER 5, 2014
Borsa İstanbul Private Market is awarded the Most Innovative Initiative of the Year within the framework of the 3rd Annual Turkey Innovation Week, held by Turkish Exporters Assembly (TİM) with the support of the Turkish Ministry of Economy. The award is presented to Borsa İstanbul Chairman & CEO Dr. İbrahim M. Turhan by Prime Minister Prof. Ahmet Davutoğlu.
DECEMBER 5, 2014
The scope of market making is extended to include company shares, whose market capitalization of free-floating shares is less than TL 10 million.
DECEMBER 15, 2014
Borsa İstanbul is awarded “The Best Stock Exchange Concretely Supporting Startups in South East Europe” at the Europe Angel Investor Forum meeting organized with the support of EBAN in İstanbul.
DECEMBER 15, 2014
Futures contracts on Sarajevo Stock Exchange (SASE) SASX 10 Index are launched.
DECEMBER 16, 2014
All-time-high in VIOP USD/TRY futures contracts traded value: TRY 474.8 million All-time-high in VIOP number of orders entered daily: 265,405.
DECEMBER 20-21, 2014
The managers’ meeting to discuss Borsa İstanbul’s future strategy is held in Silivri.
DECEMBER 22, 2014
The agreement regulating the distribution of Merkezi Kayıt Kuruluşu and Takasbank data through Borsa İstanbul is signed by Borsa İstanbul, MKK and Takasbank.
DECEMBER 24, 2014
The configuration management of NASDAQ production, development and test environments in the system layer is automated.
DECEMBER 25, 2014
Borsa İstanbul and London Stock Exchange sign a Memorandum of Understanding for offering futures and options contracts on BIST 30 Index and single stocks on London Stock Exchange, and for London Clearing House (LCH.Clearnet), a participation of the London Stock Exchange, to act as counter party in the trading of such products.
DECEMBER 26, 2014
As it became imperative to support different methods as an alternative to the Client-toSite VPN (virtual private network) connection method, Site-to-Site VPN infrastructure support is provided, in order to ensure secure order transmission between Borsa İstanbul and its members.
DECEMBER 29, 2014
On the occasion of Borsa İstanbul’s 141st anniversary, a reception was held at the Foyer with the participation of the capital markets, representatives of brokerage houses, and the press. Employees and brokers that have completed their twentieth year are presented with plaquettes.
DECEMBER 31, 2014
A Point of Presence (PoP) is established at Equinix-LD5 Data Center in order to allow them to receive Borsa İstanbul data feed from London.
DECEMBER 31, 2014
A member starts practicing liquidity providing on an equity.
DECEMBER 31, 2014
Thanks to the significant increase in private sector debt securities issues, the resources provided to companies increased by 20 percent to TL 66.3 billion, and the number of issuers increased by 13 percent to 106.
DECEMBER 31, 2014
The number of companies traded on Borsa İstanbul reaches 422.
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Borsa İstanbul 2014 Annual Report
Audit Committee’s Evaluation Report for the Year 2014 Borsa İstanbul Audit Committee was established in accordance with article 16 of Borsa İstanbul’s Articles of Association and Borsa İstanbul Audit Committee Responsibilities and Operation Principles Directive, in order to ensure that Borsa İstanbul Board realizes its duties and responsibilities in a healthy manner. On the basis of the Board’s Resolution taken at its meeting dated April 3, 2014, Board Member Seyit Ahmet IŞKIN was elected as Chairman, and Board Member Osman AKYÜZ and Chief Regulatory Officer Ali Şîr YARDIM were elected as members of the Audit Committee.
According to Borsa İstanbul Articles of Association and the said Directive, the Audit Committee is responsible for and authorized to assist the Board for providing assistance on the Board’s auditing of the quality and correctness of Borsa İstanbul’s financial statements, to monitor the application and efficiency of the accounting system, to pre-approve the appointment of the independent auditor and the services to be provided by the same, to prepare and control the agreement to be signed between Borsa İstanbul and the independent auditor, and to monitor the Company’s independent audit system, control and internal audit mechanisms.
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01
02 The Audit Committee has held ten meetings during 2014. The Committee’s activities in 2014 are summarized below:
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04
05
The Committee pre-approved that the independent audit service for Borsa İstanbul’s 2014 accounts and operations will be obtained from Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (Price Waterhouse Coopers), and submitted this decision to the Board for approval. The Committee examined and evaluated Borsa İstanbul’s consolidated financial statements as of December 31, 2013 and the independent audit report prepared by Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. (Price Waterhouse Coopers).
The Committee received information on internal audit activities of the Audit and Surveillance Board on a regular basis. Within this scope, information on 10 internal audit reports was received during 2014.
Borsa İstanbul’s internal audit working plan for the year 2015 prepared by the Audit and Surveillance Board was approved, covering 10 new process audits and 1 new department audit in addition to the different processes regarding Borsa İstanbul’s activities.
Information on Borsa İstanbul’s financial statements was received on a regular basis, and details of the various account movements were examined and evaluated.
024
Borsa İstanbul 2014 Annual Report
Early Risk Assessment Committee 2013 Evaluation Report
As the Articles of Association of Borsa İstanbul A.Ş. became effective on April 3, 2013, Borsa İstanbul became a joint stock company, subject to the corporate governance principles envisaged by the Turkish Commercial Code and the Capital Markets Board of Turkey. Accordingly, in line with Borsa İstanbul A.Ş. Early Risk Assessment Committee Responsibilities and Working Principles Directive, prepared as required by article 378 of the Turkish Commercial Code and Capital Markets
Board of Turkey’s Corporate Governance principles, and which went in force upon being accepted in the Board’s meeting dated June 19, 2013, an Early Risk Assessment Committee was established. The Committee consists of two members elected from the Board members and one executive vice president. For the year 2014, Board Member Talat Ulussever was elected as the Chairman, and Board Member Melikşah Utku and Executive Vice President Çetin Ali Dönmez were elected as Members of the Early Risk Assessment Committee.
025
borsaistanbul.com
Since its establishment, the Committee has convened regularly once every two months, discussing studies on risk. The Committee studied on the activities that Borsa İstanbul units must realize in order to diminish to acceptable levels the risks that may significantly influence Borsa İstanbul’s activities. The Committee also discussed the methods, best practices and standards for defining, classifying, evaluating and managing the risks that may arise. The main issues regarding Borsa İstanbul’s activities on early risk assessment are given below. As required by international internal audit standards, Borsa İstanbul applies risk-focused internal audit approach. Accordingly, within the framework of the internal audit programs prepared annually, process-focused audit activities are realized, and as a result of the audit necessary preventive and corrective actions were taken. As the Capital Markets Law no 6362 went in force, Borsa İstanbul became subject to domestic competition. In order to manage strategic and financial risks arising from competition, increase Borsa İstanbul’s international efficiency, sustain profitability, and become a regional leader, the following actions were taken:
• With regard to Borsa İstanbul’s membership structure, regulatory authorities were contacted in order to allow the institutions and companies operating in different sectors and countries to trade on Borsa İstanbul’s markets and sub-markets, and also allow Borsa İstanbul’s current members to trade in different markets. • Borsa İstanbul’s revenues were reviewed, making arrangements in the revenue items in line with international practices. • Memoranda of Understanding were signed with foreign exchanges, and efforts were made to allow Borsa İstanbul’s products to be traded on foreign exchanges, and vice versa. • In order to keep the long term income/ expenses balance at a sustainable level, structural changes on human resources and general management expenditure policies were applied.
• Efforts to renew Borsa İstanbul’s trading system in a way to allow international integration, and within this framework, the stakeholders were informed in order to permit a smooth system transition. • A Project Management Office, aimed at producing internal and external projects in line with Borsa İstanbul’s strategic targets, finalizing such projects successfully, and preventing any possible risks, was established.
026
Borsa İstanbul 2014 Annual Report
Working groups and committees consisting of Borsa İstanbul members and representatives of the relevant departments were established with a view to receiving first-hand information about the needs and requirements for Borsa İstanbul markets, exchanging views on relevant issues and making arrangements accordingly, and evaluating the planned novelties and latest developments. The technical problems experienced in Borsa İstanbul systems during 2014 were analyzed in detail and reported, and risk diminishing measures to prevent the recurrence of similar problems were taken. Policies for extraordinary situations that may occur prior to or during the trading session and prevent smooth functioning of the session were reviewed and necessary adjustments were made. In order to add to the risk awareness within the company, a risk workshop was held with the participation of senior and medium level management, where the inherent risks of exchange business were evaluated in light of international best practices. Practices aimed at ensuring business continuity at Borsa İstanbul were held with the participation of market participants and Borsa İstanbul staff. Borsa İstanbul Business Continuity Plan was updated and announced after being approved by Borsa İstanbul Board. Penetration tests to determine the current situation of Borsa İstanbul information systems infrastructure in consideration of the current threats were carried out.
Within the scope of Borsa İstanbul information security policy, trainings aimed at improving information security awareness were organized. A Compliance Department was established in order to handle in a holistic manner, the risks which may arise in relation to the monitoring, evaluation, and effect on Borsa İstanbul of the secondary legislation efforts in progress following the enactment of the new Capital Markets Law. Borsa İstanbul purchased a new comprehensive insurance policy against the risks Takasbank A.Ş. and Merkezi Kayıt Kuruluşu A.Ş. (MKK) may face, and which may arise from actions such as breach of trust, information technology crimes, and fraud. Furthermore, important assets of Borsa İstanbul, damaging of which may lead to risks are covered by the insurance policy, as required by international practices. Borsa İstanbul manages its revenues and current financial assets, taking precautionary measures against the risks that may influence their value, and balancing the assets and liabilities sensitive to such risks. Through active asset management, a sufficient amount of cash and similar resources are kept ready to ensure that Borsa İstanbul’s current and possible liabilities are fulfilled. Within the scope of financial risk management, counter-party risk is also evaluated, and source management is also applied so that failure to pay on the part of any institution is prevented from effecting Borsa İstanbul negatively.
027
borsaistanbul.com
Corporate Governance Committee 2014 Evaluation Report Borsa İstanbul A.Ş. Board Member Mustafa BÜYÜKABACI was elected as Corporate Governance Committee Chairman, and Board Member İlhami KOÇ and Executive Vice President Hüseyin ZAFER were elected as Committee members.
Borsa İstanbul Corporate Governance Committee convened on January 29, 2014, and approved Borsa İstanbul Information Policy and Borsa İstanbul Ethical Rules prepared within the framework of Corporate Governance Principles in 2013. The Committee also decided to submit the Corporate Governance Principles Compliance Report 2013 to the Board. Corporate Governance Committee convened on December 10, 2014 and decided to initiate the efforts for 2014 Corporate Governance Compliance Report as required by the relevant legislation. The Compliance Report was completed and is a part of the Annual Report. As required by the Information Policy, the information in Borsa İstanbul website under Corporate Governance was kept updated.
028
Borsa İstanbul 2014 Annual Report
Global Markets and an Overview of the Turkish Economy An Overview of the World Markets
During 2014, the total market capitalization of the World Federation of Exchanges (WFE)-member exchanges increased by 3.5 percent compared to 2013, increasing to US$ 65 trillion while the number of companies traded decreased by 0.6 percent from 88,974.
Of the 49 indices reflecting market performance in general, 36 indices generated a yield while 13 decreased. The average income of the former stood at 16 percent while the latter depreciated, on average, 8 percent. The average return of all indices stood at 9.3 percent.
On regional basis, the highest increase in market capitalization was realized in Asia Pacific with 11.6 percent, while the market capitalization in EAME region depreciated by nearly 10 percent.
The total traded value for all exchanges for the year 2014 decreased by approximately 7 percent. The main reason behind this decrease is the 8.5 percent loss in the traded value of the derivatives markets that dominate the total traded value of WFE-member exchanges by 91 percent. On the other hand, the traded value of equity markets and debt securities markets increased by, respectively, 18 percent and 1 percent.
Market Capitalization on Region Basis (US$ million) 2013
2014
%
America
29,134,314
30,269,000
3.9
Asia Pacific
20,188,521
22,602,808
11.96
EAME*
13,500,216
12,178,867
-9.79
Total
62,823,051
65,050,676
3.55
Source: World Federation of Exchanges (WFE) *EAME: Europe, Africa, Middle East
Traded Values on Market Basis (US$ million) 2013
2014
%
Equity Markets
88,925,838
104,688,539
17.7
Debt Securities Markets
56,104,685
56,804,404
1.2
Derivatives Markets
1,889,190,383
1,728,019,106
-8.5
Total
2,034,220,907
1,889,512,048
-7.1
Source: World Federation of Exchanges, WFE
029
Borsa İstanbul Total Traded Value (TL billion) 1,200
1,094
1,000 800
759
734
704
669
563
902
798
400 200
Debt Scurities Markets
Equity Market
Derivatives Market
Breakdown of Traded Value 9,7%
4.,9%
0,2%
85,2%
Debt Scurities Markets Equity Market Derivatives Market Precious Metals and Diamond Markets
Total
December 14
November 14
October 14
September 14
August 14
July 14
June 14
April 14
May 14
0
February 14
The total traded value of Borsa İstanbul markets, which stood at TL 7.9 trillion, increased by 13.7 percent to TL 9 trillion in 2014. 85 percent of the total traded value accounts for the Debt Securities Market.
600
January 14
Borsa İstanbul 2014 Traded Value
747
725
704
578
March 14
Overview of the Turkish Economy
borsaistanbul.com
030
Borsa İstanbul 2014 Annual Report
BIST 100 Index BIST 100 Index decreased to its lowest level of 61,189 during the year in early March.
Following the local elections held on March 30, 2014, BIST 100 Index accelerated and closed the year at an all-time-high of 85,721. As the Index gained 26.43 percent on an annual basis in 2014, Borsa İstanbul was the 5th best performing exchange of the year.
BIST100 Index Daily Value (Jan. 2, 2014-Dec. 31,2014)
90,000 85,000 80,000 75,000 70,000 65,000 60,000
Source: Borsa İstanbul
December 14
November 14
October 14
September 14
August 14
July 14
June 14
May 14
April 14
March 14
February 14
In 2014, BIST Information Technology Index was the best performing one, with a yield of 72.4 percent. BIST Basic Metal and BIST Technology sector indices also appreciated by over 50 percent.
January 14
55,000
031
MSCI Turkey-MSCI World-MSCI Emerging Markets Indices (31.12.2013=100) 130 120 110 100 90
MSCI Word
Foreign Capital Flows The share of foreign portfolio investors stood at 62.5 percent in 2013, rising to 63.8 percent in 2014. According to the Central Bank of the Republic of Turkey data, the total equity acquisitions by residents abroad was realized at US$ 2.9 billion while debt security acquisitions by foreign investors stood at US$ 743 million in 2014.
Source: Bloomberg
MSCI Emerging
MSCI Turkey
December 14
November 14
October 14
September 14
August 14
July 14
June 14
May 14
April 14
March 14
February 14
January 14
80 December 13
The performance of MSCI Turkey and MSCI Emerging Markets indices during the year shows that MSCI Turkey Index decomposed positively. While developing countries depreciated by 4.6 percent in 2014, MSCI Turkey Index appreciated by 27 percent on an annual basis.
borsaistanbul.com
032
Borsa İstanbul 2014 Annual Report
Strategic partnership with NASDAQ Thanks to the strategic cooperation agreement signed with NASDAQ, Borsa İstanbul is marching towards the most advanced technology in the world.
033
borsaistanbul.com
034
Borsa İstanbul 2014 Annual Report
Borsa İstanbul Markets Equity Market
Equity Market constitutes the following; “National Market” where shares of the companies that fully comply with the Listing Requirements of Borsa İstanbul are traded, “Collective Products Market” where certificates of mutual trusts, real estate mutual trusts, venture capital trusts, exchange traded funds and warrants as well as certificates are traded, “Second National Market” where small and medium size companies, companies delisted temporarily or permanently from the National Market, and companies that fail to fully comply with the listing and trading requirements of the National Market are traded, and “Watchlist Companies Market” where shares of companies under scrutiny and investigation as a result of certain arised conditions are traded. Furthermore, with the decision of the Capital Markets Board no. 17/519 dated June 3, 2011, the equities of companies that are considered to be publicly offered but not traded on Borsa İstanbul in accordance with the Capital Markets Law no. 16/2 are traded on the “Free Trade Platform”.
Equity Market Data BIST 100 Index closed the year 2014 with an increase by 26.43 percent at 85,721.13 (15.75 percent increase at 2,145.18 on US$ basis).
035
borsaistanbul.com
BIST 100 (2013-2014)
95,000 01/12/2014 86.667,72
31/12/2014 85.721,13
85,000
75,000
65,000
billion
The traded value in the Equity Market increased by 6.91 percent compared to 2013, to TL 870.98 billion (decreased by 7.41 percent to US$ 398.25 billion). Equity Market daily average traded value increased by 6.48 percent compared to the previous year in 2014, reaching TL 3.47 billion (decreased by 7.78 percent
325.79 thousand
to US$ 1.59 billion). The daily average number of contracts, which stood at 314,550 increased by 3.57 percent to 325,790 and daily average traded volume increased by 3.71 percent to 822.51 million shares in 2014.
822.51
million shares
12/2014
11
10
9
8
M
7
6
5
4
3
2
Da il
1
11
10
9
Dai ly A
8
7
6
4
Da
Eq u
5
TL 3.47
age Traded Vo ver A l y
e um
billion
e Number of rag Co ve
s act ntr
ue
TL 870.98
rage Trade Ave dV ily
e alu
rket Traded V Ma al ti y
3
2
1
45,000
12/2013
55,000
apitalizati on et C ark
TL 626.43 billion
Equity Market’s market capitalization increased by 23.96 percent to TL 626.43 billion (increased by 13.49 percent to US$ 269.40 billion) as of end 2014.
036
Borsa İstanbul 2014 Annual Report
Developments in the Equity Market In 2014, equities of 10 companies (excluding those on the Emerging Companies Market) started being traded on the Equity Market. 9 companies went public on the Equity Market. Equities of 1 company started being traded on Borsa İstanbul Equity Market without being publicly offered.
Number of Securities Traded on the Equity Market
1,041
Equities 386 Exchange Traded Funds 15 National Market 217 Second National Market 94
Number of Companies traded on the Equity Market
As of end-2014, a total of 386 companies were traded on Borsa İstanbul Equity Market, with 217 on the National Market, 46 on the Collective Products Market, 94 on the Second National Market, and 29 on the Watchlist Companies Market. The total number of securities traded on Borsa İstanbul Equity Market reached 1,041 as of the end of the year, with 15 Exchange Traded Funds traded on the Collective Products Market and 640 warrants of various underlying assets and maturities.
Warrants 640
Collective Products Market 46 Watchlist Companies Market 29
386
Underlying Assets and Indicators (excluding BIST Indices) of the Warrants traded in 2014 Underlying assets for warrants NO
CODE
EXPLANATION
1
XAUSX
Ounce Gold Flexo
2
XAUSQ
Ounce Gold Quanto
3
USD
USD
4
EUR/USD
EUR/USD
5
DAX
DAX
6
SP500
S&P 500
7
XAUTL
GOLD (TRY)
8
XAUSD
Gold (USD)
The traded value of the National Market was TL 794.06 billion, making up the 91.17 percent of the total traded value of the Equity Market. The traded value of the Collective Products Market stood at TL 52.85 billion; and of this amount, TL 3.83 billion was realized on exchange traded funds and TL 5.84 billion on warrants; whereas the traded value of the Second National Market, and Watchlist Companies Market were, respectively, TL 23.79 billion and TL 269.90 million. The total market capitalization of the 14 companies traded on the Free Trade Platform stood at TL 2.05 billion (US$ 885.55 million) at year-end, and the Platform’s annual traded value was TL 20.51 million (US$ 9.39 million).
037
As of end-2014, 63.97 percent of the free-floating shares of the companies traded on Borsa İstanbul are held by international portfolio investors
borsaistanbul.com
1,075,368 investors 9,895 are foreign
1,065,473 are domestic
As of end-2014, 63.97 percent of the free-floating shares of the companies traded on Borsa İstanbul are held by international portfolio investors. Of 1,075,368 investors, 9,895 are foreign and 1,065,473 are domestic.
Equity Market Annual Traded Value National Market TL 794.6 billion
Collective Products Market TL 52.85 billion
Second National Market TL 23.79 billion
Watchlist Companies Market TL 269.90 million
038
Borsa İstanbul 2014 Annual Report
As of end-2014, Borsa İstanbul Equity Market ranked 4th among 54 stock exchanges in terms of turnover velocity, which is an important indicator of liquidity. Average Turnover Velocity (January-December 2014) 400% 350% 300% 250% 200% 150% 100% 50%
Ja
G
re
Ta
iS
Sh e ec nz ur he n iti es SE pa Sh Ma n Ex a rk ch Bo ngh et an Sa a r ud D ge sa I i SE G sta i S ub ro to ai n ck Fi up bu Ex nan - T l o ch ci an al M kyo g BM ar Ko e ke E T Sp rea ad t an Ex aw u is h cha l Th Ta Exc ng e e St iw h oc an an ge k D S Ex e s E ch uts C an ch orp ge e B . BM of T örs e &F hai BO lan V d N TM ES AS X PA D Au G AQ st rou O ra M lia p X n N S E o SI rdic uro E X E ne N at Hon Sw xc xt is io h g a s na n l S Kon Exc ge to g ha ck E n Ex xch ge ch an an ge ge s O Ind s Bu lo B ia d ø H ape rs o At Ch st S he iM E M ns inh os E xc SE c Eg ow ha ng y E Si ptia xch e ng n a ap Ex ng or ch e Jo e E an ha xc ge nn ha es ng Ab bu e u rg S D Q at Bur ha E ar b s St a M i SE oc al ay k Ex si a c M Wie ha n ex n ic er ge an B ö Ex rs ch e Te an g l In Avi e M do v us n SE ca Ph esi N t Se ilip a S ew E p c Ze urit ine al ies SE an d Ma r Ex ke C cha t ol om nge Am bo m SE Sa an nt SE ia go SE I C rish ol om SE Lj bia ub lja SE na Bu BS S en E E os Ind i C as Aire a ab s la SE M nca au rit SE iu s Li SE m C a Ka yp SE za rus kh S E s Be tan rm S ud E a Lu M SE xe alt m aS bo E ur g SE
0%
Source: World Federation of Exchanges-WFE
Base price limits and price ticks in the Equity Market and Emerging Companies Market are re-determined
As required by the new co-location based applications, the base price limits and price ticks determined on the basis of such limits in the Equity Market and Emerging Companies Market were defined in a more simplified manner by Borsa İstanbul Board in its meeting no. 2014/08, dated February 20, 2014.
New base price limits and price ticks applicable for equities and rights coupons
New base price limits and price ticks applicable for participation shares of Exchange Traded Funds
Base Price Limit (TL)
Price Tick (TL)
Base Price Limit (TL)
Price Tick (TL)
0.01 - 10.00
0.01
0.01 - 10,00
0.01
10.05 - 100.00
0.05
10.02 - 100.00
0.02
100.50 and over
0.50
100.25 and over
0.25
039
Changes on Exchange Fee and other Fees applied in the Equity Market and Emerging Companies Market During the last twenty-two years, the exchange fee applied in the Equity Market has been decreased to approximately one fifteenths as a result of the discounts made from time to time. The exchange fee equal to 0.092125 base points applied in the Equity Market and Emerging Companies Market is quite low compared to the trading fees in other exchanges. As a consequence of the increasing competition in the international markets, operation revenues are used for technological development, and Borsa İstanbul was forced to increase the exchange fees applied in the Equity Market and Emerging Companies Market. Consequently, Borsa İstanbul Board re-defined the basic exchange fee of 0.092125 bps as 0.15 bps for both Markets and following the approval of CMB, the new exchange fee became applicable on July 1, 2014. Furthermore, for both the Equity Market and Emerging Companies Market, members that are accountable for more than 5 percent of the total traded value of both Markets, and whose traded value exceeds TL 20 billion on a quarterly basis are eligible for a discount of 10 percent over the exchange fee.
borsaistanbul.com
Liquidity Providers In addition to the continuous auction with market maker method, “Liquidity providing in the Equity Market” practice was developed in order to contribute to the liquidity of particularly equities with low traded value, and in 2014, this practice was adjusted to allow flexibility on the side of both companies and liquidity providers. Within this framework, on the last trading day of 2014, liquidity providing in a share started to be practiced. In accordance with the Capital Markets Board’s decision no. 31/1080 dated October 30, 2014, the equities traded on the Equity Market are classified in A, B, C, and D groups starting from the beginning of 2015. This classification is expected to significantly increase the number of equities subject to liquidity providing.
Market Making As a result of Borsa İstanbul Board’s decision no. 2014/51 dated November 27, 2014, the scope of market making was extended to include company shares whose market capitalization is less than TL 10 million. As the A, B, C, D classification was introduced, it was possible to initiate market making activity in the National Market and Second National Market.
Market Makers and Liquidity Providers are held exempt from Gross Settlement In the event that an equity is subject to gross settlement, trades realized within the scope of market making/liquidity providing will be exempt from gross settlement and netting of facility will continue to be applied.
Transition to NASDAQ Genium INET Trading System Within the framework of the strategic cooperation with NASDAQ, efforts to replace the Equity Market’s trading system with NASDAQ Genium INET accelerated. Comprehensive studies are carried out in order to design the new trading system efficiently.
040
Borsa İstanbul 2014 Annual Report
Emerging Companies Market
4 companies offered their shares publicly through capital increases and started to be traded on the Emerging Companies Market, the gate to capital markets for SMEs. A total amount of TL 202.3 million has been raised so far through the public offerings on the Emerging Companies Market, a TL 23.8 million portion of which was raised in 2014. The number of companies traded on the Emerging Companies Market reached 22. Market capitalization of the Emerging Companies Market increased by 60.67 percent to TL 936.97 million (increased by 47.10 percent to US$ 402.95 million) compared to end-2013.
Total traded value of the Emerging Companies Market decreased by 9.73 percent to TL 1.95 billion (decreased by 22.56 percent to US$ 0.89 billion). Daily average traded value, on the other hand, fell by 10.99 percent compared to the previous year; to TL 7.76 million (fell by 22.87 percent to US$ 3.55 million). Daily average number of contracts, which stood at 6,640 in 2013 increased by 12.05 percent to 7,440 and daily average traded volume surged by 9.86 percent to reach 2.58 million shares in 2014.
041
borsaistanbul.com
ECM Total traded value for 2014 TL
Daily average traded value
1.95 billion
7,440
TL 7.76 million Daily average number of contracts Daily traded volume
2.58 million shares
So far, 3 Emerging Companies Market companies have been transferred to the Second National Market.
Number of companies offered to the public in 2014
Number of companies traded
22
4 Total amount of funds raised through public offerings
TL 202.3 million Total amount of funds raised for companies in 2014
TL 23.8 million
042
Borsa İstanbul 2014 Annual Report
Number of companies with approved applications
20 The number of companies that applied to be traded on the ECM is 2 whereas there are 3 companies yet to apply but signed a market consultancy agreement with authorized consultancy firms as of end 2014. The number of authorized market consultancy firms responsible for the compliance of companies with the regulations of CMB and the Exchange and to provide consultancy services before and during the IPO and after the trading starts, reached 24. 30 companies applied for financial support to the Small and Medium Enterprises Development Organization (KOSGEB) ECM SMEs Support Program which was initiated to provide financial support for the IPO costs of the SMEs planning to offer securities to be traded on the ECM in 2014. 20 of the applications have been approved while the applications of 10 companies are pending.
Applications to ECM SMEs Support Program
TOTAL
Number of companies with pending applications
30
10 By end-2014, payments have been made to 12 companies within the framework of the Small and Medium Enterprises Development Organization (KOSGEB) ECM SMEs Support Program which was initiated in 2011.
043
borsaistanbul.com
044
Borsa İstanbul 2014 Annual Report
Debt Securities Market
Debt Securities Market consists of; Outright Purchases and Sales Market where fixed income securities are traded; Repo and Reverse Repo Market where repurchase and reverse repurchase transactions are held; Repo Market for Specified Securities; Interbank Repo and Reverse Repo Market; Equity Repo Market, Offering Market for Qualified Investors where the IPOs of the securities are realized by the investors defined as Qualified Investors in the capital markets legislation; International Bonds Market for trading the foreign borrowing instruments issued by the Treasury Undersecretariat, and Eurobond Negotiated Deals Platform. Breakdown of the securities that can be traded on the Debt Securities Market is as follows; TRY and foreign currency denominated debt securities, securitized assets, asset backed debt securities, lease certificates, and other capital market instruments which are deemed appropriate for trading by Borsa İstanbul Board. In 2014, public sector securities (government bonds, lease certificates) and private sector securities (private sector bonds, bank bills, asset backed securities, asset guaranteed securities, financing bills, lease certificates and structured borrowing instruments) were traded on the Debt Securities Market.
Debt Securities Market Data The annual traded value of the Debt Securities Market, which stood at TL 6.90 trillion (US$ 3.62 trillion) in 2013 increased to TL 7.65 trillion (US$ 3.49 trillion) in 2014; and the daily average traded value increased from TL 27.59 billion (US$ 14.50 billion) to TL 30.46 billion (US$ 13.92 billion).
045
borsaistanbul.com
Debt Securities Market Daily Average Traded Value
Annual Traded Value
TL 30.46 billion
TL 7.65 trillion
Debt Securities Market Traded Value Repo Reverse Repo Market
Traded Value
TL 7.32 trillion Repo Reverse Repo Market, Interbank Repo Reverse Repo Market and Repo Market for Specified Securities
Outright Offerings Market Public Purchases/Sales for Qualified Sector Lease Market Investors Certificates
Traded Value
TL 319.95 billion
Total issues
TL 1.74 billion
Traded Value
TL 920 million
International Bonds Market
Traded Value
TL 264.98 million and US$ 118.98 million
046
Borsa İstanbul 2014 Annual Report
The breakdown of the Debt Securities Market traded value is as follows: 4.18 percent Outright Purchases and Sales Market (TL 319.95 billion, US$ 146.60 billion); 36.56 percent in the Repo Reverse Repo Market (TL 2.80 trillion, US$ 1.28 trillion); 58.99 percent in Interbank Repo Reverse Repo Market (TL 4.51 trillion, US$ 2.06 trillion); 0.25 percent in Repo Market for Specified Securities (TL 19,07 billion, US$ 8.69 billion); 0.02 percent in Offering Market for Qualified Investors (TL 1.74 billion, US$ 794.51 million).
Debt Securities Market Outright Purchases and Sales Market and Repo Markets Total Traded Value in 2014 TL billion 950 900 850 800 750 700 650 600 550 500 450 400 350
During the year, 53 offerings were realized in the Offering Market for Qualified Investors, where only primary issues take place.
300 250 200 150 100 50 0
J
F
M
Outright Purchases and Sales Market + Offerings Market for Qualified Investors
A
M
J
J
A
S
O
N
D
Repo Reverse Repo Market + Interbank Repo Reverse Repo Market + Repo Market for Specified Securities Market+ Equity Repo Market
Monthly Traded Values for Debt Securities Market Outright Purchases and Sales Market, Repo Reverse Repo Market and Interbank Repo Reverse Repo Market in 2014 TL billion 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50
0
J
F
M
Outright Purchases and Sales Market + Offerings Market for Qualified Investors
A
M
J
Rep Reverse Repo Market
J
A
S
O
Interbank Repo Reverse Repo Market
N
D
047
borsaistanbul.com
4.30%
In 2014, the volume of the outright purchases and sales and repo transactions realized off-Exchange and registered at Borsa İstanbul was approximately TL 1.05 trillion (US$ 0.48 trillion).
TL 13.77 billion Private Sector Securities
of the total traded value
95.70% TL 306.18 billion
TL 1.05 trillion (US$ 0.48 trillion)
Public Sector Securities
Approximately 12 percent of fixed income securities (TL 1.05 trillion, US$ 0.48 trillion) were traded
off-Exchange, and 88 percent, in Borsa İstanbul Debt Securities Market.
As of end-2014, a total of 118 intermediary institutions were authorized to trade on the Debt Securities Market, with 76 brokerage houses and 42 banks.
Debt Securities Market Ranking among World Markets in 2014 (Traded Value, US$ million) 1 817 940,8
Kazakhstan SE
1 324 512,8
Korea Exchange
245 725,2
Shanghai SE
231 358,9
Tel Aviv SE
191 687,2
Colombia SE Borsa Istanbul
146 320,6
BME Spanish Exchanges
140 541,2
Santiago SE
128 535,0
Shenzhen SE
35 369,4
SIX Swiss Exchange
35 103,9
Oslo Børs
28 083,0
Buenos Aires SE
23 342,1
Deutsche Börse
14 723,5
Euronext
14 027,5
NASDAQ OMX Nordic Exchange
9 432,2
Source: World Federation of Exchanges (WFE)
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Borsa İstanbul 2014 Annual Report
Developments in the Debt Securities Market Corporate Market making system was initiated in order to increase the liquidity in the secondary trading of private sector securities. The responsibility of regulating the settlement and default principles was transferred to Takasbank as required by Capital Markets law. Secondary trading of the debt securities and lease certificates denominated in foreign currency issued abroad by legal persons headquartered in or outside of Turkey, and held in custody abroad was allowed, provided that an application is made to Borsa İstanbul and Takasbank practices are accepted. Effort to establish a market for trading lease certificates (sukuk) on registered basis is in progress.
Activities Related to Indices As of end-2014, 336 equity indices are calculated, 56 of which are real-time. A total of 18 debt securities indices, including 7 real time, and 11 end-of-the-day are calculated, in addition to 20 risk control indices.
Comparison of the 2014 yields of BIST 100 and BIST 30 price indices with leading indices Name of Index
Dec. 31, 2013
Dec. 31, 2014
Annual Yield (%)
BIST 100
67,801.73
85,721.13
26.43
BIST 30
82,447.87
106,149.76
28.75
S&P 500
1,848.36
2,058.90
11.39
FTSE 100
6,749.09
6,566.09
-2.71
IBOVESPA
51,507.16
50,007.41
-2.91
NIKKEI 225
16,291.31
17,450.77
7.12
HANG SENG INDEX
23,306.39
23,605.04
1.28
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Index Calculation Service Companies that seek to have indices calculated within the framework of Index Calculation Service may themselves determine the calculation method, selection criteria and other rules of the index in consultancy with Borsa İstanbul. Calculating, maintaining, adjusting the index as necessary and dissemination of the index data through data vendors are carried out by Borsa İstanbul. Participation-50 Index, Participation-30 Index and Participation Model Portfolio Index are calculated for Bizim Menkul Değerler A.Ş. in this context.
Indices Launched in 2014 BIST Sustainability Index Borsa İstanbul started calculating BIST BIST Sustainability Index, measuring corporate sustainability performances for the purpose of improving the awareness, knowledge and practice of sustainability among Turkish companies, particularly those traded on Borsa İstanbul. Towards this purpose, a cooperation agreement for company assesments was signed with Ethical Investment Research Services Limited (EIRIS), to calculate the BIST Sustainability Index, measuring companies’ environmental, social and corporate governance performances. Within the framework of the agreement,
EIRIS assesses Borsa İstanbul companies on the basis of international sustainability criteria, using only “publicly disclosed” information. The cost of the assesments service for calculating the Index is covered by Borsa İstanbul.
“Index Selection Criteria” were determined and announced, “BIST Sustainability Index Ground Rules” were defined and BIST 30 companies were assessed on criteria including environment, biodiversity, climate change, human rights, board practice, countering bribery, labor health and safety in 2014, and BIST Sustainability Index started being calculated on November 4, 2014
During November 2014-October 2015, companies included in BIST 30 Index were subject to assessment. In 2015, the assessment will include BIST 50 companies, and the scope of the Index will be further extended to BIST 100 companies.
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Records in VIOP 2014 was a year of records for VIOP; all-time-high traded value, all-time-high total number of open positions, and all-time-high number of orders were registered in VIOP. Future contracts on a foreign country’s equity index was introduced in Borsa İstanbul VIOP for the first time. The future contracts written on Sarajevo Stock Exchange’s SASX 10 Index offer investors the opportunity to invest in the Sarajevo economy through Borsa İstanbul. Borsa İstanbul aims to be the gate for investors opening to the economies of the region.
USD/TRY options contracts with counterparty guarantee were offered for trading on Borsa İstanbul VIOP for the first time in the world. Investors and companies were therefore able to hedge their currency risks. A cooperation agreement was signed with the Options Industry Council (OIC). Thanks to this agreement, the training material for options products will be offered to investors.
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Borsa İstanbul 2014 Annual Report
Risk Control Indices With the BIST Risk Control Indices that started being calculated in the first half of 2014, investors were offered the opportunity to invest in a portfolio of indices consisting of an underlying index they choose according to their risk perception (BIST 30 or BIST 100) and repo (BIST Debt Securities Market Repo Index). BIST Risk Control Indices are calculated separately for each underlying index on the basis of target risk levels of 10, 15, 20, 25 and 30 percent. Therefore, investors can determine the underlying index in line with their investment strategy and the target risk level in line with their risk perception, and follow the appropriate BIST Risk Control Index.
Indices to be Initiated in 2015 Efforts on Debt Securities Market Indices in progress with Turkish Institutional Investment Managers’ Association In consideration of the demand from market participants, the methodology of the Debt Securities Market indices was updated and the related analysis and software studies were completed. The new indices will start to be calculated as the efforts carried out with the Turkish Institutional Investment Managers’ Association will be finalized.
Derivatives Market (VIOP) 2014 was a year of records for VIOP; two all-time-high total traded values, all-timehigh total number of open positions, all-time-high number of orders entered, all-time-high USD/TRY traded value, alltime-high total number of open positions in foreign currency futures for the term 2005-2014. Adding to its product diversity, VIOP made progress towards being the only address of risk management for companies. As Takasbank became the Central Counterparty for VIOP, investors started to trade in a much more secure environment.
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Underlying Assets for VIOP Futures Contracts
$
Underlying Assets for VIOP Option Contracts
$
Stocks
AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
Stock Indices
BIST 30 Index
Currency
USD/TRY, EUR/TRY, EUR/USD
Precious Metals
TRY Gold, USD Gold
Commodities
Cotton, Wheat
Energy
Base Load Electricity
Foreign Indices
SASX 10 Index
Stocks
AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
Stock Indices
BIST 30 Index, Mini BIST 30 Index
Currency
USD/TRY
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Borsa İstanbul 2014 Annual Report
Derivatives Market Data
In 2014, VIOP’s total traded value increased by 5 percent to TL 435.7 billion (US$ 199 billion) while number of trades increased by 11 percent to 59.4 million. Average daily traded value was TL 1.74 billion (US$ 775 million), and daily average traded volume was approximately 238,000. Total traded volume increased by 11 percent to 59 million 452 thousand, and the traded volume trend, which has been downward since 2011 was reversed in 2014 despite the falling volatility.
Comparison of Traded Value on TL basis and Traded Volume on Contract Basis (2013 -2014) Total Traded Value 440,000
435,722
435,000 430,000
5%
425,000 420,000
416,609
415,000 410,000 405,000
2013
Million TL
2014
In 2014, although the volatility in the spot market fell, the traded value in VIOP increased by approximately 5 percent.
billion
million
TL 1.74 billion
Av e
An
ly Number of Dai e T g
Ave ra
59.4
Daily Traded ge Va ra
lue
TL 435.7
umber of T rad al N nu
238
thousand
s de ra
Traded Val ue ual nn
es
A
Total Traded Value
055
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Total Traded Volume 59.45m
60 59 58 57 56 55 54
53.49m
53 52 51 50
Million Contracts
2013*
2014
In 2014, the total traded volume increased by 11 percent to 59 million 452 thousand, and the traded volume trend, which has been downward since 2011, was reversed.
Contract Type
Traded Volume (contracts) 2013*
Traded Volume (contracts) 2014
Futures on Index
40,588,945
43,368,269
7%
Options on Index
10,352
107,344
937%
Single Stock Futures
24,073
194,377
707%
Stock Options
45,806
88,919
94%
Currency Futures
11,080,426
14,068,406
27%
Currency Options
-
26,801
-
1,741,386
1,597,961
-8%
53,491,148
59,452,114
11%
Futures on Precious Metals Total *TURKDEX and VIOP total traded value for 2013.
Change (2013 - 2014)
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Breakdown of the Total Traded Value on Contract Basis Share in Traded Value 91.94%
7.34%
0.43% 0.03%
Index Futures Contracts 91.94%
0.01%
Currency Futures Contracts 7.34%
0.01%
Precious Metals Futures Contracts 0.43%
0.23%
Index Option Contracts 0.23% Single Stock Option Contracts 0.01% Single Stock Futures Contracts 0.03% Currency Option Contracts 0.01%
Parallel with the traded value increase in currency futures contracts, dependence on a single product for income was alleviated.
Comparison of Total Traded Value on Domestic/Foreign Investor Basis (2011-2014) 24%
76%
Domestic Foreign
90
85
Domestic Foreign
84
80
76
75
70 60
2014
50 40 30 20
In the last couple of years, the share of foreign investors in VIOP’s traded value increased from 15 percent to 25 percent. In monetary terms, the share of foreign investors increased from TL 64.4 billion to TL 103.3 billion in 2014.
25 15
24
16
10 0
2011
2012
2013
2014
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Breakdown of Total Traded Value on Individual/Institutional Investor Account Basis (2013-2014) 70.00% 60.00%
Individual Institutional
64.42%
61.85%
In 2014, 64 percent of the traded value in VIOP was executed by individual investors, and 35 percent, by institutional investors.
50.00% 38.15%
40.00%
35.58%
30.00% 20.00% 10.00% 0.00%
2013
2014
Change of Average Total Number of Open Positions 600,000
2013 2014
500,000 400,000 300,000 200,000 100,000
Ortalama Toplam Açık Pozisyon Sayısı Değişimi
r be
ec em
be r D
r
em
ov
ob e
N
r
ct O
be
pt em
ly
gu st
Se
Au
Ju
ne Ju
ay M
ril Ap
ry
ch ar M
br ua Fe
Ja
nu ar
y
0
In 2014, the average number of open positions increased by 20 percent to 470,000.
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Change in Number of Open Accounts (2011-2014) 94,430
100,000
88,227
90,000 80,000
81,192 72,226
70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
2011
2012
2013
2014
As of year-end, the number of open accounts in VIOP increased by 7 percent to reach 94,430.
Number of Accounts
Currency Futures Contracts Traded Value (2013-2014) 35,000 30,000 25,000
41% Increase
31,986
50,000
22,727
40,000
20,000
30,000
15,000
20,000
10,000
10,000
5,000 0
Million TL
Domestic Foreign
57,064
60,000
0
2013
2014
Million TL
18,484 5,425 614 2013
2014
Currency Futures Contracts (TL)
The total traded value in currency futures was TL 22.7 million in 2013, which increased by approximately 41 percent to nearly TL 32 billion (US$ 14.5 billion) in 2014.
The share of foreign investors in currency futures contracts increased by nearly 9 times.
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Single Stock Futures Traded Value (2013-2014) 100
2013 2014
80 60 40 20 r be
r D
N
em
ov
O
Se
ec
em
be
er
r
ob
be
ct
em pt
Au
gu
st
ly
Ju
Ju
ne
ay M
ril Ap
ch ar M
ua Fe
Ja
br
nu
ar
y
ry
0
Million TL
Pay Vadeli İşlem Sözleşmelerinde İşlem Hacmi (2013-2014)
The total traded value in single futures contracts in 2014 increased by 556 percent compared to 2013, reaching TL 135 million (US$ 59.2 million).
Index Option Contracts Traded Value (2013-2014) 200
2013 2014
150 100 50
Endeks Opsiyon Sözleşmeleri İşlem Hacmi (2013-2014)
The total traded value of index option contracts increased by 941 percent compared to 2013, to 985 million TL (US$ 450.5 million).
r em
be
r ec
be D
N
ov em
er ob ct
O
em
be
r
st gu
pt
ly
Se
Au
Ju
ne Ju
ay M
ril Ap
ch ar M
ua br Fe
Ja
nu
ar
y
ry
0
Million TL
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Borsa İstanbul 2014 Annual Report
Single Stock Option Contracts Traded Value (2013-2014) 25
2013 2014
20 15 10 5 r
r
be em ec
D
em
be
er N
ov
ob
O
ct
em
be
r
st Se
pt
gu
ly
Au
Ju
ne Ju
ay M
ril Ap
ch ar M
ua br Fe
Ja
nu
ar
y
ry
0
Million TL
Pay Opsiyon Sözleşmeleri İşlem Hacmi (2013-2014)
The total traded value of single stock option contracts increased by 144 percent compared to 2013, to 64 million TL (US$ 28.5 million).
USD/TRY Option Contracts Traded Value 60 50 40 30 20 10 0
May
June
July
August
USD/TRY Options Contracts Traded Value
USD/TRY option contracts started being traded on VIOP on May 16, 2014. The total traded value in USD/TRY option contracts was executed at TL 60 million (US$ 26.5 million) in 2014.
September
October
November
December
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VIOP Members Traded Value and Share in Total Traded Value of the 10 Most Active VIOP Members*
Rank
Member
Traded Value*
1
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
96,823,951,698
Share in Traded Value (%) 11.14
2
TEB YATIRIM MENKUL DEĞERLER A.Ş.
94,678,825,663
10.89
3
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
57,433,300,719
6.61
4
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
43,422,847,997
5.00
5
SANKO MENKUL DEĞERLER A.Ş.
38,272,232,751
4.40
6
DENİZ YATIRIM MENKUL KIYMETLER A.Ş.
35,213,146,330
4.05
7
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
33,748,492,575
3.88
8
YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş.
33,664,634,027
3.87
9
DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş.
30,663,792,359
3.53
AK YATIRIM MENKUL DEĞERLER A.Ş.
28,747,294,390
3.31
10
* Traded values on member basis are double-sided.
As of end-2014, there are 80 active VIOP members. During the year, an average of 68 members executed trades in VIOP.
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Market Making Activities at VIOP Contract Subject to Market Making
Market Maker Member
Market Maker Traded Value *
Total Traded Value *
Contribution of Market Maker
USD/TRY Futures Contract
Türkiye Garanti Bankası Deutsche Bank A.Ş.
2,693,984,785 466,932,757
58,600,754,192 58,600,754,192
5% 1%
Euro/TRY Futures Contract
Türkiye Garanti Bankası Deutsche Bank A.Ş.
442,727,935 176,095,580
2,898,627,164 2,898,627,164
15% 6%
EUR/USD Futures Contract
Türkiye Garanti Bankası Deutsche Bank A.Ş.
197,689,878 170,071,528
2,472,871,620 2,472,871,620
8% 7%
Single Stock Futures Contracts
İş Yatırım Menkul Değerler A.Ş.
7,789,537
269,880,714
3%
Gold Futures Contracts
Türkiye Garanti Bankası
41,386,511
422,980,988
10%
USD/Ounce Gold Futures Contracts
Türkiye Garanti Bankası
192,650,444
3,312,213,566
6%
Gedik Yatırım Menkul Değerler A.Ş.**
108,100
120,011,100
0%
USD/TRY Option Contracts
* Traded values on member basis and total traded values are double-sided. ** Gedik Yatırım Menkul Değerler A.Ş. started market making activities on November 3, 2014.
The total collateral kept in the accounts with Takasbank for trading at VIOP was TL 1.7 billion, and the total amount of the Guarantee Fund collateral was TL 158.2 million.
Developments at VIOP 2014: Year of Records! Two all-time-high total traded values, all-time-high total number of open positions, all-time-high number of orders entered, all-time-high USD/TRY traded value, all-time-high total number of open positions in foreign currency futures for the term 2005-2014. Currency futures contracts traded value increased by 41 percent from TL 22.7 billion to TL 32 billion. Dependence on a single product for income was alleviated. Traded value of index option contracts, single stock futures, and stock options contract increased by, respectively, 10, 6, and 1.5 times. Average total number of open positions increased by 20 percent to reach 470 thousand. BIST 30 futures contract is expected to climb two steps up to 8th rank worldwide. In the last couple of years, the traded value of foreign investors increased by 60 percent, from TL 64.4 billion to TL 103.3 billion. The traded value of foreign investors in currency contracts increased by 9 times, from TL 614 million to TL 5.5 billion. Market making on income sharing basis was introduced for the first time in Turkey. Key Account Manager (KAM) system was established for the purpose of fulfilling members’ requests in a fast and effective manner
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All-time-high traded value, all-time-high number of open positions and all-timehigh number of orders were realized in 2014. VIOP Table of Records Record
Date
Value
August 27, 2014
TRY 4,282,541,246
All-time-high USD/TRY Futures Contracts Traded Value
December 16, 2014
474,805,058
All-time-high Number of Entered Orders
December 16, 2014
265,405
March 17, 2014
354,724
October 30, 2014
669,762
All-time-high Total Traded Value
All-time-high Number of Open Positions in BIST 30 Index Contracts All-time-high Total Number of Open Positions
All-time-high traded value in futures and options contracts was realized at TRY 4.3 billion on August 27, 2014. During the day, 497 thousand 864 contracts were traded, while the total number of orders was approximately 133 thousand. All-time-high number of orders in USD/ TRY futures contracts was reached on December 16, 2014, and all-time-high traded value stood at TL 475 million.
All-time-high number of open positions in BIST 30 Index futures contracts (355,000 contracts) was reached on March 17, 2014 while all-time-high open positions in the futures and options traded on VIOP (670,000 contracts) was realized on October 30, 2014.
Takasbank becomes Central Counterparty in VIOP
FIX Protocol is Introduced
Takasbank became the central counterparty in VIOP on March 3, 2014, and therefore, a seller against all buyers, and a buyer against all sellers with VIOP. Henceforth, Takasbank guarantees the settlement of all the trades realized at VIOP with its own equity capital in addition to the trading collateral and guarantee fund.
Order transmission structure with FIX (Financial Information eXchange) protocol was introduced on April 3, 2014, and starting from April 4, 2014, VIOP members were able to access the market through VIOPFIX API, which is capable of faster service compared to the trading terminals and VIOP terminals. FIX protocol is widely used in world exchanges as well as
alternative trading platforms, and allowed foreign software companies to integrate with VIOP in an easier and faster manner.
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Co-location in VIOP Co-location service started to be offered to ensure faster and more secure trading by VIOP members. Thanks to co-location service, VIOP members and companies engaged in high frequency algorithmic trading will be able to realize their trades with a faster and redundant infrastructure in accordance with equality principle. Service providers will also benefit from colocation services.
USD/TRY Option Contracts are introduced for trading USD/TRY currency option contracts with TRY settlement were introduced for the first time in the world in VIOP. Therefore, investors and companies were able to hedge against the risks arising from the fluctuations in USD/TRY rate and take positions in accordance with their expectations. Investors will be able to realize their trades in a transparent market without being exposed to counterparty risk.
Introduction of Mini Index Option Contracts for Trading In order to add to the interest in and access to option contracts by investors with small investments, Mini BIST 30 Index option contracts were introduced for trading in VIOP on September 19, 2014.
Introduction of SASX 10 Futures Contracts for Trading Within the scope of Borsa İstanbul’s role in İstanbul International Financial Center project, futures contracts on SASX 10 Index started being traded on VIOP on December 15, 2014. SASX 10 Index, the main index of the Sarajevo Stock Exchange (SASE), consisting of 10 equities selected in consideration of market size and liquidity data. Efforts to introduce derivatives products on other exchanges’ indices on VIOP are in progress.
065
A New Era in the Turkish Capital Markets: Market Making Program based on Income Sharing for Single Stock Futures and Option Contracts; BIST 30 Index, Mini BIST 30 Index and Currency Option Contracts The new practice announced in VIOP on November 21, 2014 initiated a new era in market making. With the new market making program to be applied starting from January 2, 2015, it was decided to share the exchange commission on contracts with market makers. In this new market making model, comprised of single stock futures and option contracts, BIST 30 Index, Mini BIST 30 Index and currency option contracts, the market makers will be entitled to a certain amount of the exchange commission generated on the relevant contract type on the basis of their market making performance. Currently, 8 companies are authorized as market makers in VIOP, and of these, İş Yatırım Menkul Değerler, Türkiye Garanti Bankası and Deutsche Bank have carried out market making activities. With the new market making arrangement, all market maker members are expected to actively participate in market making.
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Size of Gold Futures Contracts is decreased to 1 gr
Cooperation Agreement with the Options Industry Council
In order to attract traditional gold investors and the jewelry sector to the market, and widen the investor base, the size of gold futures contracts was decreased from 100 g to 1 g, therefore allowing gold investors to deposit collateral of less than TRY 10 and invest in 1 g of gold. Henceforth, investors will be able to take positions on the basis of the gold prices on VIOP, and hedge their gold portfolio.
A cooperation agreement for developing trainings on options contracts was signed with the Options Industry Council (OIC) on September 3, 2014. Thanks to this agreement, Borsa İstanbul is allowed to use the training material and curriculum of the Options Industry Council in the trainings on subjects including benefits/ risks of option contracts, hedging through option contracts, and awareness on options, offered to improve Turkish investors’ financial literacy.
Price Tick in USD/TRY and EUR/TRY Futures Contracts decreased to 1 pips For the purpose of strengthening the harmonization with over-the-counter markets, VIOP decreased the price tick from 0.0005 to 0.0001 for USD/TRY and EUR/TRY futures contracts.
Option Type of Single Stock Option Contracts converted from American to European and the Two Closest Months become Expiry Months instead of the Three Closest Months As requested by investors, the type of single stock option contracts was converted from American to European, and the two closest months were made expiry months instead of the three closest months. Following this arrangement, European type single stock option contracts with two different expiry months started being traded on VIOP.
Studies on New Products VIOP continued to study on new products in order to increase product diversity and respond to the needs of investors. Within this scope, efforts were initiated to introduce Gold Futures Contracts with Physical Delivery, Steel Scrap Futures Contracts, and BIST Exchange Traded Fund Futures Contracts. These contracts are planned to be introduced for trading in 2015.
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Derivatives Market Promotion and Training Activities
Local Promotion Activities During the year, VIOP continued its efforts to promote the market and improve awareness about the market. In addition to the “7 Regions, 7 Universities Certified Training Seminars” realized with the participation of Borsa İstanbul, Capital Markets Board, Turkish Capital Markets Association and Takasbank, joint training programs were organized with numerous universities, and intern students at Borsa İstanbul were informed about VIOP. In order to contribute to the awareness and information level in the market, trainings on SPAN margining method, seminars on options, and workshops were organized. Furthermore, participants were offered applied training on VIOP products and data vendors’ terminals in cooperation with VIOP members and data vendors. VIOP organized five VIOP Trading System Applied Trainings during the year. At the Risk Management Conference realized by VIOP on June 4, 2014, the efficient risk management was discussed. VIOP Academy training program, designed by the Center for Applied Research (CARF) founded as a result of the cooperation of Borsa İstanbul and Boğaziçi University with the participation of prominent speakers from professional and academic circles, was held at Boğaziçi University on September 13-14, 2014.
VIOP Virtual Portfolio Competition (VIOPS) VIOP held VIOPS Virtual Portfolio Competition in order to encourage trading in futures contracts and use such contracts in managing portfolios, between May 5 and 30, 2014. The best performing 3 competitors as well as a well-performing university student were awarded. The second VIOP Virtual Portfolio Competition was held between December 3 and 31, 2014, where, in addition to the opportunity to trade futures in the first competition, the competitors were offered the facility of engaging in option contracts. The best 3 performers were awarded.
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Derivatives Market (VIOP) Training and Promotion Activities Content VIOP Operation Principles, Option Contracts and Risk Management VIOP Broker Training Trainings organized jointly with members
Training and Promotion Activities
Venue
19
Borsa İstanbul, Headquarters of Brokerage Houses and Universities
5
Borsa İstanbul
12
Turkish Capital Markets Association and Headquarters of Brokerage Houses
Trainings organized jointly with data vendors
4
Borsa İstanbul
VIOP Seminars-Derivatives Markets Practices and Options Strategies
4
Borsa İstanbul and Turkish Capital Markets Association
SPAN Margining Method
4
Borsa İstanbul and Turkish Capital Markets Association
Overseas Promotion Activities As part of its overseas promotion activities, VIOP participated in numerous fairs and conferences organized by The Futures Industry Association (FIA) with the participation of the leading exchanges, investment banks and settlement and custody institutions for promoting the Turkish derivatives market internationally and adding to VIOP’s worldwide visibility. Within this framework, VIOP officials participated in FOW Derivatives Trading activities in Amsterdam, London and Warsaw; International Derivatives Expo
2014 in London; Bürgenstock Global Forum for Derivatives in Geneva, Annual FIA Futures and Options Expo in Chicago; and 10th Annual FIA Asia Derivatives meeting in Singapore. Furthermore, a panel for Asian investors, entitled “Investing in Turkey: How to contribute to Economic Growth” was held in cooperation with Phillip Futures in Singapore.
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Derivatives Market 2015 Targets In addition to the contracts traded on the market, Gold Futures Contracts with Physical Delivery, Steel Scrap Futures Contracts, FBIST Exchange Traded Funds Futures Contracts, and Overnight Repo Futures Contracts are planned to be introduced for trading.
We aim to encourage the market making practice in all contracts, particularly options contracts, and a new practice for increasing the number of market makers was created in 2014. Thanks to the liquidity through quotation support provided by the market makers and colocation services, income from exchange commission is expected to increase.
Contracts Traded Value and Total Exchange Commission Income (TRY) (2014-2015E) Item Index Contracts Total Traded Value Currency Contracts Total Traded Value
2014
2015E
401,608,836,711
493,978,869,154
32,046,132,038
39,416,742,407
Gold Contracts Total Traded Value
1,867,597,278
2.297,144,652
Other Contracts Total Traded Value
199,260,023
245,089,828
Total Exchange Commission Income
34,043,136
41,925,000
While calculating the expected traded value of contracts for 2015, the past performance of the underlying assets of the contracts traded on the spot market were considered and it was assumed that, based on such performance, the potential appreciation of the related underlying assets will be reflected on the traded contracts.
Total Exchange Commission Income
2014
34,043,136 2015E
41,925,000
069
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Precious Metals and Diamond Markets Borsa İstanbul Precious Metals and Diamond Markets consist of three submarkets, namely, Precious Metals Market, Precious Metals Lending Market, and Diamond and Precious Stone Market. On the Precious Metals Market, members and individual investors that are their
clients trade unprocessed gold, silver, platinum and palladium round the clock and settlement can be realized on T day. Trades are realized on US Dollar, Turkish Lira and Euro basis and physically delivered.
Diamond and Precious Stone Market Gold Trading Gold prices followed quite a fluctuating trend on Precious Metals Market during the year, with the highest gold price of USD/ Ounce1,386.20. In 2014, gold imports fell by 56.7 percent, from 302,315 kg to 130,916 kg. Parallel with the decrease in imports, the traded value fell by 44.9 percent. Of the 241,131 kg annual traded value of gold in 2014, 221,318 kg (91.8 percent); 507 kg (0.2 percent); and 19,306 kg (8 percent) were realized in, respectively, USD/Ounce basis, Euro/ Ounce basis, and TL/kg basis. In monetary terms, the traded value in USD/Ounce basis, which stood at US$ 18.3 billion in
2013, decreased by 51.9 percent to US$ 8.8 billion in 2014. On the other hand, the traded value in TL/kg basis was TL 2.3 billion in 2013, and fell by 26 percent to TL 1.7 billion in 2014. The traded value in Euro/Ounce basis, standing at €73 million in 2013 decreased by 79.5 percent to €15 million. On average, 968 kg gold is traded on the Market. During the year, the lowest price on TL/kg basis was 82,950 TL/kg, and the highest price was 99,500 TL/kg. On USD/ Ounce basis, the lowest and highest prices were, respectively,
Importing precious stones (diamond, brilliant, ruby, emerald, topaz, sapphire, chrysolite, pearl) for being traded on Borsa İstanbul, delivery of the same to Borsa İstanbul and trading among Borsa İstanbul members are exempted from Value Added Tax in addition to the Special Consumption Tax, led the Diamond and Precious Stone Market to improve.
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Borsa İstanbul 2014 Annual Report
1,144 USD/Ounce and 1,386.20 USD/ Ounce. On Euro/ounce basis, the lowest and highest prices were, respectively, 902 Euro/Ounce, and 980 Euro/Ounce. The annual average weighted prices for TL, US Dollar and Euro trades were respectively 88.098 TL/kg, 1.241.47 USD/Ounce and 942.22 Euro/Ounce. For trades with T+0 value date, the average weighted USD/Ounce price was 1,243.44 in 2014 versus 1,406.42 in 2013.
The seventh all-time-high of gold traded value of 7 tons 851 kg was realized on November 3, 2014. During the week of November 3, 2014 the third all-time-high gold traded volume was achieved.
241.1 Tons
G
Traded Volum e old
ber of T rad Num d l e o
TL 1.7
8,989
US$ 8.8
s
G
Traded Value Gold ld Imports Go
Billion
Billion
€ 15 Million
131 Ton
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Silver Trading In 2014, the highest level in silver trading was 22.0 US$/ounce. The amount of silver imported in 2014 was not materially different from that in 2013; with the amount of imports falling from 227,778 kg to 227,361 kg. Traded volume fell by 5.8 percent. In monetary terms, the traded value, which stood at US$ 204.1 million on USD/Ounce basis decreased by 23.6 percent in 2014 to US$ 155.8 million. Traded value on TL/kg basis fell by 8.1 percent from its level of TL 259.9 million in 2013 to TL 238.8 million in 2014. Furthermore, on Euro/ounce basis, silver trading amounting to € 17.8 thousand was realized in 2014. On a daily basis, an average of 1,760 kg silver was traded on the market; with 176,940 kg (40.4 percent) of the total traded value realized on TL/kg basis,
261,296 kg (59.6 percent) in USD/Ounce basis, and 40 kg on Euro/Ounce basis. In silver trading, the lowest and highest prices on TL/kg basis were, respectively, TL 1,106 and TL 1,551; the lowest and highest prices on USD/Ounce basis were, respectively, US$ 15 and US$ 22; and the lowest and highest prices on Euro/Ounce basis were, respectively, € 14 and € 14.50. The annual average weighted prices for TL, US Dollar and Euro trades, were respectively, 1,349.65 TL/kg, 18.54 USD/ Ounce and 14.10 Euro/Ounce.
The traded volume in silver reached its seventh alltime-high of 8 tons 667 kg on November 4, 2014.
For trades with T+0 value date, the average weighted USD/Ounce price fell from its level of 22.18 in 2013 to 18.60 in 2014.
438.3 Ton
umber of Tra rN d ve
TL 238.8
861
US$ 155.8
Sil
es
aded Volu r Tr m e v il
e
S
r Traded Value Silve
Million
Million
€ 17.8 Thousand
er Imports Silv
227 Ton
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Borsa İstanbul 2014 Annual Report
Platinum and Palladium Trading
Diamond and Precious Stones Trading
In platinum, one trade of 5 gr was realized in 2013, versus two trades amounting to 934 gr in 2014. In palladium, one trade of 5 gr was realized in 2013, versus two trades amounting to 2 kg in 2014. The amount of imports was equal to the traded volume. Platinum price stood at 1,690 US$/ounce in 2013, while the lowest and highest prices in 2014 were, respectively, 1,284.20 US$/ounce, and 1,286.60 US$/ ounce. Palladium price stood at 750US$/ ounce in 2013, while the lowest and highest prices in 2014 were, respectively, 795 US$/ounce, and 808 US$/ounce.
As a result of the revision in the Value Added Tax Law in September 2014, importing precious stones (diamond, brilliant, ruby, emerald, topaz, sapphire, chrysolite, pearl) for being traded on exchanges established in Turkey, delivery of the same to the exchange and trading of such among exchange members are exempted from Value Added Tax.
This exemption covers the imports of precious stones for being traded on Borsa İstanbul, delivery of the same to Borsa İstanbul, and trading of such in Borsa İstanbul or among Borsa İstanbul members off-Exchange in accordance with the relevant legislation, subject to being notified to Borsa İstanbul. Following the enactment of this legislation, the first trade on the market was performed on September 30, 2014.
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Trading on Diamond and Precious Stone Market Type of Precious Stone
Weight
Amount Traded (US Dollar)
Diamond
28,468.72 Carats
16,400,509.76
Emerald
2,154.24 Carats
88,726.40
Sapphire
8,601.76 Carats
74,100.82
Ruby
5,771.22 Carats
40,212.78
Pearl
33.00 Kg
6,600.00
Processed Natural Sapphire
904.01 Carats
13,560.15
Processed Natural Ruby
460.93 Carats
Total
2,304.65 16,626,014.56
Amount Traded (TL) Diamond
1,003.96 Carats
1,092,913.91
Amount Traded (Euro) Diamond
0.62 Carats
1,600.00
Precious Metals and Diamond Markets Members Breakdown of Members on Type Basis as of end-2014 Precious Metals Market Members Banks
23
Authorized Institutions
41
Precious Metals Brokerage Houses
19
Joint Stock Companies engaged in Precious Metals Production or Trade
12
Total
95
Precious Metals Lending Market Members Banks Joint Stock Companies engaged in Precious Metals Production or Trade Total
11 2 13
Diamond and Precious Stone Market Members Members from the Jewelry Sector Precious Metals Market Members Total
92 57 149
During the year, a total of 4 members; 2 from the authorized institutions category, and 2 from the precious metals brokerage houses category, were admitted to the Precious Metals Market. On the other hand, a total of 27 members; 24 from the jewelry sector category, and 3 from the Precious Metals Market members category were admitted to the Diamond and Precious Stone Market.
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Borsa İstanbul 2014 Annual Report
Developments in the Precious Metals and Diamond Markets
Efforts within the Scope of Kimberley Process Certification System A total of 10 rough diamonds were imported through the “Raw Diamond Import/Export Approval” issued by Borsa İstanbul Precious Metals and Diamond Markets, a document required for finalizing raw diamond imports and exports within the framework of Kimberly Process Certification System raw diamond imports and exports. The imports amounted 10,136.44 carats and US$ 222,630.35.
A Memorandum of Understanding (MoU) was signed to implement the Programs of the World Diamond Mark Borsa İstanbul signed a Memorandum of Understanding (MoU) with the World Diamond Mark Foundation (WDMF) to implement the programs of the World Diamond Mark in Turkey on June 19, 2014.
Encouragement of Lending Procedures In order to encourage lending procedures, trades with the value date of T+90 in the Precious Metals Market were transferred to the Electronic Trading System starting from January 8, 2014. Thereby, the members and their clients were offered the opportunity to engage in trades with a value date of T+90.
Trading API Interface The Trading API interface, aimed at allowing Precious Metals Market members to send their orders to the trading platform directly was introduced on April 17, 2014.
Mini Bullion Market A Mini Bullion Market was established to attract individual investors to Borsa İstanbul and add to the liquidity of the Mini Bullion Market. In the Mini Bullion Market, the minimum order amount was determined as 1 gr, and its multiples. Mini bullion offers started being displayed on a separate screen on June 5, 2014.
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Conversion Procedures Conversion procedures were introduced on June 27, 2014 to allow Precious Metals Market members to convert the standard gold traded on the market into gold of different weight and/or fineness of standard unprocessed gold. Therefore, we offered the facility to convert the bullions known as “large bar” mostly accepted in the international field into 1 kg bullions mostly preferred in Turkey and the Middle East, and vice versa. Thereby, we expect the liquidity and the amount of gold in the custody vault to increase.
Early Settlement Practice re-arranged Early settlement practice in the Precious Metals Market, applied as early precious metals delivery, was re-arranged to include early cash payment on September 26, 2014. With the new method, subject to satisfying the conditions envisaged in the relevant General Letter, it was allowed to transfer cash to the relevant member account before the collective settlement time of 17:00 during the session for trades with the value date of T+0 and on delivery date for trades with the value dates of T+1 to T+90.
Address Change for the Precious Metals and Diamond Markets Following the acquisition of İstanbul Gold Exchange by Borsa İstanbul, the Precious Metals and Diamond Markets, operating at Rıhtım Caddesi No.81 Karaköy moved to Yenibosna Merkez Mahallesi, Kuyumcukent Sitesi, Ladin Sokak, No.4 Bahçelievler on October 13, 2014.
Fixing Transaction in Standard Gold Trading The first fixing procedure for standard gold transactions in the Precious Metals and Diamond Markets was realized on December 4, 2014.
List of Refineries whose Bars, Bullions and Granules can be traded on Borsa İstanbul As a result of the examinations, one refinery was added to the list of refineries whose bars, bullions and granules can be traded on Borsa İstanbul. Additionally, the annual routine sample audits on the six refineries currently operating in Turkey were performed.
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Borsa İstanbul 2014 Annual Report
Briefing Meetings Meetings with the Undersecretariat of Treasury, Central Bank of the Republic of Turkey, Banks Association of Turkey, General Directorate of Mint and Printing Office, Ministry of Finance, Ministry of Customs and Trade, İstanbul Customs Regional Directorate, and Atatürk Airport Customs Department were held in order to exchange ideas about the development in the market and the world, to share opinions about the tax regulations particularly concerning platinum, palladium and diamond, to contribute to the development of the Precious Metals and Diamond Markets, and to help solve the problems that members face from time to time. Presentations on the operation of the Market were delivered to the staff of Banja Luka Stock Exchange (Bosnia and Herzegovina). As part of the “7 Regions, 7 Universities Certified Training Seminars”, briefing meetings were held at numerous universities. A training on the implementation of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas in the gold sector and a seminar aimed at ensuring that the Guidance is implemented by the leading international actors of the gold sector was organized
jointly by Borsa İstanbul and the OECD on April 3, 2014. Following the seminar, Borsa İstanbul officials participated in the OECD meeting held in Paris in May and informed the participants about the legislative framework of Borsa İstanbul’s operations. In another event held by Borsa İstanbul in Kuyumcukent on November 26-27, 2014, two OECD officials informed the Precious Metals and Diamond Market members as well as the participants coming from the relevant institutions, about the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from ConflictAffected and High-Risk Areas. Also, the Guidance translated into Turkish was distributed to the participants.
077
Precious Metals and Diamond Markets Targets for 2015
borsaistanbul.com
The traded volume in gold and silver is expected to reach 740 tons as of end2015. Platinum and palladium trading is expected to increase, subject to the tax regulations being enacted in 2015. On the Precious Metals Market, we expect the trading by individual investors to increase particularly with bullions of 1 gr, 2.5 gr, 5 gr, 10 gr, 20 gr, 50 gr, 100 gr, 250 gr and 500 gr. We are planning to initiate market making activities for standard 1 kg gold and standard mini bullion gold trades in the Precious Metals Market. For standard 1 kg gold trades, we are also planning to finalize the efforts to launch the Grand Bazaar Delivery Center project which will be used in the gold deliveries smaller than a certain size.
Subject to the finalization of the legal arrangements and the technological infrastructure by the State Mint, Republican gold coin is expected to be introduced for trading on the Precious Metals Market. Furthermore, thanks to the fact that conversion is allowed, we aim to keep a larger amount of the gold kept at the Central Bank of the Republic of Turkey’s Compulsory Reserve Account in Borsa İstanbul’s vaults.
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Borsa İstanbul 2014 Annual Report
Borsa İstanbul Private Market in Operation The world’s first web-based Private Market developed by a stock exchange and targeting early stage enterprises, Borsa İstanbul Private Market started operating. Aimed at improving the entrepreneurial ecosystem and investment environment in Turkey, and contributing to economic growth, Private Market was awarded the Most Innovative Initiative of the Year during Turkey Innovation Week. Thanks to the Private Market, Borsa İstanbul was also awarded “The Best Stock Exchange Concretely Supporting Startups in South East Europe” at the Europe Angel Investor Forum meeting.
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Borsa İstanbul 2014 Annual Report
Borsa İstanbul Private Market Borsa İstanbul Private Market was established as a result of the efforts to offer a new alternative solution to offer the financing and liquidity that entrepreneurs and investors need, by bringing them together through equity trading for long term partnerships. The world’s first web-based private market developed by a stock exchange and targeting early stage enterprises, Borsa İstanbul Private Market was launched with a ceremony on November 17, 2014.
Private Market allows companies to have access to finances without going public; offers liquidity for company partners intending to sell their shares; and offers investors the chance to find buyers to liquidate their investments. Thanks to this new marketplace, both early stage start-ups and rising companies that have covered a certain distance in their endeavors, will have direct access to qualified investors or licensed angel investors. The applications of start-ups and rising companies to the Private Market are evaluated by two separate committees consisting of the representatives of the entrepreneurship eco-system in Turkey, most of who are from outside of Borsa İstanbul. Service Providers which offer independent audit, valuation, legal and financial consultancy to both companies and investors during the partnership and equity trading process in the Market and Brokers which manage the private equity funds and transactions in the platform on behalf of the seller or buyer as a proxy are other members of the Private Market, and all services are provided from a single platform. Also, contracted Private Market solution partners offer services to the platform members at more reasonable conditions. The number of Private Market members, which stood at 119 at its launch on November 17, 2014 reached 162 at end-2014 including 39 start-ups, 35 rising companies, 3 rising company partners, 75 investors, 9 service providers and 1 brokerage house.
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Borsa İstanbul Private Market Members as of end-2014 Start- Rising Rising Company Investors Service Brokerage ups Companies Partners Providers Houses
39 35
3
75
9
Developments in the Private Market
Private Market Promotion Activities
We aim to make the Private Market the meeting point for those intending to invest in private capital in Turkey and the Eurasia region and for those seeking private capital investment and financing. Towards this purpose, Private Market started to offer services in December 2014 in English and in various currencies.
Borsa İstanbul, aiming to create cooperation opportunities with similar platforms and bring together entrepreneurs and investors of particularly the Eurasia region in the Private Market, signed a cooperation agreement with the European Trade Association for Business Angels, Seed Funds and Other Early Stage Market Players (EBAN) and Business Angels Association – Turkey in 2014. Furthermore, Borsa İstanbul agreed to establish a joint research center with UCLA Berkeley, a leading university in entrepreneurship, to encourage and improve entrepreneurship in the region.
1
Total
162
Additionally, agreements were signed with Entrepreneurship Foundation for growing the ecosystem in Turkey and improving the Private Market; with Galata Business Angels, İstanbul Startup Angels and Özyeğin University Entrepreneurship Factory on training; and with Turkcell İletişim Hizmetleri A.Ş. on technological enterprises. These collaborations are expected to contribute to increasing the number of entrepreneurs and investors in Turkey.
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Borsa İstanbul 2014 Annual Report
Awards Private Market was promoted at international conferences including Private Equity International; Turkish M&A and Private Equity Forum; and Middle East Commercial Center (MECC) Technology Forum held in İstanbul; at Turkey Innovation Week, Start up İstanbul event, which is one of the most important activities on entrepreneurship, and Turkcell Technology Summit. Furthermore, more than 50 seminars were organized in cooperation with numerous public and private institutions including Republic of Turkey Small and Medium Enterprises Development Organization, the Scientific and Technological Research Council of Turkey, the Union of Chambers and Commodity Exchanges of Turkey, İstanbul Chamber of Industry, İstanbul Chamber of Commerce, the chambers of industry and commerce of numerous cities including Ankara, Kayseri, Bursa, Adana, Konya, Eskişehir, and Gaziantep, techno cities in universities such as İstanbul Technical University, Middle East Technical University, Bilkent, Dokuz Eylül, and Boğaziçi University, Technopark İstanbul, Türk Telekom PİLOTT, Ankara Development Agency, Retailers Federation of Turkey, Angel Investors Networks, Turkish Investor Relations Society, İstanbul Young Entrepreneurs Society, Turkish Exporters’ Assembly, International Investors Association, Young Businessmen Association of Turkey, Turkish Enterprise and Business Confederation, Young Businessmen Confederation of Turkey, Organized Industrial Region, organized industrial regions, Turkcell, GE, TEB, Garanti Bankası, Finansbank and Aktifbank.
Borsa İstanbul Private Market has attracted great interest in Turkey and abroad starting from its launch. Private Market was awarded the Most Innovative Initiative of the Year within the framework of the 3rd Turkey Innovation Week, held by Turkish Exporters Assembly (TİM) with the support of the Turkish Ministry of Economy.
Thanks to the Private Market, Borsa İstanbul was awarded “The Best Stock Exchange Concretely Supporting Startups in South East Europe” at the Europe Angel Investor Forum meeting organized with the support of EBAN in İstanbul in December.
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Listing Activities In 2014, 13 companies raised total funds of TL 714 million through initial public offering. A significant increase was registered with private sector debt securities, and issuers raised TL 66.36 billion through 517 debt securities.
The number of private sector debt securities issued increased by 57 percent compared to the previous year, and the amount of issues increased by 20 percent.
With regard to sectoral breakdown, the share of banks fell from 88 percent in 2013 to 83 percent in 2014, while the share of the other types of companies, particularly brokerage houses, financial leasing and factoring companies, increased. Manufacturing companies and holding companies issuing private sector debt securities reached 30.
Sukuks (lease certificates) amounting to US$ 6,050,000,000 issued by the asset leasing company founded by the Islamic Development Bank started being traded on Borsa İstanbul Debt Securities Market Outright Purchases and Sales Market on November 28, 2014.
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Borsa İstanbul 2014 Annual Report
Islamic Development Bank’s Sukuks Sukuks (lease certificates) amounting to US$ 6.05 billion issued by an international financial institution (Islamic Development Bank) started being traded on Borsa İstanbul Debt Securities Market Outright Purchases and Sales Market among qualified investors. These sukuks will play a significant role in making İstanbul an international financial center.
Borsa İstanbul 2014 Annual Report
Th ro
17 Debt Se h5 cu g u
TL 714 Million
TL 66,36
es riti
TL 67
ies throu gh pan om
O IP
Funds Raised through Capital Markets Instruments Issues in 2014 :
13 C
086
Billion
billion
Funds Raised through Capital Markets Instruments Issues 2013 Type of Capital Markets Instrument
Equity
Funds Raised (TL million)
No. of Issues
2014 Funds Raised (TL million)
No. of Issues
19
4.624
13
714
Initial Public Offering – Equity Market
9
1.309
9
690
Initial Public Offering – Emerging Companies Market
9
65
4
24
Secondary Public Offering
1
3.250
-
-
1
5
-
-
Debt Securities and Lease Certificates
Exchange Traded Funds
330
55.649
517
66.358
Debt Securities issued through public offering (Bonds/Bills)
148
43.604
141
39.324
Debt Securities issued through Sales to Qualified Investors (Bonds/Bills)
140
10.866
318
25.533
34
662
33
452
8
517
25
1.049
350
60.278
530
67.072
Asset Backed Securities issues Lease Certificates issues (Private Sector) TOTAL
087
borsaistanbul.com
Equity Issues Companies that realized IPO Equity Market Company
First Trading Day
Market
April 28, 2014
Second National
Körfez Gayrimenkul Yatırım Ortaklığı A.Ş.
May 6, 2014
Collective Products
RTA Laboratuvarları Biyolojik Ürünler İlaç ve Makina San. Tic. A.Ş.
June 2, 2014
Second National
Tuğçelik Alüminyum ve Metal Mamülleri San. ve Tic. A.Ş.
June 16, 2014
Second National
5
Lider Faktoring A.Ş.
June 19, 2014
Second National
6
Pergamon Status Dış Ticaret A.Ş.
November 12, 2014
Second National
7
AvivaSA Emeklilik ve Hayat A.Ş.
Novembr 13, 2014
National
8
Ulusoy Un Sanayi ve Ticaret A.Ş.
November 20, 2014
National
9
Ulusoy Elektrik İmalat Taahhüt ve Ticaret A.Ş.
November 21, 2014
National
1
Arbul Entegre Tekstil İşletmeleri A.Ş.
2 3 4
Emerging Companies Market Company
First Trading Day
1
Plaspak Kimya Sanayi ve Ticaret A.Ş.
January 21, 2014
2
Politeknik Metal Sanayi ve Ticaret A.Ş.
March 6, 2014
3
Bomonti Elektrik Mühendislik Müşavirlik İnşaat Turizm ve Tic. A.Ş.
June 13, 2014
4
İzmir Fırça Sanayi ve Ticaret A.Ş.
July 9, 2014
Companies that started trading without Going Public Company 1
Gediz Ambalaj Sanayi ve Ticaret A.Ş.
First Trading Day
Market
January 21, 2014
Second National
088
Borsa İstanbul 2014 Annual Report
Debt Securities Issues Breakdown of the Funds raised through Debt Security Issues in 2014 Sector
Banks
No. of issues through Public Offering
No. of Issues through Sales to Qualified Investors
No. of Total Issues
Amount Issued through Public Offering (TL million)
Amount Issued through Sales to Qualified Investors (TL million)
Funds Raised (TL million)
Sectoral Breakdown (%)
83
125
154
279
38.402
15.947
54.349
Factoring Companies
-
78
78
-
3.369
3.369
5
Manufacturing Industry
3
36
39
60
2.275
2.335
4
Financial Leasing
4
21
25
100
1.829
1.929
3
Holding
3
3
6
400
635
1.035
2
Financing Institutions
-
18
18
-
850
850.
1
Brokerage Houses
6
38
44
363
480
843
1
Investment Funds Total
-
3
3
-
600
600
1
141
351
492
39.325
25.984
65.309
100
No. of issues through Public Offering
No. of Issues through Sales to Qualified Investors
No. of Total Issues
Amount Issued through Public Offering (TL)
Amount Issued through Sales to Qualified Investors (TL)
Funds Raised (TL)
Sectoral Breakdown (%)
3
22
25
280
769
1.049
100
Lease Certificates Sector
Banks
Structured Products Warrants and Certificates issued in 2013-2014 2013
2014
No. of Issues
Amount (TL million)
No. of Issues
Amount (TL million)
Warrants
815
64.6
1,779
78
Certificates
252
5.5
-
-
089
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Additional Listing Equities listed as a result of bonus and rights issues by the companies traded on the Equity Market in 2013 and 2014
Nominal Value (TL)
2013
2014
6,765,270,938
4,297,075,199
69
48
No. of Companies
Investment Instruments Traded Investment instruments traded on the Equity Market, Emerging Companies Market, Free Trade Platform and Debt Securities Market as of end 2013 and end 2014. December 31, 2013
Investment Instrument
December 31, 2014
Amount
Market Capitalization TL
No. of Companies
Market Capitalization TL
Market/Platform
Equity
421
505,914,223,192
422
627,365,113,511
National Market
228
466,581,312,417
217
575,854,056,276
Equity Market
Second National Market
89
17,379,467,890
94
23,969,980,179
Equity Market
Watchlist Companies Market
23
245,116,861
29
1,057,346,600
Equity Market
Collective Products Market
48
19,462,130,767
46
23,487,582,911
Equity Market
Free Trade Platform
13
1,663,031,548
14
2,059,178,733
Free Trade Platform
Emerging Companies Market
20
583,163,709
22
936,968,812
Emerging Companies Market
090
Borsa İstanbul 2014 Annual Report
December 31, 2013
Investment Instrument Exchange Traded Funds-TL Warrants Certificates Bonds
December 31, 2014
Units
Nominal Value
Unit
Nominal Value
Market
17
3,501,200,000
15
2,751,200,000
Equity Market (Collective Products Market)
328
25,320,000
640
27,530,000
Equity Market (Collective Products Market)
13
32,500
-
-
Equity Market (Collective Products Market) Debt Securities Market
176
14,231,583,578
217
17,171,810,794
Bills
76
19,453,898,150
144
24,084,583,317
Debt Securities Market
Asset-backed securities
50
707,300,000
60
704,550,000
Debt Securities Market
Asset-covered bonds
1
30,000,000
1
30,000,000
Debt Securities Market
Lease Certificates (Private Sector - TL)
8
661,900,000
6
486,000,000
Debt Securities Market
Lease Certificates (Private Sector – US$)(*)
-
-
6
6,050,000,000
Debt Securities Market
Lease Certificates (Treasury - TL)
3
4,957,109,383
3
4,665,446,823
Debt Securities Market
Lease Certificates (Treasury US Dollar)
2
2,750,000,000
4
5,589,964,000
Debt Securities Market
International Bonds (US Dollar)
19
38,000,000,000
21
41,750,000,000
Debt Securities Market
International Bonds (Euro)
6
7,750,000,000
5
6,750,000,000
Debt Securities Market
699
-
1,122
-
-
Total
(*) Consists of the lease certificates issued by the Islamic Development Bank.
Wholesale Market
Company Examinations
Trades realized on Borsa İstanbul Wholesale Market in 2014 2014 No. of trades on Wholesale Market
8
Nominal Amount of Trade (TL)
200,668,178
Traded Value (TL)
207,141,302
During 2014, in line with the provisions of the Listing Regulation regarding de-listing, 42 examinations were realized on 37 companies traded on the Equity Market, as a result of which, 6 companies were transferred to the Watchlist Companies Market, 3 companies were suspended from trading, 4 were banned from trading, and 14 companies were warned for compliance with Borsa İstanbul regulations. Furthermore, 3 companies were delisted upon their own request.
091
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Audit and Market Surveillance Activities Audit Activities The internal audit of Borsa İstanbul units and work processes was realized in line with the regulations and international professional standards in an effort to evaluating efficiency and effectiveness, improving, and adding value to Borsa İstanbul’s risk management, control and corporate governance processes. Also, information technology processes were audited on the basis of Information Systems Audit and Control Association (ISACA), internationally accepted best practices for information technology management, and Control Objectives for Information and Related Technology (COBIT) developed by IT Governance Institute (ITGI). Within the scope of the determined criteria, Borsa İstanbul members were subjected to risk analysis and as a result of such analysis, member audits were carried out. Audit of members were carried out in response to investors’ notifications and complaints as well as the arrangements regarding members’ collaterals. As part of the audit activities, disputes between Borsa İstanbul members and investors were examined. A scan audit of all companies whose equities are traded on Borsa İstanbul was performed, and the findings were shared
with company executives at a conference organized on December 8, 2014. Local data vendors were examined for compliance with the data dissemination agreement signed with Borsa İstanbul. Audits on the authenticity of the notifications on off-exchange fixed income transactions that banks and brokerage houses are required to have registered with Borsa İstanbul and on the applications by these institutions for correcting or cancelling their erroneous notifications were conducted.
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Market Surveillance Activities In order to ensure the trading of capital markets instruments in a reliable and stable environment, and to prevent any actions against the Capital Markets Law or those that might hinder the transparent, orderly and fair functioning of the markets; the unusual price movements and traded values in the securities markets, particularly Borsa İstanbul Equity Market, were monitored and reported through the electronic surveillance system. Any issues potentially in conflict with the capital markets legislation, detected as a result of the examinations carried out on Borsa İstanbul and Borsa İstanbul members’ records were reported to the Capital Markets Board for further investigation, while cases in conflict with Borsa İstanbul regulation were reported to the relevant units of Borsa İstanbul. In addition to the regular surveillance and monitoring activities, the Audit and
Surveillance Board made the necessary examinations with respect to the investor complaints on Borsa İstanbul members and trades on Borsa İstanbul, in accordance with Borsa İstanbul regulation. Within the framework of the strategic partnership agreement between Borsa İstanbul and NASDAQ OMX, the project to renew the surveillance technology, parallel with the project to renew the trading and settlement systems of Borsa İstanbul continued. The project is designed as a two-phase project, with the first phase aimed at the surveillance of the trades realized on the Equity Market, and efforts of Borsa İstanbul staff and SMARTS team are in progress. The first phase of the project is planned to be launched within the third quarter of 2015. The second phase consists of the surveillance of the other markets of Borsa İstanbul, which is planned to be finalized within 2016.
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Sales And Marketing Activities Marketing and Sales Department carries out Borsa İstanbul’s data, index and technology sales as well as listing marketing and customer relations functions. As a result of the activities in this field, a total of 702 meetings and 40
events aimed at domestic as well as foreign current and potential clients were organized in 2014. The turnover increased by 66 percent to TL 38,822,500 compared to the previous year.
Sales and Marketing Activities Turnover for 2014 Member Fees
5,206,606
Members Extra Terminal Usage Fees
6,584,440
Data Dissemination Revenues
25,325,701
Revenues from Licenses and Rights
1,512,083
Co-location and other Revenues
192,664
Total
38,822,500 TL
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Activities Aimed at Current and Potential Clients
702 Meetings
40
Events
Sales Activities Data Sales Borsa İstanbul Data Dissemination Contract, which forms the basis for data distribution, was revised in line with client demand and international standards and practices and entered into force on September 1, 2014. With the new Data Dissemination Contract, new data packages were defined, and consequently, usage of real time Level 1 data as well as distribution of delayed and end-of-day data started to be charged. As of end-2014, the number of institutions disseminating Borsa İstanbul data (Vendors and Sub- Vendors) stood at 132, and 172,279 subscribers used Borsa İstanbul’s data packages.
Data Dissemination Income (2013-2014) Data Dissemination
2013
2014
Change
19,005,870 TL
TL 25,358,310*
33%
*: Net income after discounts. TL gross income is 29,888,546.
All market data for the Sarajevo Stock Exchange (SASE) started being disseminated on a real time basis through Borsa İstanbul. As part of its target to become a regional data dissemination center, Borsa İstanbul works in cooperation with the exchanges of the region, and aims to cooperate with new exchanges in 2015. End-of-day net traded volume information for the Derivatives Market on member and
contract basis started being disseminated on January 1, 2014. Data Dissemination Contract defines reference data packages. Index constituent data, corporate actions, end-of-day closing data started being disseminated over Borsa İstanbul’s sFTP infrastructure on September 1, 2014.
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In response to Borsa İstanbul members’ requests, new data packages allowing the real time display of the capital markets instruments’ prices in the portfolio, as well as the last trading price and percent change were defined, and offered for use in accordance with the Data Dissemination Contract. Meetings with current and potential data dissemination clients were held on a regular basis, receiving information about clients’ demands and requests and informing them about the developments and plans in data dissemination. As part of the strategic partnership agreement that Borsa İstanbul carries out with NASDAQ, workshops on data dissemination were organized, information on NASDAQ’s data dissemination policies was received, and improving the data dissemination at Borsa İstanbul was evaluated.
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As part of the efforts regarding data dissemination infrastructure for Phase 1 of the strategic partnership with NASDAQ, to be completed in 2015, briefing meetings with data vendors were held on the following subjects: • Data vendors to receive data dissemination specific to the data licenses they acquired, • Real-time/delayed data dissemination, • Access to different markets and sources from a single point, • Data vendors to receive data via independent lines, • New data dissemination system “Genium Market Information (GMI)”, which allows data packages and authorization by an interface application. With GMI, Borsa İstanbul will start using Transaction Information Protocol (TIP), which is used by NASDAQ and exchanges using NASDAQ infrastructure in 2015.
As a result of the studies to disseminate Merkezi Kayıt Kuruluşu (MKK-Central Registry Agency) and Takasbank data through Borsa İstanbul, contracts were signed. In the first half of 2015, Borsa İstanbul will start selling MKK and Takasbank data, and Borsa İstanbul will work on creating joint visionary data packages with high value added value, using Borsa İstanbul, MKK and Takasbank data. Effort was made to offer the data disseminated by Borsa İstanbul from a point of presence abroad, and a lease was made at Equinix data center in London. Borsa İstanbul will start disseminating the data of the exchanges for which it is authorized, such as SASE, from London. Therefore, for those companies intending to receive the data from Borsa İstanbul will significantly cut off the international line connection and equipment costs, making Borsa İstanbul data more attractive for particularly foreign companies.
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Index Sales Revenues In order to more closely monitor index sales activities on a global scale, Borsa İstanbul received consultancy services from NASDAQ and consultants with international experience. Furthermore, through visits to the current clients with license agreements with Borsa İstanbul as well as potential clients managing funds of a certain size, the suggestions and requests of the sector were received. In consideration of the sector practices and client demand, BIST Indices License Agreement signed with companies intending to issue financial products on BIST Indices and Borsa İstanbul Index Making License Agreement for those companies intending to calculate indices using Borsa İstanbul data were updated and went into force on October 1, 2014.
Participation 50 indices started being calculated in 2014. Also, efforts to initiate Affiliate Indices for holding companies whose more than one company is traded on Borsa İstanbul are in progress. The agreement for using BIST Indices as benchmark for collective investment instruments went into force on October 1, 2014 and agreements with 67 fund founders were signed. Meetings with global index makers were carried out for cooperation purposes in order to increase the number of financial products and product size issued on BIST Indices.
In addition to the Participation Index calculated within the scope of index calculation services offered by Borsa İstanbul, Participation Model Portfolio and
Index Sales Revenues (2013-2014)
Index
2013
2014
Change
TL 990,441
TL 1,512,083
53%
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Primary Data Center Co-location Services Borsa İstanbul, strengthening its technological infrastructure towards the target of becoming a regional power, announced the launch of its Primary Data Center (PDC), defined as the most advanced information technology, on April 3, 2014. First, Borsa İstanbul’s systems were moved to the PDC, and started offering services from PDC. A spot in PDC was allocated for market participants’ equipment so that co-location services can be offered. With co-location service, various market participants such as investment institutions, High Frequency Trading/Algo companies, service providers, and data vendors were offered the opportunity to locate their equipment near Borsa İstanbul systems and therefore access Borsa İstanbul at high speed and securely.
In addition to technical studies for providing co-location services, Borsa İstanbul received consultancy services from NASDAQ to develop the most appropriate business model for the service, meetings were held with market participants, and world practices were analyzed. As a result of these studies, Colocation Service Document (Co-location Agreement, Service Guide, Fee Schedule, Order Form) were completed, and on July 9, 2014, it was announced that Borsa İstanbul co-location service is launched. In order to accelerate the sales process of the co-location service, meetings and visits were realized, as a result of which, companies started to use the co-location services.
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Marketing Activities Efforts to encourage Public Offering Efforts to encourage public offerings in order to allow companies to make use of the opportunities offered by the capital markets continued in 2014. As part of the efforts to encourage public offering, information on “Public Offering and the Opportunities Offered by Borsa İstanbul” was offered at meetings organized jointly with chambers of industry and commerce.
In 2014, nearly 1,500 participants were reached through 8 events held in Adana, Denizli, Eskişehir, Manisa, Niğde and İstanbul.
Furthermore, Borsa İstanbul executives paid visits to a total of 281 companies; including 256 domestic and 25 foreign. Borsa İstanbul executives held meetings with company partners capable of deciding on the future of the company, and informed them about the opportunities offered by Borsa İstanbul, public offering and the process for being traded on Borsa İstanbul. Including those realized in 2014, the number of companies visited since 2012 reached 651. Four of the companies visited realized public offering and started being traded on Borsa İstanbul, while two applied for being traded, and 10 made significant progress in the public offering process.
As a result of these contacts, and the feedback received from the companies, it was found that approximately 26 percent of the total of 651 companies visited plan on an initial public offering within the next three years while 41 percent may consider an initial public offering in a period of more than three years, and 38 percent have no such plans. The company visits provided significant information on the steps to be taken to attract more companies for public offering, the measures to be taken, as well as the priorities. This information was shared with the relevant parties including the Capital Markets Board, so efforts to make public offering more attractive were initiated. We are planning to continue with our public offering efforts through the meetings to be organized with the participation of chambers of industry and commerce, a higher number of participants will be accessed through communicating with sectoral and regional non-governmental organizations as well as direct company visits and accelerate the development of the Turkish capital markets thanks to the synergy to be so created.
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Listingİstanbul Program
Listingİstanbul Program, which refers to the entire promotion, informing, communication and marketing activities and processes aimed at attracting more foreign companies to Borsa İstanbul was launched on April 12, 2013.
partners, Borsa İstanbul participated in various conferences, exhibitions, meetings, and so forth in Turkey, informing potential foreign companies about the Program in detail, and holding one-on-one meetings with 25 potential companies.
In 2014, Listingİstanbul Program continued its operations in 41 target countries with 17 domestic and foreign program partners.
As a result of the studies carried out as part of the program, a significant amount of information was accumulated regarding the steps to be taken for increasing the number of issuers in Turkey and the measures to be taken for this purpose. Such accumulated knowledge was shared with the Capital Markets Board and Listingİstanbul Program partners, in order to work more effectively towards making the Turkish capital markets more attractive for foreign companies.
Within the scope of Listingİstanbul Program, Borsa İstanbul either organized or took part in 14 events in and out of Turkey. In addition to the activities organized in Germany, Albania, Azerbaijan, Georgia, Kazakhstan and Romania in coordination with Listingİstanbul Program
With the efforts intensifying in 2014, Borsa İstanbul envisages that the foreign companies operating in the target countries will prefer Borsa İstanbul for capital markets instruments issues.
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Customer Relations Activities As part of Borsa İstanbul’s organizational structuring process, in order to serve customer groups from a single point, Intermediary Institution Affairs Department was closed, and its activities and responsibilities were transferred to the Customer Relations Management Service under the Marketing and Sales Unit.
Consequently, the number of Borsa İstanbul’s members was 212 at end-2014.
Borsa İstanbul Members During the year, 2 authorized institutions, 1 brokerage house and 2 precious metals brokerage houses were admitted to membership and 5 brokerage houses were expelled from membership upon the decision of the Board.
Breakdown of Borsa İstanbul Members on Market Basis
Precious Metals Brokerage Houses
Joint stock companies engaged in the manufacturing or trade of precious metals
Total
Brokerage Houses
Banks
Authorized Institutions
Equity Market
93
-
-
-
-
93
Emerging Companies Market
93
-
-
-
-
93
Derivatives Market
69
12
-
-
-
81
Debt Securities Market
78
43
-
-
-
121
-
23
41
19
12
95
Market
Precious Metals and Diamond Markets
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Relations with the Members An “Equity Market Working Group” and “Derivatives Market Working Group”, consisting of Borsa İstanbul members and the representatives of the relevant departments were established in order to get first-hand information about the requirements and demands regarding Borsa İstanbul markets, to exchange views, and to evaluate the developments in the markets. The Working Groups convened 6 times during 2014, and the members’
suggestions and evaluations were received and changes were made accordingly. Two events, one aimed at the real and legal persons in jewelry sector that have the potential to become members of the Diamond and Precious Stone Market, and the other, at promoting the Private Market to Borsa İstanbul-member banks and brokerage houses were held.
Annual Fees As a result of the annual fee initiated in 2014 and the members admitted in 2014, a significant increase was registered in membership fee revenues.
Annual Fees
Membership Fee Revenues
2013 *
2014
Change
TL 225,540
TL 5,206,606.09
2,208.5%
*: (April 3, 2013 – December 31, 2013) This covers the period between April 3 and December 31, 2014; during which period, the annual fee charged on Precious Metals Market members and on members authorized to trade on all markets, were respectively, TL 150 and TL 2,250. In 2014, Borsa İstanbul started to charge TL 3,000 and TL 30,000 on, respectively, Precious Metals Market members and members authorized to trade on at least one of other markets. It was also allowed to net off the annual fees from Exchange commission.
Improving Membership Monitoring Member Infrastructure Information The proposal report and detailed model study allowing new types of membership on Borsa İstanbul markets and allowing the current members to trade on the markets they do not operate in, were submitted to the regulating authorities.
Along with the changing and improving member structure of Borsa İstanbul, information regarding Borsa İstanbul’s members, including members’ partnership structures, continued to be disseminated on Borsa İstanbul’s website www.borsaistanbul.com/en/members/ members-list
Information regarding the trades of members on the Equity Market, Emerging Companies Market and the Free Trade Platform for and on behalf of foreign banks, brokerage houses and real persons was announced on the Public Disclosure Platform and Borsa İstanbul website on a monthly basis.
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Real and Legal Persons Authorized to trade on the Diamond and Precious Stone Market without being a member of Borsa İstanbul It is possible to be authorized to trade on Borsa İstanbul Diamond and Precious Stone Market without being a member of Borsa İstanbul. After the enactment of the regulation which exempts precious stones imported for being traded on the Diamond and Precious Stone Market, from Value Added Tax and Special Consumption Tax, in order to support the Turkish jewelry sector on its path to become a leading diamond manufacturing and trading center, Borsa İstanbul discounted the Diamond and Precious Stone Market membership fee from TL 20,000 to TL 2,000 for applications made until the end of 2014. 40 of the 454 applications that have been made to Borsa İstanbul for such discount by the end of 2014 were completed by the end of the year. The number of real and legal persons authorized to trade on Borsa İstanbul without being a member was 108 as of end-2014.
Transferring Services to Electronic Environment Efforts to archive information in an electronic environment in order to distribute member information to users in a rapid and efficient manner were initiated. In order to accelerate the processes in brokers’ applications, sending the applications through corporate electronic e-mail was allowed. Furthermore, regarding broker procedures, a program that will allow the processes carried out with the markets to be completed electronically was introduced.
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In the Debt Securities Market, order transmission capacity of the free API terminals provided for the members was increased to 6 orders/sec from 1 order/ sec. It is also possible to use this capacity through two terminals upon request.
Improvements in Order Transmission and Terminal Practices
FixAPI started to be implemented in the Equity Market. While most brokerage houses completed transferring to FixAPI, those few that have not, were allowed to use the ExAPI terminals until Borsa İstanbul transmits to the NASDAQ system. Order transmission through VIOP FIX interface (VİOPFIX) started and API was allocated to members upon demand.
Extra Terminal Usage Fees Terminal Revenues
2013
2014
Change
TL 4,040,094.20
TL 6,584,440.18
63%
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Research and Business Development Activities Research and Business Development Unit, established as a result of the organizational changes in 2014, was charged with the following missions: determining new areas of growth in line with Borsa İstanbul’s vision and strategic targets, increasing Borsa İstanbul’s competitive power, developing new markets and business areas and improving the current ones, working in coordination with Borsa İstanbul units and outside stakeholders, establishing and improving corporate relations in and outside of Turkey, and establishing cooperation with the relevant organizations. Also included in the responsibilities of the Research and Business Development Unit are organizing conferences and seminars to support innovation, and having studies published in journals and books.
Projects and Efforts for Business Development Energy Market Project The new Electricity Law enacted in 2013 envisages that a new energy market called Enerji Piyasaları İşletme Anonim Şirketi (EPİAŞ - Energy Markets Operation Joint Stock Company) will be founded and Borsa İstanbul will be represented in the company management as shareholder. The Law regulates that the spot electricity markets consisting of day-ahead and intra-day markets will be operated by EPİAŞ, and electricity derivatives market, by Borsa İstanbul.
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Articles of Association of EPİAŞ, approved by the Energy Market Regulating Authority, envisages that Borsa İstanbul will have B group shares amounting to 30 percent of the company capital. For C group shares of 40 percent, which is envisaged to be held by market participants, demand was taken, the companies eligible for acquiring shares and the amounts payable were determined in August, and share acquisition process was completed on December 18, 2014. Borsa İstanbul paid the amount of capital corresponding to its shares during this process. EPİAŞ is expected to start operating in 2015 after the registration process is finalized.
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Borsa İstanbul carries out important studies on the electricity market in order to take an active role in the development of energy markets and to contribute to Borsa İstanbul’s strategic goals including improving its income, product range and clientele. Within this framework, Borsa İstanbul realized numerous workshops and joint studies with the Ministry of Energy and Natural Resources, Energy Market Regulatory Authority, Türkiye Elektrik İletim A.Ş. (TEİAŞ) and companies in the energy sector. At the meetings, the participants exchanged views on the design of organized electricity markets and electricity contracts currently traded or to be traded on Borsa İstanbul. Furthermore, Borsa İstanbul representatives participated in events including ICCI International Energy and Environment Fair, All Energy Turkey, Economic Research Foundation’s Energy Exchange and Risk Management in Energy Markets Symposium and Turkey Energy Summit, sharing their experience in operating markets with energy sector stakeholders.
The Draft Law Regarding Modification of the Natural Gas Market Law was sent to the Turkish Grand National Assembly on August 4, 2014. Parallel with the Electricity Market Law, the Draft Law envisages that spot natural gas markets will be operated by EPİAŞ, and those markets where standardized natural gas contracts and derivatives are to be traded, by Borsa İstanbul. Borsa İstanbul carried out studies in the natural gas markets similar to those in the electricity markets. Moreover,Borsa İstanbul supported the TR-Gas HUB project which is carried out jointly by the Ministry of Energy and Natural Resources Strategy Development Directorate, European Federation of Energy Traders and ICIS Heren and which aims at making Turkey an important natural gas terminal and a center where the gas prices of the region are determined.
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Metal Market Project
Market Connectivity Projects
Efforts to establish a Metal Market continued in 2014. Meetings were held with companies to choose the underlying scrap steel index for the futures contract with cash settlement. An evaluation report was prepared on the basis of the information received at the meetings. Meetings were held with index providers, reaching an agreement on commercial and legal issues. Consequently, a license agreement and a sub-license agreement were signed with, respectively, the index provider and Takasbank. On the other hand, a detailed model was designed for futures contracts on metal products with physical delivery, and the report was submitted to the relevant institutions for evaluation in terms of harmonization with the regulations and determining the new requirements. In addition to that, opinions and suggestions were shared to ensure that the market is created in a way to respond to market needs and reaching the targets, assessments were shared with the relevant parties, and presentations on the market were delivered.
In order to ensure the integration of Borsa İstanbul with international markets and towards its targets to become a “regional power, global actor”, efforts to establish market connectivity with two countries of the region were initiated in 2014.
NASDAQ Advisory Services As part of the advisory services within the framework of the strategic partnership agreement between NASDAQ and Borsa İstanbul, training programs offered under 10 headings were completed. The trainings, under the main headings of Market and Business Development, Management and Corporate Efficiency, Settlement and Clearing processes, were participated by 101 staff from Borsa İstanbul units and participations Takasbank and MKK. Planned for three years, the trainings will continue in 2015.
Efforts on İstanbul International Financial Center Borsa İstanbul is responsible for seven actions in the İstanbul International Financial Center project, which is coordinated by the Research and Business Development Unit, on the side of Borsa İstanbul. Four of the said actions were completed before 2014, and efforts regarding three actions are in progress. An important development in this field was the creation of the Primary Conversion Programs in the 10th Development Plan during the year. İstanbul International Financial Center project was initiated as one of the 25 programs within the framework of Primary Conversion Programs in 2014. Borsa İstanbul representatives participated in the İstanbul International Financial Center Program Workshop held in Ankara on February 20-21, 2014, and advised their views on the program.
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Borsa İstanbul was defined as the responsible institution for “Strengthening the Technological Infrastructure”, one of the seven constituents of the project, and is envisaged to contribute to the other constituents as well. The Program announced by Prime Minister Ahmet Davutoğlu on December 18, 2014 envisages Borsa İstanbul as the responsible organization for 8 actions, and as cooperating organization for 35 actions. During the year, Borsa İstanbul had Z/ Yen Group that prepares Global Financial Centers Index (GFCI) to prepare a comprehensive report analyzing the place of İstanbul in GFCI ranking, comparing its strong and weak features with other financial centers, and determining the steps to be taken toward becoming an international financial center. The report was sent to the relevant organizations with an additional report of Borsa İstanbul’s evaluations and suggestions. As a result of these efforts, İstanbul climbed 5 ranks to rank 42nd in GFCI 16 announced in September 2014.
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Joint Projects with Boğaziçi University Borsa İstanbul views the increase in research and development activities in Turkey and and making use of the academic accumulation of the financial sector more efficiently as a prerequisite for the development of the sector. Therefore, two important projects in cooperation with Boğaziçi University, namely, “Finance Technopark”, and “Finance Implementation and Research Center” were initiated.
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The two projects are thought of as a whole; with the theoretical/academic part to be realized by the Finance Implementation and Research Center, and the practical part, by Finance Technopark.
Science, Industry and Technology was received, and the application to be made to the Trade Registry Directorate for the foundation of the company reached its final stage.
The necessary permissions for the technopark project supported by the public administration were received in 2014, and the 10,272 m2 area in the south of Borsa İstanbul’s land in İstinye was defined as “Finance Technopark Technology Development Project” upon the decision of the Council of Ministers. Following the Council of Ministers’ decision, the first draft of the project was prepared, meetings were held with İstanbul Development Agency for raising funds for the project, and the feasibility report and application documents were prepared.
The second project, namely, “Finance Implementation and Research Center”, aims at supporting the research studies on theoretical and empirical qualitative finance, financial novelty and technology.
The Articles of Association for Finans Teknopark Anonim Şirketi (Finance Technopark Joint Stock Company) was signed as a result of the agreement between Borsa İstanbul and Boğaziçi University. Approval of the Ministry of
The regulation for the Center was published, and the Center started to operate in April 2014. Four activities including training on Reporting from the Exchange, as well as a conference, a seminar and a workshop on Islamic Banking and Finance were held. These projects realized jointly by Boğaziçi University and Borsa İstanbul are aimed at concretely contributing to making İstanbul an international financial center and the financial sector to cover a significant distance in terms of technological infrastructure and academic field.
Establishing a Joint Technology Company with İstanbul Technical University Borsa İstanbul and İstanbul Technical University agreed to found a company to operate in finance/ information technology area and efforts to found the company were initiated. By bringing together the business and academic experience of the two parties, computer application software for the financial sector will be developed and various activities including R&D will be carried out. Since technology has become one of the main determinants in finance sector, the high value added production expected from the company will contribute to the global competitive power of the sector.
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World Bank Global Islamic Finance Development Center As part of the global vision of İstanbul International Financial Center project, Borsa İstanbul cooperated with the World Bank. The World Bank’s only representation office on Islamic finance, namely World Bank Global Islamic Finance Development Center, was opened in Borsa İstanbul’s campus on October 30, 2013. The project was signed by the Undersecretariat of Treasury, and in addition to Borsa İstanbul, Banking Regulation and Supervision Agency, Central Bank of the Republic of Turkey, Capital Markets Board and Participation
Academic Research and Reporting Activities During the year, academic studies on the economics, capital markets, commodities, investment instruments, credit rating and fragility indexes were carried out and articles were published in refereed journals. Borsa İstanbul staff published a total of 18 academic articles in refereed journals, 10 of which are indexed in SSCI, and 4 in SCI, and presented their studies in various conferences. Numerous reports shaped with respect to Borsa İstanbul’s business requirements were also prepared.
Banks Association of Turkey take part in the project. The Center took operating in 2014. In addition to Turkey, the center is expected to be active in the Middle East and North Africa, sub-Saharan Africa, Europe and Central Asia. Besides information sharing, the Center is aimed at strengthening corporate structure, raising awareness, and harmonization in the sector.
Seminars, Conferences and Trainings “Research Unit Seminar Series” which started with a leading academician on behavioral finance, Prof. Meir Statman, continued with Borsa İstanbul – İstanbul Technical University Department of Economics Seminar Series a result o the cooperation with İstanbul Technical University. Also, a conference entitled “Sukuk in Turkey” was organized in cooperation with Ernst & Young, and a conference entitled “Financial Spreading in Turkey” was held in cooperation with
the World Bank, Banking Regulation and Supervision Agency, Capital Markets Board and Treasury Undersecretariat. New financial products targeting participation banks, risk management in Islamic finance, latest developments in international real estate markets, and academic studies in behavioral finance were evaluated by the experts and academicians at four workshops held in 2014.
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Research and Business Development 2015 Targets We are planning to organize various events for informing and raising awareness in Borsa İstanbul clients and stakeholders and to participate in domestic and international events on business development. Efforts to make EPİAŞ a competitive, transparent, reliable and easily accessible market are expected to accelerate. Studies towards offering the most appropriate derivatives products and solutions to allow market participants manage their risks efficiently will continue, and we will cooperate with all market stakeholders to make Turkey a regional energy center. We are planning to continue with Borsa İstanbul’s sustainability efforts. Within this framework, efforts of the Sustainability Platform will be coordinated and Borsa İstanbul Sustainability Bulletin will be prepared. Cooperation projects for developing joint products and markets with foreign exchanges and finance institutions are planned. Regarding the global exchange information accumulation and methods of doing business, we will ensure that the consultancy services to be received from NASDAQ are realized in such a way as to make the maximum contribution to Borsa İstanbul. We will continue to coordinate the efforts aimed at making İstanbul an international financial center, to contribute
to İstanbul International Financial Center working groups and actively promote İstanbul International Financial Center in international events. We will contribute to the events aimed at the promotion of the futures contracts on scrap steel which will start being traded in 2015, and also initiate studies regarding contracts on other steel products, aluminum, copper and other metals. Finans Teknopark Anonim Şirketi (Finance Technopark joint stock company) to be founded in partnership with Boğaziçi University that will manage the Technology Development Center and the technology company to be founded in cooperation with İstanbul Technical University will start operating. Borsa İstanbul will continue to inform its stakeholders, and also to make research studies supporting new markets and products as well as new strategies and policies. Within this framework, articles to be published in international refereed journals will be prepared and books will be translated into Turkish. For the purpose of developing new business areas, real time data analytics for the Equity Market will be calculated and announced, data analytics for the other markets will be determined and data analytics methodologies will be developed.
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Strategic Planning Activities Strategic Plan Efforts to prepare a corporate strategy plan within the framework of Borsa İstanbul’s innovative perspective were initiated, and as a result of the joint project study with McKinsey & Company, Borsa İstanbul’s 5-Year Strategic Plan was prepared. The first phase of preparing Borsa İstanbul’s 5-Year Strategic Plan was the descriptive phase, with the analysis of Borsa İstanbul’s departments and meetings with sector stakeholders including investment institutions, banks, traded companies and regulatory authorities were held. In the next phase, strategic priorities were defined and their effects were analyzed. Within this framework, internal processes to create products and services for increasing liquidity and traded value, to support market depth and sustainability, to increase the number of financially literate investors, to ensure international connections, to reach new regions, to accomplish institutionalization and to create a professional corporate structure were planned. In the last phase, strategic projects aimed at reaching the defined targets were determined and ranked according to strategic priorities and Borsa İstanbul’s strategic plan for 2014-2018 was finalized.
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Stronger with Foreign Affiliations
Sarajevo Stock Exchange (Sarajevska Berza-Burza, SASE) was established by eight brokerage houses in September 2001 and started operating in April 2002. İstanbul Menkul Kıymetler Borsası (Borsa İstanbul’s former title) became a shareholder of SASE with a stake of 5.01 percent in 2011. At the same time, İstanbul Custody and Settlement Bank and Merkezi Kayıt Kuruluşu each acquired stakes of 5.01 percent in SASE’s capital. In accordance with the decision taken in 2014, the process to increase Borsa İstanbul’s stake in SASE was initiated. The process is expected to be completed in early 2015. A member proposed by Borsa İstanbul sits on the Board of SASE.
Borsa İstanbul took the first step of becoming a regional data dissemination center through the data dissemination contract signed with SASE. Thereby, Borsa İstanbul acquired the right to disseminate SASE data starting from the beginning of 2014 Borsa İstanbul makes significant leaps in the field of derivative products. Within this framework, Borsa İstanbul introduced futures contracts on SASX-10, the main indicator of the Sarajevo Stock Exchange, on December 15, 2014.
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Baku Stock Exchange (Bakı Fond Birjası, BFB), was founded in 2000 thanks to the intensive support of İMKB. Borsa İstanbul supported the development of Azerbaijani capital markets in the meantime, and still continues to share its experience with Baku Stock Exchange. Baku Stock Exchange aims to improve its activities in the field of derivative products, and a training by VIOP specialists was offered in 2014. As of end 2014, Borsa İstanbul has a stake of 4.76 percent in Baku Stock Exchange. A member proposed by Borsa İstanbul sits on the Board of the Baku Stock Exchange.
borsaistanbul.com
Montenegro Stock Exchange was established in accordance with the Law on Money and the Capital Market in June 1993. In 2001, a group of Montenegrin financial institutions and Brokers Business Association founded the New Securities Exchange of Montenegro. These two exchanges merged under the roof of Montenegro Stock Exchange in 2011. In line with its targets to establish a network of exchanges in Eurasia and to make İstanbul a financial center, Borsa İstanbul acquired a share of 24.39 percent in Montenegro Stock Exchange (Montenegro Berza). As of end2014, Borsa İstanbul’s latest participation is Montenegro Stock Exchange. With this partnership, Borsa İstanbul agrees to share its experience with Montenegro Stock Exchange and aims to contribute to the development of Montenegrin capital markets. Within this framework, Borsa İstanbul hosted the roadshow targeting Turkish investors, realized with the participation of Montenegro Minister of Finance in March.
Founded as a non-profit institution in 1994, the first trade on the Kyrgyz Stock Exchange was realized in 1995. Kyrgyz Stock Exchange demutualized in 2000, and during this process, Borsa İstanbul became a shareholder of the company. As of end-2014, Borsa İstanbul is the biggest shareholder with a stake of 24.51 percent.
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Steps taken for the Strategic Plan in 2014
01
02
An individual performance monitoring system was created in cooperation with the Human Resources Department in order to net down the strategic targets to individual ones.
A performance-based budget practice was introduced where departments are actively involved in budget process and will be responsible for the estimated and realized budget items including income, expenses, and investment.
Domestic and Foreign Affiliates
03 Reports on budget, financial data and projects were submitted to Borsa İstanbul senior management and departments were contacted on a continuous basis to ensure that the strategic plan is implemented more efficiently.
04 For renewing the fiveyear strategic plan on an annual basis, analytical studies covering the period 2014-2019 were completed and the ongoing projects were updated. Towards this purpose, more than 60 projects were designed.
In accordance with its strategic plans, Borsa İstanbul continued to participate in the capital increases of its actual shareholdings, and and to become shareholder of companies in 2014. Borsa İstanbul participated in the capital increases of İstanbul Takas ve Saklama Bankası A.Ş. (Takasbank), Ege Tarım Ürünleri Lisanslı Depoculuk A.Ş. (ELİDAŞ) (which became a an affiliate of Borsa İstanbul following the acquisition of the Turkish Derivatives Exchange), and İstanbul Altın Rafinerisi A.Ş. (which became an affiliate of Borsa İstanbul as a result of the merger with İstanbul Gold Exchange).
05 The main themes of the strategic plan were Being a Regional Power, Innovation and Diversification, Sustainable and Profitable Growth, and Technology. Borsa İstanbul’s financial projections covering the period 2015-2019 were prepared.
Borsa İstanbul became a shareholder of İstanbul Gemoloji Enstitüsü Sanayi ve Ticaret A.Ş. with a stake of 2 percent in December 2014. The General Assembly meeting of the company held on December 26, 2014 decided on a capital increase to be met by Borsa İstanbul, as a result of which, Borsa İstanbul’s share in the company capital will increase in January 2015. The process for increasing Borsa İstanbul’s share in Sarajevo Stock Exchange was initiated in 2014, and is expected to be completed in early 2015.
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Borsa İstanbul’s Domestic and Foreign Affiliates Borsa İstanbul A.Ş. Merkez Kayıt Kuruluşu A.Ş. 70.50% İstanbul Custody and Settlement Bank 62.25% Capital Markets Licensing Training Agency 33.94% Kyrgyz Stock Exchange 24.51 % Montenegro Stock Exchange 24.39% Ege Tarım Ürünleri Lisanslı Depoculuk A.Ş. 19.55% Sarajevo Stock Exchange 11.66% Baku Stock Exchange 4.76% İstanbul Gemoloji Enstitüsü Sanayi ve Tic. A.Ş. 2% İstanbul Gold Refinery 0.000078283%
*The Table displays direct and indirect shareholding ratios.
Borsa İstanbul was represented at the General Assembly meetings of the institutions in the Table, and the members nominated by Borsa İstanbul currently sit on the Boards of these companies. Borsa İstanbul has one representative on the Auditing Committee of the Kyrgyz Stock Exchange.
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Corporate Communications Activities Corporate Communications defined Borsa İstanbul’s strategic communication targets, and realized communication and perception management activities targeting Borsa İstanbul’s all social stakeholders on national and international platforms. Within this framework, all elements of marketing communication that are appropriate for the company were employed at the same time: Advertising – Above the line channels including TV, newspapers, magazines, Internet and outdoor were used efficiently; while below the line channels including direct mailing, booths, brochures, posters, roll ups, etc. were prepared. Public Relations– Following the launch efforts, in addition to various events such as conferences, panels, forums, summits, trainings, seminars, etc., activities as part of sponsorship, corporate social responsibility and internal communications were carried out. Internet/social network – Content management of web sites, namely,
borsaistanbul.com, intranet, as well as borsaistanbulmagazine.com and borsanedir.tv, which are currently in progress, was realized. Borsa İstanbul’s Facebook and Twitter accounts were managed. Furthermore, subject to transparency and consistency principles, effort was made in order to strengthen the corporate identity, image, and consequently, the prestige of Borsa İstanbul. Efforts aimed at publicizing İstanbul International Financial Center project and Borsa İstanbul’s role in the project while developing a positive approach in the target audiences were made. Borsa İstanbul carries out various projects in order to add to its visibility in digital media. Towards this purpose, a content partnership agreement was signed with www.bigpara.com website. A category page for Borsa İstanbul was opened on the website, containing news, informative documents, frequently asked questions, and banners for Borsa İstanbul. As part of the same project, advertorials, mailings and social media posts were shared.
Borsa İstanbul Informative Brochures New brochures promoting Borsa İstanbul markets and products were prepared while existing ones were updated on a regular basis and Borsa İstanbul’s annual report entitled “The Year of Rising Targets in Investment and Change” was published in Turkish and English. Furthermore, always in support of works in the field of Turkish finance history, Borsa İstanbul sponsored the three-volume work entitled “Galata Borsası 1830-1873”, “Dersaadet Tahvilat Borsası 1874-1928” and “İstanbul Esham ve Tahvilat Borsası 1929-1985”, within the scope of “The Stock Exchange from the Ottoman Era to Today” project, aimed at shedding light on the development of the stock exchange in Turkey. The first volume of the project, entitled “Galata Borsası 1830-1873” was printed in December 2013, and the second volume “Dersaadet Tahvilat Borsası 1874-1928” in December 2014. The third volume is planned to be completed and printed in December 2015.
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Promotional Brochures in Turkish
in English
Borsa İstanbul Bir Dönüşüm Hikayesi
Borsa İstanbul A Story of
Cevaplarla Borsa ve Sermaye Piyasası
Transformation
Yatırımcılar için Borsa İstanbul
Borsa İstanbul At a Glance
Pay Alım Satım Kılavuzu
Why Listing in İstanbul
Elmas ve Kıymetli Taş Piyasası
Listingİstanbul
Gelişen İşletmeler Piyasası
Borsa İstanbul for Investors
Halka Arz ve Borsa İstanbul’da İşlem Görme
Borsa İstanbul Private Market
Borsa İstanbul Özel Pazar Hakkında Herşey
VIOP Derivatives Market
Borsa İstanbul Özel Pazar
VIOP TRY/USD Option Contracts
VİOP Vadeli İşlem ve Opsiyon Piyasası
VIOP Contract Specifications
VİOP Döviz Sözleşmeleri
VIOP Derivatives Market Operation
VİOP Enerji ve Emtia Sözleşmeleri
Principles
VİOP Vadeli İşlem Sözleşmeleri
VIOP BIST 30 Index Futures and
VİOP Opsiyon Sözleşmeleri
Options Contracts
VİOP Bir Bakışta Opsiyonlar
VIOP Single Stock Futures and Options
VİOP BIST 30 Endeks Vadeli İşlem ve Opsiyon Sözleşmeleri
Information Indexed to Investment: One
VİOP Pay Vadeli İşlem ve Opsiyon Sözleşmeleri
Feed for the Region
VİOP Temel Opsiyon Stratejileri
Information Indexed to Investment
Kıymetli Madenler ve Taşlar Piyasası
(Data Dissemination)
Şirketler İçin Sürdürülebilirlik Rehberi
Precious Metals and Diamond Market
Kaynak Temininde Alternatif Finansman
Lease Certificates
Borsa Yatırım Fonları, Varantlar ve Sertifikalar
Information Technologies
Yatırıma Endeksli Bilgi (Veri Dağıtımı)
İstanbul International Financial Center
Sabit Getirili Menkul Kıymetler Kira Sertifikaları İstanbul Uluslararası Finans Merkezi Bilişim Teknolojileri
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Borsa İstanbul Magazine
Borsa İstanbul Websites
Internal Website : intranet
Borsa İstanbul Magazine, aimed at conveying the mission and vision of Borsa İstanbul, the main actor of İstanbul International Financial Center project, and at adding to its corporate image and visibility, covers the developments in the economy and capital markets, analysis on various sectors, interviews with international scientists, and culture and lifestyle topics. Borsa İstanbul magazine is sent to numerous addresses in Turkey and abroad.
Corporate Web Site :
Borsa İstanbul intranet website continued to serve as a portal containing corporate information such as news, activities, photographs, videos and documents as well as individual staff information such as payroll, leave, health insurance, forms, and notices.
Internet and Social Media Within the scope of corporate communications, content management of all web sites and social network channels of Borsa İstanbul was carried out. This includes the content management of borsaistanbul.com (both Turkish and English versions), listingistanbul. com (English), borsanedir.tv (Turkish), bilincliyatirimci.org (Turkish), viopsimulasyon.com (Turkish), intranet (Turkish), remote access web site special for the members (Turkish), oicexhanges. org (English), and borsaistanbulmagazine. com (both Turkish and English versions). Borsa İstanbul’s activities were announced on social media channels such as Facebook, Twitter, Youtube, Pinterest and Instagram.
www.borsaistanbul.com Borsa İstanbul’s corporate website www. borsaistanbul.com is categorized under the following main topics: “Corporate”, “Products and Markets”, “Indices”, “Investors”, “Members”, and “Companies”. Announcements on the website are brought to the front through spot news. Also, news about the markets, products and other novelties were reflected on Borsa İstanbul website rapidly. Borsa İstanbul website received 1,800,000 visits in 2014, and the pages were displayed for 8,000,000 times. The website’s pages in English were offered on www.borsaistanbul.com address rather than a separate domain name. A rewamping of the website in terms of design and function is planned during 2015. Additionally, efforts to prepare the mobile application for the website have been initiated.
Website for informing the Public on the Stock Exchange : www.borsaNedir.tv The project on www.borsanedir.tv website, which will provide informational texts, infographics, and videos on the capital markets and stock exchange, is in progress. The website is planned to be launched in early 2015.
Borsa İstanbul Magazine : www.borsaistanbulmagazine.com www.borsaistanbulmagazine.com website, offering fast and easy access to the content and visual material of all of the issues of Borsa İstanbul Magazine, was launched. The new issues of the magazine will also be available on the website.
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Conscious Investor Financial Education Platform :
VIOP Virtual Portfolio Competition (VIOPS) Website :
www.bilincliyatirimci.org
www.viopsimulasyon.com
www.bilincliyatirimci.org website, an informative and promotional e-learning platform for investors created as part of the Investor Campaign, continued to be updated. The portal contains interactive training modules of predominantly visual materials, and will be revised entirely (including the website infrastructure, design and new training modules) in 2015. Efforts to prepare the mobile application are in progress.
A website entitled www.viopsimulasyon. com was opened for VIOPS, the Derivatives Market Virtual Portfolio Competition, in 2014. During the VIOPS competitions organized in June and December 2014, the website was used actively.
Borsa İstanbul’s corporate website received
1,800,000 visits in 2014
Borsa İstanbul’s pages were displayed
8,000,000
times.
Listing İstanbul : www.listingistanbul.com Along with the launch of İstanbul International Financial Center project, one of the most important targets of Borsa İstanbul became to increase the number of foreign companies and foreign securities traded on Borsa İstanbul. www.listingistanbul.com website, initiated in April 2013 to encourage foreign companies to be traded on Borsa İstanbul as part of Listingİstanbul project, continued to serve in 2014. Listingİstanbul website offers information on the Turkish economy, capital markets and Borsa İstanbul, Listingİstanbul program partners and their responsibilities, countries where the program partners operate, capital markets legislation and arrangements, public offering and listing processes, especially for foreign companies and investors interested in Borsa İstanbul. Information and news regarding corporate marketing and promotion activities realized in the program partner countries is available on the website. Listingİstanbul. com is turning into a popular website frequently visited by foreigners while İstanbul is marching towards becoming an international financial center.
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Inquiries from Investors Borsa İstanbul responded to inquiries from investors including Borsa İstanbul regulations, rules, procedues, capital markets legislation, practices including the topics on public disclosure and others. Investor inquiries directed to relevant Borsa İstanbul departments and capital markets institutions ,complaints and suggestions were coordinated.
During 2014, a total of 2,286 e-mails and 110 petitions/facsimile messages were replied.
3,325 calls were answered through Borsa İstanbul Call Center.
Promotional Films prepared in-house for Activities and Projects
IPO promotional film
Digital hand hologram film for the datawall gong ceremony
Promotional film for strategic partnership with NASDAQ– Newspaper (in English)
Promotional film for the new Datacenter (with Turkish and English subtitles)
Borsanedir.tv promotional film
Promotional film for the 141st anniversary of the stock exchange in Turkey
Promotional film for the Private Market
2 promotional films for the Precious Metals and Diamond Markets
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Interviews and News
borsaistanbul.com
A total of
13,714 new
stories appeared in printed media
USD 107,474,945 creating a total advertising equivalent of
In the visual media, a total of
8,007 display value was reached 95,433 pages of news stories appeared in the Internet media
Number of Appearances BORSA İSTANBUL
İBRAHİM TURHAN
EXECUTIVE VICE PRESIDENTS
PRINTED MEDIA
12,375
1,196
143
VISUAL MEDIA
7,529
536
42
INTERNET MEDIA
91,981
3,082
370
TOTAL
111,885
4,814
555
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Opening Bell rings for Borsa İstanbul in New York Within the framework of İstanbul International Financial Center project, a bell-ringing ceremony was organized for Borsa İstanbul at NASDAQ Marketsite. Following the ceremony, the second “İstanbul: Regional Hub, Global Actor” forum meeting was held in New York City.
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Events As part of Borsa İstanbul’s strategic plans, a series of events aimed at the target market and audience were organized in Turkey and abroad.
Borsa İstanbul NASDAQ Gong Ceremonies On the occasion of the strategic partnership agreement signed between Borsa İstanbul and NASDAQ, a leading exchange, a gong ceremony was held at Borsa İstanbul Trading Floor on January 20, 2014.
Islamic Finance Conference Borsa İstanbul organized the first conference on Islamic finance with the collaboration of the World Bank, Islamic Development Bank, INCEIF-The Global University of Islamic Finance, IDB Islamic Research and Training Institute, Kuwait Finance House, Durham University and Central Bank of the Republic of Turkey on March 3-4, 2014. The main subject of the conference was “Implications of Participation Model in Finance”. The conference tabled the current situation
of the global financial world as well as Islamic banking and finance, and the speakers delivered speeches in the panels entitled “Role of Islamic Capital Markets in Emerging Markets”, “Primary and Secondary Islamic Capital Markets: Drawing the Roadmap”, “Revisiting the Perception of Islamic Finance”, “The Role of Islamic Finance on Financial Stability”, and “Global Financial Crisis and Opportunities in Islamic Finance”.
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İstanbul: Regional Hub, Global Actor Forum
The second of the forum series entitled “İstanbul: Regional Hub, Global Actor”, organized by Borsa İstanbul in collaboration with İstanbul Financial Center Initiative as part of the vision to make İstanbul a regional and international financial center was held in New York City
with the participation of high level Turkish and international guests on April 22, 2014. The first forum meeting was held in Washington, D.C.
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Euromoney Eurasia Forum in İstanbul
The second Euromoney Eurasia Forum, jointly organized by Borsa İstanbul and Euromoney Conferences in order to deepen the Eurasian capital markets was held in İstanbul.
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“European Early Stage Investments Financing Support Cooperation Protocol” Signing Ceremony and European Business Angels Investment Forum
The signing ceremony for the “European Early Stage Investments Financing Support Cooperation Protocol” between Borsa İstanbul, The European Trade Association for Business Angels, Seed Funds and Other Early Stage Market Players (EBAN) and Business Angels Association-Turkey and a panel entitled “Early Stage Financing Techniques for Entrepreneurs” were held at Borsa
İstanbul Conference Hall on Wednesday May 14, 2014. Through the Protocol, the parties will ensure the development of the entrepreneurial ecosystem in Turkey and the Balkans, thereby increasing the number of entrepreneurs and angel investors, enlarging the ecosystem, and supporting mutual cooperation towards creating employment and innovation.
Within the framework of the Protocol, EBAN organized the first European Angel Investors Forum in Europe in cooperation with Business Angels Investors- Turkey (TBAA), Borsa İstanbul and Forbes I Para Konferansları at Shangri – La Bosphorus Hotel and İstanbul Technical University Technopark on December 15-16, 2014.
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“Building Bridges through Entrepreneurship: Turkey’s Rise as a Startup Nation in Regional and Global Perspectives” Conference As part of its efforts to improve the entrepreneurial ecosystem and thereby increase the number of entrepreneurs and angel investors, to expand the ecosystem, and to create employment and innovation, Borsa İstanbul held an international conference entitled “Building Bridges through Entrepreneurship: Turkey’s Rise as a Startup Nation in Regional and Global Perspectives” jointly with the University of California, Berkeley, with the participation of Turkish Deputy Prime Minister Ali Babacan at Raffles İstanbul Hotel on October 23, 2014.
8th Annual Meeting of the Organization of the Islamic Cooperation (OIC) Member States’ Stock Exchanges and “Islamic Economy and Finance with its International History, Theory and Practice: The Case of Turkey” Conference The 8th annual meeting of the Organization of the Islamic Cooperation (OIC) Member States’ Stock Exchanges was held at İstanbul Zorlu Center Raffles Hotel on November 11, 2014. Prior to the Forum meeting, a conference entitled “Islamic Economy and Finance with its International History, Theory and Practice: The Case of Turkey” was held
jointly by Borsa İstanbul and Marmara University. 3rd COMCEC Capital Market Regulators Forum was also held with the participation of CMB Chairman Dr. Vahdettin Ertaş. During the meeting, a Memorandum of Understanding was signed between CMB and Qatar Financial Markets Authority.
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Events
12
Culture and Arts Events
Culture and Arts Events Koro İstanbul concert Borsa İstanbul Müzik Atölyesi Group concert, Ankara Gazi University Doğa Koleji Painting Exhibition Borsa İstanbul Müzik Atölyesi Group concert, İstanbul Technical University Borsa İstanbul Müzik Atölyesi Group concert, Cyprus Borsa İstanbul Müzik Atölyesi Group concert – Middle East Technical University
4 Launch Organizations
3
Press Conferences
11 Gong Ceremonies
55
Domestic Events
20 International Events
Borsa İstanbul Müzik Atölyesi Group concert -Selçuk University Borsa İstanbul Müzik Atölyesi Group concert -Samsun Platformu Derneği (Samsun Platform Association, Ankara) Borsa İstanbul Müzik Atölyesi Group concert -Ankara Bilkent University Borsa İstanbul Müzik Atölyesi Group concert - Ankara Yıldırım Beyazıt University Borsa İstanbul Müzik Atölyesi Group concert - Yıldız Technical University
Launch Organizations Participation Index launch The Intellectual Perspective Association (EBADER) Voices of Hope in a Season for Change Sustainability Index launch Private Market launch
Press Conferences Borsa İstanbul press briefing Borsa İstanbul meets economy columnists Primary Data Center press briefing
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Gong Ceremonies Plaspak Kimya Sanayi ve Ticaret A.Ş. gong ceremony
Capital markets Board Essay Competition gong ceremony
Politeknik gong ceremony
Lider Faktöring A.Ş. gong ceremony
My Money and I Children’s Fest (Turkish Capital Markets Association) gong ceremony and drama performance
İzmir Fırça Sanayi ve Tic. A.Ş. gong ceremony
RTA Laboratuvarları gong ceremony Tuğçelik A.Ş. gong ceremony
AvivaSA gong ceremony Ulusoy Un gong ceremony Ulusoy Elektrik gong ceremony
International Events NASDAQ Gong Ceremony- İstanbul North American Innovation Conference (FEBA) – New York City NASDAQ Gong Ceremony– New York City İstanbul: Regional Center, Global Actor Forum– New York City “Meeting the Investors” dinner – New York The signing ceremony for the “European Early Stage Investments Financing Support Cooperation Protocol” Sustainable Finance Forum Euromoney Eurasia Conference Eurasia Mining Show 2014 World Federation of Exchanges (WFE) Working Committee meeting 6th International Conference on Islamic Banking and Finance All Energy Turkey FX World İstanbul Conference UC Berkeley & Borsa İstanbul Conference “Building Bridges through Entrepreneurship” IFN Turkey Roadshow 2014 Central and Eastern European Investment Conference 8th Annual Meeting of the Organization of the Islamic Cooperation (OIC) Member States’ Stock Exchanges Atlantic Council 2014 Islamic Development Bank gong ceremony European Business Angels Investment Forum
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Domestic Events VIOP applied span margining training
Making a Difference in Entrepreneurship Conference (Smile İstanbul)
VII. Corporate Governance Summit 2014 Lotto Companies Football League tournament
The signing ceremony for the “European Early Stage Investments Financing Support Cooperation Protocol” panel entitled “Early Stage Financing Techniques for Entrepreneurs”
Behavioral finance workshop
İstanbul Chamber of Industry 12th Industry Congress
“What Investors Want” seminar by Meir Statman
Training on Reporting from the Exchange certificate ceremony
OECD Workshop
Seminar for companies traded on Borsa İstanbul
VIOP Products and Market Operation workshop
Risk Management Conference
VIOP Applied Options Contracts
VIOP-Toros Menkul Kıymetler Options Contracts Training
Islamic Finance Conference
VIOP Span Margining Training
VIOP Applied Span Margining Training
Ramadan dinner for Borsa İstanbul staff
2nd VIOP Workshop
Ramadan dinner for economy bureaucrats (CMB/CBRT)
Takasbank General Assembly
Borsa VIOP - İnvestAZ Risk Management in the Derivatives Market
Borsa İstanbul General Assembly and Market Awards Ceremony
BMD participation Index promotion meeting
International Institute of Financial Management, Financial Markets at times of uncertainty
VIOP Academy
OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas” Seminar
21st Central and Eastern Europe Sports Tournament Finance and Technology Campus Groundbreaking Ceremony
The Role of Information Technology in the Future of Finance
Rotaforte Jewelry Fair
Training on Reporting from the Exchange
Lotto Companies Synthetic Pitch League
Corporate Governance Association of Turkey, The Current Situation in Investment Funds Custody and Takasbank conference
Borsa İstanbul-Deutsche Securities Derivatives Strategies Training
Participation in Boğaziçi University Career Days
İstanbul Mines and Metals Exporters Association (İMMİB)-Jewelry Meeting
Kırklareli University Debt Crisis Conference
VIOPS Virtual Portfolio Competition
Original Good Governance Forum (BYV)
Organ Donation Campaign
All about Sukuk in Turkey -2014
Briefing for the Managers of Companies traded on Borsa İstanbul
Turkish Capital Markets Association “Your Camera in your Hand, Your Future in your Pocket” Awards Ceremony
Briefing for the Application of OECD Compliance Guide
Garage Sale organized by DİLHAN for Darülaceze
Borsa İstanbul – Ata Yatırım Single Stock Futures Training
VIOP Matrix Applied Products and Market Operation Workshop
“Companies in the Light of the New Capital Markets Arrangements” seminar
Borsa İstanbul and Gedik Yatırım- Investment Opportunities with VIOP Products Seminar VIOP Span Margining Method Training
“Investment Companies in the Light of the New Capital Markets Arrangements” seminar
VIOP Span Margining Method Training
141st anniversary reception
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Procurement and Organization Activities The Procurement and Organization Service within the Corporate Communication Department carried out market research and procured branding, technical equipment, catering and other services for the conferences, receptions and other events as required by the General Management and other units of Borsa İstanbul. Furthermore, procurement of travel, accommodation and transfer services for Borsa İstanbul staff as well as speakers and trainers were carried out. Coordination services for obtaining visa were provided.
Procurement and Organizations in 2014
102
meetings and events in Borsa İstanbul building
121
receptions and events outside Borsa İstanbul building
1
international event abroad
994
airplane tickets for national and international flights
Accommodation services for
500 persons in Turkey and abroad
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International Memberships Borsa İstanbul is represented in the General Assembly, Board of Directors, and Committee meetings of the international institutions of which it is a member, and assumes an active role in the management of international sector institutions. Within this framework, Borsa İstanbul participated in various meetings organized by international exchange federations in 2014. These include Federation of European Securities Exchanges’s (FESE) meetings in Belgium and Switzerland; Federation of Euro-Asian Stock Exchanges
(FEAS) meetings held in Georgia and Croatia; World Federation of Exchanges’ (WFE) meetings in the USA, Switzerland and South Korea. Borsa İstanbul hosted World Federation of Exchanges’ Working Committee meeting held on June 11-12, 2014.
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Borsa İstanbul’s International Memberships, and Initiatives Supported by Borsa İstanbul Borsa İstanbul’s International Memberships, and Initiatives Supported by Borsa İstanbul
World Federation of Exchanges (WFE)
Federation of Euro-Asian Stock Exchanges (FEAS)
Federation of European Securities Exchanges (FESE)
Association of Futures Markets (AFM)
Futures Industry Association (FIA)
London Bullion Market Association (LBMA)
World Federation of Diamond Bourses (WFDB)
International Capital Market Association (ICMA)
International Islamic Financial Market (IIFM)
w
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w
Islamic Financial Services Board (IFSB)
International Organization of Securities Commissions (IOSCO)
United Nations Principles of Responsible Investment (UNPRI)
United Nations Global Compact
Sustainable Stock Exchanges Initiative (SSE)
Intermarket Surveillance Group (ISG)
Organization of Islamic Cooperation Member States’ Stock Exchanges Forum
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OIC Member States’ Stock Exchanges Forum The Organization of Islamic Cooperation (OIC) Member States’ Stock Exchanges Forum was initiated with a decision taken in line with the request made by the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) for launching a framework of cooperation among the OIC stock exchanges, and has been organized under the coordination of Borsa İstanbul since 2005. Borsa İstanbul hosted the eighth annual meeting of the Organization of Islamic Cooperation (OIC) Member States’ Stock Exchanges Forum on November 11, 2014. At the Eighth Forum meeting, it was decided that the members of the Task Force on Indices will cooperate with index providers to create sub-indices of S&P OIC COMCEC 50 Shariah Index. The Forum also decided that the members of the Task Force on Commodities Markets will convene through teleconference on a regular basis. In the 2014 Forum meeting, it was decided that Borsa İstanbul, in its role as coordinator, will publish an annual statistical report, work in cooperation with the World Bank Global Islamic Finance Development Center established in Borsa İstanbul campus in order to share the studies in Islamic finance with Forum members, ensure that such studies are published on the Forum website, and continue to keep the Forum members updated on the developments in the OIC member countries through quarterly newsletters.
International Cooperation Borsa İstanbul signed new cooperation agreements with foreign institutions in 2014. The agreements signed with The European Trade Association for Business Angels, Seed Funds, and other Early Stage Market Players (EBAN), and Business Angels Association Turkey (TBAA) are aimed at improving the opportunities that Borsa İstanbul offers to entrepreneurs. Thanks to the Memorandum of Understanding signed with The World Diamond Mark® Foundation, Borsa İstanbul, as the representative of the Mark in Turkey, aims to improve diamond trade and protect consumers. A cooperation agreement with the Options Industry Council (OIC) was signed in order to develop training programs on options contracts to improve the financial literacy of Turkish investors. In line with this agreement, Borsa İstanbul was allowed to use OIC’s training materials and curriculum.
A workshop was held in Almaty jointly with Kazakhstan Stock Exchange (KASE) on June 23, 2014, and a strategic partnership agreement was signed in September 2014. The agreement covers cooperation on markets, listing, products, technology and know-how sharing as well as share acquisition by both parties. In order to assess various cooperation opportunities with Montenegro Stock Exchange, a shareholding of Borsa İstanbul, a roadshow was organized at Borsa İstanbul on February 5, 2014. The delegation led by Montenegro Minister of Finance convened with Turkish banks and portfolio companies under Borsa İstanbul’s coordination, to discuss the government bond issue of € 100 million that the Montenegro government is planning.
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European Angel Investors Forum in İstanbul The first European Angel Investors Forum in Europe, bringing together the best SMEs of Europe as well as public authorities, angel investors, venture capital funds, Exchange managements and all other institutions striving to facilitate access by entrepreneurs to finance was hosted by Borsa İstanbul in İstanbul for the first time.
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Foreign Delegations Visiting Borsa İstanbul Due to the construction activity at Borsa İstanbul premises that started in 2014, the requests of foreign delegations intending to visit Borsa İstanbul were met only until June 2014. Included in the delegations that visited Borsa İstanbul were groups from foreign capital and money market institutions. To cite a few, representatives of CIMB Group (a Malaysian-based international investment bank), Royal Bank of Canada (a Canadabased global financial group), Mofid Securities (Iran’s largest brokerage house), Toronto Stock Exchange, Austrian banks, Fidelity Investments (a global investment company), US Congress members, Otkritie Kapital (one of the largest investment institutions of Russia), Thomas Murray Data Services visited Borsa İstanbul and received information about the Turkish economy and capital markets.
As per the request of Kyrgyzstan capital markets regulatory institution, meetings with relevant departments and training programs were arranged. A similar program was organized for the top executives of Erbil Stock Exchange, which is preparing to start operations, and also one for the representatives of Erbil Chamber of Commerce. Borsa İstanbul also hosted the Board meeting of the Kyrgyz Stock Exchange on February 27, 2014. More than 800 foreign visitors were welcome during 2014.
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Included in the visitors from foreign academic institutions were post graduate and doctorate students from Baylor University, Wisconsin School of Business at the University of Wisconsin, Harvard Business School, University of Pennsylvania, George Washington University MBA, University of South California, School of Business D’AmoreMcKim Northeastern University MBA, Georgia State University, Brandeis University, Utah State University, Boston College, University of Virginia McIntire School of Commerce, Azusa Pacific University, Wharton School of Business MBA and Vlerick Business School,
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Belgium, Vrije Universiteit AmsterdamHolland, Niels Brock Business CollegeDenmark, Universitat Luzern-Switzerland, Universitat St. Gallen- Switzerland, London Business School-UK, EDHEC Business School MBA-France. More than 800 foreign visitors were welcome during 2014.
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Human Resources Borsa İstanbul strengthened its human resources thanks to the recruitment of approximately 200 staff that are graduates of the leading universities of Turkey and the world, and experienced in the finance and information technology. Borsa İstanbul continued its activities with qualified human resources in 2014. In line with the importance attached to the career targets as well as the professional and personal development of Borsa İstanbul staff, and in order to use the
staff in positions where they can make use of their knowledge and abilities in the most effective manner, and to add to their motivation and attachment to the company by offering career management opportunities, the vacancies were advised to Borsa İstanbul staff through internal notices. Within this framework, 15 employees succeeded in the exams and were appointed to the vacant positions. In addition to that, 58 employees passed the advancement exams and were promoted.
Number of Employees, Average Age and Seniority
Number of Employees Average Age Seniority Çalışan Yaş Ortalaması
2011
2012
2013
2014
452 41.12
495 38.36
634 37.48
559 37.45
13.83
10.48
9.19
9.37
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Organizational Development
Borsa İstanbul carries out organizational and cultural transformation simultaneously, and efforts to simplify the business processes and accelerate the decision-making mechanisms continued in 2014. In line with company strategy, the main business groups and departments were restructured and the organizational structure was simplified.
Performance Management Performance management system, aimed at gaining the required human resources towards becoming a leading exchange of the region and rewarding the good performance of employees was introduced in 2014. The performance level of the employees became the most important factor in forming the personal career plans and determining wages. The infrastructure of the system, envisaging that similar work is reimbursed similarly, and those who perform better than expected are rewarded with higher salary increases and higher bonuses, was established. Within this scope, the responsibilities of the units were defined and core competencies, managerial competencies and technical competencies based on job families were determined.
A comprehensive training on the purposes and requirements of performance management system, the role of employees in performance management system, the factors to be considered in performance assessment interviews and 360 Degree Performance Management System was offered to the employees. Thereby, efforts to promote the system and to have it internalized by the employees continued during the year. Within the framework of Performance Management System, the culture of “management by objectives” was established in Borsa İstanbul. Interim performance assessment meeting was held in order to create a culture of monitoring targets and giving feedback, and workshops were organized with the managers to determine the 2015 targets in line with Borsa İstanbul’s strategies.
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Cooperation for Education Finance Implementation and Research Center, established as a result of the cooperation of Borsa İstanbul and Boğaziçi University organizes a series of training programs for the economy reporters on four different topics.
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Training Activities In consideration of company requirements and employees’ career expectations, Borsa İstanbul offers training and development opportunities in and out of Turkey.
Since 2013, Borsa İstanbul employees have taken part in numerous events in 50 countries as either speaker or participant. A total of 17,000 hours of training was provided to the employees under 150 different subjects. Within the framework of the strategic partnership agreement with NASDAQ, 18 trainings were organized in Turkey during the year, and more than 200 Borsa İstanbul employees participated in these trainings. Furthermore, 24 employees were assigned to take part in the technological infrastructure studies and to participate in trainings in Australia, Sweden and USA with an average duration of 6.5 months.
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A total of 16 theoretical and automated trading system hands-on training programs for the Equity Market, Debt Securities Market and Derivatives Market were organized for the brokers to be authorized to trade on Borsa İstanbul markets. 188 broker firm employees participated in these trainings. A training program designed to inform the staff of Borsa İstanbul-traded companies on the capital markets attracted 74 participants. During the year, 423 students participated in the Student Training Program, organized by Borsa İstanbul in order to inform university students on the operation of the Turkish capital markets and Borsa İstanbul markets, and thereby offer them the opportunity to have an idea about working in the capital markets, and add to the number of conscious investors within the framework of financial literacy. Within the scope of İstanbul International Financial Center project, the fourth “7 Regions, 7 Universities Certified Training Seminar” was realized jointly by the Capital Markets Board and Turkish Capital Markets Association, and trainings were held at Kilis 7 Aralık University, Kahramanmaraş Sütçü İmam University, Kars Kafkas University, Elazığ Fırat University, Hatay Mustafa Kemal University, Çorum Hitit University, Muğla Sıtkı Koçman University and Konya Selçuk University.
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Finance Implementation and Research Center, established as a result of the cooperation of Borsa İstanbul and Boğaziçi University, organized training programs for exchange reporters on the capital markets and Borsa İstanbul. 26 reporters from 18 institutions participated in this training. Participants were trained on the Equity Market, Derivatives Market, Debt Securities Market, Index and Data, and Precious Metals and Diamond Markets by Boğaziçi University academicians and Borsa İstanbul experts.
FEAS On-Site training, participated by 12 persons from 9 countries that are members of the Federation of Euro-Asian Stock Exchanges (FEAS) was sponsored by Borsa İstanbul in 2014. During the twoweek program enhanced by visits to traded companies, capital markets institutions, and financial media companies, Borsa İstanbul and the Turkish capital markets were promoted.
Training Programs in 2014 and Number of Participants
1,600 1,400
1424
1,200 1,000 800 600
423
400
188
200 0
Internal Training Programs
Student Training Programs
Broker Training Programs
74
Trainings for Borsa İstanbul-Traded Companies Staffi
12
Trainings for Foreign Groups
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Primary Data Center and Datawall Striving to strengthen its technological infrastructure towards becoming a regional power, Borsa İstanbul employs the most advanced technology in the world thanks to the Primary Data Center and Data Wall.
Borsa İstanbul Co-location services started being offered by the Primary Data Center in July 2014. The agreement providing for the dissemination of MKK and Takasbank data through Borsa İstanbul was signed at end-2014 and data dissemination will start on April 1, 2015. The data disseminated by Borsa İstanbul started being offered from the Point of Presence (PoP) at the Equinix data center in London.
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Information Technology Software Development Activities Technological Transformation project within the Framework of the Strategic Partnership with NASDAQ 2014 targets for the sub projects Genium INET Trading, Clearing, Settlement, ICS-II Index Calculation System, SMARTS Surveillance System, GMI Data Dissemination, Data Warehouse and Trade Guard Risk Management were realized. In the analysis, design, code development, configuration, user acceptance tests, operation and knowledge transfer phases of the projects, IT and other relevant departments employees of Takasbank and Borsa İstanbul participated in the studies at NASDAQ’s offices in Stockholm, Sydney and Denver. Also, a team consisting
of Borsa İstanbul and Takasbank staff continue to work on technology transfer at the “Development Center” established in Borsa İstanbul. For use in the user acceptance tests of NASDAQ products; user acceptance tests for order entry through FIX and OUCH order transmission channels, checking of ITCH data dissemination and DirectDrop internal communication messages, and ICS II database and Data Warehouse records are scheduled to be initiated in February 2015.
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FIXAPI: New Interface for Order Entry Transmission of Equity Market members from EXAPI order transmission channel to FIXAPI channel was successfully completed, and the ratio of the orders coming from FIXAPI channel to all orders reached 96 percent. During the transmission studies, 10 software companies and 57 members were FIXAPI certified. Since FIXAPI channel operates asynchronously, there was an approximately 60 percent increase in the number of orders transmitted in the time unit. As the order transmission connections were shifted to FIXAPI servers, there was a 40 percent decline in the trading system’s CPU and memory resource usage of the trading system, while the performance and capacity of the system almost doubled.
VIOP FIX API Application is Introduced Borsa İstanbul launched VIOP FIX API in April 2014. Furthermore, in order to support investment institutions in their efforts to develop FIX API connection as well as the certification process, FIX API Simulator application was developed. FIX API certification is graded as “basic”, “medium”, “comprehensive”, “full“ and “custodian” in line with the requirements of investor institutions.
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Euro-Asian Data Dissemination Network (EDDN) Projects A FIX protocol adapter was written on Borsa İstanbul data dissemination system, thereby creating a scalable integration layer in order to disseminate the market data of Network’s Members. With the aim of being a regional data hub, the first market data disseminated within this integration layer was Sarajevo Stock Exchange (SASE) market data. Borsa İstanbul started to disseminate SASE market data on January 1, 2014.
Co-location Projects FIXAPI servers were placed in the colocation systems hall of Borsa İstanbul’s Primary Data Center, decreasing the round-trip latency to less than 1 millisecond. For members that do not want to be affected by the workload of other members, “Drop Copy” service was initiated for the risk management of the orders sent from the co-location environment. “Dedicated Gateway” service became available for co-location customers.
In order to allow High Frequency Trading at Borsa İstanbul co-location center, market data dissemination was transferred to ITCH protocol, a globally accepted data dissemination format created by NASDAQ. All orderbook changes and trades are sent as ITCH messages to the ITCH listeners in real-time.
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System Improvement in the Precious Metals and Diamond Markets
Project to allow Offers and trade on the basis of on/off London Bullion Market Association (LBMA) Refinery Discrimination on the Precious Metals and Diamond Markets This project was launched to define information regarding the delivery refinery at offering or trading phase for the trades on the Precious Metals and Diamond Markets. Thereby, Borsa İstanbul members are offered the opportunity to determine and see the delivery refinery at offering or trading phase, and schedule their post-delivery actions in the case of, particularly, exports.
Improving API Application In order to allow electronic order transmission from investor institution systems to the Precious Metals and Diamond Markets trading systems, an easy-to-apply interface (API) in line with the sector demand was developed and launched.
Mini Bullion Market Project
As a result of the improvement in the Precious Metals and Diamond Markets, a separate market was launched for mini bullion trades in the Precious Metals and Diamond Markets. The trade size, which was previously mini bars and minimum 100 grams, was decreased to 1 gram. As well as the Precious Metals Trading system application, members were allowed to send orders on behalf of their customers via API protocol. Early Cash Settlement Project The system was developed to provide early cash delivery for participants of Precious Metals and Diamond Markets who prefer to make early cash settlement without waiting regular settlement at the end of the day.
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NASDAQ Technological Transformation Program Surrounding Projects Within the framework of NASDAQ technological transformation program, efforts on the issues outside the scope of the main projects carried out by NASDAQ are qualified as “NASDAQ Surrounding Projects”. The projects carried out in coordination with other NASDAQ projects are as follows:
• Developing Exchange Commission Calculation • Developing the Corporate Actions application which will work in integration with GINET Trading&Clearing, ICS-II (Index Calculation System), SMARTS (Surveillance System) and DWH (Operational Database) for NASDAQ platform • Public Disclosure Platform (PDP) integration project which will ensure that trading halts are advised to PDP and the news received from PDP is transferred to GINET systems. • Developing the Surrounding Systems Integration Layer in order to ensure that surrounding systems are developed in a modern, strong and high performance software infrastructure following the transition to NASDAQ system. • Developing the back-office and business intelligence reporting system which will realize the operational/web/ internal and business intelligence reporting from NASDAQ environment. • NASDAQ data-wall integration • NASDAQ monitoring infrastructure integration
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Current Applications and System Improvements Debt Securities Market Trading System and Infrastructure Renewal The hardware infrastructure of the Debt Securities Market trading system was replaced with new hardware, and the required improvements were implemented to allow the existing applications to work on the new hardware infrastructure. Also, database servers were changed and the applications were upgraded to 9.40 version of Informix database. Commissioning infrastructure and operation menus were entirely renewed, regression test infrastructure was improved and the automation system applying daily regression test was commissioned.
Performance Improvement in VIOP Trading System As a result of the efforts aimed at increasing the performance and capacity of VIOP trading system, trading system opening accelerated by three fold, trading capacity was increased from 2,500 orders/ second to 3,200 orders/second, the speed of FIX order transmission channel was increased by 50 percent, and gateway inquiry capacity was increased from 800 inquiries/second to 6,000 inquiries/ second. Furthermore, end-of-day/end-of month processes were shortened.
Options Contracts added to VIOP Simulator Application VIOP Simulation application, aimed at contributing to the awareness on derivatives and making the traded contracts better comprehended in the market, was improved to include options contracts in addition to futures contracts.
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Process Monitoring and Reporting Problem Management Business intelligence report groups With regard to problem management, market early alert and FIX Gateway monitoring applications were developed for the proactive determination of problems. Market monitoring and early alert applications for the Equity Market, Debt Securities Market and Derivatives Market were introduced. Services that produce alerts on the basis of cuts in order transmission connectivity and traded values were added.
Corporate Solution Applications The first phase of Borsa İstanbul Customer Relations Management System was commissioned along with Borsa Portal Application for the automation of internal processes and fulfilling the requirements other than the trading systems. E-Demand Project Management Application, e-Correspondence and Corporate Electronic Mail Integration, Purchasing Automation, General Expenditure Automation, Failure Registration and Accounting Integration, Representative Authorization application and HR-WEB Integration were realized within this scope.
for the General Management, Human Resources, Derivatives Market, Equity Market, Index and Data, Marketing and Sales, Accounting and Finance Project Management Business Group were prepared while automatic report generation requirements of the World Federation of Exchanges (WFE), Federation of European Securities Exchange (FESE) and Federation of European and Asian Stock Exchanges (FEAS) were fulfilled.
Other Improvements Within the framework of current market applications, the following projects were concluded: Creating Risk Control Indices which calculate and disseminate over the Internet of risk control indices to allow investments at a fixed risk level; creating a database of right use information on the basis of information received from PDP; calculating Debt Securities Market indices with a new methodology; developing the application for evaluating the Derivatives Market market makers; and developing the technical infrastructure for sending the reference data packages and end-of-day data over ftp.
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System Management Activities
Data Center Project Efforts to establish Borsa İstanbul Primary Data Center (PDC) were completed under the coordination of System Operation Unit within a period of six months in February 2014. Construction, architecture, mechanics, electricity, information technology, security, automation, and so forth were carried out with Support Services Unit. Prior to the launch of the Data Center, all components of the main disciplines were subjected to comprehensive redundancy and integration tests that took one month. Having completed the tests successfully, PDC was launched in a ceremony with the participation of international press members on April 3, 2014. Primary Data Center has technical equipment of up to international standards, advanced design and engineering features. All components in the Center work in redundancy. The Center is highly secure and can be monitored from a single point. Compared to its counterparts, PDC employs high energy efficiency. Following the launch of the Primary Data Center, all systems used in Borsa İstanbul were moved to the Center without any discontinuance of services within a period of four months. Takasbank and Merkezi Kayıt Kuruluşu systems were also mounted in PDC by the relevant institutions and made ready for transition in the last quarter of 2014. Within this framework, Borsa İstanbul started to provide server location services to Takasbank and MKK.
Design, Assembly and Moving of PDC Local Network Communication Infrastructure A local communication network infrastructure of world standards that will serve the servers located in PDC and Borsa İstanbul users to connect to such servers was commissioned. On this network, speeds of 10Gbps and 40Gbps are supported for, respectively, server connections and core connections. Thanks to the redundant, extendable new network infrastructure designed for data center architecture, information technology requirements were satisfied rapidly. PDC network architecture is designed in a three-level structure (access, distribution, core). Separate sub networks were created within the framework of Borsa İstanbul’s critical business flows. Each sub network is designed redundant, and within each sub network, there are the access and distribution routers providing server
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connections. The communication among the sub networks, the communication of the sub networks with Borsa İstanbul’s wide area network, with Disaster Recovery Center, and with different institutions and exchanges are provided through redundant switchers/routers in accordance with pre-determined rules. As part of the network infrastructure provided in PDC, an environment that will serve NASDAQ systems and co-location, and where high speed and low latency trades will be realized was designed and commissioned.
All Systems and Equipment in the Old System Room Move to PDC
The old system room and data center were operated simultaneously as network, and therefore, no configurational change (such as Vlan, IP address, gateway) was required in any servers to be moved from the old system room to PDC.
As a result of the extended planning, analysis and field work that had been carried out since February 2014, the analysis document and system information cards were prepared. The physical transfer started on June 7, 2014 and was completed in seven phases on July 20, 2014.
All servers, systems, equipment and components thereof, located in the old system room which had been used for twenty years, as well as Borsa İstanbul’s corporate saving units and back-up libraries were transferred to PDC.
In the final stages of the transfer program which was initiated with systems of less critical importance for the exchange operations, critical market systems were transferred. Once the transfer was completed, extended tests, some with the participation of all IT groups, MKK, Takasbank, Borsa İstanbul-member brokerage houses and data vendors, were applied. All markets and other infrastructures of Borsa İstanbul started operating in an environment of international standards in terms of both mechanics and network infrastructure.
Overseas Point of Presence (PoP) For those foreign data vendors operating abroad which do not receive data feed services from Turkey or that currently continue to receive such services from Turkey, a Point of Presence (PoP) was established at Equinix-LD5 Data Center in order to allow them to receive Borsa İstanbul data feed from London. PoP became operational at end-2014. In order to reach out to new regions and extend its product and service portfolio, Borsa İstanbul established an access point in another country, allowing access to its data through a different path.
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Radio Link Service on Wide Area Network We suggest Borsa İstanbul members to have their redundant connections over fiber lines and two different operators in order to minimize possible connection problems in market access. Members located in regions without fiber cable due to reasons such as failure to get excavation permission may face problems in market access through a different operator, and Borsa İstanbul made an effort to overcome such problems. Within this framework, Radio Link technology, which offers an alternative to land lines was examined and Borsa İstanbul finalized the required technical work to allow the members to access the markets through different Radio Link networks. Thanks to this technology, members’ business continuity was strengthened by ensuring continuous order transmission by members.
Site-to-Site VPN Infrastructure on Wide Area Network Temporary Trading Floor, ATM Line Consolidation, Offices in the Social Facility Area Efforts to establish a Temporary Trading Floor for the Equity Market, initiated in August 2014 was completed in a period of two weeks, and brokers moved to the Temporary Trading Floor and started transmitting orders smoothly. The member connection on one of the two 155 Mbps ATM circuits on Türk Telekom network, which has been operating since the establishment of the wide area network, was consolidated on the other ATM circuit. Thereby, it was possible to save on the monthly expenses of the wide area network. Furthermore, the network installation for Borsa İstanbul users that moved to G block were completed, and users moved to their new offices.
In order to ensure secure order transmission between Borsa İstanbul and its members over the Wide Area Network, Client-to-Site VPN (virtual private network) connection method is used. As it became imperative to support different methods as an alternative to this connection method, in addition to Client-to-Site VPN method, Site-to-Site VPN infrastructure support was provided. With regard to WAN member VPN connections, this infrastructure aims at: • Ensuring that establishing separate VPN connections on each client computer is no longer the only option, • Improving VPN infrastructure monitoring, problem analysis and problem solving activities performed by Borsa İstanbul and the member, • Providing an alternative structure since using VPN software on the server systems is not supported by the manufacturer, • Supporting connection to more than one market over a single client computer, which will be an issue especially after introducing the NASDAQ infrastructure. Since the member connections are redundant, the infrastructure is designed in such a way to support balanced use on each connection. In order to ensure that the lines are used in a balanced manner, the members were informed about the structure recommended on the member side.
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Other Studies Regarding IT Security Annual penetration tests were applied on the Internet and wide area network in order to test the information security of Borsa İstanbul’s IT services in face of the current threats to information security, and to take the necessary actions on the findings. Within this framework, tests for the year 2014 were realized, and the necessary actions with regard to the findings were coordinated. In addition to the regular annual tests, tests on the new websites are realized. Furthermore, trainings aimed at raising IT security awareness on the side of Borsa İstanbul staff were organized. At the end of these online trainings on Intranet, quizzes were held.
Equity Market Trading System Redundancy User Management in Market Systems Along with the market systems, user management in Unix/Linux systems was centralized; while central user control and authorization was made possible, critical systems acquired the ability to keep control records. User management was centralized, allowing the users to enter all the systems with a single password. Therefore, procedures such as renewing forgotten passwords, which add operational burden on both users and system managers were removed, and user accounts were kept updated on the systems. Thanks to the ability to keep control records by the market production systems, it became possible to monitor and control the systems. NASDAQ production systems, in their entirety, were included in this scope.
The project is developed for the use of Equity Market development system for physically backing up the Equity Market trading system, which is fully redundant. In the event that the Equity Market trading system is partly or fully inoperative due to a possible breakdown, the other system, which is the development system of the same market, opens as the main trading system and the Equity Market application operates on this system. The market application tests applied following the transition showed that the back-up system can operate as the main trading system.
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Improvements in Market Application Operation In order to reduce or avoid personal faults on operations, efforts on automation were accelerated. For this purpose, an application was introduced which allows the applications, each step of which was previously initiated by an operator, to be carried out automatically. Primarily, the opening steps of the Derivatives Market were dealt with. During the examinations applied in the test and commissioning phases, the existing steps were simplified and thereby, the opening time was significantly shortened.
NASDAQ System Infrastructure
IT Automation For IT automation, an efficient product allowing one system manager to centrally manage numerous server systems was introduced. The project was commissioned as a result of research and development studies which took nearly three months, upon establishment of NASDAQ production systems infrastructure. Borsa İstanbul prepared for NASDAQ production systems integration tests with this infrastructure and upon the start of integration tests, the changes in the system configuration started to be carried out in coordination with NASDAQ project stakeholders. As the project was completed on December 24, 2014, the configuration management of NASDAQ production, development and test environments in the system layer was automated. Therefore, it was possible to apply the general configuration changes in a faster, controlled, versionable and reportable manner.
The program document regarding the NASDAQ system infrastructure was discussed, and the number, functions, and configurations of the server systems to be used at Borsa İstanbul and the Disaster Recovery Center for the production environment were finalized and agreed upon with NASDAQ. Physical mounting was completed on August 5, 2014, and the software stack was set on the systems, and the final acceptance of the systems was realized on September 16, 2014. System integration tests on Borsa İstanbul and Disaster Recovery Center were applied with NASDAQ specialists in November and December 2014.
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Activities Regarding Disaster Recovery Management Disaster recovery drill, applied annually to determine the functionality, and if any, faults and errors in disaster recovery applications, was held with the participation of IT departments, relevant markets, business units and members on November 15, 2014. The environment for the drill was examined, and the hardware, application and infrastructure required for the units and departments that will participate in the drill were prepared. The scenarios prepared by the relevant departments were handled by the units in coordination. The breakdowns that arose during the drill were interfered with immediately, and feedback was received from the departments on the errors and the source of such errors, and an action plan against the repetition of such errors was designed.
Activities regarding Borsa İstanbul Staff The printers used in Borsa İstanbul were consolidated, and by decreasing the diversity of the printer models, it was possible to save on spare parts and consumables for printers. Towards this purpose, well-known companies that apply a similar management model were examined to determine the pros and cons of consolidation. The printers in use and consumables were delivered back to the contractor, and were replaced by multifunction laser printers, spare parts, and consumables. These printers were placed in common locations, and we attempted to make the employees limit the use of printers. Thanks to the card-reader system on the printers, documents that are sent to the printer, but not printed, it was possible to save a significant amount of paper and toner. Also, secure document printing was introduced.
Virtual Desktop Infrastructure studied for updating and changing PC hardware and applications, and allowing the operations to continue independent of the user by central interference, and saving time. Costs related to improving PC hardware features or upgrading the hardware with new models was taken outside the scope of the study. With this project, the investment was made on thin client equipment and strong server. VDI application was also used at the 2014 Disaster Recovery Test.
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Project Management Activities The request and project management processes used for the more efficient management, monitoring and coordination of projects towards the strategic targets of Borsa İstanbul were revised in line with international project management systems in a way to create a common standard among Borsa Istanbul units. In order to add to the expertise of staff on project management, trainings entitled “Basic Concepts in Project Management” and “New Request and Project Management Processes” were organized.
NASDAQ Technological Conversion Program Within the scope of the strategic cooperation agreement between Borsa İstanbul and NASDAQ, the current market applications in Borsa İstanbul as well as the technological infrastructure will be renewed to a significant extent.
E-Demand application, used for applying project management processes and convening the project inventory of Borsa İstanbul was re-designed and is planned to be commissioned in January 2015. In order to facilitate the adaptation of the new E-Demand application, Borsa İstanbul staff of all levels was offered trainings. The planning, monitoring and coordination of the technological infrastructure conversion project within the framework of the strategic cooperation with NASDAQ is carried out by Project Management Group.
In the first phase of the technological conversion program planned as a two-phase project; Equity Market Trading System (Genium INET Trading), Clearing and Settlement System (Genium INET Clearing), Index Calculation System (ICS-2), Data Dissemination System (GMI), Surveillance System (SMARTS), Operational Databases and Reporting Infrastructure will be renewed.
second phase; Debt Securities Market Trading System, Derivatives Market Trading System, Precious Metals and Diamond Markets Trading System, Settlement of the above mentioned Markets second half of 2016.
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Development studies for the first phase initiated in January 2014 have been completed to a great extent, and user acceptance tests are planned to be initiated in February 2015. The analysis of the first phase of the project were completed, development studies reached the final stage, and interim versions were tested. The second phase of the technology program was initiated with the meetings held at Borsa İstanbul on August 2729, 2014. Within the framework of the information transfer project of the second phase, the relevant staff of
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Borsa İstanbul and Takasbank will start being appointed to work abroad as of January 2015. Detailed analysis studies for the second phase of the project were initiated, and the requirements of certain modules were finalized. As a result of the initial configuration realized at NASDAQ Stockholm office, the first version of the software was assembled in İstanbul and the interim versions started to be tested. These changes in both the technological infrastructure and certain business rules are expected to affect the application and system infrastructure of Borsa İstanbul members, software companies and data vendors.
In order to ensure that the technology change through NASDAQ systems is realized rapidly and smoothly, and to inform the market participants about the progress of the project, schedule and changing business rules, briefing meetings for Borsa İstanbul and Takasbank members were held in February, July, November and December 2014, and the support web portal in Turkish and English and e-mail address were launched.
NASDAQ Technological Conversion Schedule 2015
2016
1st Phase Acceptance Tests
2nd Phase acceptance tests
1st and 2nd Phase member briefing
2nd Phase member briefing meetings
meetings
2nd Phase member trainings and tests
1st Phase member trainings and tests
2nd Phase transition to live environment (3rd Quarter, 2016)
1st Phase transition to live environment (September 2015) Integrated analysis, design, development and beta/system tests of the 2nd Phase are completed 2nd Phase information transfer is completed
Integrations initiated in İstanbul
2017 Coding for application development initiated in İstanbul NASDAQ support agreement is finalized (3rd Quarter, 2017)
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Legal Activities Assessment in General
Established as a joint stock company subject to private law, Borsa İstanbul operates exchange business in accordance with the Capital Markets Law (Law) no. 6362. In addition to the capital markets legislation, particularly the Turkish Commercial Code, Turkish Code of Obligations, Labor Code, Law Regarding the Protection of the Value of Turkish Currency and other regulations extended the scope and gave a new direction to the legal activities of Borsa İstanbul. Efforts to adapt Borsa İstanbul to the provisions envisaged in the Law continued in 2014. “Regulation Regarding the Principles of Exchange Business Activities of Borsa İstanbul A.Ş.” and “Regulation on Principles of Borsa İstanbul A.Ş. Exchange Business Activities Regarding Precious Metals and Precious Stones” prepared by Borsa İstanbul on the basis of article 67 of the Law was published in the Official Gazette by the Capital Markets Board on October 19, 2014. With the said Regulations the listing, de-listing, being traded on the Exchange, suspension of trading, transmitting and matching of orders, meeting the liabilities regarding the realized trades in a timely manner, giving authorizations for trading on the Exchange, executing disciplinary regulations, exchange revenues and collection thereof,
settlement of disputes, preventing possible conflicts between or among the Exchange, its stakeholders, and/or market operator, operation, audit and surveillance systems of the Exchange, and establishment, operating and management of markets are regulated. With such regulations regarding exchange activities, a significant progress was made related with the regulations has to be made according to Law and the basis for the procedures and principles to be determined for the markets, submarkets, platforms and systems within Borsa İstanbul was formed. İstanbul Menkul Kıymetler Borsası (İMKB) and İstanbul Gold Exchange merged under the roof of Borsa İstanbul on April 3, 2013, and Turkish Derivatives Exchange (TURKDEX) was included in this structure in 2014. According to sub-paragraph (b), paragraph 6, article 138 of the Law, share transfer between TURKDEX shareholders and the legal personality of Borsa İstanbul was realized, making Borsa İstanbul the sole holder of TURKDEX shares. Contracts traded on TURKDEX migrated to Borsa İstanbul Derivatives Market (VIOP) on August 5, 2013. In consideration of these, Borsa İstanbul applied to the Capital Markets Board for authorization for the facile merger of Borsa İstanbul and TURKDEX as envisaged in article 144 of
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the Turkish Commercial Code, transfer of TURKDEX’s assets and liabilities to Borsa İstanbul, and as a result of such merger, extinction of TURKDEX’s legal personality. In response to Deputy Prime Ministry’s letter no. 4164 dated December 11, 2013, based upon the Capital Markets Board’s affirmation, the Council of Ministers, by its resolution no. 2014/5776 dated January 2, 2014, decided to annul the Council of Ministers’ resolution no. 2001/3025 dated September 10, 2001 regarding the establishment of a futures and options exchange under the title of “Futures and Options Joint Stock Company”. As a result of the studies carried out following this Resolution, the decision regarding the transfer of TURKDEX to Borsa İstanbul according to articles 152-153 of the Turkish Commercial Code was registered in the Trade Registry on March 28, 2014, and TURKDEX was transferred to Borsa İstanbul including its legal personality, assets and liabilities, and the merger of the companies was concluded.
Litigation Legal Department representatives carried out follow up of a total of 168 legal cases and 64 executive proceedings that Borsa İstanbul is party to, including those cases and executive proceedings against İMKB, İstanbul Gold Exchange and TURKDEX which merged under the roof of Borsa İstanbul. Currently, the Company is not party to any court cases or executive proceedings that may influence its financial status and activities. During the year, there have been no administrative or judicial sanctions applied on the Company
or its management due to practices violating the legislation. In order to contribute to Borsa İstanbul’s organizational effectiveness and efficiency, Borsa İstanbul started to receive services from outside legal firms for the follow-up of its rights and interests, representation vis a vis administrative and judicial authorities, and the follow-up of its intellectual property rights on October 25, 2014, and the Legal Affairs Unit was closed. The surveillance of the legal consultancy services offered
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by the legal firm, representation of Borsa İstanbul vis a vis administrative and judicial authorities, and follow-up of Borsa İstanbul’s intellectual property rights is realized by the Legal Counseling unit reporting to the Chairman & CEO. Contracts, agreements, and protocols to which Borsa İstanbul is party, and other similar texts were evaluated with a legal perspective, legal opinion was prepared on various subjects upon the request of the General Management and Borsa İstanbul units, the data room maintained for strategic partnership negotiations was kept updated, and prospective strategic partners’ questions on law in
Monitoring and Protection of Intellectual Property Rights
due diligence meetings. With regard to strategic partnership negotiations, the draft contracts that will frame prospective partnerships were examined, legal consultancy on contract negotiations was offered, 964 applications made by administrative and judicial authorities or individuals were replied, and also the staff took part in the tender commissions for procurement of goods and services. Disputes between investment institutions and their clients regarding the transmission and matching of orders, or timely fulfillment of the liabilities regarding realized orders were settled by Borsa İstanbul upon
Filing the applications for the registration of Borsa İstanbul trademarks and Index names to the Turkish Patent Institute within Turkey, and to World Intellectual Property Organization-WIPO for international registration in line with the Madrid Protocol that Turkey has been party since January 1, 1999; having the registration documents issued; protecting the trademarks of the financial products and market names; and registration of new trademarks within the framework of technological conversion were carried out by Borsa İstanbul Legal Affairs department until October 25, 2014. After this date, activities related to intellectual-industrial rights started to be
application of investors. In cases of disputes, the preparations for the opinion of the Dispute Committee, which forms the basis for Borsa İstanbul’s Board decision, were made by the Legal Affairs Unit as secretariat. Furthermore, actions and behaviors of investment institutions and their staff, which are in conflict with the law, were examined by the Disciplinary Committee, for which the Unit serves as secretariat as well, and the Commitee’s decisions were applied upon Board of Directors’ approval. Since October 25, 2014 Compliance Unit has been providing secretariat services for the Dispute and Disciplinary Committees.
carried out by the law firm on contractual basis, under the surveillance of the Legal Counsel. In addition to registration applications, Borsa İstanbul took legal action within the framework of intellectual property rights and trademark legislation against domain name registrations and web based publications of companies which are similar to and may be confused with Borsa Istanbul’s registered trademarks.
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General Assembly Borsa İstanbul’s first Ordinary General Assembly meeting convened on March 31, 2014 with the participation of shareholders and representatives. At this meeting, • The Balance Sheet and Profit/ Loss Statement for the year 2013 were approved, • Board members were discharged in accordance with the Turkish Commercial Code, • Upon the proposal of the Board, it was decided to keep General Legal Reserves of 5 percent (TL 1,198,819.55) from the balance of TL 23,976,391.00 after providing for tax from the 2013 net profits in accordance with article 519 of the Turkish Commercial Code and article 27 of the Articles of Association, and to retain the balance of TL 22,777,571.45 to strengthen the Company equity,
• Monthly net remuneration for the Board members was determined and eight Board members were elected (1 member representing A group shares, 4 members representing B group shares, and 3 members representing C group shares) for a term of three years, • The General Assembly was informed on the independent audit company to audit the 2014 accounts, • The modifications proposed on article 6, entitled “Capital and Shareholders”, article 8 entitled “Structure of the Board” article 14, entitled “Board meetings and operation principles” and temporary article 2 entitled “Transfers to be made in line with article 138 of the Capital Markets Law” of the Articles of Association, in accordance with the Capital Markets Board’s letter no. 2097 dated February 28, 2014 and the Ministry of Customs and Trade’s letter no. 1229 dated February 28, 2014 was decided to be approved.
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Compliance Activities The purpose of compliance, a “preventive law” mechanism, is to ensure that companies act in accordance with the legal and ethical principles within and outside the entity through the system they will establish within the company, and prevent any contradictions before they actually occur. Borsa İstanbul’s fundamental principle is to comply with corporate governance principles and become a transparent, efficient and reliable company. Therefore, Borsa İstanbul established the Compliance Unit in 2014 and Borsa İstanbul Compliance Unit Directive, which regulates the duties, authorities and responsibilities of the Unit, went into force.
Within this framework, the Compliance Unit is responsible for the following; • Work in coordination with the relevant unit for all external legislation to be issued by Borsa İstanbul to ensure that such legislation is in accordance with national and international standards, • Work in coordination with the Human Resources Unit and the relevant unit for all internal regulations to ensure that such regulations are in compliance with the basis legislation and Borsa İstanbul standards, • To eliminate any hesitations of the Units in interpreting the internal and external legislation, or compliance with the basis legislation, and prepare Borsa İstanbul’s ethical principles regarding money laundering, prevention of financing of terrorism, fight against corruption, bribery and similar economic crimes, etc. • Monitoring and assessment of the activities carried out by Borsa İstanbul Units with regard to compliance with the above mentioned principles, • Carrying out the secretariat of the Dispute and Disciplinary Committees, and replying to the letters by administrative authorities addressed to Borsa İstanbul.
Compliance Unit contributed to the preparation of “Regulation Regarding the Principles of Exchange Business Activities of Borsa İstanbul A.Ş.” and “Regulation Regarding the Principles of Precious Metals and Precious Stones Exchange Business Activities of Borsa İstanbul A.Ş.” enacted in 2014. Compliance Unit gave opinions on the Human Resources Directive, Document Management Application Procedures and Principles, Accounting and Finance Directive Request and Project Management Application Procedures and Principles, and eliminated any hesitations regarding the implementation of the said regulations. New legislation was monitored and the relevant Units were informed. The opinions that Borsa İstanbul provided to the Capital Markets Board regarding the communiqués issued by the Capital Markets Board were coordinated by the Compliance Unit. Of the 14 disputes between investors and investment institutions submitted to Borsa İstanbul for settlement, 6 were settled, and the examination of the remaining 8 is in progress. 30 disciplinary examinations on investment institutions and/or their representatives were finalized.
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Financial Affairs The transfer of the Turkish Derivatives Exchange (TURKDEX) as a whole, including all its assets, liabilities, rights and obligations to Borsa İstanbul was realized on March 28, 2014. Borsa İstanbul financial reports were prepared on a quarterly basis in accordance with International Financial Reporting Standards and independently audited. A payment applications guide was prepared to ensure uniformity in the payments made by Borsa İstanbul, prevent
any tax problems and raise awareness on the side of Borsa İstanbul staff. In accordance with efficiency, openness, and accountability principles in fund management, fund management principles were modified. Within this framework, banks were risk-defined, therefore minimizing any possible risks, and creating a competitive environment.
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Borsa İstanbul Anonim Şirketi 2013- 2014 Comparative Balance Sheet as of end-2013 and as of end-2014 ASSETS I CURRENT ASSETS A. Cash And Cash Equivalents 1. Cash
31/12/2013
31/12/2014
303,315,765
206,171,680
200,347,101
158,799,931
0
0
2. Banks
200,347,101
158,799,931
B. Securities
72,727,214
482,741
297,138
482,741
1. Private Sector Securities
72,430,075
0
C. Receivables
2. Government Securities
20,356,952
27,441,541
1. Trade Receivables
20,356,952
27,441,541
2. Advances Given
0
0
3. Doubtful Receivables
1,835,547
1,929,429
4. Provision for Doubtful Receivables (-)
-1,835,547
-1,929,429
11,004
7,793
D. Other Receivables 1. Receivables from Subsidiaries and Affiliates 2. Other Various Receivables
0
0
11,004
7,793
3. Other Doubtful Receivables
416,206
416,206
4. Provision for Other Doubtful Receivables (-)
-416,206
-416,206
E. Prepaid Expenses and Deferred Income
2,044,413
1,690,733
1. Prepaid Expenses
1,496,676
1,016,924
2. Deferred Income
547,738
673,809
7,829,082
17,748,941
1. Deferred VAT
0
0
2. Deductible VAT
0
0
F. Other Current Assets
3. Prepaid Taxed and Funds 4. Advances Given to Suppliers 5. Advances Given for Expenses 6. Advances Given to Staff
0
0
7,644,609
17,629,343
122,024
236
62,450
119,363
171
II NON-CURRENT ASSETS A. Receivables 1. Advances Given
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317,465,224
482,952,107
27,261
69,337
27,261
69,337
B. Other Receivables
73,422,966
32,729,368
1. Receivables from Subsidiaries (Takasbank Guarantee Fund)
73,422,966
31,860,866
0
868,501
C. Financial Fixed Assets
211,288,361
367,532,520
1. Subsidiaries and Affiliates
211,288,361
367,532,520
29,246,664
59,863,341
2. Other Various Receivables
D. Tangible Fixed Assets 1. Buildings 2. Machinery and Equipment 3. Vehicles 4. Furniture and Fixtures 5. Other Tangible Fixed Assets
2,700,000
2,700,000
13,378,928
26,374,243
1,006,693
315,479
14,563,053
21,292,597
137,592
137,593
6. Accumulated Depreciation (-)
-19,867,690
-27,772,095
7. Ongoing Investments
17,328,087
36,815,522
8. Advances Given E. Intangible Fixed Assets 1. Rights 2. Establishment Expenses
0
0
3,444,001
22,609,589
12,238,552
24,951,107
924
0
137,570
18,756,359
-8,933,044
-21,097,877
0
0
F. Prepaid Expenses and Deferred Income
35,971
147,951
1. Prepaid Expenses
35,971
147,951
3. Leasehold Improvements 4. Accumulated Depreciation (-) 5. Advances Given
2. Deferred Income
0
0
TOTAL ASSETS
620,780,990
689,123,787
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Borsa İstanbul Anonim Şirketi 2013- 2014 Comparative Balance Sheet 31/12/2013
31/12/2014
102,426,902
82,377,360
6,073,257
5,686,124
1. Trade Payables
6,073,257
5,686,124
B. Other Payables
3,569,900
3,851,247
CURRENT LIABILITIES III CURRENT LIABILITIES A. Payables
1. Payables to Subsidiaries and Affiliates 2. Payables to Personnel 3. Other Various Payables C. Advances Received
0
0
3,569,900
3,430,178
0
421,070
32,362
23,141,736
1. Trade Advances Received
0
265,330
2. Other Advances Received
32,362
22,876,406
D. Tax Payables and Other Payables
13,398,709
12,320,816
1. Taxes and Duties Payable
11,977,430
10,931,849
1,355,396
1,353,769
2. Social Security Premiums Payable 3. Other Payables E. Provisions
65,883
35,197
79,110,880
36,795,397
1. Provisions for Tax and other Legal Liabilities
9,774,513
17,519,131
2. Prepaid Taxes and other Liabilities (-)
-8,092,669
-13,138,072
3. CMB Board Share Provision
77,214,543
32,414,337
4. Other Provisions
214,493
0
F. Short-Term Deferred Income and Accrued Expenses and Other Provisions
241,796
270,346
1. Deferred Income
241,796
241,379
2. Accrued Expenses
0
28,967
G. Other Short-Term Liabilities
0
311,694
1. Calculated VAT
0
0
2. Other Various Short-Term Liabilities
0
311,694
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IV NON-CURRENT LIABILITIES A. Payables 1. Advances Received B. Other Payables 1. Other Various Payables C. Advances Received 1. Other Advances Received
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61,444,777
46,036,262
948,505
1,204,781
948,505
1,204,781
152,823
0
152,823
0
0
0
0
0
60,343,450
44,831,482
60,343,450
44,831,482
E. Long-Term Deferred Income and Accrued Expenses
0
0
1. Deferred Income
0
0
2. Accrued Expenses
0
0
456,909,310
560,710,164
A. Paid-in Capital
432,994,957
442,136,872
1. Capital
423,234,000
423,234,000
9,760,957
18,902,872
B. Capital Reserves
0
25,763
1. Affiliates Revaluation Fund Reserve
0
25,763
2. Other Capital Reserves
0
0
C. Profit Reserves
0
11,984,128
1. Legal Reserves
0
7,010,662
2. Extraordinary Reserves
0
4,973,466
D. Profit for the Previous Years
0
23,976,391
D. Provisions 1. Provisions for Severance Indemnity and Other Liabilities
V SHAREHOLDERS’ EQUITY
2. Share Capital Balancing Adjustment
1. Net Profit for 2013 E. Loss for the Previous Years 1. Net Loss for 2013 F. Net Profit for the Period 1. Net Profit for the Current Period
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
0
23,976,391
0
-11,558,744
0
-11,558,744
23,914,353
94,145,755
23,914,353
94,145,755
620,780,990
689,123,787
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Borsa İstanbul Anonim Şirketi Comparative Income Statement for the Years 2013-2014 A GROSS SALES 1 DOMESTIC SALES 1. Securities Exchange Fees
April 3, 2013 Dec. 31, 2013
Jan. 1, 2014 Dec. 31, 2014
188,417,864
322,645,667
184,585,654
315,776,107
108,443,135
180,340,896
Equity Market Exchange Fees
14,550,227
28,508,345
Debt Securities Market Exchange Fees
75,601,616
112,302,594
International Bonds Market Exchange Fees Emerging Companies Market Exchange Fees Derivatives Market Exchange Fees Precious Metals and Diamond Markets Exchange Fees 2. Securities Listing Fees Securities Registration Fees Annual Listing Fees Emerging Companies Market List Fees 3. Securities Registration Fees 4. Custody Income 5. Membership Fees 6. Equity Market Default Commission Income 7. Data Vending Revenues
1,576
4,882
31,652
75,659
11,358,667
34,104,116
6,899,398
5,345,300
9,015,905
35,795,929
9,013,577
9,285,443
0
26,507,433
2,328
3,054
39,727,304
55,126,507
6,866,484
6,446,679
225,540
5,206,606
36,246
44,220
11,637,219
23,891,976
8. License Income
4,767,447
698,401
9. Terminal Fees
3,261,775
6,585,446
10. Public Disclosure Platform Income
232,470
1,173,465
11. Automation Softaware Maintenance and Support Revenue
181,800
0
12. Training Revenues
150,413
147,351
13. Revenue from Information and Publications 14. Other Revenues
34,315
9,951
5,600
308,680
175
2 FOREIGN SALES
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3,591,887
6,795,509
3,126,372
5,981,828
2. License Income
465,515
813,681
3 OTHER REVENUES
240.323
74,052
332,166
10,966,165
1. Data Vending Revenues
B DISCOUNTS AND REBATES (-) 1. Rebates 2. Discounts
C NET SALES GROSS PROFIT/(LOSS)
D OPERATIONAL EXPENSES (-) 1. Material Expenses 2. Personnel Expenses 3. Board and Committee Expenses
12,682
961,241
319,483
10,004,924
188,085,699
311,679,502
188,085,699
311,679,502
150,427,044
196,811,217
651,152
857,232
99,000,845
127,898,488
1,040,728
1,564,088
4. Outsourced Benefits and Expenses
14,276,526
21,077,038
5. Various Expenses
18,973,068
18,359,787
6. Duties, Taxes and Levies
10,426,077
16,154,846
7. Depreciation and Amortization OPERATING PROFIT/ (LOSS)
E ORDINARY INCOME FROM OTHER OPERATIONS 1. Dividends Merkezi Kayıt Kuruluşu 2. Interest Income Interest Income from Government Securities Interest Income from Bank Deposits Income from Investment Funds Overdue Interest Income Interest from Guarantees Interest Income from Takasbank Guarantee Fund Interest Income from Defaults Sukuk Interest Income 3. Commission Revenues
6,058,649
10,899,738
37,658,654
114,868,285
25,236,498
32,213,883
2,799,300
2,859,500
2,799,300
2,859,500
18,271,265
21,074,533
3,300,104
2,359,425
10,776,581
14,093,697
45,151
47,536
107,509
132,687
67,376
76,997
3,720,622
4,051,915
253,923
278,547
0
33,730
2,583
0
0
37,211
5. Foreign Exchange Gains
2,312,225
4,842,451
6. Other Ordinary Revenues
1,851,125
3,400,187
4. Terminated Provisions
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Borsa İstanbul 2014 Annual Report
F ORDINARY INCOME FROM OTHER OPERATIONS (-)
30,230,436
1. Commission Expenses
35,829,996
26,392
333,506
28,457,167
32,545,431
3. Foreign Exchange Losses
382,156
2,951,059
4. Other Ordinary Expenses
1,364,722
0
0
0
ORDINARY PROFIT/ (LOSS)
32,664,717
111,252,171
H EXTRAORDINARY INCOME
4,210,141
1,324,521
1. Previous Years' Income
3,980,099
393,775
2. Provision Expenses
G FINANCIAL EXPENSES (-)
2. Other Extraordinary Revenues
I EXTRAORDINARY EXPENSES (-) 1. Previous Years' Expenses 2. Other Extraordinary Expenses
230,042
930,746
3,185,992
911,806
2,375,398
113,006
810,594
798,800 111,664,886
NET PROFIT BEFORE TAX
33,688,866
J TAX PROVISION (-)
9,774,513
17,519,131
NET PROFIT AFTER TAX
23,914,353
94,145,755
Review on Financial Statements The size of Borsa İstanbul’s assets reached TL 689 million as of December 31, 2014. Among the asset components, the largest increase has been with Financial Fixed Assets, amounting to TL 368 million. Borsa İstanbul’s largest subsidiary is İstanbul Takas ve Saklama Bankası A.Ş. with a stake of 62.25 percent. The other important component is the TL 159 million Bank Deposits.
23%
9% 5% 4% 3% 3%
53%
Financial Fixed Assets Cash and Cash Equivalents Tangible Fixed Assets Receivables (LT) Receivables (ST) Intangible Fixed Assets Other Current Assets Other Assets
177
64 percent and 14 percent of Borsa İstanbul’s total sources consist of, respectively, Paid-in Capital amounting to TL 442 million and Net Profit for the Period amounting to TL 94 million. Short and long term provisions consisting of the Capital Markets Board Commission provision and provision for personnel legal obligations are also noteworthy.
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14% 7% 5% 3% 2% 2% 2%
64%
Paid-in Capital Net Profit for the Period
1%
Provisions (LT) Provisions (ST) Advances Received (ST) Loss/Profit for the Previous Years Tax Payables and other Payables Profit Reserves Liabilities (ST) Other Sources
For the period January 1 – December 31, 2014 Securities Exchange Fees, with 180 million TL have the biggest share in the operating revenues of Borsa İstanbul. Exchanges fees are followed by; Securities Registration Fees of TL 55 million; Listing Fees of TL 36 million; Data Vending Revenues of TL 30 million; Terminal Fees of TL 7 million; Custody Income of TL 6 million; and Membership Fees of TL 5 million.
65 percent of the other operating income of TL 32 million comes from interest revenues amounting to TL 21 million. In addition to interest income, TL 5 million foreign exchange gains and TL 3 million dividends were collected during the period. The largest item in the Operational Expenses amounting to TL 197 million is Personnel standing at TL 128 million;
17% 11%
9%
2% 2%
56% 2% 1%
Securities Exchange Fees Securities Registration Fees Securities Listing Fees Data Vending Revenues Terminal Fees Custody Income Membership Fees Other Fees License Fees
followed by Outsourced Benefits and Expenses of TL 21 million; Various Expenses of TL 18 million; Duties, Taxes and Levies amounting to TL 16 million; and Depreciation and Amortization of TL 11 million.
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Powers Come Together The foundations for “Borsa İstanbul Finance and Technology Campus”, which will bring together Borsa İstanbul, Merkezi Kayıt Kuruluşu and Takasbank under the same roof were laid.
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Support Services Work in Progress in Borsa İstanbul Campus
Slope Stabilization of Social Facilities (G Block), Bored Pile, Partition and Anchorage Initiated on: December 2, 2013 Completion: February 15, 2014 Work: 32 bored piles of 14m, 24 bored piles of 25m and 20 prestressed anchorages of 30m
Fortification in the front of the G block cafeteria
In the south of Borsa İstanbul’s land, the ground near the Social Facilities Block (G Block) is fissured. The area was supported with concrete piles and prestressed anchorages for fortification purposes against erosion.
Fortification under the slope
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Conversion of the Social Facilities into Administrative Office Area, Side Units and Cafeteria (G Block Construction)
Initiated on: March 17, 2014 Completion: October 3, 2014 Total Area: A covered area of 4,590 m², an open area of 1,240 m²
Within the framework of the projects for convening all participations of Borsa İstanbul in its campus, the Social Facilities building, which has been out of use, was converted into office area called “G Block” in October 2014. Three Executive Vice President offices, two meeting rooms, and on the ground floor, a two-section open office area for 162 staff are located in G Block. Furthermore, in the basement, there are two multi-purpose halls of 150 m² and 300 m² with office infrastructure and a new kitchen area. The kitchen of the cafeteria in the main building moved to G Block. The open pool was covered and converted into a water storage, and the terrace offers a leisure area.
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Borsa İstanbul 2014 Annual Report
Temporary Trading Floor
Trading Floor Construction
Initiated on: July 16, 2014 Completion: August 20, 2014 Total Area: 665 m²
Initiated on: November 13, 2014 Estimated Completion: January 27, 2015 Total Area: Covered area of 2,75 0m², and Open area of 2,440 m²
During the renovation of the Trading Floor, the offices in the B Block ground floor were merged into a temporary Trading Floor, accommodating 144 brokers and Equity Market specialists.
The Trading Floor, which has been operating since 1995, needs to be renovated in terms of electromechanical structure, lightening, and multimedia systems in face of the changing technology and vision. The following areas will be available in the Trading Floor: - 5 pit areas of 8-10 persons, single offices, broker areas, - Bell-ringing ceremony area - Interview area - Cocktail area connected to outside - Camera shooting area - Leisure room, technical areas.
The following equipment will be placed in the Trading Floor: - 36-unit LED screen (the current data wall renewed in 2013 will be kept), - LED screens around the pits for advertising, defined as media-glass - LED screens around the columns and the side wall of the bell-ringing ceremony area
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Meeting Rooms in the Mezzanine Floor of the Foyer Initiated on: July 17, 2014 Completion: August 8, 2014 Total Area: 30 + 32 + 63 m² In order to make up for the meeting rooms that are unusable due to the construction in progress, three meeting rooms (one with a capacity of 25 persons, and the other two, of 12 persons) were prepared in the mezzanine floor of the foyer.
Primary Data Center Initiated on: August 23, 2013 Completion: January 24, 2014 Total Area: 1,760 m² Borsa İstanbul is determined to offer services at international standards, employing advanced technology. As required by this decision, Borsa İstanbul had projects prepared for the following purposes in 2013: • Providing infrastructure redundancy for the trading system, • Co-location center for the use of brokerage houses and data vendors • Common data center for Borsa İstanbul and its subsidiaries (Takasbank, Merkezî Kayıt Kuruluşu). The data center was launched in January 2014. Primary Data Center was established in an area of 800 m², in the basement under the main foyer, which was used a vault for stocks before dematerialization. The system was structured in harmony with TIER III according to Uptime Institute standards, a leading standard-setting institution for data centers.
White space area
Security desk
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Borsa İstanbul Finance and Technology Campus Construction
A Block, Power Generation Center, Connection Block, Parking Building, Entrance Buildings, B Block Renovation Project Initiated on: July 1, 2014 Estimated Completion: August 5, 2015 Total Covered Area : 36,231.37 m² Within the framework of the projects prepared in 2013 for convening the subsidiaries of Borsa İstanbul, namely Takasbank and MKK, in Borsa İstanbul Campus, the construction of Borsa İstanbul Finance and Technology Campus” were initiated. As of end-2014, excavation as well as pilefortification is almost completed.
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The project covers the following: - A Block, currently 4.500 m², will be demolished, and a new block of an area of 14,696 m² will be built in its place. - B Block load-bearing system will be maintained and renewed. - A Secondary Data Center and colocation area of approximately 6,000 m² to ensure infrastructure redundancy will be constructed in A Block. - A power generation center compatible
A Block Area Pile, Fortification and Excavation Work from B Block Roof
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with international standard TIER III will be constructed to meet the energy feed with a redundant system. - A connection block that contains the archives, storage and technical areas will be built between the power generation center and the main building. - A garage of a capacity of 412 vehicles will be built in place of the parking lot of 106-vehicle capacity. - Campus entrances and checkpoints will be renovated.
Parking lot excavation, C Block Trading Floor entrance parking lot connection block pillar-fortification and excavation work
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Precious Metals and Diamond Markets Kuyumcukent Office and Temporary Vault Construction Initiated on: August 5, 2014 Completion: September 10, 2014 Total Area: 238 m² office space + 243 m² vault and side area Precious Metals and Diamond Markets and Borsa İstanbul vaults in a leased building in Karaköy moved to the temporary office and vault area prepared in Yenibosna Kuyumcukent. This office space is in
the same location as Borsa İstanbul’s building and vault complex currently under construction.
Precious Metals and Diamond Markets Building Construction (KUYAŞ) Contract Date: June 26, 2014 Estimated Completion Date: March 31, 2016 Total Covered Area : 7,524 m² A contract was signed with Kuyumcukent Gayrimenkul Yatırımları A.Ş. (KUYAŞ) for the construction and real estate sales of Borsa İstanbul Precious Metals and Diamond Markets on the land of KUYAŞ. The building is designed as a basement floor of 4.908 m2 (two garage floors and one floor for the vault) + 2,616 m2 office space (ground floor + 3 floors. Excavation and fortification efforts on the construction land are in progress, and the construction is planned to begin at end January, 2015. The construction is planned to be completed in March 2016.
Borsa İstanbul ve Kuyaş binaları vaziyet planı
Borsa İstanbul and Kuyaş buildings layout plan
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Procurement A total amount of nearly TL 15 million was spent on construction activities, maintenance-repair, decoration, administrative services, etc. Procurement for Borsa İstanbul Information Technology totaled nearly TL 21 million. “Substantial Support for National Education Project”, which has been carried out
within the framework of the protocol with the Ministry of National Education since 1998, a total amount of TL 34.8 million has been paid to governors. As of end-2014, the number of schools that have been completed or whose construction is in progress reached 416, and the amount of funds spent on the project, TL 1.4 billion.
A total amount of nearly TL 15 million was spent on construction activities, maintenance-repair, decoration, administrative services, etc. Procurement for Borsa İstanbul Information Technology totaled nearly TL 21 million. “Substantial Support for National Education Project”, which has been carried out within the framework of the protocol with the Ministry of National Education since 1998, a total amount of TL 34.8 million has been paid to governors. As of end-2014, the number of schools that have been completed or whose construction is in progress reached
and the amount of funds spent on the project
TL 416 TL 1,4 billion
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Sustainability Index comes to Life BIST Sustainability Index started being calculated. With this Index, Borsa İstanbul aims to contribute to the awareness, knowledge and practices on sustainability among companies.
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Corporate Governance, Social Responsibility and Sustainability Activities Borsa İstanbul Chairman & CEO Dr. İbrahim M. Turhan was awarded as “The Sustainable Business Leader of the Year” by Sustainability Academy. The award is presented to business leaders that work efficiently on improving and spreading sustainable business models in their own institutions as well as the relevant sector. Furthermore, Borsa İstanbul rose from 32nd rank to 11th in the Corporate Knights Capital’s sustainability reporting performance, which measures 46 stock exchanges’ performance of encouraging traded companies for sustainability reporting.
Borsa İstanbul nd
rose from 32
rank to 11
th
in the Corporate Knights Capital’s sustainability reporting performance, which measures 46 stock exchanges’ performance of encouraging traded companies for sustainability reporting.
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Corporate Governance Following Borsa İstanbul’s demutualization, Audit, Corporate Governance and Early Risk Assessment Committees established in 2013 continued to work. Corporate Governance Committee prepared Borsa İstanbul’s Corporate Governance Compliance Report. The applications in this area were announced in the Corporate Governance section of Borsa İstanbul website.
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Integrated Reporting Borsa İstanbul supports the International Integrated Reporting Council’s (IIRC) efforts on integrated reporting. Borsa İstanbul submitted its opinion on the Integrated Reporting framework in 2013, advising IIRC that Borsa İstanbul supports the text on integrated reporting that IIRC suggested to B20.
Corporate Governance and Sustainability Activities Borsa İstanbul makes an effort to apply and spread the universally-accepted principles of sustainability in all of its processes. In addition to applying mutual respect and responsibility in its relations with business partners, suppliers and other stakeholders, Borsa İstanbul encourages the sustainability practices of its stakeholders. Borsa İstanbul closely monitors the national and international developments in sustainability and actively supports cooperation on sustainability.
United Nations Global Compact With a view to supporting the universal development culture in the business world, Borsa İstanbul signed the United Nations Global Compact on October 26, 2005. United Nations Global Compact consists of ten basic principles on human rights, labor standards, and fighting against environmental problems and corruption. Signatories of the Global Compact agree to support and apply these principles. Borsa İstanbul is represented in the management board of the United Nations Global Compact Turkey network. Within this framework, Borsa İstanbul prepares a Communication on Progress (COP) report annually, which is disclosed at www. unglobalcompact.org. As of December 2014, the Global Compact reached more than 12,000 participants from 145 companies, with 8,000 from the business world, and 4,000 from public institutions, local administrations, associations, unions, professional organizations and academic institutions. The Global Compact has a local network reaching 298 participants in Turkey. Borsa İstanbul is represented in the management board of the United Nations Global Compact Turkey network as vice chairman.
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Sustainability Guide for Companies
United Nations Principles for Responsible Investment (UNPRI)
“Sustainability Guide for Companies”, prepared by Borsa İstanbul for the companies traded on Borsa İstanbul, as well as prospective companies, answers companies’ questions on sustainability and includes information on the roadmap that they may follow in this regard.
Borsa İstanbul signed the United Nations Principles for Responsible Investment (UNPRI) on January 21, 2010. The Principles are aimed at reaching better financial results in the long run, in addition to relating the targets of institutional investors with those of the society more closely. Borsa İstanbul is one of the three signatory exchanges for Principles for Responsible Investment.
Sustainability Platform Borsa İstanbul initiated the establishment of a “Sustainability Platform”, which brings together the non-governmental organizations working on sustainability, supporting the sustainable development target, the related initiatives and stakeholders in 2013. The Platform convened twice in 2014, and also organized a special meeting with the participation of Global Reporting Initiative (GRI) Honorary Chairman Prof. Mervin King. The meetings tabled the developments in sustainability, related work in progress, and prospective work in
detail. Opinions and thoughts of the parties on the Sustainability Guide for Companies and Sustainability Index prepared by Borsa İstanbul were also received. Sustainability Platform aims to continue to work towards its targets and strengthen Turkey’s position with regard to sustainability as a result of the joint efforts of all stakeholders.
The Guide was launched along with BIST Sustainability Index on November 4, 2014, and embraces basic concepts on sustainability, development of sustainability, and its competitive edge. The Guide also includes suggestions on the inclusion of sustainability in business processes, the importance of sustainability reporting, and information about different reporting frames. The Guide aims at assisting companies in developing strategies by giving sample applications from Turkey. The Guide also offers information about BIST Sustainability Index, which comprises 15 companies of high sustainability performance.
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Corporate Governance Compliance Report Section II Shareholders
Section I - Corporate Governance Compliance Statement In spite of the fact that it is not a publicly traded company, Borsa İstanbul A.Ş. (Borsa İstanbul, the Company), shows due diligence in complying with the Capital Markets Board Corporate Governance Principles (Principles) announced by the Capital Market Board of Turkey in accordance with article 73 of the Capital Markets Law no. 6362. Within this framework, aiming to go public by the end of 2016, Borsa İstanbul management has founded its basic management principles -which define its relations with the shareholders, employees, and other related parties- on equity, transparency, accountability and responsibility. Actually, Borsa İstanbul’s current Articles of Association envisages that the Corporate Governance Principles issued by the Capital Markets Board of Turkey will be observed.
2.1. Investor Relations Department Aiming to become a global player within the framework of İstanbul International Financial Center project, Borsa İstanbul is aware of the role of corporate governance in realizing this target, and therefore closely monitors the new approaches and arrangements while also applying special care to adapt to the legislation revisions. Within this framework, the committees for Corporate Governance, Audit, and Early Risk Assessment continued to work in accordance with the relevant Directives during 2014. Furthermore, during the year, the information under Corporate Governance section on Borsa İstanbul website was kept updated, in compliance with Disclosure Policy.
In spite of the fact that it is not a publicly traded company, Borsa İstanbul carries out its relations with the shareholders through the Strategic Planning and Investor Relations Department established in June 2014. The department reports to the Executive Vice President responsible for Financial Affairs and Support Services. You can contact the department from this e-mail address: investorrelations@borsaistanbul. com The questions addressed to the Strategic Planning and Investor Relations Department are replied in accordance with the Company’s Disclosure Policy. Borsa İstanbul carried out the related procedures and correspondence with the Capital Markets Board and the shareholders regarding the mergers of investment institutions that are Borsa İstanbul’s shareholders and requests regarding the transfer of Borsa İstanbul A.Ş. shares between the investment institutions.
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Information and disclosure which may influence the use of the rights by the shareholders are displayed on the Company’s website.
2.2. Exercising of Right to Information by Shareholders No discrimination is allowed among shareholders on the right to receive and analyze information, and with the exception of information qualified as trade secret; all information regarding the company operations and procedures is shared with shareholders. Questions sent by shareholders to Borsa İstanbul through letter, telephone, e-mail and other similar channels are answered by the authorized staff rapidly and efficiently. The company website offers comprehensive historic and current information and statistics for the shareholders. The operations carried out by the company are periodically audited by the independent auditor assigned by the Board as advised to the General Assembly. 2014 operations of Borsa İstanbul are independently audited by Başaran Nas Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş., and the information is available on the website. Articles of Association do not envisage the right to request a special auditor, and no demand to that effect came from the shareholders during 2014.
2.3. General Assembly Meetings Arrangements regarding Borsa İstanbul General Assembly meetings are envisaged by Borsa İstanbul A.Ş. Articles of Association, which are provided in the Company website. According to the provisions of article 22 of the Company’s Articles of Association and article 414 of Turkish Commercial Code, in order to inform the shareholders beforehand, General Assembly meetings are announced in Turkish Trade Registry, on Company’s website, and in at least one daily newspaper, published in the city where the company is headquartered at least three weeks before the General Assembly meeting, excluding the date of the announcement and date of the meeting. General Assembly meetings are realized in line with principles of Turkish Commercial Code, Capital Markets Legislation and Corporate Governance, in a way to ensure sufficient informing and high participation by the shareholders, and making use of the Electronic General Assembly facility offered by Merkezi Kayıt Kuruluşu. According to Borsa İstanbul Articles of Association, the Ordinary General Assembly must convene within a period of three months following the end of each activity period. Extraordinary General Assembly, on the other hand, convenes as required by the Company operations, upon request of the Board, or of minority shareholders in cases envisaged in Turkish Commercial Code.
Borsa İstanbul A.Ş.’s 2014 Ordinary General Assembly meeting was held in the Company’s İstinye campus on March 31, 2014. The Ordinary General Assembly meeting was announced in Turkish Trade Registry no. 8523 dated March 7, 2014, the newspaper Star on March 7, 2014, on www.kap.gov.tr on the same date, and for shareholders that have electronic signature, on Merkezi Kayıt Kuruluşu’s website www.mkk.com.tr. The agenda and the documents related to the Ordinary General Assembly were made available at Borsa İstanbul’s headquarters to ensure access to as many shareholders as possible, and published in the Company’s website. The Ordinary General Assembly meeting was open to public, including media companies and beneficiaries. At the said meeting, shares representing a nominal value of TL 251,305,498.09 (95.39 percent) of the nominal value of TL 263,463,165, which will be considered in the calculation of meeting and decision quorum according to article 389 of Turkish Commercial Code, out of the total nominal value of TL 423,234,000.00. In accordance with Turkish Commercial Code no. 6102, Capital Market Law no. 6362, and the relevant legislation, the shareholders were allowed to vote electronically, and shares representing
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2.5. Rights to Dividends a nominal value of TL 159,710.94 were electronically represented. At the Ordinary General Assembly meeting, the shareholders used their rights to ask questions, which were answered during the meeting. Furthermore, suggestions regarding the meeting agenda were discussed and determined upon by the General Assembly. The requirements regarding the announcement of the Ordinary General Assembly meeting dated March 31, 2014 were made public in the Turkish Trade Registry no. 8548 dated April 11, 2014, and on the Company website. As required by the General Assembly agenda items, financial statements and reports including the annual report, corporate governance compliance report, dividend distribution proposal, independent external audit reports, information document and other documents which form the basis of the agenda items, the latest version of the Articles of Association, if any revisions are envisaged in the Articles of Association, the modification text including the explanations for such modification were available examination by the shareholders at the Company headquarters and on website. Following the General Assembly meeting, meeting minutes, list of attendants, agenda items, the old and new versions of the Articles of Association and announcements were submitted to the investors.
2.4. Voting Rights and Minority Rights At Borsa İstanbul, each share is entitled to one vote. Borsa İstanbul applies no practices that may impede the exercising of the voting rights and allows each shareholder to use voting rights in the most facile manner. Shareholders that have voting rights may directly use such rights or they may as well have a deputy to use such rights in accordance with the arrangements of Turkish Commercial Code and Capital Market Law. The Company Articles of Association envisages three groups of shareholders, namely, A, B, and C, and the vote of A Group shareholders is sought for any revisions regarding the vision and fields of activity of the Company envisaged in the Articles of Association. A and C group shares are provided the privilege to propose members for the Board elections. Borsa İstanbul has no arrangements that require lapse of a certain period of time for using the voting rights after acquisiton of its shares. As Borsa İstanbul is not a publicly held joint stock company, use of minority rights is subject to the provisions of Turkish Commercial Code.
According to Borsa İstanbul Articles of Association, the net profit for the period is the balance after all costs are subtracted. Each year, 5 percent of the annual profit is kept as legal reserves until such amount reaches 20 percent of the capital, and unless otherwise decided by the General Assembly, 5 percent of the balance is distributed as dividends to the shareholders pro rata their share in the company capital. Furthermore, maximum 5 percent of the balance may be distributed to the Chairman & CEO, Board members and Company staff by a method to be determined by the General Assembly, provided that such payments shall not exceed one sixths of their annual gross income, including all payments. In addition to that, an amount to be decided by the General Assembly may be reserved to be distributed to the shareholders as a second dividend. The Board may, if deems necessary, make proposals to the General Assembly for dividend distribution. In such case, 10 percent of the amount to be distributed will be retained as general legal reserves and the balance of the net profit for the period will be retained as legal reserves. The Articles of Association envisage no privileges for participation in profits, with equal rights of dividends for each share. The Ordinary General Assembly meeting held on March 31, 2014 decided to retain the dividends to strengthen the Company equity.
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2.6. Transfer of Shares Borsa İstanbul Articles of Association envisages the following provisions regarding the restriction of share transfer: a) Sales of public shares through public offering and other similar methods in accordance with the Capital Market Law will be realized as per the procedures and principles to be determined by the Council of Ministers upon the proposal of the minister to whom the Undersecretariat of Treasury reports. b) With the exception of those in accordance with sub-paragraphs (a), (b) and (ç), paragraph 6, article 138 of the Capital Market Law, all transactions that lead to the direct or indirect transfer of control of the Company, even if no share transfer is executed, are subject to the approval of the Capital Markets Board. Share transfers will become valid only after being approved by the Capital Markets Board, decided upon by the Board, and registered in the share register. All transactions that lead to the direct or indirect transfer of shares without the approval of the Capital Markets Board or transfers that lack the relevant Board resolution or that are not registered in the share register are null and void. c) In order to ensure that the existing shareholding structure is maintained, shares excluding those that belong to A group may be transferred within the same group only. However, these shares may be transferred to the shareholders that belong to the other groups or third parties by the approval of the Capital Markets Board. A group shares that exclusively
belong to the Turkish Treasury and provide representation rights in the management may not be transferred in any way whatsoever. d) With the exception of Turkish Treasury, Company itself, and the strategic partner in accordance with sub-paragraph (c), paragraph six, article 138 of the Law, the share of any shareholder shall not exceed 5 percent, directly or indirectly. e) In the event that the Company collects a fee in cash in return of the shares transferred subject to sub-paragraph (c), paragraph six, article 138 of the Law, the Company shall monitor such fee in separate accounts; and after deducting the amounts paid for the participation shares in other companies related with the Company’s field of activity and/or that are engaged in the exchange business, all and any taxes, fees and duties arising from the initial sales of the shares against cash, or from the acquisition of shares in other companies, the balance shall be paid to the Treasury in cash at the end of the relevant calendar year. In the event that the shares transferred in accordance with sub-paragraph (c), paragraph six, article 138 of the Capital Market Law are acquired by Borsa İstanbul in any way whatsoever following the lapse of the period envisaged in sub-paragraph (ç), A Group shareholders will have usufruct rights on such shares as of the date of acquisition until such shares are sold by Borsa İstanbul. The usufruct rights will be registered in the Company share register within one month following the
acquisition. Such usufruct rights will be exercised by the Treasury. All proceeds and other benefits that will be borne by the sales of such shares and/or the shares that Borsa İstanbul acquires in return of its shares in accordance with subparagraph (c) or acquires against cash as envisaged in the first sentence of this sub-paragraph, as well as the dividends of the Company’s own shares in accordance with sub-paragraph (c) or those of the shares that the Company acquires against cash as envisaged in the first sentence of this sub-paragraph, will be transferred to the Treasury, until such shares are sold. The Company will monitor such proceeds and benefits in separate accounts, and after deducting all and any taxes, fees and duties, the balance will be paid to the Treasury at the end of the relevant calendar year. Council of Ministers’ decision regarding the public offering of Borsa İstanbul A.Ş.’s (B) group shares owned by the Turkish Treasury was published in the Official Gazette no. 29175, dated November 14, 2014.
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Section III – Disclosure and Transparency 3.1. Disclosure Policy Borsa İstanbul Disclosure Policy is in written form as per Corporate Governance Principles and announced in the Company’s website. Executive Vice President responsible for Financial Affairs and Support Services and Strategic Planning and Investor Relations Department Director are appointed for the coordination of the function of informing Borsa İstanbul’s shareholders. These officials perform these duties in close coordination with the Board. Press announcements are to be made by Chairman, CEO, his deputy, or other staff designated by the Board. Company’s Disclosure Policy offers detailed information on the media used for disclosure.
3.2. Corporate Website and its Content Borsa İstanbul has a website www. borsaistanbul.com and the information disclosed to the public by Borsa İstanbul is accessible in Turkish and in English. The information referred to on the Capital Markets Board’s Corporate Governance Principles, that is applicable to Borsa İstanbul has been published on Borsa İstanbul, website since November 2013, and updated when necessary. The website covers the following information: • Detailed information regarding corporate identity, • Vision and mission • Company organization and shareholder structure, • Information on Board members, senior management and committees, • Articles of Association, • Trade Registry information, • Financial statements, • Annual reports, • Press announcements, • Date, agenda, and explanations on the
agenda items for the General Assembly meeting, • General Assembly meeting minutes and list of attendants, • A sample proxy letter, • Internal Directive regulating the procedures and principles regarding the operations of the General Assembly, • Corporate Governance Practices and Compliance Report, • Social Responsibility Policy, • Dividend Distribution Policy, • Disclosure Policy, • Reimbursement Policy, • Human Resources Policy, • Borsa İstanbul Chairman & CEO’s presentations, • Information on Borsa İstanbul markets and public offering, • Statistical data on the markets, • Borsa İstanbul Ethical Rules. In addition to www.borsaistanbul.com website, work for another website for the Company’s investor relations is in progress, and the website is planned to be launched in 2015.
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3.3. Annual Report Borsa İstanbul annual report is prepared in a way to ensure that the public has access to complete and correct information on the Company activities, in accordance with the legislation. The annual report includes information on the Company’s title, curricula vitae of Board members for the related period, events that influence the Company’s performance, Company’s financing resources and risk management policies, information on the exchange business activities and operation of the markets, Corporate Governance Compliance Report, research and development activities, revisions made on the Articles of Association within the period, including the reasons thereof, developments regarding the quality and activities of the Company’s production and service departments the financial tables of the Company and other important items.
Section IV Stakeholders 4.1. Informing the Stakeholders Borsa İstanbul is required to inform the stakeholders in accordance with its Disclosure Policy. Corporate Governance practices and ethical rules guarantee the disclosure of the stakeholders correctly. Borsa İstanbul Ethical Rules preclude Borsa İstanbul officials from applying any priority, partiality, or inequality in treating investors with real or legal personality, and are required to provide correct, reliable and unbiased information to the media and the public. The data and information offered by Borsa İstanbul are provided to the investors through the following methods and instruments: • Websites www.borsaistanbul.com www.bilincliyatirimci.org www.listingistanbul.com www.kap.gov.tr • Investor Counseling Center (Serves the investors of the companies traded on Borsa İstanbul) On the other hand, intranet, which is the internal website for Borsa İstanbul staff, is used actively.
Seventeen meetings aimed at informing domestic and foreign potential issuers, eight meetings for investment institutions, two meetings for data vendors, and one meeting for co-location clients were held in 2014.
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4.2. Stakeholders’ Participation in the Management The shareholder structure envisaged for Borsa İstanbul A.Ş. by sub-paragraphs (a), (b), paragraph 6, article 138 of the Capital Market Law no. 6362 is basically aimed at shareholding by stakeholders, and thereby good governance principles to dominate the Company management. Turkish capital markets stakeholders that have become shareholders of Borsa İstanbul A.Ş., through the shareholding structure established according to these provisions, participate in the Company management by using the shareholding rights. It is worth noting that Borsa İstanbul worked in close communication and interaction with the Capital Markets Board of Turkey during 2014. In its decisions, Borsa İstanbul took into consideration the opinions of Merkezi Kayıt Kuruluşu, Takasbank, and the Turkish Capital Markets Association. The requests and suggestions of the employees and workers’ union representatives were also evaluated by the executives.
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4.3. Human Resources Policy Borsa İstanbul depends on its employees for improvement. Human resources policy and processes are designed in a way to to attract skilled people to Company and to improve their skills. The basic features of Borsa İstanbul Human Resources Policy defined and announced in 2013 are as follows: • Borsa İstanbul recruitment procedures are regulated by internal legislation in accordance with the principle of offering equal opportunities to persons of equal qualifications. Recruitment of new graduates is realized through written exams and interviews for ensuring objectivity. In the case of recruitment of experienced staff, on the other hand, independent appraisers evaluate criteria that will contribute to the efficiency such as the candidate’s capability of adaptation with the corporate culture and team work inclination in addition to professional skills. • The most critical factor in planning employees careers is their success. Nevertheless, the minimum experience requirement for each position is also observed in accordance with the internal regulations. • All rights awarded to the employees are clearly defined in the internal regulations. The rights envisaged by the legislation are accrued on each employee without any discrimination, and no further payments are made. • Trainings are organized on a regular basis or on additional basis upon request of the executives. A secure working environment and conditions are provided
to for the employees, which are constantly improved. • Important revision plans on the personnel policies are designed in consideration of the union representatives elected by the employees. • In order to ensure that the employees’ freedom to establish associations and the efficient use of collective bargaining right, for efficient communication purposes, fields are allocated to both the association of the employees and the workers’ union on the intranet. A part of Borsa İstanbul employees is organized in Tez-Koop İş workers’ union. The Fourth Collective Agreement between Borsa İstanbul and Tez-Koop İş workers’ union, covering the period between January 1, 2014-December 31, 2016 was signed on December 30, 2013. Within the framework of this Agreement, performance evaluation system was introduced for the first time. It is worth noting that no complaints on discrimination were reported during 2014.
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4.4. Ethical Rules and Social Responsibility Borsa İstanbul Ethical Rules were prepared and disclosed in 2014. In face of the recent developments, it was required to publish a Regulation Regarding the Principles for Borsa İstanbul Exchange Activities, and to update Ethical Rules. It is planned that Borsa İstanbul Board will redefine the Ethical Rules and submit it to the Capital Markets Board for approval in 2015. Borsa İstanbul’s Corporate Social Responsibility Policy and information on such efforts are available on its website. During the year, Borsa İstanbul spent TL 6,456.10 on donations and TL 975,229.26 on sponsorships. On the other hand, a total of TL 35,049,577.47 was paid for the Substantial Support for National Education Project in 2014. At Borsa İstanbul’s initiative, a “Sustainability Platform” was created with the participation of the Association of Capital Market Intermediary Institutions of Turkey (now Turkish Capital Markets Association), the Banks Association of Turkey, Business Council for Sustainable Development Turkey, Carbon Disclosure Project Turkey, Corporate Governance Association of Turkey, Sabancı University Corporate Governance Forum of Turkey Turkish Industry and Business Association, the Turkish Investor Relations Association and UN Global Compact Network Turkey in 2013. The Platform convened twice in 2014. A Sustainability Guide targeting the companies which are companies currently traded or have the potential of being traded on Borsa İstanbul was prepared and published in November 2014.
Section V-Board of Directors 5.1 Structure and Election of the Board Principles regarding the establishment and election of the Board are regulated by the Articles of Association. According to the Articles of Association approved at the Ordinary General Assembly meeting on March 31, 2014, subject to the provisions of Turkish Commercial Code, the Board will consist of ten members, with two members elected from among the candidates nominated by A group shares and three members from among C group shares. C group shareholders will be elected by the General Assembly from among the nominees by the Union of Chambers and Commodity Exchanges of Turkey, Turkish Capital Markets Association, and investment institutions. According to the Company’s Articles of Association, term of incumbency, appointment procedures, remuneration, and the number of independent Board members are subject to the arrangements of the Capital Markets Board. Temporary article 1 of Borsa İstanbul’s Articles of Association, prepared by the Capital Markets Board in accordance with article 138 of the Capital Market Law and which became valid upon the approval of the relevant Minister, envisages that İbrahim M. TURHAN will be the first
Chairman & CEO of the Company for a term of three years. As of end 2014 the Chairman & CEO of the Company is İbrahim M. TURHAN. The Company Board consists of the below listed nine members, including one female member: Name M. İbrahim TURHAN Osman AKYÜZ
Groups A A
Mustafa BÜYÜKABACI
B (Independent)
Seyit Ahmet IŞKIN
B (Independent)
Talat ULUSSEVER
B (Independent)
Melikşah UTKU
B (Independent)
İlhami KOÇ
C
Işınsu KESTELLİ
C
Murat TACİR
C
The curricula vitae and the other positions they assume are given on the website. Board members Mustafa BÜYÜKABACI, Talat ULUSSEVER, Seyit Ahmet IŞKIN and Melikşah UTKU were appointed as independent members in accordance with the Corporate Governance Principles by the General Assembly. In line with the provisions of the Articles of Association and Corporate Governance Principles, the chairmen of the Audit Committee, Corporate Governance Committee, and Early Risk Assessment Committee were elected from among independent members. During the incumbency of the independent Board members, there were no events to revoke their independent status.
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5.2. Working Principles of the Board According to Borsa İstanbul Articles of Association, the Board convenes as frequently as necessary, but no less than once a month. The meetings are held at the Company headquarters or another venue which the Chairman may deem fit. Those authorized to participate in the Board meetings may as well participate in these meetings electronically as envisaged in article 1527 of Turkish Commercial Code. The quorum for a Board meeting is the majority of the members and takes decisions with the affirmative votes of the majority of the members present. This rule holds for electronic voting as well. Chairman, or in his absence, deputy chairman chairs the Board meetings. Abstention is not allowed. Board members may not vote on behalf of each other, or by proxy. In the case of equality of votes, the item will be left for discussion in the following meeting. If the votes are equal in the next meeting, the relevant proposal shall be deemed to be rejected. The rights of the Board members representing A group privileged shares are explained in the Voting Rights and Minority Rights section hereof. Unless any member requests that a meeting is held physically, Board resolutions may be taken by the written approval of or by secure electronic signature via the Electronic Meeting System of the majority of the members of a proposal of one of the Board members, written in the form of a resolution text. Resolutions are valid only if they are written and signed.
Borsa İstanbul Board made resolutions for 57 times in 2014. 32 of these were made without physical meeting, and 25, in physical meetings. Board meeting dates are determined and announced monthly and reasonably in advance. Board agenda is determined on the basis of the motions prepared by Borsa İstanbul departments. The operations and procedures of the Board are carried out by the Chief of Staff. Board resolutions are registered in the Board resolution book, including dissenting opinions, if any. Resolutions regarding the companies traded on Borsa İstanbul are disclosed through the Public Disclosure Platform if required by the capital markets regulations. According to Borsa İstanbul Articles of Association, approval of the General Assembly is required for the Board members to engage in commercial activities with the Company. Provisions of article 395 of Turkish Commercial Code are applicable in this regard.
5.3. Number and Structure of the Committees established in the Board and their Independent Status Borsa İstanbul established Audit, Corporate Governance, and Early Risk Assessment Committees. Directives concerning the principles and procedures of operation of these Committees were prepared and disclosed through the Company website. As Nominating Committee and Reimbursement Committee have not been established due to the structure of the Board, Corporate Governance Committee carries out the tasks of these committees. The chairmen of these three committees are elected from among the independent Board members. Currently, no committee member takes part in more than one committee, and Committee members are listed in the below table:
Committee Audit Committee
Members Seyit Ahmet IŞKIN (Chairman) Osman AKYÜZ Ali Şîr YARDIM
Corporate Governance Committee
Mustafa BÜYÜKABACI (Chairman) İlhami KOÇ Hüseyin ZAFER
Early Risk Assessment Committee
Talat ULUSSEVER (Chairman) Melikşah UTKU Çetin Ali DÖNMEZ
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Without prejudice to the provisions of article 138 of the Capital Market Law, the duty of the Corporate Governance Committee is to determine whether the corporate governance principles for exchanges determined by the Capital Markets Board are observed, in the case of failure to observe such principles to explain the reasons and the conflicts of interest arising from the failure to fully comply with such principles, and to advise the Board for enhancing corporate governance practices and to accomplish the duties of the Nominating Committee and Reimbursement Committee as envisaged by corporate governance principles. The Audit Committee is aimed at providing assistance on the Board’s auditing of the quality and correctness of Borsa İstanbul’s financial statements, monitoring the application and efficiency of the accounting system, pre-approving the appointment of the independent auditor and the services to be provided by the same, preparing and controlling the agreement to be signed between Borsa İstanbul and the independent auditor, and monitoring the Company’s independent audit system, control and internal audit mechanisms.
The duty of the Early Risk Assessment Committee is to work on the early determination of the risks which may jeopardize the existence, development and continuity of the Company, implementing the preventive measures for the risks so determined, and for managing risk. The Committees convene at the Company headquarters at least bi-monthly, and may convene if deemed necessary, upon the request of the Committee Chairman. Where necessary, Committee members or Chairman of the Board may convene the Committee for a meeting. The meeting agenda will be determined by the Committee Chairman. However, items may be added to the agenda by the decision of the majority of the members. The Committee may invite Company managers or experts to hear their opinions, if deems necessary.
5.4. Risk Management and Internal Control Mechanism The Board operates in a transparent, accountable, fair and responsible manner, creates the risk management practices that will diminish the effects of the risks that Borsa İstanbul is prone to, and determines the internal control policies for all the critical processes of the institution. Information on the effectiveness of the risk management and internal control systems is provided in the annual report. In line with Borsa İstanbul A.Ş. Early Risk Assessment Committee Responsibilities and Working Principles Directive, an Early Risk Assessment Committee was established. The Committee consists of two members elected from among the Board members and one executive vice president. During 2014, the Committee convened bi-monthly on a regular basis. Prior to the Committee meetings, meetings with pre-determined Borsa İstanbul departments chaired by the Committee-member Executive Vice President were held. Borsa İstanbul’s Units’ assessment of the realized or expected risks and measures taken against such risks were discussed at these meetings, and reported to the Committee.
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5.6. Financial Rights 5.5. Company’s Strategic Targets Borsa İstanbul also acquired a Bankers Blanket Bond (a comprehensive insurance policy for financial institutions) and an insurance policy against information systems crimes. These insurance policies cover the risks which may arise from fraudulent acts and information systems crimes against Borsa İstanbul.
As part of the studies to renew Borsa İstanbul’s strategic plan covering five-year periods on an annual basis, Borsa İstanbul completed the analytical studies for the new five-year period covering 20152019, defined new projects, and updated the projects in progress. Information on Borsa İstanbul’s achievement on strategic targets, activities and past year performance is regularly reported to the Board. Borsa İstanbul introduced performance based budget in 2014. Thanks to the performance based budget, prepared in line with Borsa İstanbul’s current structure, all departments were ensured to actively participate in the budget process and prepare detailed projections regarding the income and expense items directly related with them.
As envisaged in Borsa İstanbul Reimbursement Policy, financial benefits to be offered to the Chairman and members of the Board in the form of remuneration, fees, premiums, and bonus payments, facilities offered in kind and in cash, dividend payments and other similar rights must be determined by the General Assembly on an annual basis. Furthermore, any travel, accommodation and entertainment expenses and insurance and other similar guarantees are determined by the Board. Board Chairman and members, their spouses, children and persons they are responsible for benefit from health services under the same conditions as the employees. Each Borsa İstanbul Board member was paid a monthly net fee of TL 9,000 in 2014. Borsa İstanbul’s reimbursement policy was made public on the Company website. There were no transactions which may lead to conflicts of interest, such as directly or indirectly extending loans or credits to or offering guarantees for Board members or Company managers.
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We are a Family Members December 31, 2014 Member Code
Title
1
ACA
ACAR MENKUL DEĞERLER A.Ş.
2
ACM
ALKHAIR CAPITAL MENKUL DEĞERLER A.Ş.
3
ACP
A1 CAPITAL MENKUL DEĞERLER A.Ş.
4
ADA
ADABANK A.Ş.
5
ADB
ANADOLUBANK A.Ş.
6
ADY
ANADOLU YATIRIM MENKUL KIYMETLER A.Ş.
7
AFB
AKTİF YATIRIM BANKASI A.Ş.
8
AFN
ASYA KATILIM BANKASI ANONİM ŞİRKETİ
9
AKB
AKBANK T.A.Ş.
10
AKM
AK YATIRIM MENKUL DEĞERLER A.Ş.
11
ALK
ALBARAKA TÜRK KATILIM BANKASI A.Ş.
12
ALM
ALB MENKUL DEĞERLER A.Ş.
13
ALN
ALAN MENKUL DEĞERLER A.Ş.
14
AMD
ASYA YATIRIM MENKUL DEĞERLER A.Ş.
15
AMK
ALTERNATİF YATIRIM A.Ş.
16
ANF
ALTERNATİFBANK A.Ş.
17
AOL
ATAONLINE MENKUL KIYMETLER A.Ş.
18
ARA
ARAP TÜRK BANKASI A.Ş.
19
ATA
ATA YATIRIM MENKUL KIYMETLER A.Ş.
20
ATI
ATIG YATIRIM MENKUL DEĞERLER A.Ş.
21
AYB
AYBORSA MENKUL DEĞERLER TİC.A.Ş.
22
*
BAH
BAHAR MENKUL DEĞERLER TİCARETİ A.Ş.
23
BGC
BGC PARTNERS MENKUL DEĞERLER A.Ş.
24
BMK
BİZİM MENKUL DEĞERLER A.Ş.
25
BSK
BAŞKENT MENKUL DEĞERLER A.Ş.
26
BUR
BURGAN BANK A.Ş.
27
BYR
BİRLEŞİK FON BANKASI A.Ş.
205
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Member Code
Title
28
CIM
CITI MENKUL DEĞERLER A.Ş.
29
CIT
CITIBANK A.Ş.
30
CRM
CEROS MENKUL DEĞERLER A.Ş.
CSA
CENSA MENKUL DEĞERLER A.Ş.
32
CSM
CREDIT SUISSE İSTANBUL MENKUL DEĞERLER A.Ş.
33
DBI
DEUTSCHE BANK A.Ş.
34
DET
DELTA MENKUL DEĞERLER A.Ş.
35
DLR
DİLER YATIRIM BANKASI A.Ş.
36
DNZ
DENİZBANK A.Ş.
37
DSI
DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş.
38
DST
DESTEK MENKUL DEĞERLER A.Ş.
31
39
*
DUN
DÜNYA MENKUL DEĞERLER A.Ş.
40
*
DZY
DENİZ YATIRIM MENKUL KIYMETLER A.Ş.
41
ECZ
ECZACIBAŞI MENKUL DEĞERLER A.Ş.
42
EFG
BURGAN YATIRIM MENKUL DEĞERLER A.Ş.
43
EKN
EKİNCİLER YATIRIM MENKUL DEĞ.A.Ş.
44
*
EKS
EKSPRES MENKUL DEĞERLER ANONİM ŞİRKETİ
45
*
END
ENDEKS MENKUL DEĞERLER A.Ş.
ERM
EURO FİNANS MENKUL DEĞERLER A.Ş.
ESI
ERSTE SECURITIES İSTANBUL MENKUL DEĞERLER A.Ş.
ETM
ETİ MENKUL KIYMETLER A.Ş.
49
EYD
EGEMEN MENKUL KIYMETLER A.Ş.
50
FBB
FİBABANKA A.Ş.
51
FIN
FİNANSBANK A.Ş.
FKT
TÜRKİYE FİNANS KATILIM BANKASI A.Ş.
FMD
FED MENKUL DEĞERLER A.Ş.
FNY
FİNANS YATIRIM MENKUL DEĞERLER A.Ş.
46 47 48
*
52 53 54
*
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Borsa İstanbul 2014 Annual Report
Member Code
Title
55
GCM
GCM MENKUL KIYMETLER A.Ş.
56
GDK
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
57
GIN
ING BANK A.Ş.
58
GLB
GLOBAL MENKUL DEĞERLER A.Ş.
59
GLT
GALATA MENKUL DEĞERLER A.Ş.
GMK
GÜNEY MENKUL DEĞERLER TİCARETİ A.Ş.
61
GNI
ING MENKUL DEĞERLER A.Ş.
62
GRM
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
63
GSB
GSD YATIRIM BANKASI A.Ş.
64
GVN
GÜVEN MENKUL DEĞERLER A.Ş.
65
HLY
HALK YATIRIM MENKUL DEĞERLER A.Ş.
66
HSB
HSBC BANK A.Ş.
67
HSY
HSBC YATIRIM MENKUL DEĞERLER A.Ş.
68
IAZ
INVEST-AZ MENKUL DEĞERLER A.Ş.
60
69
*
IKN
IKON MENKUL DEĞERLER A.Ş.
70
**
IME
IŞIK MENKUL DEĞERLER A.Ş.
71
INM
İNTEGRAL MENKUL DEĞERLER A.Ş.
72
IYF
İNFO YATIRIM A.Ş.
73
IYM
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
74
JPM
J.P. MORGAN MENKUL DEĞERLER A.Ş.
75
KLN
TÜRKİYE KALKINMA BANKASI A.Ş.
76
KPT
KAPİTAL MENKUL DEĞERLER A.Ş.
77
KRE
KARE YATIRIM MENKUL DEĞERLER A.Ş.
78
KTK
KUVEYT TÜRK KATILIM BANKASI ANONİM ŞİRKETİ
79
*
KYM
K MENKUL KIYMETLER A.Ş.
80
*
MED
MED MENKUL DEĞERLER A.Ş.
81
MLB
MERRILL LYNCH YATIRIM BANK A.Ş.
82
MLM
MERRILL LYNCH MENKUL DEĞERLER A.Ş.
83
MRS
MARBAŞ MENKUL DEĞERLER A.Ş.
84
MSA
MEKSA YATIRIM MENKUL DEĞERLER A.Ş.
85
MSI
MORGAN STANLEY MENKUL DEĞERLER A.Ş.
86
MTY
METRO YATIRIM MENKUL DEĞERLER A.Ş.
87
MYZ
ULUS MENKUL DEĞERLER A.Ş.
207
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Member Code
Title
88
NOR
NOOR CAPITAL MARKET MENKUL DEĞERLER A.Ş.
89
NTA
NETA YATIRIM MENKUL DEĞERLER A.Ş.
90
NYB
NUROL YATIRIM BANKASI A.Ş.
91
ODB
ODEA BANK A.Ş.
92
OMD
OSMANLI MENKUL DEĞERLER A.Ş.
93
OYA
OYAK YATIRIM MENKUL DEĞERLER A.Ş.
94
PAY
PAY MENKUL DEĞERLER A.Ş.
95
PHC
PHİLLİPCAPİTAL MENKUL DEĞERLER A.Ş.
96
PIT
PİRAMİT MENKUL KIYMETLER A.Ş.
97
PMK
PRİM MENKUL DEĞERLER A.Ş.
98
POL
POLEN MENKUL DEĞERLER A.Ş.
99
POZ
BANKPOZİTİF KREDİ VE KALKINMA BANKASI A.Ş.
100
RBS
THE ROYAL BANK OF SCOTLAND PLC. MERKEZİ EDINBURGH İST.MR. ŞB
101
REF
REFERANS MENKUL DEĞERLER A.Ş.
REN
RENAİSSANCE CAPİTAL MENKUL DEĞERLER A.Ş.
SAX
SAXO CAPİTAL MARKETS MENKUL DEĞERLER A.Ş.
104
SCB
STANDARD CHARTERED YATIRIM BANKASI TÜRK A.Ş.
105
SEK
ŞEKERBANK T.A.Ş.
106
SKY
ŞEKER YATIRIM MENKUL DEĞERLER A.Ş.
107
SNK
SANKO MENKUL DEĞERLER A.Ş.
108
SOG
SOCIETE GENERALE PARİS MRK. FRANSA İST. TR. MRK. ŞB.
109
SRD
SARDİS MENKUL DEĞERLER A.Ş.
110
STJ
STRATEJİ MENKUL DEĞERLER A.Ş.
SYG
SAYILGAN MENKUL DEĞERLER TİCARETİ A.Ş.
112
TAC
TACİRLER YATIRIM MENKUL DEĞERLER A.Ş.
113
TBA
TURKISH BANK A.Ş.
114
TBN
TURKLAND BANK A.Ş.
115
TBY
TEB YATIRIM MENKUL DEĞERLER A.Ş.
116
TCM
JPMORGAN CHASE BANK MERKEZİ NEW YORK İSTANBUL-TÜRKİYE ŞB.
117
TCZ
T.C ZİRAAT BANKASI A.Ş.
118
TEB
TÜRK EKONOMİ BANKASI A.Ş.
119
TES
TEKSTİL BANKASI A.Ş.
120
TGB
TÜRKİYE GARANTİ BANKASI A.Ş.
102 103
111
**
*
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Borsa İstanbul 2014 Annual Report
Member Code
Title
121
THL
T.HALK BANKASI A.Ş.
122
THR
T.İHRACAT KREDİ BANKASI A.Ş. (EXIMBANK A.Ş.)
123
TIB
T.İŞ BANKASI A.Ş.
124
TKS
TAKSİM YATIRIM A.Ş.
125
TKY
TURKISH YATIRIM A.Ş.
126
TLM
TEKSTİL YATIRIM MENKUL DEĞERLER A.Ş.
127
TOR
TOROS MENKUL KIYMETLER TİCARETİ A.Ş.
128
TRA
TERA MENKUL DEĞERLER A.Ş.
TSK
TÜRKİYE SINAİ KALKINMA BANKASI A.Ş.
TTM
TİCARET MENKUL DEĞERLER A.Ş.
131
TVB
T.VAKIFLAR BANKASI T.A.O.
132
UBS
UBS MENKUL DEĞERLER A.Ş.
133
UNS
ÜNLÜ MENKUL DEĞERLER A.Ş.
134
VKY
VAKIF YATIRIM MENKUL DEĞERLER A.Ş.
135
WAA
KALOTI JEWELLERY INT. (EUROPE) KIYMETLİ MADEN TİC. A.Ş.
136
WAB
RONA DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
137
WAC
OLGAÇ DÖVIZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
138
WAE
DENGE DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
139
WAF
SEMBOL DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
140
WAG
İSTANBUL ALTIN RAFİNERİSİ ANONİM ŞİRKETİ
141
WAH
SULTAN KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
142
WAI
ALTINBAŞ KIYMETLİ MADENLER BORSASI ANONİM ŞİRKETİ
143
WAJ
ALTINKAYNAK DÖVIZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
144
WAK
TROY KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
145
WAL
TURAN KIYMETLI MADENLER TICARETI ANONİM ŞİRKETİ
146
WAM
GÜVEN DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
147
WAN
MKS KIYMETLI MADENLER TİCARET ANONİM ŞİRKETİ
148
WAO
LCO KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
149
WAP
ONS KIYMETLI MADENLER TICARETI ANONİM ŞİRKETİ
150
WAR
DORUK DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
151
WAS
ÜNLÜLER DOVİZ VE KIYMETLI MADENLER TİCARETİ ANONİM ŞİRKETİ
152
WAT
ATASAY DÖVIZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
153
WAU
FAHRET DÖVIZ VE KIYMETLİ MADENLER TİCARET ANONİM ŞİRKETİ
129 130
*
209
borsaistanbul.com
Member Code
Title
154
WAV
ANADOLU DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
155
WAY
MERKEZ DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
156
WAZ
MISIRKANLI DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş.
157
WBA
NADİR DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
158
WBB
KAPALIÇARŞI DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
159
WBC
ALBAYRAK KIYMETLI MADENLER SANAYİ VE TİCARET ANONİM ŞİRKETİ
160
WBD
UZER DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
161
WBE
ETİ GÜMÜŞ ANONİM ŞİRKETİ
162
WBF
ÇITAK DÖVIZ VE KIYMETLİ MADENLER TICARETİ ANONİM ŞİRKETİ
163
WBG
MTO KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
164
WBH
AYKAÇ DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
165
WBI
AHLATCI DÖVIZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
166
WBJ
GÜLKAY DÖVİZ VE KIYMETLİ MADENLER TİCARET ANONİM ŞİRKETİ
167
WBK
MARMARA KIYMETLI MADENLER TICARETI ANONİM ŞİRKETİ
168
WBL
ÖZBEY KIYMETLİ MADENLER TİCARET ANONİM ŞİRKETİ
169
WBM
KASABI KUYUMCULUK SANAYI VE TICARET ANONİM ŞİRKETİ
170
WBN
UĞURAS KIYMETLI MADENLER SANAYİ VE DIŞ TICARET A.Ş.
171
WBO
YILDIZ DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
172
WBP
PUSULA KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
173
WBR
TAŞBAŞI DÖVIZ VE KIYMETLI MADENLER TİCARETİ ANONİM ŞİRKETİ
174
WBS
HAYYAM DÖVİZ VE KIYMETLİ MADENLER TİCARET ANONİM ŞİRKETİ
175
WBT
YILDIRIM DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
176
WBU
SARAY DÖVIZ VE KIYMETLİ MADENLER TICARETI ANONİM ŞİRKETİ
177
WBV
SAVAŞ DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
178
WBY
LİDYA KIYMETLİ MADENLER SANAYİ VE TİCARET ANONİM ŞİRKETİ
179
WBZ
HAS KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
180
WCA
METSA KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
181
WCB
KAPADOKYA DÖVIZ VE KIYMETLİ MADENLER TİCARET ANONİM ŞİRKETİ
182
WCC
ARABACI DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
183
WCD
BAY-DEM DÖVIZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
184
WCE
MENEKŞE DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
185
WCF
İAR DÖVİZ VE KIYMETLİ MADENLER ANONİM ŞİRKETİ
186
WCG
KARAT DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
210
Borsa İstanbul 2014 Annual Report
Member Code
Title
187
WCH
İLKARLAR DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
188
WCI
SONGOLD KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
189
WCJ
SOYMETAL SOYMETALLER SANAYİ VE TİCARET ANONİM ŞİRKETİ
190
WCK
PEKER KUYUMCULUK SANAYI VE TICARET ANONİM ŞİRKETİ
191
WCL
NİZİP DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
192
WCM
KARAKÖY DÖVİZ VE KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
193
WCN
FULCRUM KIYMETLI MADENLER SANAYİ VE TICARET ANONİM ŞİRKETİ
194
WCO
KARAKAŞ ATLANTİS KIYM. MADEN KUYUMCULUK TELEKOM.SAN.TİC.A.Ş.
195
WCP
TAHA KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
196
WCR
TÜPRAG METAL MADENCİLİK SANAYİ VE TİCARET ANONİM ŞİRKETİ
197
WCS
ATANUR KUYUMCULUK İTHALAT İHRACAT SANAYİ VE TİCARET A.Ş.
198
WCT
FLAŞ DÖVİZ VE ALTIN TİCARET ANONİM ŞİRKETİ
199
WCU
FETİH DÖVİZ VE KIYMETLİ MADENLER TİCARET A.Ş.
200
WCV
AG KIYMETLİ MADENLER ANONİM ŞİRKETİ
201
WCY
FİLİZ DÖVİZ VE ALTIN TİCARETİ ANONİM ŞİRKETİ
202
WCZ
HALAÇ DÖVİZ VE KIYMETLİ MADENLER TİCARETİ ANONİM ŞİRKETİ
WDA
ARİŞ HEDİYELİK EŞYA SANAYİ VE TİCARET ANONİM ŞİRKETİ
WDC
ARK KUYUMCULUK - HAVAGİN SUNA
WDD
ARMADA KUYUMCULUK SANAYİ VE TİCARET ANONİM ŞİRKETİ
WDE
ATATAŞ KUYUMCULUK SANAYİ VE TİCARET ANONİM ŞİRKETİ
WDF
BAGET-İŞ KUYUMC. GÜMÜŞ KOZM.HEDİYELİK EŞYA SAN.TİC.LTD.ŞTİ.
WDG
SARIGELİN KUYUMCULUK İNŞAAT TAAHHÜT SANAYİ VE TİCARET LTD.ŞTİ.
WDH
BAYIRCILAR KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WDI
BELBAK HEDİYELİK EŞYA TURİZM SANAYİ VE TİCARET LTD.ŞTİ.
WDJ
BENKA KUYUMCULUK İNŞ.TURİZM LOJİSTİK HİZM.TİC.SAN.LTD.ŞTİ.
WDK
CEDİAM KUYUMCULUK VE MÜCEVHERAT TİCARET LİMİTED ŞİRKETİ
WDL
CESAR KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WDM
CETAŞ KUYUMCULUK İMALAT İHR. İTH. VE DAHİLİ TİC.LTD.ŞTİ.
WDN
CÜMBÜŞ KUYUMCULUK TURİZM TEKSTİL İNŞ. GIDA SAN.TİC.LTD.ŞTİ.
WDO
DİYAMANDİ KUYUMCULUK VE KIYMETLİ TAŞLAR SAN.TİC.LTD.ŞTİ.
WDP
DÜNYA ULUSLARARASI MÜCEVHERAT VE KUYUMCULUK SAN. VE TİC.A.Ş.
WDR
EDİZ DERELİ DEĞERLİ TAŞLAR VE MÜCEVHERAT TİC.LTD.ŞTİ.
WDS
ERİŞ MÜCEVHERAT TİCARET TURİZM İNŞAAT SANAYİ LİMİTED ŞİRKETİ
WDT
ELİT KUYUMCULUK LİMİTED ŞİRKETİ
203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220
*** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***
211
221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254
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borsaistanbul.com
Member Code
Title
WDU
FALEZ KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WDV
FAVORİ KUYUMCULUK SANAYİ VE TİCARET ANONİM ŞİRKETİ
WDY
GARNİ KUYUMCULUK SANAYİ TİCARET LİMİTED ŞİRKETİ
WDZ
GESSART ALTIN PAZARLAMA VE DAĞITIM ANONİM ŞİRKETİ
WEA
GİZİL İNCİ KUYUMCULUK SANAYİ VE DIŞ TİCARET LİMİTED ŞİRKETİ
WEB
GÜLAÇTI KUYUMCULUK SANAYİ VE TİCARET ANONİM ŞİRKETİ
WEC
GÜLERYÜZ KUYUMCULUK TURİZM VE OTOMOTİV SAN. VE TİC.A.Ş.
WED
HOŞGÖR İÇ VE DIŞ TİCARET LİMİTED ŞİRKETİ
WEE
HOŞHANLI KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WEF
İNCİ KUYUMCULUK KALIPÇILIK VE DERİ SAN. TİC. LTD.ŞTİ.
WEG
İNKA DIŞ TİCARET VE ELEKTROMEKANİK SANAYİ LİMİTED ŞİRKETİ
WEH
İNNOVA KUYUMCULUK HEDİYELİK EŞYA SAN. VE TİC. A.Ş.
WEI
KAFKAS KUYUMCULUK MÜCEVHERAT SANAYİ VE TİCARET LTD.ŞTİ.
WEJ
KAMEROĞLU KUYUMCULUK SANAYİ VE DIŞ TİCARET LİMİTED ŞİRKETİ
WEK
KARAT HEDİYELİK EŞYA SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WEL
KOÇAK GOLD KUYUMCULUK DIŞ TİCARET ANONİM ŞİRKETİ
WEM
KURTULAN KUYUMCULUK TİCARET VE SANAYİ LİMİTED ŞİRKETİ
WEN
LEMA MÜCEVHERAT KUYUMCULUK SAAT İTH. VE İHR. TİC. LTD. ŞTİ.
WEO
LİDA TURİZM TİCARET VE SANAYİ LİMİTED ŞİRKETİ
WEP
MAVİ PIRLANTA HEDİYELİK EŞYA SANAYİ VE TİCARET LTD. ŞTİ.
WER
ENSTİTÜ İSTANBUL BİLİM AKADEMİSİ YÖNETİM DANIŞMANLIĞI ANONİM ŞİRKETİ
WES
MELİS KUYUMCULUK İTHALAT İHRACAT TİC. VE SAN. A.Ş.
WET
MERT KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WEU
MODEL KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WEV
MOLU MÜCEVHERAT TİCARET LİMİTED ŞİRKETİ
WEY
MONTÜR İŞ HEDİYELİK EŞYA SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WEZ
MOTİF KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFA
MUTLUHAN KUYUMCULUK TEKSTİL GIDA MARKET DIŞ TİC. LTD.ŞTİ
WFB
NEV KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFC
ON MÜCEVHERAT SANAYİ VE DIŞ TİCARET LİMİTED ŞİRKETİ
WFD
OPAL MÜCEVHERAT SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFE
R-T KUYUMCULUK MÜCEVHERAT SAN. TİC. TUR. İNŞ. OTO. LTD. ŞTİ.
WFF
ROZ PIRLANTA SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFG
SADE-İŞ KUYUMCULUK İTHALAT - İHRACAT SAN. VE TİC. LTD. ŞTİ.
212
Borsa İstanbul 2014 Annual Report
Member Code
Title
WFH
SAİT KOÇ MÜCEVHERAT SANAYİ VE TİCARET ANONİM ŞİRKETİ
WFI
SAYAR KUYUMCULUK HİZMETLERİ SANAYİ TİCARET ANONİM ŞİRKETİ
WFJ
SELEN TURİZM VE TİCARET ANONİM ŞİRKETİ
WFK
STARTAŞ MADENCİLİK İNŞAAT TURİZM TAŞIMA. İTH. İHR. LTD. ŞTİ.
WFL
TEKKAR KUYUMCULUK SANAYİ VE TİCARET ANONİM ŞİRKETİ
WFM
TEKVİN MÜCEVHERAT SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFN
TEMİZOCAK ALTIN VE KIYMETLİ TAŞLAR TİC. VE SAN. A.Ş.
WFO
TİNA KUYUMCULUK TİCARET VE SANAYİ LİMİTED ŞİRKETİ
WFP
TİRYANDAFİL KUYUMCULUK SANAYİ TİCARET LİMİTED ŞİRKETİ
WFR
TOPALL MÜCEVHERAT VE KIYMETLİ TAŞLAR SANAYİ TİC. A.Ş.
WFS
UZMAN KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKET
WFT
VİGOLD KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFU
VİVO KUYUMCULUK SANAYİ VE TİCARET LİMİTED ŞİRKETİ
WFV
YAMAN ALTIN KUYUM.İNŞ.KONF.GIDA ÖZEL SAĞLIK HİZ.TİC.SAN.LTD.
WFY
ZELA KUYUMCULUK TURİZM İTHALAT İHRACAT SAN. TİC. LTD. ŞTİ.
WFZ
ZEN PIRLANTA ANONİM ŞİRKETİ
271
WGA
SWM KIYMETLİ MADEN TİCARETİ ANONİM ŞİRKETİ
272
WGB
SER KIYMETLİ MADENLER SANAYİ VE TİCARET ANONİM ŞİRKETİ
273
WGC
HAKAN ALTIN VE DÖVİZ TİCARET A.Ş.
274
WGD
EHG DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş.
WGE
DORA KUYUMCULUK SAN. VE TİC. A.Ş.
WGF
SİMORO KUYUMCULUK SAN. VE DIŞ TİC. LTD. ŞTİ.
WGG
FORMÜL ALTIN KIYMETLİ TAŞLAR DEKORASYON SANAYİ VE TİCARET LTD. ŞTİ
WGH
USLUCAN KUYUMCULUK TURİZM İNŞAAT SAN. TİC. A.Ş.
WGI
LAVİN KUYUMCULUK SAN. VE TİC. LTD. ŞTİ.
WGJ
FİBULA MÜCEVHER SANAYİ VE TİCARET A.Ş.
WGK
DİAMOND KUYUMCULUK LTD. ŞTİ.
WGL
PARAM DİAMOND KUYUMCULUK TİC. LTD. ŞTİ.
WGM
GERAS MÜCEVHERAT SANAYİ VE TİCARET LTD. ŞTİ.
WGN
ALTUNSOY KUYUMCULUK VE ELEKT. AYD. SİSTEMLERİ PAZ. SAN. TİC. LTD. ŞTİ.
WGO
GOLD GRUP KUYUMCULUK İTHALAT İHRACAT SANAYİ TİCARET A.Ş.
WGP
COŞKUN KUYUMCUSU- COŞKUN GENÇOĞLU
WGR
SULTAN PIRLANTA-CAN GÜZELİŞ
WGS
NİL DİAMOND -ENGİN DEMİRSEÇEN
255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270
275 276 277 278 279 280 281 282 283 284 285 286 287 288
*** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***
*** *** *** *** *** *** *** *** *** *** *** *** *** ***
213
borsaistanbul.com
Member Code
Title
WHA
BİROS KUYUMCULUK LTD. ŞTİ.
WHB
DMS KUYUMCULUK TURİZM VE DIŞ TİC. LTD. ŞTİ.
WHD
JP KUYUMCULUK SAN. VE TİC. LTD. ŞTİ.
WHF
MAS KUYUMCULUK TİCARET LTD. ŞTİ.
WHH
DİBEL KIYMETLİ TAŞLAR MÜCEVHERAT TİC. SAN. LTD. ŞTİ.
WHI
ALTIN MERKEZ KUYUMCULUK İNŞ.TLKM. İLETİŞİM TEKSTİL GIDA SANAYİ VE TİC.LTD.ŞTİ
WHL
GÖKHAN MÜCEVHERAT KUYUMCULUK SAN. VE TİC. LTD. ŞTİ.
WHM
AYDIN ALTUNBÜKEN MADENCİLİK SAN. VE TİC. LTD. ŞTİ.
WHV
DETAY KUYUMCULUK İMALAT VE DEĞERLİ TAŞ TİCARET - ÖZKAN KARACA
WHY
DİALAN - KORHAN ALAN
WIF
SUGEM KUYUMCULUK - YESAYİ DEMİR
WIH
AYTAÇ KUYUMCULUK - SALİM AYTAÇ
WGY
SİNA MONTÜR KUYUMCULUK TUR. İNŞ. SAN. ve TİC. LTD. ŞTİ.
WGZ
ARDA KUYUMCULUK SAN. VE TİC. LTD. ŞTİ.
WHE
GİANNİ KUYUMCULUK LTF. ŞTİ.
WHG
SAADETTİN GEN KUYUMCULUK SAN. TİC. LTD. ŞTİ.
WHK
ASYILDIZ MÜCEVHERAT TİC. LTD. ŞTİ.
WHO
ASİL MÜCEVHERAT SAN. VE TİC. LTD. ŞTİ.
WHP
GEZMEZ MÜCEVHERAT SAN. VE TİC. A.Ş.
WHS
BOYBEYİ KUY. TUR. TEKS. İNŞ. GIDA PAZ. SAN. TİC. LTD ŞTİ.
WHZ
ELA DIAMOND - YÜCEL BEDİR
WIA
TANSEL MÜCEVHERAT-TANSEL EKMEKÇİOĞLU
WIB
AB JEWELLERY - ARET BAHAR
WID
ALTINTUĞLU KUYUMCULUK - ORHAN ALTINTUĞLU
WIE
GÜLSOY SARRAF - ÖMER GÜLSOY
WII
ÖZSARAÇ KUYUMCULUK-BAYHAN ÖZSARAÇ
XTB
X TRADE BROKERS MENKUL DEĞERLER A.Ş.
316
YAT
YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş.
317
YBA
TAİB YATIRIM BANK A.Ş.
318
YKB
YAPI VE KREDİ BANKASI A.Ş.
319
YKR
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
320
ZRY
ZİRAAT YATIRIM MENKUL DEĞERLER A.Ş.
289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315
*** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** **
*: Capital markets activities were suspended (12 institutions) **: ollowing the suspension of activities, received an activity authorization from the Capital Markets Board again, however, despite being a member of Borsa İstanbul, did not apply for operating on Borsa İstanbul markets (3 institutions).. ***: Institutions trading on the Diamond and Precious Stone Market, but not members of Borsa İstanbul.
214
Borsa İstanbul 2014 Annual Report
Companies traded on Borsa İstanbul (December 31, 2014) A.V.O.D. KURUTULMUŞ GIDA VE TARIM ÜRÜNLERİ A.Ş. ACISELSAN ACIPAYAM SELÜLOZ SANAYİ VE TİCARET A.Ş. ADANA ÇİMENTO SANAYİİ TÜRK A.Ş. ADEL KALEMCİLİK TİCARET VE SANAYİ A.Ş. ADESE ALIŞVERİŞ MERKEZLERİ TİCARET A.Ş. AFYON ÇİMENTO SANAYİ T.A.Ş. AKBANK T.A.Ş. AKÇANSA ÇİMENTO SANAYİ VE TİCARET A.Ş. AKDENİZ GÜVENLİK HİZMETLERİ A.Ş. AKENERJİ ELEKTRİK ÜRETİM A.Ş. AKFEN GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AKFEN HOLDİNG A.Ş. AKIN TEKSTİL A.Ş. AKİŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AKMERKEZ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AKSA AKRİLİK KİMYA SANAYİİ A.Ş. AKSA ENERJİ ÜRETİM A.Ş. AKSEL ENERJİ YATIRIM HOLDİNG A.Ş. AKSİGORTA A.Ş. AKSU ENERJİ VE TİCARET A.Ş. AKYÜREK TÜKETİM ÜRÜNLERİ PAZARLAMA DAĞITIM VE TİCARET A.Ş. ALARKO CARRIER SANAYİ VE TİCARET A.Ş. ALARKO GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. ALARKO HOLDİNG A.Ş. ALBARAKA TÜRK KATILIM BANKASI A.Ş. ALCATEL LUCENT TELETAŞ TELEKOMÜNİKASYON A.Ş. ALKİM ALKALİ KİMYA A.Ş. ALKİM KAĞIT SANAYİ VE TİCARET A.Ş. ALTERNATİF YATIRIM ORTAKLIĞI A.Ş. ALTERNATİFBANK A.Ş. ALTINYAĞ KOMBİNALARI A.Ş. ALTINYUNUS ÇEŞME TURİSTİK TESİSLER A.Ş. ANADOLU ANONİM TÜRK SİGORTA ŞİRKETİ ANADOLU CAM SANAYİİ A.Ş. ANADOLU EFES BİRACILIK VE MALT SANAYİİ A.Ş.
215
ANADOLU HAYAT EMEKLİLİK A.Ş. ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET A.Ş. ANEL ELEKTRİK PROJE TAAHHÜT VE TİCARET A.Ş. ANEL TELEKOMÜNİKASYON ELEKTRONİK SİSTEMLERİ SANAYİ VE TİCARET A.Ş. ANSA YATIRIM HOLDİNG A.Ş. ARBUL ENTEGRE TEKSTİL İŞLETMELERİ ARÇELİK A.Ş. ARENA BİLGİSAYAR SANAYİ VE TİCARET A.Ş. ARMADA BİLGİSAYAR SİSTEMLERİ SANAYİ VE TİCARET A.Ş. ARSAN TEKSTİL TİCARET VE SANAYİ A.Ş. ARTI YATIRIM HOLDİNG A.Ş. ASELSAN ELEKTRONİK SANAYİ VE TİCARET A.Ş. Asil Çelik San. Ve Tic. A.Ş. ASLAN ÇİMENTO A.Ş. ASYA KATILIM BANKASI A.Ş. ATA GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. ATAKULE GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. ATLANTİK PETROL ÜRÜNLERİ SANAYİ VE TİCARET A.Ş. ATLANTİS YATIRIM HOLDİNG A.Ş. ATLAS MENKUL KIYMETLER YATIRIM ORTAKLIĞI A.Ş. AVİVA SİGORTA A.Ş. AVİVASA EMEKLİLİK VE HAYAT A.Ş. AVRASYA GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. AVRASYA PETROL VE TURİSTİK TESİSLER YATIRIMLAR A.Ş. AYEN ENERJİ A.Ş. Ayes Akdeniz Yapı Elemanları San. ve Tic. A.Ş. AYGAZ A.Ş. BAGFAŞ BANDIRMA GÜBRE FABRİKALARI A.Ş. BAK AMBALAJ SANAYİ VE TİCARET A.Ş. Bakanlar Medya A.Ş. Balatacılar Balatacılık San. ve Tic. A.Ş. BANVİT BANDIRMA VİTAMİNLİ YEM SANAYİİ A.Ş. Baştaş Başkent Çimento San. ve Tic. A.Ş. BATIÇİM BATI ANADOLU ÇİMENTO SANAYİİ A.Ş. BATISÖKE SÖKE ÇİMENTO SANAYİİ T.A.Ş.
borsaistanbul.com
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Borsa İstanbul 2014 Annual Report
BAYSAN TRAFO RADYATÖRLERİ SANAYİ VE TİCARET A.Ş. BERKOSAN YALITIM VE TECRİT MADDELERİ ÜRETİM VE TİCARET A.Ş. BEŞİKTAŞ FUTBOL YATIRIMLARI SANAYİ VE TİCARET A.Ş. BEYAZ FİLO OTO KİRALAMA A.Ş. BİLİCİ YATIRIM SANAYİ VE TİCARET A.Ş. BİM BİRLEŞİK MAĞAZALAR A.Ş. BİMEKS BİLGİ İŞLEM VE DIŞ TİCARET A.Ş. BİRKO BİRLEŞİK KOYUNLULULAR MENSUCAT TİCARET VE SANAYİ A.Ş. BİRLİK MENSUCAT TİCARET VE SANAYİ İŞLETMESİ A.Ş. BİSAŞ TEKSTİL SANAYİ VE TİCARET A.Ş. BİZİM TOPTAN SATIŞ MAĞAZALARI A.Ş. BOLU ÇİMENTO SANAYİİ A.Ş. BOMONTİ ELEKTRİK MÜHENDİSLİK MÜŞAVİRLİK İNŞAAT TURİZM VE TİCARET A.Ş. BORUSAN MANNESMANN BORU SANAYİ VE TİCARET A.Ş. BORUSAN YATIRIM VE PAZARLAMA A.Ş. BOSCH FREN SİSTEMLERİ SANAYİ VE TİCARET A.Ş. BOSSA TİCARET VE SANAYİ İŞLETMELERİ T.A.Ş. BOYNER BÜYÜK MAĞAZACILIK A.Ş. BOYNER PERAKENDE VE TEKSTİL YATIRIMLARI A.Ş. BRİSA BRIDGESTONE SABANCI LASTİK SANAYİ VE TİCARET A.Ş. BURÇELİK BURSA ÇELİK DÖKÜM SANAYİİ A.Ş. BURÇELİK VANA SANAYİ VE TİCARET A.Ş. BURSA ÇİMENTO FABRİKASI A.Ş. CARREFOURSA CARREFOUR SABANCI TİCARET MERKEZİ A.Ş. ÇELEBİ HAVA SERVİSİ A.Ş. ÇELİK HALAT VE TEL SANAYİİ A.Ş. ÇEMAŞ DÖKÜM SANAYİ A.Ş. ÇEMTAŞ ÇELİK MAKİNA SANAYİ VE TİCARET A.Ş. ÇİMBETON HAZIRBETON VE PREFABRİK YAPI ELEMANLARI SANAYİ VE TİCARET A.Ş. ÇİMENTAŞ İZMİR ÇİMENTO FABRİKASI T.A.Ş. ÇİMSA ÇİMENTO SANAYİ VE TİCARET A.Ş. COCA-COLA İÇECEK A.Ş. COMPONENTA DÖKÜMCÜLÜK TİCARET VE SANAYİ A.Ş. COSMOS YATIRIM HOLDİNG A.Ş. CREDITWEST FAKTORİNG A.Ş. DAGİ GİYİM SANAYİ VE TİCARET A.Ş. DAGİ YATIRIM HOLDİNG A.Ş.
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DARDANEL ÖNENTAŞ GIDA SANAYİ A.Ş. DATAGATE BİLGİSAYAR MALZEMELERİ TİCARET A.Ş. DEMİSAŞ DÖKÜM EMAYE MAMÜLLERİ SANAYİİ A.Ş. DENGE YATIRIM HOLDİNG A.Ş. DENİZ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. DENİZBANK A.Ş. DENİZLİ CAM SANAYİİ VE TİCARET A.Ş. DERİMOD KONFEKSİYON AYAKKABI DERİ SANAYİ VE TİCARET A.Ş. DESA DERİ SANAYİ VE TİCARET A.Ş. DESPEC BİLGİSAYAR PAZARLAMA VE TİCARET A.Ş. DEVA HOLDİNG A.Ş. DİRİTEKS DİRİLİŞ TEKSTİL SANAYİ VE TİCARET A.Ş. DİTAŞ DOĞAN YEDEK PARÇA İMALAT VE TEKNİK A.Ş. DO&CO RESTAURANTS AND CATERING AKTIENGESELLSCHAFT DOĞAN BURDA DERGİ YAYINCILIK VE PAZARLAMA A.Ş. DOĞAN GAZETECİLİK A.Ş. DOĞAN ŞİRKETLER GRUBU HOLDİNG A.Ş. DOĞTAŞ KELEBEK MOBİLYA SANAYİ VE TİCARET A.Ş. DOĞUŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. DOĞUŞ OTOMOTİV SERVİS VE TİCARET A.Ş. DOĞUSAN BORU SANAYİİ VE TİCARET A.Ş. DURAN DOĞAN BASIM VE AMBALAJ SANAYİ A.Ş. DYO BOYA FABRİKALARI SANAYİ VE TİCARET A.Ş. ECZACIBAŞI YAPI GEREÇLERİ SANAYİ VE TİCARET A.Ş. ECZACIBAŞI YATIRIM HOLDİNG ORTAKLIĞI A.Ş. ECZACIBAŞI YATIRIM ORTAKLIĞI A.Ş. EDİP GAYRİMENKUL YATIRIM SANAYİ VE TİCARET A.Ş. EGE ENDÜSTRİ VE TİCARET A.Ş. EGE GÜBRE SANAYİİ A.Ş. EGE PROFİL TİCARET VE SANAYİ A.Ş. EGE SERAMİK SANAYİ VE TİCARET A.Ş. EGELİ & CO GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. EGELİ & CO TARIM GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. EGELİ & CO YATIRIM HOLDİNG A.Ş. EGEPLAST EGE PLASTİK TİCARET VE SANAYİ A.Ş. EİS ECZACIBAŞI İLAÇ, SINAİ VE FİNANSAL YATIRIMLAR SANAYİ VE TİCARET A.Ş. EKİZ KİMYA SANAYİ VE TİCARET A.Ş.
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EMEK ELEKTRİK ENDÜSTRİSİ A.Ş. EMİNİŞ AMBALAJ SANAYİ VE TİCARET A.Ş. EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. ENKA İNŞAAT VE SANAYİ A.Ş. ERBOSAN ERCİYAS BORU SANAYİİ VE TİCARET A.Ş. EREĞLİ DEMİR VE ÇELİK FABRİKALARI T.A.Ş. ERSU MEYVE VE GIDA SANAYİ A.Ş. ESCORT TEKNOLOJİ YATIRIM A.Ş. ESEM SPOR GİYİM SANAYİ VE TİCARET A.Ş. Etiler Gıda ve Ticari Yatırımlar Sanayi ve Dış Ticaret A.Ş. EURO KAPİTAL YATIRIM ORTAKLIĞI A.Ş. EURO MENKUL KIYMET YATIRIM ORTAKLIĞI A.Ş. EURO TREND YATIRIM ORTAKLIĞI A.Ş. EURO YATIRIM HOLDİNG A.Ş. FAVORİ DİNLENME YERLERİ A.Ş. FEDERAL-MOGUL İZMİT PİSTON VE PİM ÜRETİM TESİSLERİ A.Ş. FENERBAHÇE FUTBOL A.Ş. FENİŞ ALÜMİNYUM SANAYİ VE TİCARET A.Ş. FFK FON FİNANSAL KİRALAMA A.Ş. FİNANS FİNANSAL KİRALAMA A.Ş. FİNANSBANK A.Ş. FLAP KONGRE TOPLANTI HİZMETLERİ OTOMOTİV VE TURİZM A.Ş. FORD OTOMOTİV SANAYİ A.Ş. FRİGO-PAK GIDA MADDELERİ SANAYİ VE TİCARET A.Ş. GALATASARAY SPORTİF SINAİ VE TİCARİ YATIRIMLAR A.Ş. GARANTİ FAKTORİNG A.Ş. GARANTİ YATIRIM ORTAKLIĞI A.Ş. GEDİK GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. GEDİK YATIRIM HOLDİNG A.Ş. GEDİK YATIRIM MENKUL DEĞERLER A.Ş. GEDİZ AMBALAJ SANAYİ VE TİCARET GEN YATIRIM HOLDİNG A.Ş. GENPOWER HOLDİNG A.Ş. GENTAŞ GENEL METAL SANAYİ VE TİCARET A.Ş. GERSAN ELEKTRİK TİCARET VE SANAYİ A.Ş. GİMSAN GEDİZ İPLİK VE MENSUCAT SANAYİ A.Ş. GLOBAL MENKUL DEĞERLER A.Ş.
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GLOBAL YATIRIM HOLDİNG A.Ş. GÖLTAŞ GÖLLER BÖLGESİ ÇİMENTO SANAYİ VE TİCARET A.Ş. GOODYEAR LASTİKLERİ T.A.Ş. GÖZDE GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. GSD DENİZCİLİK GAYRİMENKUL İNŞAAT SANAYİ VE TİCARET A.Ş. GSD HOLDİNG A.Ş. GÜBRE FABRİKALARI T.A.Ş. GÜLER YATIRIM HOLDİNG A.Ş. GÜNEŞ SİGORTA A.Ş. HACI ÖMER SABANCI HOLDİNG A.Ş. HALK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. HALK SİGORTA A.Ş. HATEKS HATAY TEKSTİL İŞLETMELERİ A.Ş. HAZNEDAR REFRAKTER SANAYİİ A.Ş. HEKTAŞ TİCARET T.A.Ş. HİTİT HOLDİNG A.Ş. HÜRRİYET GAZETECİLİK VE MATBAACILIK A.Ş. İDAŞ İSTANBUL DÖŞEME SANAYİİ A.Ş. İDEALİST GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. İHLAS EV ALETLERİ İMALAT SANAYİ VE TİCARET A.Ş. İHLAS GAZETECİLİK A.Ş. İHLAS HOLDİNG A.Ş. İHLAS MADENCİLİK A.Ş. İHLAS YAYIN HOLDİNG A.Ş. İNDEKS BİLGİSAYAR SİSTEMLERİ MÜHENDİSLİK SANAYİ VE TİCARET A.Ş. İNFO YATIRIM A.Ş. İNTEMA İNŞAAT VE TESİSAT MALZEMELERİ YATIRIM VE PAZARLAMA A.Ş. İPEK DOĞAL ENERJİ KAYNAKLARI ARAŞTIRMA VE ÜRETİM A.Ş. İŞ FİNANSAL KİRALAMA A.Ş. İŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. İŞ GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. İŞ YATIRIM MENKUL DEĞERLER A.Ş. İŞ YATIRIM ORTAKLIĞI A.Ş. İŞBİR HOLDİNG A.Ş. IŞIKLAR ENERJİ VE YAPI HOLDİNG A.Ş. İTTİFAK HOLDİNG A.Ş. İZ HAYVANCILIK TARIM VE GIDA SANAYİ TİCARET A.Ş.
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İZMİR DEMİR ÇELİK SANAYİ A.Ş. İZMİR FIRÇA SANAYİ VE TİCARET A.Ş. İZOCAM TİCARET VE SANAYİ A.Ş. JANTSA JANT SANAYİ VE TİCARET A.Ş. KAPİTAL YATIRIM HOLDİNG A.Ş. KAPLAMİN AMBALAJ SANAYİ VE TİCARET A.Ş. KARAKAŞ ATLANTİS KIYMETLİ MADENLER KUYUMCULUK TELEKOMÜNİKASYON SANAYİ VE TİCARET A.Ş. KARDEMİR KARABÜK DEMİR ÇELİK SANAYİ VE TİCARET A.Ş. KAREL ELEKTRONİK SANAYİ VE TİCARET A.Ş. KARSAN OTOMOTİV SANAYİİ VE TİCARET A.Ş. KARSU TEKSTİL SANAYİİ VE TİCARET A.Ş. KARSUSAN KARADENİZ SU ÜRÜNLERİ SANAYİİ A.Ş. KARTONSAN KARTON SANAYİ VE TİCARET A.Ş. KATMERCİLER ARAÇ ÜSTÜ EKİPMAN SANAYİ VE TİCARET A.Ş. KENT GIDA MADDELERİ SANAYİİ VE TİCARET A.Ş. KEREVİTAŞ GIDA SANAYİ VE TİCARET A.Ş. KERVANSARAY YATIRIM HOLDİNG A.Ş. KİLER ALIŞVERİŞ HİZMETLERİ GIDA SANAYİ VE TİCARET A.Ş. KİLER GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. KLİMASAN KLİMA SANAYİ VE TİCARET A.Ş. KOÇ HOLDİNG A.Ş. KOMBASSAN HOLDİNG A.Ş. KONFRUT GIDA SANAYİ VE TİCARET A.Ş. KONYA ÇİMENTO SANAYİİ A.Ş. KORDSA GLOBAL ENDÜSTRİYEL İPLİK VE KORD BEZİ SANAYİ VE TİCARET A.Ş. KÖRFEZ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. KOZA ALTIN İŞLETMELERİ A.Ş. KOZA ANADOLU METAL MADENCİLİK İŞLETMELERİ A.Ş. KRİSTAL KOLA VE MEŞRUBAT SANAYİ TİCARET A.Ş. KRON TELEKOMÜNİKASYON HİZMETLERİ A.Ş. KUŞTUR KUŞADASI TURİZM ENDÜSTRİSİ A.Ş. KÜTAHYA PORSELEN SANAYİİ A.Ş. KUYUMCUKENT GAYRİMENKUL YATIRIMLARI A.Ş. LATEK LOJİSTİK TİCARET A.Ş. LİDER FAKTORİNG A.Ş. LİNK BİLGİSAYAR SİSTEMLERİ YAZILIMI VE DONANIMI SANAYİ VE TİCARET A.Ş. LOGO YAZILIM SANAYİ VE TİCARET A.Ş.
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LOKMAN HEKİM ENGÜRÜSAĞ SAĞLIK, TURİZM, EĞİTİM HİZMETLERİ VE İNŞAAT TAAHHÜT A.Ş. LÜKS KADİFE TİCARET VE SANAYİİ A.Ş. MAKİNA TAKIM ENDÜSTRİSİ A.Ş. MANGO GIDA SANAYİ VE TİCARET A.Ş. MARDİN ÇİMENTO SANAYİİ VE TİCARET A.Ş. MARMARİS ALTINYUNUS TURİSTİK TESİSLER A.Ş. MARSHALL BOYA VE VERNİK SANAYİİ A.Ş. MARTI GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. MARTI OTEL İŞLETMELERİ A.Ş. MAZHAR ZORLU HOLDİNG A.Ş. MCT DANIŞMANLIK A.Ş. MEGA POLİETİLEN KÖPÜK SANAYİ VE TİCARET A.Ş. MENBA HOLDİNG A.Ş. MENDERES TEKSTİL SANAYİ VE TİCARET A.Ş. MENSA SINAİ TİCARİ VE MALİ YATIRIMLAR A.Ş. MEPET METRO PETROL VE TESİSLERİ SANAYİ TİCARET A.Ş. MERİT TURİZM YATIRIM VE İŞL. A.Ş. MERKO GIDA SANAYİ VE TİCARET A.Ş. MERT GIDA GİYİM SANAYİ VE TİCARET A.Ş. METAL GAYRİMENKUL A.Ş. METEMTUR OTELCİLİK VE TURİZM İŞLETMELERİ A.Ş. METRO TİCARİ VE MALİ YATIRIMLAR HOLDİNG A.Ş. MİGROS TİCARET A.Ş. MİLPA TİCARİ VE SINAİ ÜRÜNLER PAZARLAMA SANAYİ VE TİCARET A.Ş. MMC SANAYİ VE TİCARİ YATIRIMLAR A.Ş. MONDİ TİRE KUTSAN KAĞIT VE AMBALAJ SANAYİ A.Ş. MUTLU AKÜ VE MALZEMELERİ SANAYİ A.Ş. MUTLU YATIRIM PROJE VE GAYRİMENKUL GELİŞTİRME A.Ş. NET HOLDİNG A.Ş. NET TURİZM TİCARET VE SANAYİ A.Ş. NETAŞ TELEKOMÜNİKASYON A.Ş. NİĞBAŞ NİĞDE BETON SANAYİ VE TİCARET A.Ş. NUH ÇİMENTO SANAYİ A.Ş. NUROL GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. ODAŞ ELEKTRİK ÜRETİM SANAYİ TİCARET A.Ş. OLMUKSAN INTERNATIONAL PAPER AMBALAJ SANAYİ VE TİCARET A.Ş. OMV PETROL OFİSİ A.Ş.
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ORGE ENERJİ ELEKTRİK TAAHHÜT A.Ş. ORMA ORMAN MAH. İNTEGRE SAN. VE TİC. A.Ş. OSMANLI MENKUL DEĞELER A.Ş. OSTİM PROJE GELİŞİM EĞİTİM VE DANIŞMANLIK HİZMETLERİ A.Ş. OTOKAR OTOMOTİV VE SAVUNMA SANAYİ A.Ş. OYAK YATIRIM ORTAKLIĞI A.Ş. OYLUM SINAİ YATIRIMLAR A.Ş. ÖZAK GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. ÖZBAL ÇELİK BORU SANAYİ TİCARET VE TAAHHÜT A.Ş. ÖZDERİCİ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. PANORA GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. PARK ELEKTRİK ÜRETİM MADENCİLİK SANAYİ VE TİCARET A.Ş. PARSAN MAKİNA PARÇALARI SANAYİİ A.Ş. PEGASUS HAVA TAŞIMACILIĞI A.Ş. PENGUEN GIDA SANAYİ A.Ş. PERA GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. PERGAMON STATUS DIŞ TİCARET A.Ş. PETKİM PETROKİMYA HOLDİNG A.Ş. PETROKENT TURİZM A.Ş. PİMAŞ PLASTİK İNŞAAT MALZEMELERİ A.Ş. PINAR ENTEGRE ET VE UN SANAYİİ A.Ş. PINAR SU SANAYİ VE TİCARET A.Ş. PINAR SÜT MAMULLERİ SANAYİİ A.Ş. PLASPAK KİMYA SANAYİ VE TİCARET A.Ş. PLASTİKKART AKILLI KART İLETİŞİM SİSTEMLERİ SANAYİ VE TİCARET A.Ş. POLİSAN HOLDİNG A.Ş. POLİTEKNİK METAL SANAYİ VE TİCARET A.Ş. PRİZMA PRES MATBAACILIK YAYINCILIK SANAYİ VE TİCARET A.Ş. RAY SİGORTA A.Ş. REYSAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. REYSAŞ TAŞIMACILIK VE LOJİSTİK TİCARET A.Ş. RHEA GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. RODRIGO TEKSTİL SANAYİ VE TİCARET A.Ş. ROYAL HALI İPLİK TEKSTİL MOBİLYA SANAYİ VE TİCARET A.Ş. RTA LABORATUVARLARI BİYOLOJİK ÜRÜNLER İLAÇ VE MAKİNE SAN. TİC. A.Ş. SAF GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. SAN-EL MÜHENDİSLİK ELEKTRİK TAAHHÜT SANAYİ VE TİCARET A.Ş.
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SANİFOAM SÜNGER SANAYİ VE TİCARET A.Ş. SANKO PAZARLAMA İTHALAT İHRACAT A.Ş. SARAY MATBAACILIK KAĞITÇILIK KIRTASİYECİLİK TİCARET VE SANAYİ A.Ş. SARKUYSAN ELEKTROLİTİK BAKIR SANAYİ VE TİCARET A.Ş. SASA POLYESTER SANAYİ A.Ş. SAY REKLAMCILIK YAPI DEKORASYON PROJE TAAHHÜT SANAYİ VE TİCARET A.Ş. ŞEKER FİNANSAL KİRALAMA A.Ş. ŞEKER PİLİÇ VE YEM SANAYİ TİCARET A.Ş. ŞEKERBANK T.A.Ş. SEKURO PLASTİK AMBALAJ SANAYİ A.Ş. SELÇUK ECZA DEPOSU TİCARET VE SANAYİ A.Ş. SELÇUK GIDA ENDÜSTRİ İHRACAT İTHALAT A.Ş. SERVE KIRTASİYE SANAYİ VE TİCARET A.Ş. SERVET GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. SİLVERLİNE ENDÜSTRİ VE TİCARET A.Ş. SİNPAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. SODA SANAYİİ A.Ş. SODAŞ SODYUM SAN. A.Ş. SÖKTAŞ TEKSTİL SANAYİ VE TİCARET A.Ş. SÖNMEZ FİLAMENT SENTETİK İPLİK VE ELYAF SANAYİ A.Ş. SÖNMEZ PAMUKLU SANAYİİ A.Ş. TAÇ TARIM ÜRÜNLERİ HAYVANCILIK GIDA SANAYİ VE TİCARET A.Ş. TACİRLER YATIRIM HOLDİNG A.Ş. TARAF GAZETECİLİK SANAYİ VE TİCARET A.Ş. TAT GIDA SANAYİ A.Ş. TAV HAVALİMANLARI HOLDİNG A.Ş. TAZE KURU GIDA SANAYİ VE TİCARET A.Ş. TEK-ART İNŞAAT TİCARET TURİZM SANAYİ VE YATIRIMLAR A.Ş. TEKFEN HOLDİNG A.Ş. TEKNOSA İÇ VE DIŞ TİCARET A.Ş. TEKSTİL BANKASI A.Ş. TEMAPOL POLİMER PLASTİK VE İNŞAAT SANAYİ VE TİCARET A.Ş. TESCO KİPA KİTLE PAZARLAMA TİCARET LOJİSTİK VE GIDA SANAYİ A.Ş. TGS DIŞ TİCARET A.Ş. TOFAŞ TÜRK OTOMOBİL FABRİKASI A.Ş. TORUNLAR GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. TRABZONSPOR SPORTİF YATIRIM VE FUTBOL İŞLETMECİLİĞİ TİCARET A.Ş.
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TRAKYA CAM SANAYİİ A.Ş. TRANSTÜRK HOLDİNG A.Ş. TSKB GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. TUĞÇELİK ALÜMİNYUM VE METAL MAMULLERİ SAN. VE TİC. A.Ş. TUKAŞ GIDA SANAYİ VE TİCARET A.Ş. TÜMOSAN MOTOR VE TRAKTÖR SANAYİ A.Ş. TÜPRAŞ-TÜRKİYE PETROL RAFİNERİLERİ A.Ş. TURCAS PETROL A.Ş. TÜRK DEMİR DÖKÜM FABRİKALARI A.Ş. TÜRK EKONOMİ BANKASI A.Ş. TÜRK HAVA YOLLARI A.O. TÜRK PRYSMİAN KABLO VE SİSTEMLERİ A.Ş. TÜRK TELEKOMÜNİKASYON A.Ş. TÜRK TRAKTÖR VE ZİRAAT MAKİNELERİ A.Ş. TÜRK TUBORG BİRA VE MALT SANAYİİ A.Ş. TURKCELL İLETİŞİM HİZMETLERİ A.Ş. TÜRKİYE GARANTİ BANKASI A.Ş. TÜRKİYE HALK BANKASI A.Ş. TÜRKİYE İŞ BANKASI A.Ş. TÜRKİYE KALKINMA BANKASI A.Ş. TÜRKİYE SINAİ KALKINMA BANKASI A.Ş. TÜRKİYE ŞİŞE VE CAM FABRİKALARI A.Ş. TÜRKİYE VAKIFLAR BANKASI T.A.O. ULAŞLAR TURİZM YATIRIMLARI VE DAYANIKLI TÜKETİM MALLARI TİCARET PAZARLAMA A.Ş. ÜLKER BİSKÜVİ SANAYİ A.Ş. ULUSOY ELEKTRİK İMALAT TAAHHÜT TİCARET A.Ş. ULUSOY UN SANAYİ VE TİCARET AŞ. UMPAŞ HOLDİNG A.Ş. ÜNYE ÇİMENTO SANAYİ VE TİCARET A.Ş. UŞAK SERAMİK SANAYİİ A.Ş. USAŞ YATIRIMLAR HOLDİNG A.Ş. UTOPYA TURİZM İNŞAAT İŞLETMECİLİK TİCARET A.Ş. UYUM GIDA VE İHTİYAÇ MADDELERİ SANAYİ VE TİCARET A.Ş. UZERTAŞ BOYA SAN. VE YATIRIM A.Ş. VAKIF FİNANSAL KİRALAMA A.Ş. VAKIF GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. VAKIF MENKUL KIYMET YATIRIM ORTAKLIĞI A.Ş. VAKKO TEKSTİL VE HAZIR GİYİM SANAYİ İŞLETMELERİ A.Ş.
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VANET GIDA SANAYİ İÇ VE DIŞ TİCARET A.Ş. VERUSA HOLDİNG A.Ş. VESTEL BEYAZ EŞYA SANAYİ VE TİCARET A.Ş. VESTEL ELEKTRONİK SANAYİ VE TİCARET A.Ş. VİKİNG KAĞIT VE SELÜLOZ A.Ş. YAPI KREDİ KORAY GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. YAPI VE KREDİ BANKASI A.Ş. YAPRAK SÜT VE BESİ ÇİFTLİKLERİ SANAYİ VE TİCARET A.Ş. YATAŞ YATAK VE YORGAN SANAYİ VE TİCARET A.Ş. YAYLA ÜRETİM TURİZM VE İNŞAAT TİCARET A.Ş. YAZICILAR HOLDİNG A.Ş. YENİ GİMAT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. YEŞİL GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. YEŞİL YAPI ENDÜSTRİSİ A.Ş. YEŞİL YATIRIM HOLDİNG A.Ş. YİBİTAŞ YOZGAT İŞÇİ BİR. İNŞ. MALZ. TİC. VE SAN. A.Ş. YONGA MOBİLYA SAN. VE TİC. A.Ş. YÜNSA YÜNLÜ SANAYİ VE TİCARET A.Ş. ZORLU ENERJİ ELEKTRİK ÜRETİM A.Ş.
Exchange Traded Funds (December 31, 2014) A.B.D. HAZİNE BONOSU DOLAR B TİPİ BORSA YATIRIM FONU BİZİM MENKUL DEĞERLER A.Ş. KATILIM ENDEKSİ A TİPİ BORSA YATIRIM FONU BIZIM MENKUL DEĞ. A.Ş.DOW JONES DJIM TÜRKİYE A TİPİ BORSA YATIRIM FONU DOW JONES İSTANBUL A TİPİ YAT. FONU KATILIM BELGESİ FİNANSBANK A.Ş. BIST-30 A TİPİ BORSA YATIRIM FONU FİNANSBANK A.Ş. GT-30 A TİPİ BORSA YATIRIM FONU FTSE İSTANBUL BONO FBIST B TİPİ BORSA YATIRIM FONU İSTANBUL GOLD B TİPİ ALTIN BORSA YATIRIM FONU İŞ YATIRIM BIST 30 A TİPİ BORSA YATIRIM FONU (HİSSE SENEDİ YOĞUN FON) İSTANBUL SİLVER B TİPİ GÜMÜŞ BORSA YATIRIM FONU KUVEYT TÜRK KATILIM BANKASI A.Ş. B TİPİ ALTIN BORSA YATIRIM FONU KUVEYT TÜRK KATILIM BANKASI A.Ş. B TİPİ SİLVERPLUS GÜMÜŞ BORSA YATIRIM FONU TÜRKİYE GARANTİ BANKASI A.Ş. MSCI TÜRKİYE ENDEKSİ A TİPİ BORSA YATIRIM FONU TÜRKİYE YÜKSEK PİYASA DEĞERLİ BANKALAR A TİPİ BORSA YATIRIM FONU YAPI KREDİ YAT. MEN. DEĞ. S&P IFCI TURKEY L.MİD CAP END. A TİPİ BYF
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Warrant and Certificate Issuers (December 31, 2014) DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş. (DEUTSCHE BANK AG LONDRA ŞUBESİ) İŞ YATIRIM MENKUL DEĞERLER A.Ş. T. GARANTİ BANKASI A.Ş.
Asset Lease Companies with Lease Certificates traded (December 31, 2014) AKTİF BANK SUKUK VARLIK KİRALAMA A.Ş. İSLAM KALKINMA BANKASI HAZİNE MÜSTEŞARLİĞİ VARLIK KİRALAMA A.Ş. KT KİRA SERTİFİKALARI VARLIK KİRALAMA A.Ş. TF VARLIK KİRALAMA A.Ş.
Private Sector Bond Issuers (December 31, 2014) AK FAKTORİNG A.Ş. AK FİNANSAL KİRALAMA A.Ş. AKBANK T.A.Ş. AKDENİZ FAKTORİNG A.Ş. AKFEN HOLDİNG A.Ş. AKTİF YATIRIM BANKASI A.Ş. AKYÜREK TÜKETİM ÜRÜNLERİ PAZARLAMA DAĞITIM VE TİCARET A.Ş. ALTERNATİF FİNANSAL KİRALAMA A.Ş. ALTERNATİFBANK A.Ş. ANALİZ FAKTORİNG A.Ş. ARZUM ELEKTRİKLİ EV ALETLERİ SANAYİ VE TİCARET A.Ş. ATILIM FAKTORİNG A.Ş. AYEN ENERJİ A.Ş. AYGAZ A.Ş. AYNES GIDA SAN. VE TİC. A.Ş. BANK POZİTİF KREDİ VE KALKINMA BANKASI A.Ş. BANVİT BANDIRMA VİTAMİNLİ YEM SANAYİ A.Ş.
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BAŞER FAKTORİNG A.Ş. BAŞKENT ELEKTRİK DAĞITIM A.Ş. BEYAZ FİLO OTO KİRALAMA A.Ş. BEYKOZ DOĞA ÖĞRETİM YATIRIM VE TİCARET A.Ş. BİMEKS BİLGİ İŞLEM VE DIŞ TİCARET A.Ş. BİS ENERJİ ELEKTRİK ÜRETİM A.Ş. BOSSA TİCARET VE SANAYİ İŞLETMELERİ T.A.Ş. BOYNER BÜYÜK MAĞAZACILIK A.Ş. BOYNER PERAKENDE VE TEKSTİL YATIRIMLARI A.Ş. C FAKTORİNG A.Ş. ÇAĞDAŞ FAKTORİNG A.Ş. ÇELİK MOTOR TİCARET A.Ş. ÇELİKLER TAAHHÜT İNŞAAT VE SANAYİ A.Ş. CREDİTWEST FAKTORİNG A.Ş. DD KONUT FİNANSMAN A.Ş. DEMİRER ENERJİ ÜRETİM A.Ş. DENİZ FİNANSAL KİRALAMA A.Ş. DENİZBANK A.Ş. DERİNDERE TURİZM OTOMOTİV SANAYİ VE TİCARET A.Ş. DESTEK FAKTORİNG A.Ş. DEVA HOLDİNG A.Ş. DÜNYA GÖZ HASTANESİ SANAYİ VE TİCARET A.Ş. EKO FAKTORİNG A.Ş. EREĞLİ DEMİR VE ÇELİK FABRİKALARI A.Ş. EREĞLİ TEKSTİL TURİZM SANAYİ VE TİCARET A.Ş. FİBABANKA A.Ş. FİNAL VARLIK YÖNETİM A.Ş. FİNANS FİNANSAL KİRALAMA A.Ş. FİNANSBANK A.Ş. GLOBAL YATIRIM HOLDİNG A.Ş. GÖZDE GİRİŞİM SERMAYESİ YATIRIM ORTAKLIĞI A.Ş. İŞ FİNANSAL KİRALAMA A.Ş. İŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. KAPİTAL FAKTORİNG HİZMETLERİ A.Ş. KARSAN OTO.SANAYİ VE TİCARET A.Ş. KENT FAKTORİNG A.Ş.
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KOÇ FİAT KREDİ FİNANSMAN A.Ş. KOÇ FİNANSMAN A.Ş. KOÇTAŞ YAPI MARKETLERİ TİCARET A.Ş. KORTEKS MENSUCAT SANAYİ VE TİCARET A.Ş. KOTON MAĞAZACILIK TEKSTİL VE SANAYİ A.Ş. LİDER FAKTORİNG A.Ş. LİMAK YATIRIM ENERJİ ÜRETİM İŞLETME HİZMETLERİ VE İNŞAAT A.Ş. MARTI OTEL İŞLETMELERİ A.Ş. MEDİCAL PARK SAĞLIK HİZMETLERİ A.Ş. MERCEDES-BENZ FİNANSMAN TÜRK A.Ş. METAL YAPI KONUT A.Ş. NET HOLDİNG A.Ş. NUROL YATIRIM BANKASI A.Ş. ORFİN FİNANSMAN A.Ş. PAKPEN PLASTİK BORU VE YAPI ELEMANLARI SANAYİ VE TİCARET A.Ş. PALEN ENERJİ DOĞALGAZ DAĞITIM ENDÜSTRİ VE TİCARET A.Ş. PALGAZ DOĞALGAZ DAĞITIM TİCARET VE SANAYİ A.Ş. PRIME FAKTORİNG HİZMETLERİ A.Ş. REYSAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. RÖNESANS GAYRİMENKUL YATIRIM A.Ş. RÖNESANS HOLDİNG A.Ş. SARAY HALI A.Ş. SARDES FAKTORİNG A.Ş. SARTEN AMBALAJ SANAYİ VE TİCARET A.Ş. SAY REKLAMCILIK YAPI DEKORASYON PROJE TAAHÜT SANAYİ VE TİCARET A.Ş. ŞEKER FİNANSAL KİRALAMA A.Ş. SETUR SERVİS TURİSTİK A.Ş. TAM FAKTORİNG A.Ş. TAT GIDA SANAYİ A.Ş. TEB FİNANSMAN A.Ş. THE HOUSE CAFE TURİZM VE TİCARET A.Ş. TURKASSET VARLIK YÖNETİM A.Ş. TÜRKİYE GARANTİ BANKASI A.Ş. TÜRKİYE İŞ BANKASI A.Ş. ULUSAL FAKTORİNG A.Ş. UMUR BASIM SANAYİ VE TİCARET A.Ş.
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VARYAP VARLIBAŞLAR YAPI SANAYİ TURİZM YATIRIMLARI TİCARET VE ELEKTRİK ÜRETİM A.Ş. VERA VARLIK YÖNETİM A.Ş. VTB CAPITAL PLC YAPI KREDİ FİNANSAL KİRALAMA A.O. YAPI VE KREDİ BANKASI A.Ş. YDA İNŞAAT SANAYİ VE TİCARET A.Ş. ZİRAAT FİNANSAL KİRALAMA A.Ş. ZORLU ENERJİ ELEKTRİK ÜRETİM A.Ş. ZORLU FAKTORİNG A.Ş.
Private Sector Bond Issuers (December 31, 2014) AKBANK T.A.Ş. AKTİF YATIRIM BANKASI A.Ş. ALTERNATİFBANK A.Ş. ALTERNATİF FİNANSAL KİRALAMA A.Ş. ANALİZ FAKTORİNG A.Ş. ATILIM FAKTORİNG A.Ş. BANK POZİTİF KREDİ VE KALKINMA BANKASI A.Ş. BOSSA TİCARET VE SANAYİ İŞLETMELERİ T.A.Ş. BOYNER PERAKENDE VE TEKSTİL YATIRIMLARI A.Ş. ÇAĞDAŞ FAKTORİNG A.Ş. DENİZBANK A.Ş. DENİZ FAKTORİNG A.Ş. DENİZ FİNANSAL KİRALAMA A.Ş. DESTEK FAKTORİNG A.Ş. EKO FAKTORİNG A.Ş. ERİŞİM FAKTORİNG A.Ş. FİBABANKA A.Ş. FİNANSBANK A.Ş.
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FİNANS FAKTORİNG A.Ş. GARANTİ FAKTORİNG HİZMETLERİ A.Ş. GARANTİ FİNANSAL KİRALAMA A.Ş. H.Ö. SABANCI HOLDİNG A.Ş. HUZUR FAKTORİNG A.Ş. İŞ FAKTORİNG A.Ş. İŞ YATIRIM MENKUL DEĞERLER A.Ş. KENT FAKTORİNG A.Ş. KREDİ FİNANS FAKTORİNG HİZMETLERİ A.Ş. LİDER FAKTORİNG A.Ş. NUROL YATIRIM BANKASI A.Ş. ODEA BANK A.Ş. SARDES FAKTORİNG A.Ş. T.C. ZİRAAT BANKASI A.Ş. TURKISH BANK A.Ş. ULUSAL FAKTORİNG A.Ş. YAPI KREDİ FAKTORİNG A.Ş. YAPI KREDİ FİNANSAL KİRALAMA A.O. GEDİK YATIRIM MENKUL DEĞERLER A.Ş. ING BANK A.Ş. ŞEKERBANK T.A.Ş. ŞEKER FİNANSAL KİRALAMA A.Ş. TÜRK EKONOMİ BANKASI A.Ş. TÜRKİYE GARANTİ BANKASI A.Ş. TÜRKİYE İŞ BANKASI A.Ş. TÜRKİYE HALK BANKASI A.Ş. TÜRKİYE VAKIFLAR BANKASI T.A.O. YAPI VE KREDİ BANKASI A.Ş.
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Asset-Backed Securities Issuer (December 31, 2014) AKTİF YATIRIM BANKASI A.Ş. 1 NO’LU VARLIK FİNANSMAN FONU AKTİF YATIRIM BANKASI A.Ş. 3 NO’LU EMEK VARLIK FİNANSMAN FONU AKTİF YATIRIM BANKASI A.Ş. 4 NO’LU EMEK VARLIK FİNANSMAN FONU AKTİF YATIRIM BANKASI A.Ş. 5 NO’LU EMEK VARLIK FİNANSMAN FONU AKTİF YATIRIM BANKASI A.Ş. 6 NO’LU VARLIK FİNANSMAN FONU AKTİF YATIRIM BANKASI A.Ş. 1 NO’LU FLEETCORP KATILIM VARLIK FİNANSMAN FONU AKTİF YATIRIM BANKASI A.Ş. 7 NO’LU EMEK VARLIK FİNANSMAN FONU
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