Turkish Capital Markets June 2015
CONTENTS
2
1
Turkey at a Glance
2
Structure of the Turkish Financial Markets
3
TCMA
4
Turkish Capital Markets
5
Investment Institutions
6
Investor Profile
TURKEY AT A GLANCE
LOCATION
4
POLITICS
The Republic of Turkey, founded in 1923, is a parliamentary democracy. Latest general elections were held in June 2015. The composition of the Grand National Assembly is as follows, as of June 2015.
• • •
Justice and Development Party (Right)
132
Republican People's Party (Left) 80
258
80
5
Peoples' Democratic Party (Left) Nationalist Movement Party (Nationalist)
SOVEREIGN FOREIGN CURRENCY RATINGS (LONG TERM)
Investment-Grade Ratings Highest Credit Quality High Credit Quality Strong Payment Capacity Adequate Payment Capacity Speculative-Grade Ratings Speculative, Credit Risk Developing due to Economic Changes High Speculative, Credit Risk Present with Limited Margin Safety High Default Risk, Capacity Depending on Sustained Favourable Conditions Default Source: UNCTAD, Treasury
6
S&P
Moody's
Fitch
AAA AA A BBB
Aaa Aa A Baa
AAA AA A BBB-
BB+ BB BBB+ B BCCC+ CCC CCCCC C, D
Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3
BB+ BB BBB+ B BCCC+ CCC CCCCC C, D
Ca, C
The credit ratings of Turkey are highlighted in red.
POPULATION
•
Turkey has a population of 77.7 million as of end-2014.
•
The median age is 30.7.
•
Total labour force is 28.8 million, with a participation rate of 51%. Unemployment rate is 9.9% in 2014.
•
7
GROSS DOMESTIC PRODUCT (BILLION $)
Source:TurkStat
8
REAL GDP GROWTH
Source:TurkStat
9
WORLD GDP RANKINGS (2014, BILLION $)
Source: IMF-WEO April 2014, TurkStat
10
ANNUAL INFLATION (%) 20 CPI PPI 15
10
5
0
-5 2005
2006
Source:TurkStat
11
2007
2008
2009
2010
2011
2012
2013
2014
FISCAL BALANCE
Source:MoF
12
PUBLIC DEBT (EU DEFINED PUBLIC DEBT/GDP)
Source: Treasury
13
FOREIGN TRADE
Source: TurkStat
14
CURRENT ACCOUNT BALANCE
Source: CBRT
15
STRUCTURE OF THE TURKISH CAPITAL MARKETS
CAPITAL MARKETS BACKGROUND 1982: 1985: 1995: 1997: 2001: 2002: 2005: 2006: 2007: 2009: 2011: 2012: 2013: 2014: 2015:
17
Capital Markets Board established. Istanbul Stock Exchange (ISE) established. Settlement & Custody Bank formed. Istanbul Gold Exchange (IGE) established. Banks are forbidden to trade equities. TSPAKB (Association) established. Investors' Protection Fund established. Private pension system established. IFRS adopted for financial intermediaries and listed companies. Turkish Derivatives Exchange (TurkDex) established. Dematerialization of equities completed. Dematerialization of corporate bonds & mutual funds completed. Mortgage Law passed. Automated Disclosure Platform introduced. Istanbul International Financial Centre strategy announced. Forex regulation passed. New Capital Markets Law passed. ISE demutualised and merged with IGE under Borsa Istanbul. Borsa Istanbul announced strategic partnership with Nasdaq. Borsa Istanbul and TurkDex merged. The structure of the Association has changed and the membership base was expanded to cover asset management companies and investments trusts, in addition to brokerage firms and banks. The name of the Association was revised to Turkish Capital Markets Association. Electronic Fund Distribution Platform (TEFAS) began to operate.
REGULATORY STRUCTURE OF THE FINANCIAL MARKETS
Banking
Capital Markets
Insurance
Banking Regulation and Supervision Agency (BRSA)
Capital Markets Board (CMB)
Undersecretariat of Treasury
-Banks’ Association of Turkey -Participation Banks’ Association of Turkey -Association of Financial Institutions -Banks -Participation Banks -Savings Deposit Insurance Fund -Leasing Companies -Factoring Companies -Consumer Finance Companies -NPL Management Companies
18
-Turkish Capital Markets Association -Borsa Istanbul -Banks -Brokerage Firms -Asset Management Firms -Investment Trusts -Central Registry Agency -Settlement and Custody Bank -Capital Markets Licensing and Training Agency -Investor Compensation Center -Public and Listed Companies -Rating, Appraisal, Audit Firms
-Insurance Association of Turkey -Insurance Companies -Private Pension Companies -Private Pension Funds
CAPITAL MARKET INSTITUTIONS IN TURKEY
Capital Markets Board
TSPB (SRO)
Banks Brokerage Firms Inv. Trusts Asset Mgmt . Co.
19
Borsa Istanbul
Public Co. Listed Co.
Licensing and Training Agency
Rating Co. Ind. Audit Co.
Settlement & Custody Bank (Takasbank)
Central Registry Agency
CAPITAL MARKETS BOARD
•
Capital Markets Board (CMB) is the main regulatory and supervisory authority for the securities markets and institutions in Turkey.
•
The Board is responsible for the protection of rights and interests of investors.
•
The CMB’s jurisdiction areas:
20
o
Primary markets,
o
Secondary markets,
o
Investment services.
BORSA ISTANBUL
•
Istanbul Stock Exchange was established in 1985 as the only securities exchange in Turkey.
•
It became a joint stock company named Borsa Istanbul with the new Capital Markets Law in 2012.
•
The main markets and the traded securities are:
21
o
Equity Market: Shares, rights coupons, ETFs, warrants, certificates.
o
Emerging Companies Market: Shares of SMEs.
o
Debt Securities Market: Government bonds, Turkish eurobonds, corporate bonds, asset backed securities, repo-reverse repo transactions.
o
Derivatives Market: Single stock, equity index, precious metal, currency, commodity and power contract futures. Single stock, equity index and mini index options.
o
Precious Metals and Diamond Market: Gold, silver, platinum.
PRECIOUS METALS AND DIAMOND MARKET
•
Istanbul Gold Exchange merged with Borsa Istanbul as of end2012.
•
There are three sub-markets in the newly established Precious Metals And Diamond Markets:
22
o
Precious Metals Market: Spot transactions for gold, non-standard gold, silver and platinum.
o
Precious Metals Lending Market: Gold, silver and platinum.
o
Diamond and Precious Stones Market: Diamond and precious stones.
DERIVATIVES MARKET
•
Turkish Derivatives Exchange (TurkDex) was established as a private company in 2002 and became operational in 2005.
•
TurkDex merged with Borsa Istanbul as of August 5, 2013.
•
Contracts traded in the newly established Derivatives Market are as follows:
23
o
Currency futures (TL/US$, TL/€ and €/$)
o
Exchange Traded Funds futures
o
Equity index and single stock futures (BIST-30, 10 stocks)
o
Foreign indices futures (SASX-10)
o
Commodity futures (cotton, wheat, TL/gr gold, USD/ounce gold)
o
Energy futures (base load electricity)
o
Currency options (TL/US$)
o
Equity index and single stock options (BIST-30, mini BIST-30 and 10 stocks)
TAKASBANK (ISTANBUL SETTLEMENT AND CUSTODY BANK)
•
Takasbank was established in 1988 as a department of Borsa İstanbul. In 1992, it was incorporated as a non-deposit taking bank.
•
Takasbank is: o
The clearing and settlement centre for Borsa İstanbul,
o
The central counterparty (CCP) for Borsa İstanbul Futures & Options Market,
o
The national numbering agency of Turkey.
•
It operates a money market.
•
Takasbank operates the Securities Lending & Borrowing Market and acts as the CCP for this market.
•
The Bank allocates the legal entity identifier codes.
•
It operates the Electronic Fund Distribution Platform (TEFAS).
24
CENTRAL REGISTRY AGENCY
•
Central Registry Agency (CRA) was established in 2001 as a private company.
•
CRA is the only central depository for all dematerialized capital market instruments.
•
The dematerialization process is completed for equities, mutual funds, corporate bonds, warrants, certificates, asset backed securities and investors’ (excluding investment institutions) government debt holdings.
25
INVESTOR COMPENSATION CENTER
•
Investor Compensation Center was established in 2013 according to the new Law.
•
It covers settlement obligations of all capital market instruments, up to TL 100,000 (~$ 45,000) in 2015, in case of liquidation or bankruptcy of investment institutions.
•
All investment institutions have to be a member of the Investor Compensation Center.
26
ACTIVITIES OF INTERMEDIARIES
• Equity Trading • Leveraged FX trading BROKERAGE FIRMS
• Public Offering • Asset Management • Investment Consultancy
• Fixed Income Trading BANKS
27
• Derivatives Trading (exc. equity-linked products for banks)
TCMA
TCMA
•
Founded in April 2001.
•
It is a self-regulatory professional organization in the Turkish capital markets.
•
The structure of the Association was changed and its name was revised to Turkish Capital Market Association in 2014, in line with the new Capital Markets Law.
•
TCMA is under CMB supervision.
•
Association currently has 226 members; 96 brokerage firms, 43 banks, 40 portfolio management companies, 9 securities investment trusts, 31 real estate investment trusts and 7 venture capital investment trusts.
29
AIMS
•
Contribute to the development of the capital market
•
Meet the collective needs of members and facilitate solidarity among its members,
•
Prevent unfair competition between its members,
•
Enhance know-how in the sector.
30
FUNCTIONS
•
Establish code of ethics for the profession,
•
Establish professional rules and regulations,
•
Conduct research,
•
Offer educational programs,
•
Assist in the resolution of disputes,
•
Cooperate with related foreign institutions,
•
Engage in financial literacy activities.
31
STRUCTURE
Discipline Committee
Chairman (Board of Directors)
Board of Auditors
Secretary General
Assistant Secretary General
Research & Statistics
32
Corporate Communications
Assistant Secretary General
Assistant Secretary General
Training
Legal Affairs
Compliance & Surveillance
Human Resources, Administrative & Financial Affairs
Information Technologies
Membership Affairs
DEPARTMENTS
Compliance and Surveillance • •
Monitors and inspects the activities of the members. Monitors related regulations, makes proposals for changes in the existing or draft regulations.
Legal Affairs • •
• •
33
Provides legal advisory services. Conducts necessary legal investigations about the applications and complaints made to the Association. Keeps record of disciplinary action of the members. Assists in the resolution of disputes.
DEPARTMENTS
Research and Statistics •
•
•
34
Gathers statistical data on members and produces periodic reports. Publishes research to enhance the development of the capital markets. Represents the Association at international institutions.
Training •
Prepares training programs towards professional development of industry professionals.
Membership Affairs •
Examines applications for membership, keeps detailed records of members and provides advice on members to the Association.
DEPARTMENTS
Corporate Communications •
•
Manages media correspondence and public • relations. Promotes investor education activities of the Association. Information Technology
•
35
In charge of the IT backbone of the Association.
HR, Administrative and Financial Affairs Prepares training programs towards professional development of industry professionals.
INTERNATIONAL MEMBERSHIPS
•
Asia Securities Forum (ASF) member since 2009.
•
Asia Forum for Investor Education (AFIE) founding member since 2010.
•
Federation of Euro-Asian Stock Exchanges (FEAS) affiliate member since 2009.
•
International Council of Securities Associations (ICSA) member since 2006.
•
International Forum for Investor Education (IFIE) member since 2009.
•
International Organization of Securities Commissions (IOSCO) affiliate member since 2003.
36
PARTICIPATIONS
CENTRAL REGISTRY AGENCY The Association has 5% stake and holds one seat at the board of directors.
BORSA ISTANBUL The Association has 1.3% stake and holds one seat at the board of directors.
CAPITAL MARKETS LICENSING & TRAINING AGENCY The Association has 49% stake and holds 3 seats at the board of directors. 37
TURKISH CAPITAL MARKETS
BIST-100 INDEX & TRADING VOLUME
Point 100,000
Mn. $
5,000
Trading Volume
90,000
4,500
BIST-100 (TL)
80,000
4,000
70,000
3,500
60,000
3,000
50,000
2,500
40,000
2,000
30,000
1,500
20,000
1,000
10,000
500 0
Source: Borsa Istanbul 39
2015/01
2014/10
2014/07
2014/04
2014/01
2013/10
2013/07
2013/04
2013/01
2012/11
2012/08
2012/05
2012/02
2011/11
2011/08
2011/05
2011/03
2010/12
2010/09
2010/06
2010/03
2009/12
2009/09
2009/06
2009/03
2009/01
0
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION $)
Source: Borsa Istanbul 40
BREAKDOWN OF MARKET CAPITALIZATION
100%
Technology
90%
Financials
80%
Services Industrials
70% 60% 50% 40% 30% 20% 10% 0% 2010 Source: Borsa Istanbul
41
2011
2012
2013
2014 Only National Market.
DOMESTIC MARKET CAPITALIZATION (2014, BILLION $)
Source: WFE
42
WFE definition excluding investment funds, ETFs, unit trusts, unlisted companies, holding companies with a mere business of holding shares on the exchange.
MARKET CAPITALIZATION/GDP (2014)
Source: WFE, IMF
43
NUMBER OF LISTED COMPANIES
Certificates Warrants ETF+Inv. Trusts Other Equities Equities
616
281
233
34 117
30
24
24
145
159
158
263
271
263
257
256
2011
2012
2013
2014
2015/03
175 38 74
Source: Borsa Istanbul
44
640
Equities: National Market, REITs, Venture Capital Investment Trusts Other Equities: Second National, Watchlist Companies, Emerging Companies Markets, Free Trade Platform
NUMBER OF LISTED COMPANIES (2014)
Source: WFE 45
WFE definition excluding investment funds, ETFs, unit trusts, unlisted companies, holding companies with a mere business of holding shares on the exchange.
TRADING VOLUME OF BORSA ISTANBUL (BILLION $)
Source: Borsa Istanbul
46
EQUITY TRADING VOLUME (2014, BILLION $)
Source: WFE 47
WFE definition excluding investment funds, ETFs, unit trusts, holding companies with a mere business of holding shares on the exchange.
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2014)
Source: WFE 48
CONCENTRATION IN THE EQUITY MARKET
Market Capitalization
Source: Borsa Istanbul
49
Trading Volume
SECURITIES LENDING/BORROWING (MILLION $)
Source: Borsa Istanbul 50
SHORT SELLING 68
20 %
Short Selling Volume (Bn. $)
64
Share in Total Volume
60
18 %
16%
56
16 %
52
16% 48 14 %
44
12 % 40
12%
36
10 %
32
28 8%
24
6% 20
6%
16
5%
4%
12
8
2%
22
4
19
51
63
19 0%
0
2011 Source: Borsa Istanbul 51
2012
2013
2014
2015/03
FUTURES TRADING VOLUME (BILLION $)
Trading Volume (Billion. $)
74
No. of Contracts (Million) 62
59 53
21
265
226
220
199
56
2011
2012
2013
2014
2015/03
Source: Borsa Istanbul, TurkDex 52
Security expiry transactions are included.
.
TRADING VOLUME IN FUTURES MARKETS (2014, BILLION $)
Wiener Börse Oslo Athens ASX Group Colombia ICE (Canada) Warsaw Borsa Istanbul BSE India Malasysia DE Mexican DE Tokyo SE JSE Moscow Spain Euronext TAIFEX NSE-India Liffe Zhengzhou CE Hong Kong OMX Nordic ICE (US) Dalian CE-China Osaka Korea Shanghai FE LME-London Montreal CFFEX- China ASX SFE Derivatives Deutsche Börse ICE (Europe) BM&FBOVESPA CME Group
177
88 267 275 903
-
5,000
Source: WFE, TurkDex 53
10,000
15,000
20,000
25,000
30,000
35,000
40,000
NUMBER OF LISTED CORPORATE BONDS
436
454
299 192
42 2011
Source: WFE
54
2012
2013
2014
2015/03
NUMBER OF LISTED CORPORATE BONDS (2014)
Source: WFE 55
INVESTMENT INSTITUTIONS
INVESTMENT INSTITUTIONS
Source: TCMA 57
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION $) Brokerage Firms 1,017 76
Banks 986 54
963 75
574 53 941
932
888
521
138 124
2011
Source: Borsa Istanbul 58
2012
2013
2014
2015/03
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION $)
Brokerage Firms
Banks 7,416 758
6,669
6,682
660
638
6,009
6,044
4,572 675 6,658
1,635
3,897
171 1464 2011 Source: Borsa Istanbul 59
2012
2013
2014
2015/03
EQUITY TRADING VOLUME OF INTERMEDIARIES (BN. $)
863
848
798 697
240 2011 Source: Borsa Istanbul 60
2012
2013
2014
2015/03
FUTURES TRADING VOLUME OF INVESTMENT INSTITUTIONS (BILLION $) Banks Derivatives Brokerage Firms Brokerage Firms
529 78
451
440
53
45
397
398
395
395
451
113 112 2011
2012
Source: Borsa Istanbul, TurkDex 61
2013
2014
2015/03
FOREX TRADING VOLUME (BILLION $)
7,693
Liquidity Provider Client
3,336 4,956
1,951
3,360
2,366
1,465 4,357
862 3,004 333
1,896
1,503
116 217 2011 Source: TCMA 62
2012
2013
2014
2015/03
CONCENTRATION IN TRADING VOLUMES
No. of Intermediaries
51+
21-50
11-20
1-10
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2014
Equity Equity
2014
2014
2014
Fixed Fixed Income Income
Futures Futures
Forex
Source: Borsa Istanbul, TurkDex, TCMA 63
TOP 10 MEMBERS IN THE MARKETS (2014) Equity Market
Futures Market
Rank 1 2 3 4 5 6 7 8 9 10
Rank 1 2 3 4 5 6 7 8 9 10
Name İŞ YATIRIM MENKUL DEĞERLER A.Ş. YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. DENİZ YATIRIM MENKUL KIYMETLER A.Ş. AK YATIRIM MENKUL DEĞERLER A.Ş. GEDİK YATIRIM MENKUL DEĞERLER A.Ş. TEB YATIRIM MENKUL DEĞERLER A.Ş. MEKSA YATIRIM MENKUL DEĞERLER A.Ş. FİNANS YATIRIM MENKUL DEĞERLER A.Ş. BURGAN YATIRIM MENKUL DEĞERLER A.Ş. Total
8% 7% 7% 5% 4% 4% 4% 4% 4% 3% 100%
Fixed Income Market Rank 1 2 3 4 5 6 7 8 9 10
Name AKBANK T.A.Ş. GARANTİ BANKASI A.Ş. YAPI VE KREDİ BANKASI A.Ş. J.P. MORGAN CHASE BANK İSTANBUL HSBC BANK A.Ş. DENİZBANK A.Ş. CITIBANK A.Ş. TÜRKİYE İŞ BANKASI A.Ş. DEUTSCHE BANK A.Ş. TÜRK EKONOMİ BANKASI A.Ş. Total
Source: Borsa Istanbul 64
Name İŞ YATIRIM MENKUL DEĞERLER A.Ş. TEB YATIRIM MENKUL DEĞERLER A.Ş. GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. SANKO MENKUL DEĞERLER A.Ş. DENİZ YATIRIM MENKUL KIYMETLER A.Ş. GEDİK YATIRIM MENKUL DEĞERLER A.Ş. YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş. DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş. AK YATIRIM MENKUL DEĞERLER A.Ş. Total
11% 11% 7% 5% 4% 4% 4% 4% 4% 3% 100%
Forex Market 29% 7% 7% 6% 6% 6% 4% 3% 3% 3% 100%
Rank 1 2 3 4 5 6 7 8 9 10
Name GCM MENKUL KIYMETLER A.Ş. İŞ YATIRIM MENKUL DEĞERLER A.Ş. ANADOLU YATIRIM MENKUL KIYMETLER A.Ş. IŞIK MENKUL DEĞERLER A.Ş. DESTEK MENKUL DEĞERLER A.Ş. İNTEGRAL MENKUL DEĞERLER A.Ş. ALB MENKUL DEĞERLER A.Ş. BURGAN YATIRIM MENKUL DEĞERLER A.Ş. GEDİK YATIRIM MENKUL DEĞERLER A.Ş. IKON MENKUL DEĞERLER A.Ş. Total
10% 9% 9% 8% 7% 7% 6% 6% 5% 4% 100%
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY) Privatization M&A
664
IPO&SPO-Equities
14 14
Corporate Actions
83
Other Consultancy
63
Bond Issuance 393 16 32 255 24 28
114
21 21 34 43 465
47
95 54
409
284 175
209 1 45 14 145
49 2011 Source: TCMA 65
2012
2013
2014
2015/03
INITIAL PUBLIC OFFERINGS IPO Volume (Mn. $) No. of IPOs 30 27
19 13
3 842
362
758
320
18
2011
2012
2013
2014
2015/03
Source: TCMA
66
PRIVATE DEBT SECURITIES ISSUES
Size of Private Debt Securities Issued (bn. $) No. of Private Debt Securities Issued
517
330
235 11
151
58
2011 Source: Borsa Istanbul
67
23
29
30
7
2012
2013
2014
2015/03
INSTITUTIONAL INVESTMENTS (BILLION $) Investment Trusts Venture Capital Inv. Trusts REITs Equity Funds Fixed Income Funds Pension Funds
41
39
37
36 9
7
30
9 9
6 14 21
16
13
11
12
2012
2013
15
16 8
8
2010
2011
Source: TCMA 68
2014
ASSET MANAGEMENT BY BROKERAGE FIRMS Assets Under Management (Mn. $) No. of Investors
3,096 2,765 2,529
2,937
1,887
1,938
2,259
2,126
2,569
2,310
2011
2012
2013
2014
2015/03
Source: TCMA 69
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES Assets Under Management (Mn. $) No. of Investors 2,630 2,421
2,118
2,263
1,745
25,333
31,710
30,108
31,671
32,572
2011
2012
2013
2014
2015/03
Source: CMB
70
MARGIN TRADING Outstanding Loan Size (Mn. $) No. of Investors
11,462
10,964 10,417 10,195
9,914
437
598
759
493
473
2011
2012
2013
2014
2015/03
Source: TCMA 71
BROKERAGE FIRMS’ BRANCH NETWORK
Bank Branches
Branches
Rep. Offices
7,288
7,174 150 6,911
6,686
7,242 152
153
161
159 6,950
7,071
7,026
2014
2015/03
6,684 6,466
2011 Source: TCMA 72
2012
2013
BROKERAGE FIRMS’ EMPLOYEES
5,843 5,657 5,480 5,258 5,093
2011 Source: TCMA 73
2012
2013
2014
2015/03
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
631 610
574
2013 Source: TCMA 74
2014
2015/03
BANKS’ EMPLOYEES
195,271
214,226
201,453
216,912
217,743
2011
2012
2013
2014
2015/03
Source: TCMA 75
BALANCE SHEET OF BROKERAGE FIRMS (MILLION $)
Current Assets
Total Assets
6,416 5,847
Shareholders' Equity
6,566
6,503 6,076
6,085
5,496
5,881
4,261 3,868
1,466
2011
Source: TCMA 76
1,711
2012
1,566
2013
1,572
2014
1,417
2015/03
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION $)
Total Revenues Operating Profit 809
Net Profit
733
694 626
278
248
212
182
162 70
2011 Source: TCMA
77
2012
119
2013
231 170 83
2014
100
2015/03
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES
Others
Corporate Finance
21%
Proprietary Trading Profits
15% 8%
8% 3%
12%
62%
61%
2011
2012
Source: TCMA 78
Brokerage Commissions
18%
17%
10% 4%
8%
15% 5% 11%
15%
64% 57%
2013
Asset Management
2014
66%
2015/03
BALANCE SHEET OF PORTFOLIO MANAGEMENT COMPANIES (THOUSAND $)
Current Assets
Non Current Assets
Total Assets
175,995 162,431 149,783
156,141 142,120
12,648
15,887
14,021
2013
2014
2015/03
Source: TCMA 79
160,108
INCOME STATEMENT OF PORTFOLIO MANAGEMENT COMPANIES (THOUSAND $)
Total Revenues Operating Profit
107,683
104,887
34,133
31,033
Net Profit
31,606 31,676
27,003 9,022
2013
Source: TCMA
80
2014
2015/03
8,531
BREAKDOWN OF PORTFOLIO MANAGEMENT COMPANIES’ REVENUES Investmet Consultancy Pension Fund Asset Management Fund Sales 13%
11%
25%
30%
59%
58%
2013
2014
Source: TCMA 81
Asset management Mutual Fund Asset Managemnet
9%
29%
62%
2015/03
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION $)
675 120
523 107
401
2010
Equities
107
Fixed Income
121
106
114
Deposits
434
444
2012
2013
81
368
2011
Source: BRSA, CRA, TCMA estimates 83
92
673
523 74
71
642
452
2014
SAVINGS OF DOMESTIC INVESTORS
8%
7%
8%
7%
7%
10%
11%
12%
11%
12%
Equities
Fixed Income
Deposits
83%
83%
80%
82%
81%
2010
2011
2012
2013
2014
Source: BRSA, CRA, TCMA estimates 84
SAVINGS OF FOREIGN INVESTORS
Equities
48%
50%
43%
47%
66%
Deposits
38% 36%
38%
35%
24%
10% 2010
15%
12%
2011
2012
Source: BRSA, CRA, TCMA estimates 85
Fixed Income
19%
18%
2013
2014
NUMBER OF EQUITY INVESTORS (MILLION)
1.10
1.09
2011
2012
1.11
1.04
2010
Source: CRA, Takasbank 86
2013
1.08
2014
BREAKDOWN OF MARKET CAPITALIZATION (BILLION $)
Privately Held
Foreigners' Portfolio
Domestics' Portfolio
311
308
270 237 200
202
191 176 145
128
79
71 46
59
36
28
41
34
34
2010
2011
2012
2013
2014
Source: CRA, Takasbank 87
57
SHARE OF FOREIGN INVESTORS MCap
Vol.
80%
32%
Share in Free Float Mcap
Share in Trading Volume
70%
28%
60%
24%
50%
20%
40%
16%
30%
12%
20%
8%
10%
4%
0%
0% 2010 Source: CRA, Borsa Istanbul
88
2011
2012
2013
2014
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES 100% For. Institutional
90% 80%
For. Corporation
70% 60%
For. Individual
50% Dom. Institutional
40% 30%
Dom. Corporation
20% 10%
Dom. Individual
0% 2010
Source: CRA
89
2011
2012
2013
2014
BREAKDOWN OF EQUITY TRADING VOLUME BY INVESTOR CATEGORIES
100%
For. Institutional
90% 80%
For. Corporation
70% 60%
For. Individual
50%
Dom. Institutional
40% 30%
Dom. Corporation
20%
Dom. Individual
10% 0% 2011 Source: TCMA 90
2012
2013
2014
2015/03
WARRANT INVESTORS
Source: CRA
91
CORPORATE BOND INVESTORS
Source: CRA 92
MUTUAL FUND INVESTORS
Source: CRA 93
PENSION FUND INVESTORS
Source: CRA
94
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES (BROKERAGE FIRMS ONLY) 100%
For. Institutional
90% 80%
For. Corporation
70% For. Individual
60% 50%
Dom. Institutional
40% 30%
Dom. Corporation
20% Dom. Individual
10% 0% 2011 Source: TCMA 95
2012
2013
2014
2015/03
FOREX TRADING VOLUME OF BROKERAGE FIRMS
100% For. Institutional 80%
For. Corporation
60%
For. Individual
Dom. Institutional
40%
Dom. Corporation 20% Dom. Individual 0% 2011
Source: TCMA 96
2012
2013
2014
2015/03
Thank You