0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000
2004/01 2004/08 2005/03 2005/10 2006/05 2006/12 2007/08 2008/03 2008/10 02505007501,0001,2501,5001,7502,0002,2502,5002,7503,000
Trading Volume ISE-100
Points mn. $
Uptrend of the index continued until the beginning of 2008. However in 2008, the ISE-100 index posted a 50% decline in TL terms and reached 26,864 points by the end of the year.
A. Listed Companies
After a record performance in 2007, market capitalization of the ISE decreased sharply as a result of the global financial crisis. As of end-2008, 317 listed companies’ MCap measured US$ 120 billion, with an average free float of 31% (US$ 37 billion).
After the 2001 crisis, the IPO market revived in 2003, averaging 13 new listings per year until 2008. Average IPO size was US$ 125 million in the same period. In 2008, there were 3 public offerings in the market, amounting to US$ 1.9 billion in total. Almost the entire amount of total IPOs was raised by the Turk Telekom, which has been the largest IPO ever in Turkey.
It should be noted that, 58% of the IPO proceeds between 2003-2008 is raised by privatization activities.
B. Equity Trading Volume
In 2008, trading volume of the exchange declined by 13% to US$ 261 billion. Trading at the Istanbul Stock Exchange is concentrated in National Market companies.
Trading Volume in ISE Markets (2008)
Markets No. of
Companies Share in Trading Volume
National Market 284 99.1%
Second National Market 18 0.7%
New Economy 3 0.1%
Watch List 12 0.1%
Total 317 100.0%
Source: ISE
1. Equity Trading Volume by Investor Categories
TSPAKB publishes data on the structure of trading volumes in different markets, based on the data compiled from brokerage firms.
The share of foreign investors in the equity trading volume, has increased from 13% to 26%
in the last five years. On the other hand, as will be explained in detail in the Investors section, foreign investors hold around 67% of the free-float.
Foreign corporations mainly reflect banks and brokerage firms, whereas foreign institutionals reflect funds’ trading. There is an outstanding increase in foreign corporations’ trading volume in the last few years.
In line with the increase in foreign investors’ share, domestic individual investors’ share has been declining. However, they are still the leading group generating the market liquidity.
While domestic individuals generate 57% of the total equity trading volume, domestic corporations’ share is 10%.
Breakdown of Equity Trading Volume by Investor Categories 2004 2005 2006 2007 2008 Domestic Investors 87% 80% 81% 76% 74%
Dom. Individuals 72% 65% 66% 61% 57%
Dom. Corporations 10% 12% 10% 9% 10%
Dom. Institutionals 5% 4% 5% 6% 6%
Foreign Investors 13% 20% 19% 24% 26%
For. Individual 0% 0% 0% 0% 0%
For. Corporations 7% 8% 11% 16% 18%
For. Institutionals 6% 11% 8% 8% 8%
Total 100% 100% 100% 100% 100%
Source: TSPAKB
2. Equity Trading Volume by Departments
Department breakdown of the equity trading volume shows the channels through which trading is done.
Breakdown of Equity Trading Volume by Departments
2004 2005 2006 2007 2008
Domestic Sales 26% 25% 26% 27% 28%
Branches 20% 18% 17% 16% 15%
Bank Branches 24% 20% 18% 17% 13%
Rep. Offices 3% 2% 2% 3% 2%
Internet 5% 6% 7% 7% 9%
Call Center 1% 1% 1% 0% 0%
Mutual Funds 2% 2% 1% 1% 1%
Portfolio Mngt. 1% 1% 1% 0% 0%
Prop. Trading 6% 7% 7% 5% 6%
International Sales 12% 20% 19% 23% 25%
Total 100% 100% 100% 100% 100%
Source: TSPAKB
Domestic sales refer to the headquarters of the brokerage firm. Branches are owned by the brokerage firm itself. Bank branches are owned by banks, with which brokerage firms have agency agreements. Since banks are not allowed to trade in the equity market, they serve as agents of, generally affiliated, brokerage firms. Representative offices are again owned by
the brokerage firms, but unlike branches, they cannot open investor accounts and should only direct order flow.
The most significant change in this breakdown was observed in the trading volume of branches, bank branches and representative offices. Their total share dropped from 36% to 30% in 2008.
Domestic sales departments have the major share with 28%. Internet trading share rose from 7% to 9%.
In 2008, 35 brokerage firms have international sales department. Although international sales departments’ trading volume declined by 8%, their share increased from 23% to 25%.
III. BONDS & BILLS MARKET
A. Market Shares
Banks and brokerage firms compete in the fixed income market. 88% of T-bill trading volume, and 81% of repo trading volume is generated by banks. Banks dominate the market with almost 90% of T-bill trading and 80% of repo turnover share. Since 2004, brokerage firms have been losing the market share they had gained after the turmoil of 2001. These figures indicate the total amount of market and off-exchange volumes.
Fixed Income Market at a Glance
Number of T-Bill Trading Volume Repo Trading Volume Banks Brokerage
Firms Banks Brokerage
Firms Banks Brokerage Firms
2004 43 112 81% 19% 79% 21%
2005 41 108 82% 18% 82% 18%
2006 40 105 86% 14% 81% 19%
2007 41 104 88% 12% 81% 19%
2008 41 104 88% 12% 81% 19%
Source: ISE
B. Bonds & Bills Trading Volume
In the fixed income market, 60% of T-bill trading and 92% of repo trading was done in the organized market in 2008. T-bill trading volume declined by 16% to US$ 388 billion, while repo trading volume increased by 2% to US$ 2,422 billion.
Fixed Income Trading Volume
ISE Markets OTC Market Total
(bn.$) T-Bill
Trading Repo T-Bill
Trading Repo T-Bill
Trading Repo 2004 263 1,090 158 281 420 1,372 2005 359 1,387 174 251 533 1,639 2006 270 1,770 140 351 410 2,122 2007 279 1,993 184 375 463 2,369 2008 231 2,236 157 186 388 2,422
Source: ISE
1. T-Bill Trading Volume of Brokerage Firms by Investor Categories
The figures in the following section reflect the structure of the brokerage firms’ trading volume only. There is no comparable data available for banks. Therefore, the following comments and figures do not cover a major portion of the market.
Breakdown of T-Bill Trading Volume by Investor Categories
2006 2007 2008
Domestic Investors 98% 98% 92%
Dom. Individuals 13% 9% 8%
Dom. Corporations 37% 45% 31%
Dom. Institutionals 48% 44% 54%
Foreign Investors 2% 2% 8%
For. Individual 0% 1% 0%
For. Corporations 2% 1% 7%
For. Institutionals 0% 0% 0%
Total 100% 100% 100%
Source: TSPAKB
The major investors in this breakdown are domestic institutions (54%), which mainly reflect the transactions of the mutual funds managed by the brokers. Domestic corporations mainly representing the proprietary trading of brokerage firms, has 31% share.
In 2008, foreign investors raised their share to 8% in T-bill trading. The increase stems mainly from the transactions of one brokerage firm which generated 96% of foreign investors’ volume.
2. T-Bill Trading Volume of Brokerage Firms by Departments
Domestic sales, mutual funds and proprietary trading generate the major portion of brokerage firms T-bill trading volume.
The share of domestic sales, which include individuals and other corporate clients of the firm, increased from 25% to 29%. Mutual funds managed by brokerage firms generate 27%
of the volume.
Breakdown of T-Bill Trading Volume by Departments
2006 2007 2008
Domestic Sales 15% 25% 29%
Branches 4% 3% 2%
Bank Branches 1% 3% 5%
Rep. Offices 0% 0% 0%
Internet 0% 0% 0%
Call Center 0% 0% 0%
Mutual Funds 42% 27% 27%
Port. Mngt. 1% 2% 3%
Prop. Trading 34% 39% 27%
International Sales 2% 1% 7%
Total 100% 100% 100%
Source: TSPAKB
27% of T-bill trading is done by proprietary trading. Proprietary trading’s high share of the volume stems from the trading system of the market. In the T-Bill market, client account trading is not possible. Therefore, when a broker receives a T-bill order from a client, it
directs the order to the ISE on its own account. When the trade is executed, the broker sells the T-bill to the client as an OTC trade, at a small profit, instead of a brokerage commission.
3. Repo Volume of Brokerage Firms by Investor Categories
Repo trading through brokerage firms is also dominated by domestic investors. Domestic institutional investors generated 82% of brokerage firms’ repo volume in 2008. These clients are generally the money market mutual funds managed by the brokers directly or through their affiliated portfolio management companies.
Breakdown of Repo Volume by Investor Categories
2006 2007 2008
Domestic Investors 99% 99% 100%
Dom. Individuals 34% 26% 12%
Dom. Corporations 11% 10% 5%
Dom. Institutionals 54% 63% 82%
Foreign Investors 1% 1% 0%
For. Individual 0% 0% 0%
For. Corporations 0% 1% 0%
For. Institutionals 0% 0% 0%
Total 100% 100% 100%
Source: TSPAKB
Domestic individuals are more active in repo transactions than they are in T-bill trading. The sharp rise in domestic institutionals caused a decline in domestic individual investors’ share to 12% in 2008 from 26% a year ago.
4. Repo Volume of Brokerage Firms by Departments
Domestic sales department covers 67% of repo transactions. Mutual funds represent 23% of repo volume. International sales department has less then 1% share. Moreover, there is a high level of concentration among the brokerage firms in repo market. Indeed, 44% of total repo transactions is done by a single brokerage firm.
Breakdown of Repo Volume by Departments
2006 2007 2008
Domestic Sales 31% 57% 67%
Branches 10% 7% 3%
Bank Branches 2% 4% 1%
Rep. Offices 0% 0% 0%
Internet 0% 0% 0%
Call Center 0% 0% 0%
Mutual Funds 47% 25% 23%
Port. Mngt. 1% 0% 1%
Prop. Trading 7% 5% 4%
International Sales 1% 1% 0%
Total 100% 100% 100%
Source: TSPAKB
IV. FUTURES MARKET
A. Market Shares
The futures market has been growing steadily since its launch in 2005. Parallel to the development of the market, the number of intermediaries increased from 79 in 2007 to 89
by the end of 2008. The figures in the table below reflect the trading volumes of intermediaries, which is double the market volume, since it is the sum of buy and sell transactions.
Futures Market at a Glance
No. of Intermediaries Trading Volume (mn. $) Banks Brokerage
Firms Total Banks Brokerage
Firms Total
2005 14 42 56 1,482 3,037 4,519
2006 15 47 62 4,383 20,595 24,978 2007 17 62 79 19,583 161,940 181,523 2008 18 71 89 29,166 292,172 321,338
Source: TurkDex
In 2008, the growth of the futures market started to slow down and the trading volume increased by 77% reaching US$ 321 billion.
Contrary to the fixed income market, brokerage firms get the lion’s share in futures trading.
Brokerage firms’ share of trading volume increased by 2 points to 92% in 2008.
B. Futures Trading Volume
There are 6 groups of contracts, as shown in the table.
Futures Market Main Indicators
No. of Contracts Traded Trading Volume (mn. $)
2006 2007 2008 2006 2007 2008
Index 2,194,245 17,016,913 40,334,968 7,411 82,740 145,425 Currency 4,429,502 7,849,609 14,110,292 4,714 8,017 15,165
Interest Rate 1 401 420 0 3 3
Benchmark T-Bill 3,317 0 0 18 0 0
Commodity 13 110 27,155 0 0 77
Gold 1,425 0 0 3 0 0
Total 6,628,503 24,867,033 54,472,835 12,147 90,759 160,669
Source: TurkDex
Trading is concentrated only in two groups of contracts; index and currency. Index contracts are based on ISE-30 and ISE-100 equity indices. Currency contracts are based on US$/TL and €/TL exchange rates.
The breakdown of trading volume in terms of investor categories and departments includes brokerage firms’ statistics only.
1. Futures Trading Volume of Brokerage Firms by Investor Categories Domestic individual investors remained to be the main investor group of futures trading.
Moreover, domestic individuals are increasingly becoming more active. Their trading volume doubled and their share reached to 65% in 2008.
Breakdown of Futures Trading Volume by Investor Categories
2006 2007 2008
Domestic Investors 89% 79% 82%
Dom. Individuals 51% 57% 65%
Dom. Corporations 37% 19% 15%
Dom. Institutionals 1% 2% 2%
Foreign Investors 11% 21% 18%
For. Individual 0% 0% 0%
For. Corporations 10% 9% 7%
For. Institutionals 1% 12% 11%
Total 100% 100% 100%
Source: TSPAKB
Although the trading volume of domestic corporations increased considerably in absolute terms, their share in the total trading volume has declined dramatically to 15% in 2008.
Despite the 54% increase in foreign investors’ trading volume, their share decreased from 21% to 18% in 2008. Two thirds of foreign investors’ trading volume is generated by three brokerage firms.
2. Futures Trading Volume of Brokerage Firms by Departments
Domestic sales (headquarters of brokerage firms), international sales and branches generate around 60% of trading volume.
The most remarkable change in this breakdown took place in internet trading volume.
Indeed, the number of brokerage firms offering futures trading through internet increased from 22 to 35 in 2008. One fifth of total trading volume of futures in 2008 was generated through the internet. Note that the share of internet trading in equity was only 9% in the same period.
Breakdown of Futures Trading Volume by Departments
2006 2007 2008
Domestic Sales 26% 21% 19%
Branches 16% 21% 21%
Bank Branches 7% 7% 5%
Rep. Offices 1% 2% 2%
Internet 5% 11% 19%
Call Center 1% 0% 0%
Mutual Funds 1% 1% 1%
Port. Mngt. 0% 0% 1%
Prop. Trading 32% 15% 14%
International Sales 11% 21% 18%
Total 100% 100% 100%
Source: TSPAKB
V. MONEY MARKET
After two rate cuts totalling 50 basis points in the first months of the year, the Central Bank adopted a tighter stance due to mounting inflationary pressures, raising O/N rates up to 16.75% in July from 15.25% in February.
However, amidst the global financial crisis in the last quarter of the year, the Central Bank has taken measures to support the liquidity of the financial system, and reduced O/N rates to 15% by the end of the year.
The trading volume in the money market increased by 10% to US$ 23 billion in 2008, with an average daily transaction volume of US$ 91 million.
12
01/2005 04/2005 07/2005 10/2005 01/2006 04/2006 07/2006 10/2006 01/2007 04/2007 07/2007 10/2007 01/2008 04/2008 07/2008 10/2008 0
50 Trading Volume Average O/N Rate 350
Takasbank Money Market
%
Source: Takasbank
mn. $
VI. SECURITIES LENDING/BORROWING
In 2008, 261 securities were subject to borrowing and lending transactions. The annual trading volume of the market decreased by 4% to US$ 1.04 billion while average daily trading volume declined to US$ 4.1 million.
Securities Lending & Borrowing (Million US$)
2005 2006 2007 2008 2008/2007
Change
No. of Securities 49 220 256 261 2%
Annual Trading Volume 20.2 537.2 1,086.1 1,041.4 -4%
Avg. Daily Trading Volume 0.8 2.1 4.3 4.1 -4%
Source: ISE
VII. SHORT-SELLING
Authorized ISE members are allowed to short-sell all equities traded in the ISE markets, except those listed on the Watch List Market. In 2008, short-selling volume rose by 35% to US$ 14 billion.
VIII. CORPORATE FINANCE
There is no public data on the size of corporate finance transactions, except for public offerings. However, the number of corporate finance transactions is published in detail by the TSPAKB.
Corporate finance consultancy services are provided by a variety of companies. M&A consultancy companies, auditors and other independent consultants may engage in these projects. Therefore, this section does not cover all corporate finance activities in Turkey.
Corporate Finance Transactions of Brokerage Firms 2004 2005 2006 2007 2008 Initial Public Offering 10 11 18 11 3 Secondary Public Offering - - - 0 0 M&A / Buy Side 5 11 11 23 14 M&A / Sell Side 6 5 28 19 20
Private Equity 1 0 1 1 1
Capital Increases 59 54 33 54 21 Dividend Distribution 20 60 35 70 16 Privatization / Buy Side 2 16 2 4 4 Privatization / Sell Side 4 3 2 2 1 Other Consultancy 84 47 42 79 47 Total 191 207 172 263 127
Source: TSPAKB
In 2008, the number of corporate finance transactions dropped from 263 to 127. The number of completed transactions decreased in almost every type of projects.
As mentioned previously, there were 3 public offerings in 2008, including Turk Telekom.
IPOs are exclusively done through brokerage firms. In 2007, brokerage firms had completed 11 IPO projects.
34 M&A projects were finalized by the brokerage firms in 2008.
Private equity refers to sell side consultancy, for the acquisition of a company by a private equity fund. There was one transaction completed in 2008.
Listed companies may use brokerage firms for corporate actions. In 2008, 21 companies increased their paid-in capital through brokerage firms. 16 companies used brokerage firms to pay dividends. In total, the number of completed corporate actions decreased from 124 in 2007 to 37 in 2008.
Buy side privatization consultancy refers to services provided to potential buyers. A consultancy service may have been provided to a potential buyer although the transaction was not realized. Sell side privatization means consultancy services given to The Privatization Administration. Similarly, the transaction may not have been completed. Submission of a valuation report or an offering prospectus may be considered as completion of a project.
Brokerage firms completed a total of 5 privatization projects during 2008.
Other consultancy projects mainly cover valuation or restructuring consultancy services. The number of completed projects decreased from 79 to 47 in 2008.
IX. ASSET MANAGEMENT
Asset management services can be provided by brokerage firms and portfolio management companies. Portfolio management companies have 91% share in the market, in terms of the size of assets under management in 2008. Around 95% of the managed portfolios belong to institutional investors. Therefore, institutional investors will be briefly described first.
Institutional investors’ portfolio declined by 29% to US$ 21 billion in 2008. There are two major classes of mutual funds; equity and fixed income. Although fixed income mutual funds assets fell by 30%, they continued to be the leading investor group with a 73% share in this breakdown. While there was a decrease in the number of equity funds, the number of fixed income funds increased from 173 to 200.
Private pension system was introduced towards the end of 2003 and has been growing exponentially. In 2008, pension funds assets’ share reached to 29% up from 13% in 2007.
Institutional Investors
(mn. $) 2004 2005 2006 2007 2008
Mutual Funds–Fixed Income 17,708 20,977 15,701 21,670 15,253 Mutual Funds–Equity 583 786 599 762 365 Private Pension Funds 222 913 2,048 3,813 4,193 Real Estate Inv. Trusts 752 1,864 1,487 2,723 776
Investment Trusts 220 360 280 317 152
Exchange Traded Funds - 40 88 226 128 Venture Capital Inv. Trusts 64 69 68 63 27
Total 19,548 25,010 20,271 29,574 20,895
Source: CMB
Investment trusts have to be listed on the ISE and there is no significant growth in this segment. Although real estate investment trusts (REITs) are becoming more popular in the last years, in 2008 they declined by 71% to US$ 776 million because of the global financial crisis.
Exchange traded funds (ETFs) were introduced to the market in 2005. In 2008, exchange traded funds’ portfolio decreased by 43% to US$ 128 million.
Asset Management by Brokerage Firms
2004 2005 2006 2007 2008
Number of Investors 961 1,028 708 641 813 Individual Investors 829 886 571 505 658
Mutual Funds–Equity 45 46 45 44 45
Mutual Funds–Fixed Income 50 61 59 58 63 Other Institutional Investors 14 13 10 12 16
Other Corporations 23 22 23 22 31
Assets Under Management (mn. $) 2,275 2,448 1,654 2,505 2,099
Individual Investors 84 99 83 122 111
Mutual Funds–Equity 138 111 71 123 64
Mutual Funds–Fixed Income 1,879 1,894 1,328 2,040 1,572 Other Institutional Investors 84 67 50 89 184
Other Corporations 90 278 122 131 169
Source: TSPAKB
In the table above, details of asset management services in brokerage firms are provided.
The number of individual investors receiving discretionary portfolio management services
increased considerably from 505 to 658 in 2008. However individual investors’ managed assets fell slightly by 9% to US$ 111 million.
75% of assets managed by brokerage firms are fixed income mutual funds. Fixed income mutual funds’ assets decreased by 23% in 2008.
Other institutional investors which refer to insurance companies and trusts had an US$ 11 million average portfolio.
Asset Management by Portfolio Management Companies
2004 2005 2006 2007 2008
Number of Investors 2,283 2,603 2,629 2,402 2,232 Individual Investors 1,942 2,190 2,197 1,934 1,725 Institutional Investors 255 289 290 330 353
Corporations 86 124 142 138 154
Assets Under Management (mn. $) 18,105 22,395 18,259 25,061 20,072 Individual Investors 206 434 450 585 415
Institutional Investors 17,346 21,258 17,141 23,606 18,638
Corporations 553 703 667 870 1,019
Source: CMB
The table above presents details of asset management at portfolio management companies.
There are 23 portfolio management companies in the market, with US$ 20 billion of assets under management as of end 2008. 93% of total assets belong to 353 institutional investors.
The number of individual investors receiving services from portfolio management companies fell by 11% in 2008. Additionally, their average portfolio size decreased from US$ 303,000 to US$ 241,000.
X. MARGIN TRADING
The number of margin trading clients has been increasing steadily until 2007. Amidst the global financial crisis, total loan size decreased to US$ 167 million. While in 2007 70 brokerage firms had a margin trading customer, by the end of 2008 the number declined to 63.
Margin Trading
2004 2005 2006 2007 2008
Number of Clients 8,796 9,501 10,270 10,730 8,499 Total Loan Size (mn. $) 219 284 340 424 167
Source: TSPAKB
XI. RETAIL NETWORK
A. Branch Network
As mentioned earlier, branches and representative offices are owned and staffed by brokerage firms. Branches are allowed to open client accounts, whereas representative offices can only direct client orders.
Bank branches are used based on agency agreements between the bank and the brokerage firm. Agents are generally within the same group of companies. Since banks are not allowed to trade equities, they benefit from the opportunity of offering equity trading services through their agent broker. In return, brokerage firms get access to a wide retail network
and client base.
With the effect of the global crisis, the total number of branches and representative offices has decreased by 19% to 229. While in 2007 63 brokerage firms had a branch or representative office, this number decreased to 54 in 2008.
Bank branches are the major channel for reaching investors. The increase in the number of bank branches stems from the increase in the banking sector’s branch network.
Retail Network
2004 2005 2006 2007 2008
Branches 224 234 246 231 185
Rep. Offices 67 69 64 52 44
Bank Branches 4,450 4,406 4,514 4,775 5,664 Total 4,741 4,709 4,824 5,058 5,893
Source: TSPAKB
B. Internet Trading
The number of brokerage firms offering internet trading services has increased to 69 as of end-2008.
Number of investors might be double counted in the below table. The figure is the sum of internet trading clients at each broker. Therefore, a client trading through two separate brokerage firms is counted twice.
Internet Transactions
2004 2005 2006 2007 2008
No. of Brokerage Firms 50 61 61 68 69
Equities
No. of Active Internet Investors 128,266 118,800 181,801 186,622 202,700 No. of Trades 9,191,243 10,858,346 13,018,098 15,339,686 18,853,084 Internet Trading Volume (mn.$) 14,155 22,587 30,275 41,922 47,601
Bonds and Bills
No. of Active Internet Investors - - 694 586 679
No. of Trades - - 2,838 2,933 3,176
Internet Trading Volume (mn.$) - - 14 24 18
Futures and Options
No. of Active Internet Investors - - 1,082 3,650 6,211 No. of Trades - - 105,989 890,513 3,325,201 Internet Trading Volume (mn.$) - - 993 18,500 56,430
Source: TSPAKB
In 2008, future trading via internet exceeded the equity trading volume for the first time.
Trading volume of futures reached US$ 56 billion in 2008.
Total equity trading volume via the internet increased by 14% reaching US$ 48 billion. On the other hand, average transaction size in equities declined from around US$ 2,750 to US$
2,525.
Internet trading for bonds and futures data has been available since the beginning of 2006.
Bond trading over the internet is not common among brokerage firms, and remained at US$
18 million in 2008.
C. Call Centers
Call centers are losing their popularity to the internet. Brokerage firms are gradually closing their call centers. Thus, equity trading volumes are declining and futures trading does not show sustainable growth.
Call Center Transactions
2004 2005 2006 2007 2008
No. of Brokerage Firms 16 15 14 13 12
Equities
No. of Active Call Center Investors 57,876 42,359 40,244 30,129 20,719 No. of Trades 1,288,495 1,082,707 902,091 696,204 400,063 Call Center Trading Volume (mn.$) 2,973 3,503 3,001 2,729 1,795
Bonds and Bills
No. of Active Call Center Investors - - 426 407 380
No. of Trades - - 1,654 1,061 1,494
Call Center Trading Volume (mn.$) - - 46 52 77
Futures and Options
No. of Active Call Center Investors - - 304 628 716
No. of Trades - - 12,866 12,151 35,601
Call Center Trading Volume (mn.$) - - 213 311 918
Source: TSPAKB
However, compared to internet transactions, the average size of equity and futures transactions is larger in call centers. Thus, it could be inferred that the clients prefer to trade through a customer representative for larger trades. In 2008, the average size of equity
However, compared to internet transactions, the average size of equity and futures transactions is larger in call centers. Thus, it could be inferred that the clients prefer to trade through a customer representative for larger trades. In 2008, the average size of equity