provided by NASDAQ OMX
TURKISH CAPITAL MARKETS
BIST-100 INDEX & TRADING VOLUME
40
Source: Borsa Istanbul
0
2009/12 2010/03 2010/05 2010/08 2010/10 2011/01 2011/03 2011/05 2011/08 2011/10 2012/01 2012/03 2012/05 2012/08 2012/10 2013/01 2013/03 2013/05 2013/08 2013/10 2014/01 2014/03 2014/05 2014/08 2014/10 2015/01 2015/03 2015/06 2015/08 2015/10 2016/01 2016/03
Trading Volume BIST-100 (TL)
Point Mn. $
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION $)
Source: Borsa Istanbul 311
238 270
190
227
2012 2013 2014 2015 2016/03
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
42
Source: Borsa Istanbul
0%
2011 2012 2013 2014 2015
Technology Financials Services Industrials
7,281 4,895 4,549 17,787 189
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Nasdaq OMXShanghaiTokyoNYSE London GroupSaudi ArabiaSouth KoreaOMX NordicHong KongPhilippinesSingaporeShenzhenNSE IndiaBSE IndiaIndonesiaOslo BorsDeutscheEuronextAustraliaSantiagoMalaysiaThailandTel AvivMoscowTaiwanMexicoSwissSpainBrazilTMXJSE Borsa IstanbulWarsawQatarIrish
DOMESTIC MARKET CAPITALIZATION (2015, BILLION $)
Source: WFE
WFE definition excluding investment funds, ETFs, unit trusts, unlisted companies, holding companies with a mere business of holding shares on the exchange.
Rank: 32nd
25%
0% 40% 80% 120% 160% 200%
Hong KongSingaporeMalaysiaTaiwanTokyoSwissJSE OMX NordicAustraliaThailandNYSETMX South KoreaEuronext London GroupNew ZealandSaudi ArabiaNasdaq OMXLuxembourgCasablancaHoChiMinhPhilippinesAbu DhabiNSE IndiaShenzhenBSE IndiaIndonesiaOslo BorsColomboDeutscheShanghaiColombiaMauritiusSantiagoTel AvivWarsawMoscowBahrainAmmanMuscatWienerMexicoQatarSpainBrazilMaltaLimaIrish Borsa Istanbul
MARKET CAPITALIZATION/GDP (2015)
44
Source: WFE, IMF
Rank: 49th
NUMBER OF SECURITIES IN EQUITY MARKET
Source: Borsa Istanbul
Equities: BIST Main+BIST Star+REITs+Venture Capital Investment Trusts Other Equities: BIST Emerging Companies, Watchlist,
Pre-market Trading Platform
348 352 348 341 338
40 56 65 67 68
34 30 24 22 20
231
328
640
846 872
2012 2013 2014 2015 2016/03
Warrants+Certificate ETF+Inv. Trusts
Other Equities Equities
5,836 3,651 3,559 3,513 393
0 500 1,000 1,500 2,000 2,500 3,000
BSE IndiaTokyoSpainTMX Nasdaq OMX London GroupSouth KoreaOMX NordicHong KongSingaporeShenzhenIndonesiaShanghaiDeutscheEuronextAustraliaMalaysiaThailandTel AvivWarsawTaiwanTaipeiNYSE Borsa IstanbulHoChiMinhPhilippinesColomboSantiagoMoscowTehranEgyptBrazilSwissLimaJSE
NUMBER OF LISTED COMPANIES (2015)
46
Source: WFE WFE definition excludes investment funds, ETFs, unit trusts, unlisted companies, holding companies with a mere business of holding shares on the exchange.
Rank: 24th
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION $)
Source: Borsa Istanbul 349
431 399 381
98
2012 2013 2014 2015 2016/03
32,984
0 2,000 4,000 6,000 8,000 10,000
Nasdaq OMXShenzhenShanghaiBATS USNYSE BATS Chi-x EuropeBorsa IstanbulLondon GroupSaudi ArabiaSouth KoreaOMX NordicHong KongSingaporeNSE IndiaBSE IndiaIndonesiaOslo BorsDeutscheEuronextAustraliaMalaysiaThailandTel AvivMoscowWarsawTaiwanMexicoTokyoTaipeiSwissSpainBrazilIrishTMXJSE
EQUITY TRADING VOLUME (2015, BILLION $)
48
Source: WFE WFE definition excludes investment funds, ETFs, unit trusts, holding companies with a mere business of holding shares on the exchange.
Negotiated deals are included.
Rank: 23rd
519%453%451%
290%208%
186%
0% 40% 80% 120% 160% 200%
Shenzhen Nasdaq OMXShanghaiMexicoTaipei Borsa IstanbulLondon GroupNew ZealandSaudi ArabiaSouth KoreaOMX NordicHong KongHoChiMinhNSE IndiaOslo BorsDeutscheEuronextAustraliaThailandHungaryMoscowWarsawTaiwanAthensTokyoDubaiSpainSwissBrazilNYSEIrishTMXJSE
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2015)
Source: WFE
Rank: 6th
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (MILLION $)
50
Source: Borsa Istanbul 1,639
1,613
2,878
2,097
477
2012 2013 2014 2015 2016/03
SHORT SELLING IN BORSA ISTANBUL
Source: Borsa Istanbul
19 51 63 66 18
2012 2013 2014 2015 2016/03
Short Selling Volume (Bn. $) Share in Total Volume
MARGIN TRADING
52
Source: TCMA
598 759 493 516 449
11,462
10,417
9,914 9,539 9,257
2012 2013 2014 2015 2016/03
Outstanding Loan Size (Mn. $) No. of Contracts
FUTURES TRADING VOLUME OF BORSA ISTANBUL (BILLION $)
Source: Borsa Istanbul, TurkDex Security expiry transactions are included.
226 220 199 209 52
62
53
59
88
25
2012 2013 2014 2015 2016/03
Trading Volume (Billion. $) No. of Contracts (Million)
879,624 85,353 64,382 47,327 209
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
CME Group ICE (Europe) CFFEX- China Deutsche BörseBM&FBOVESPA ASX SFE DerivativesDalian CE-ChinaBorsa IstanbulZhengzhou CEICE (Canada)Malasysia DEBudapest SELME-LondonShanghai FEOMX NordicMexican DEHong KongASX GroupNSE-IndiaColombiaBSE IndiaTokyo SEEuronextMontrealICE (US)MoscowWarsawNZX LtdTAIFEXAthensOsakaKoreaSpainOsloJSE
TRADING VOLUME IN FUTURES MARKETS (2015, BILLION $)
54
Source: WFE
Rank: 25th
NUMBER OF LISTED CORPORATE BONDS IN BORSA ISTANBUL
Source: WFE 192
299
436 464 487
2012 2013 2014 2015 2016/03
464
0 1,000 2,000 3,000 4,000 5,000 6,000
London GroupBuenos AiresSouth KoreaOMX NordicHong KongNSE IndiaBSE IndiaOslo BorsShanghaiColombiaEuronextTel AvivMoscowWienerTaipeiSpainSwissIrishJSE Borsa IstanbulNew ZealandCasablancaKazakhstanShenzhenColomboLjubljanaMauritiusHungaryMalaysiaThailandWarsawTokyoBrazilMaltaLima
7,021 9,905
NUMBER OF LISTED CORPORATE BONDS (2015)
56
Source: WFE
Rank: 20th
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION $)
58
Source: Borsa Istanbul
932 888
521
2012 2013 2014 2015 2016/03
Brokerage Firms Banks 986
161 963
574
389
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION $)
Source: Borsa Istanbul 6,658
6,009 6,044
5,400
1,413 758
660 638
593
121
2012 2013 2014 2015 2016/03
Brokerage Firms Banks
7,416
6,669 6,682
1,535 1,635
5,933
EQUITY TRADING VOLUME OF INTERMEDIARIES (BN. $)
60
Source: Borsa Istanbul 697
863 798 761
196
2012 2013 2014 2015 2016/03
FUTURES TRADING VOLUME OF INVESTMENT INSTITUTIONS (BILLION $)
Source: Borsa Istanbul, TurkDex
399 395 395 416
304
53 45
2
2012 2013 2014 2015 2016/03
Banks Brokerage Firms 9
397 417
305
FOREX TRADING VOLUME (BILLION $)
62
Source: TCMA 795
1,546 1,991
3,492
2012 2013 2014 2015 2016/03
Liquidity Provider Client
1,320 1,515
2,753
3,516
6,224
CONCENTRATION IN TRADING VOLUMES (2015)
Source: Borsa Istanbul, TCMA 54%
Equity Fixed Income Futures Forex
51+ 21-50 11-20 1-10
No. of Intermediaries No. of Intermediaries
TOP 10 MEMBERS IN THE MARKETS (2015)
64
Source: Borsa Istanbul, TCMA
Equity Market Futures Market
1 İŞ YATIRIM MENKUL DEĞERLER A.Ş. 8% 1 İŞ YATIRIM MENKUL DEĞERLER A.Ş. 11%
2 YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. 7% 2 TEB YATIRIM MENKUL DEĞERLER A.Ş. 11%
3 GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. 7% 3 GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. 7%
4 DENİZ YATIRIM MENKUL KIYMETLER A.Ş. 5% 4 YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. 5%
5 AK YATIRIM MENKUL DEĞERLER A.Ş. 4% 5 SANKO MENKUL DEĞERLER A.Ş. 4%
6 GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 4% 6 DENİZ YATIRIM MENKUL KIYMETLER A.Ş. 4%
7 TEB YATIRIM MENKUL DEĞERLER A.Ş. 4% 7 GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 4%
8 MEKSA YATIRIM MENKUL DEĞERLER A.Ş. 4% 8 YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş. 4%
9 FİNANS YATIRIM MENKUL DEĞERLER A.Ş. 4% 9 DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş. 4%
10 BURGAN YATIRIM MENKUL DEĞERLER A.Ş. 3% 10 AK YATIRIM MENKUL DEĞERLER A.Ş. 3%
Total (bn. $) 761 Total (bn. $) 417
Fixed Income Market Forex Market
1 AKBANK T.A.Ş. 29% 1 GCM MENKUL KIYMETLER A.Ş. 12%
2 GARANTİ BANKASI A.Ş. 7% 2 IŞIK MENKUL DEĞERLER A.Ş. 9%
3 YAPI VE KREDİ BANKASI A.Ş. 7% 3 INVEST-AZ MENKUL DEĞERLER A.Ş. 8%
4 J.P. MORGAN CHASE BANK İSTANBUL 6% 4 GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 8%
5 HSBC BANK A.Ş. 6% 5 DESTEK MENKUL DEĞERLER A.Ş. 7%
6 DENİZBANK A.Ş. 6% 6 İŞ YATIRIM MENKUL DEĞERLER A.Ş. 6%
7 CITIBANK A.Ş. 4% 7 SANKO MENKUL DEĞERLER A.Ş. 5%
8 TÜRKİYE İŞ BANKASI A.Ş. 3% 8 İNTEGRAL MENKUL DEĞERLER A.Ş. 5%
9 DEUTSCHE BANK A.Ş. 3% 9 IKON MENKUL DEĞERLER A.Ş. 5%
10 TÜRK EKONOMİ BANKASI A.Ş. 3% 10 ALB MENKUL DEĞERLER A.Ş. 4%
Total (bn. $) 389 Total (bn. $) 6,224
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
Source: TCMA 175
2012 2013 2014 2015 2016/03
Privatization
IPO&SPO-Equities M&A
Other Consultancy Corporate Actions Bond Issuance
747
269
INITIAL PUBLIC OFFERINGS
66
Source: Borsa Istanbul
362 758 320 45
13 30
19
13
6
1
2012 2013 2014 2015 2016/03
IPO Volume (Mn. $) No. of IPOs
PRIVATE DEBT SECURITIES ISSUES
Source: Borsa Istanbul 23
29 30
29
7 235
330
508
621
172
2012 2013 2014 2015 2016/03
Size of Private Debt Securities Issued (bn. $) No. of Private Debt Securities Issued
INSTITUTIONAL INVESTMENTS (BILLION $)
68
Source: Borsa Istanbul, CMB
17 14 14 13 14
2012 2013 2014 2015 2016/03
Venture Capital Inv. Trusts REITs
Investment Trusts Pension Funds
Mutual Funds 41
38
41 36 37
ASSET MANAGEMENT BY BROKERAGE FIRMS
Source: TCMA
2,101 2,049 2,310 434 410
2,511
2,753
2,923
2,649
2,846
2012 2013 2014 2015 2016/03
Assets Under Management (Mn. $) No. of Investors
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
70
Source: CMB, TCMA
31,710 30,330 35,153 34,604 35,874
2,118
2,283
2,422 2,861
2,681
2012 2013 2014 2015 2016/03
Assets Under Management (Mn. $) No. of Investors
BROKERAGE FIRMS’ BRANCH NETWORK
Source: TCMA
6,684 6,950 7,071
5,763
161 153 150
323 331
2012 2013 2014 2015 2016/03
Bank Branches Branches Rep. Offices
6,175 7,288
7,174 6,911
5,752 6,162
BROKERAGE FIRMS’ EMPLOYEES
72
Source: TCMA
5,258 5,480 5,657
6,639 6,697
2012 2013 2014 2015 2016/03
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
Source: TCMA
583 615
698 721
2013 2014 2015 2016/03
BANKS’ EMPLOYEES
74
Source: BRSA
214,226 201,453 216,912 217,504 216,532
2012 2013 2014 2015 2016/03
BALANCE SHEET OF BROKERAGE FIRMS (MILLION $)
Source: TCMA
5,847 6,085 6,076
4,881
5,885
6,416 6,566 6,503
5,247
6,426
1,711 1,566 1,572
1,374 1,398
2012 2013 2014 2015 2016/03
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION $)
76
Source: TCMA 626
733 725 736
149 70
119 128 111
43 162
278
170 159
56
2012 2013 2014 2015 2016/03
Total Revenues Operating Profit Net Profit
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES
Source: TCMA
61% 64% 64% 66% 70%
12%8% 4% 5% 5% 3%
10% 9% 8% 7%
15% 18% 19% 18% 18%
15% 18% 19% 18% 18%
2012 2013 2014 2015 2016/03
Others Asset Management Corporate Finance Proprietary Trading Profits Brokerage Commissions
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION $)
78
Source: TCMA 150
160 162 158
162
176 174 171
145
156 156
148
2013 2014 2015 2016/03
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION $)
Source: TCMA
108 105 109
27
34 32 32
5
31 32 33
7
2013 2014 2015 2016/03
Total Revenues Operating Profit Net Profit
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES
80
Source: TCMA
59% 58% 60% 64%
25% 30% 31% 28%
14% 11% 8% 7%
2013 2014 2015 2016/03
Discretionary Asset Mgmt. Fund Sales Financial Advisory Investment Trust Mgmt. Pension Fund Mgmt. Mutual Fund Mgmt.
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION $)
82
Source: BRSA, CRA, TCMA estimates
368 434 444 452
427 205
267 220 222
179 74
120
92 107
78
2011 2012 2013 2014 2015
Equities
Fixed Income
Deposits
756 781
683 821
647
SAVINGS OF DOMESTIC INVESTORS
Source: BRSA, CRA, TCMA estimates Total Domestic Inv. Savings as of
December 2015: US$ 571bn
64% 63% 68% 67% 70%
31% 31% 27% 27% 25%
5% 6% 6% 6% 5%
2011 2012 2013 2014 2015
Equities
Fixed Income
Deposits
SAVINGS OF FOREIGN INVESTORS
84
Source: BRSA, CRA, TCMA estimates Total Foreign Inv. Savings as of December 2015: US$ 112 bn
15% 12% 19% 18% 26%
36% 39%
39% 36%
32%
48% 49% 42% 46% 43%
2011 2012 2013 2014 2015
Equities
Fixed Income
Deposits
NUMBER OF EQUITY INVESTORS
(thou.) 2012 2013 2014 2015
Domestic Investors 1,080.3 1,100.9 1,065.5 1,049.6
1,075.4 1,095.2 1,059.6 1,044.0
4.3 5.1 5.2 5.0
0.6 0.6 0.7 0.7
Foreign Investors 8.3 9.6 9.9 9.7
For. Individuals 4.8 6.0 6.2 6.2
For. Corporations 1.3 1.3 1.4 1.5
For. Institutionals 2.2 2.3 2.3 2.1
Total 1,088.6 1,110.4 1,075.4 1,059.3
Number of Equity Investors
Dom. Individuals Dom. Corporations Dom. Institutionals
Source: CRA
BREAKDOWN OF MARKET CAPITALIZATION (BILLION $)
86
Source: CRA, Borsa Istanbul
28 41 34 39 29
2011 2012 2013 2014 2015
Privately Held Foreigners' Portfolio Domestics' Portfolio
202
237
270 311
190
SHARE OF FOREIGN INVESTORS
Source: CRA, Borsa Istanbul
0%
2011 2012 2013 2014 2015
Share in Free Float Mcap Share in Trading Volume MCap Vol.
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
88
Source: CRA
Total equity portfolio as of December 2015: US$ 77.6 bn
0%
2011 2012 2013 2014 2015
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
BREAKDOWN OF EQUITY TRADING VOLUME BY INVESTOR CATEGORIES
Source: TCMA 0%
2012 2013 2014 2015 2016/03
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
90
Source: CRA Total corporate bond portfolio as of December 2015: US$ 16.2 bn.
0%
2011 2012 2013 2014 2015
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
MUTUAL FUND INVESTORS
Source: CRA
15.9 17.2 14.5 15.6 13.3
2011 2012 2013 2014 2015
Portfolio Size (bn. $) Number of Investors (mn.)
PENSION FUND INVESTORS
2011 2012 2013 2014 2015
Portfolio Size (bn. $)
Number of Investors (mn.)
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES (BROKERAGE FIRMS ONLY)
Source: TCMA 0%
2012 2013 2014 2015 2016/03
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
FOREX TRADING VOLUME OF BROKERAGE FIRMS
94
Source: TCMA 0%
2012 2013 2014 2015 2016/03
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual