BIST-100 INDEX & TRADING VOLUME
01-13 04-13 08-13 12-13 04-14 08-14 12-14 04-15 07-15 11-15 03-16 07-16 11-16 03-17 06-17 10-17 02-18 06-18 10-18
Trading Volume BIST-100 (TL)
Point Mn. TL
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION TL)
26
Source: Borsa Istanbul
627 555 614 880 795
2014 2015 2016 2017 2018
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016 2017 2018
Technology Financials Services Industrials
CONCENTRATION IN THE EQUITY MARKET (MCAP)
28
Source: Borsa Istanbul
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016 2017 2018
1-10 11-25 26-50 51-100 100+
No. of Equities
9,757 5,297 3,919
20,679 149
0 1,000 2,000 3,000 4,000 5,000
Nasdaq OMXHong KongShanghaiEuronextTokyoNYSE London GroupSaudi ArabiaSouth KoreaOMX NordicPhilippinesSingaporeNSE IndiaShenzhenBSE IndiaIndonesiaOslo BorsDeutscheSantiagoAustraliaMalaysiaThailandTel AvivWarsawMoscowTaiwanMexicoSwissSpainBrazilTMXJSE Borsa IstanbulHoChiMinhTehran
DOMESTIC MARKET CAPITALIZATION (2018, BILLION $)
Rank: 33
1,060%230%203%198%
21%
0% 40% 80% 120% 160% 200%
Hong KongSingaporeMalaysiaThailandTaiwanTokyoSwissNYSETMXJSE OMX NordicAustralia South KoreaPhilippinesNSE IndiaBSE IndiaEuronextSantiagoJamaica London GroupNew ZealandSaudi ArabiaNasdaq OMXLuxembourgCasablancaHoChiMinhIndonesiaOslo BorsBarbadosDeutscheColombiaShanghaiMauritiusTel AvivPanamaMoscowWarsawBahrainAmmanCroatiaTehranWienerMuscatMexicoSpainBrazilMaltaLimaIrish Borsa Istanbul
MARKET CAPITALIZATION/GDP (2018)
30
Source: WFE, IMF
Rank: 50
NUMBER OF SECURITIES IN THE EQUITY MARKET
311 301 289 289 295
65 68 69 63 58
24 22 18 18 18
37 39 38 41 43
2014 2015 2016 2017 2018
Real Estate/Venture Capital Investment Trusts/Funds ETF+Inv. Trusts
Other Equities Equities
437 430
414 411 414
5,066 3,657 3,383 3,058 3,006 378
0 500 1,000 1,500 2,000 2,500 3,000
BSE IndiaTokyoTMX Nasdaq OMXSpain London GroupSouth KoreaOMX NordicHong KongSingaporeNSE IndiaShenzhenIndonesiaShanghaiDeutscheEuronextAustraliaMalaysiaThailandTel AvivWarsawTaiwanWienerTaipeiNYSE Borsa IstanbulHoChiMinhHanoiBrazilJSE
NUMBER OF LISTED COMPANIES (2018)
32
Source: WFE
Rank: 26
Excluding ETFs and investment trusts
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION TL)
873 1,023 1,014
1,468
1,993
0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
2014 2015 2016 2017 2018
419
0 2,000 4,000 6,000 8,000
Nasdaq OMX NYSE BATS US BATS Chi-x Europe Shenzhen Tokyo Shanghai London Group South Korea Hong Kong Deutsche Euronext TMX NSE India Swiss Taiwan Australia OMX Nordic Brazil Spain JSE Borsa Istanbul Thailand Taipei Saudi Arabia
11,786 16,036 43,656 22,941
EQUITY TRADING VOLUME (2018, BILLION $)
34
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: 22
447%316%
293%
0% 40% 80% 120% 160% 200% 240% 280%
Nasdaq OMXShenzhenTaipei Borsa IstanbulLondon GroupSaudi ArabiaSouth KoreaOMX NordicOMX NordicHong KongHoChiMinhOslo BorsShanghaiDeutscheEuronextAustraliaThailandHungaryTel AvivMoscowTaiwanAthensTokyoSpainSwissBrazilNYSEIrishTMXJSE
281%
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2018)
Rank: 4
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (BILLION TL)
36
Source: Takasbank
6.3
5.6
7.4
13.0
14.2
2014 2015 2016 2017 2018
SHORT SELLING IN BORSA ISTANBUL
138 178 170 184 185
16%
2014 2015 2016 2017 2018
Short Selling Volume (bn. TL) Share in Total Volume
MARGIN TRADING
38
Source: TCMA
1.1 1.5 1.5 2.1 2.1
9,914 9,914 9,585
10,670 11,908
2014 2015 2016 2017 2018/09
Outstanding Loan Size (bn. TL) No. of Contracts
FUTURES TRADING VOLUME OF BORSA ISTANBUL
435 567 580 829 1,259
59
88
100
139
232
2014 2015 2016 2017 2018
Futures Trading Volume (bn. TL) No. of Contracts (million)
1,399,262 419,172
118,080 269
0 5,000 10,000 15,000 20,000 25,000 30,000
Chicago Mercantile Exchange BM&FBOVESPA Eurex Deustche Boerse Australia CFFEX- China Hong Kong Montreal Euronext Korea Zhengzhou CE ICE (US) Osaka Singapore NSE-India OMX Nordic Taiwan Futures Exchange Asia-Pasific Moscow MCX-India Spain Johannesburg
BSE India Borsa Istanbul Buenos Aires
85,167 36,124
TRADING VOLUME IN FUTURES MARKETS (2018, BILLION $)
40
Source: WFE
Rank: 24
NUMBER OF LISTED CORPORATE BONDS IN BORSA ISTANBUL
436 464 519
662 611
2014 2015 2016 2017 2018
7,968 6,450 3,923 611
0 1,000 2,000 3,000 4,000 5,000
BSE India South Korea London Group Shanghai Deutsche NSE India Luxembourg JSE Moscow Taipei Buenos Aires Swiss Tel Aviv Panama Shenzhen Euronext Borsa Istanbul Colombia Lima OMX Nordic Hong Kong Brazil Oslo Bors Tunisia Kazakhstan
8,739 3,201 3,124
NUMBER OF LISTED CORPORATE BONDS (2018)
42
Source: WFE
Rank: 17
INITIAL PUBLIC OFFERINGS
714 119 343 1,254 5,419
13
6
2
3
9
2014 2015 2016 2017 2018
IPO Volume (mn. TL) No. of IPOs
EQUITY FINANCING
44
Source: Borsa Istanbul
0.7 0.1 0.3 1.3
2.7 5.4
2.0 1.6
3.8
9.6
2014 2015 2016 2017 2018
SPO + Rights Issue (bn. TL) IPO (bn. TL)
3,4
2,1 2,0
5,1
15,0
CORPORATE DEBT SECURITIES ISSUANCE
66 80 90 130 179
517
621
760
1,217
1,385
2014 2015 2016 2017 2018
Size of Corporate Bonds Issued (bn. TL) No. of Corporate Bonds Issued
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
1,141
942
1,125
1,027 1,097
117
117
184
196 193
2014 2015 2016 2017 2018
Brokerage Firms Banks
1,257
1,059
1,308
1,223 1,290
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
48
Source: Borsa Istanbul
Excluding Central Bank and Takasbank.
13,229 14,700
13,546
2014 2015 2016 2017 2018
Brokerage Firms Banks 14,626
16,315
14,877
7,354
6,130
EQUITY TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
1,746 2,045 2,027
2,773
3,626 163
361
2014 2015 2016 2017 2018
Banks
Brokerage Firms
2,936
3,987
FUTURES TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
50
Source: Borsa Istanbul, TurkDex
865
1,131 1,154
1,628
2014 2015 2016 2017 2018
Banks
Brokerage Firms 9
1,135 1,160
1,658
2,518
FOREX TRADING VOLUME (BILLION TL)
4,353
9,546
12,245
4,667 4,494
3,340
7,459
9,604
3,912 5,211
2014 2015 2016 2017 2018
Liquidity Provider Client
7,693
9,705 8,578
21,850
17,005
CONCENTRATION IN TRADING VOLUMES (2018)
52
Source: Borsa Istanbul, TCMA
62% 64% 70%
82%
24% 24% 17%
14% 11% 12% 18%
0%
Equity Fixed Income Futures Forex (Customer)
51+ 21-50 11-20 1-10
No. of Intermediaries
TOP 10 MEMBERS IN THE MARKETS (2018)
Equity Market Futures Market
1 YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. 11% 1 YAPI KREDI YATIRIM MENKUL DEGERLER A.S. 16%
2 MERRILL LYNCH YATIRIM BANK A.Ş. 9% 2 IS YATIRIM MENKUL DEGERLER A.S. 12%
3 İŞ YATIRIM MENKUL DEĞERLER A.Ş. 8% 3 TEB YATIRIM MENKUL DEGERLER A.S. 9%
4 GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. 7% 4 GARANTI YATIRIM MENKUL DEGERLER A.S. 8%
5 AK YATIRIM MENKUL DEĞERLER A.Ş. 6% 5 QNB FINANS YATIRIM MENKUL DEGERLER A.S. 6%
6 GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 5% 6 AK YATIRIM MENKUL DEGERLER A.S. 5%
7 A1 CAPİTAL YATIRIM MENKUL DEĞERLER A.Ş. 5% 7 DENIZ YATIRIM MENKUL KIYMETLER A.S. 4%
8 YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş. 4% 8 GEDIK YATIRIM MENKUL DEGERLER A.S. 3%
9 DENİZ YATIRIM MENKUL KIYMETLER A.Ş. 4% 9 A1 CAPITAL MENKUL DEGERLER A.S. 3%
10 QNB FİNANS YATIRIM MENKUL DEĞERLER A.Ş. 4% 10 TACIRLER YATIRIM MENKUL DEGERLER A.S. 3%
Total (bn. TL) 3,987 Total (bn. TL) 2,518
Fixed Income Market Forex Market (Customer)
1 AKBANK A.S. 14% 1 AK YATIRIM MENKUL DEĞERLER A.Ş. 18%
2 T. GARANTI BANKASI A.S. 12% 2 GCM MENKUL KIYMETLER A.Ş. 16%
3 HSBC BANK A.S. 7% 3 İŞ YATIRIM MENKUL DEĞERLER A.Ş. 10%
4 T. ISBANKASI A.S. 6% 4 MEKSA YATIRIM MENKUL DEĞERLER A.Ş. 10%
5 YAPI KREDI BANKASI A.S. 6% 5 İNTEGRAL YATIRIM MENKUL DEĞERLER A.Ş. 7%
6 DEUTSCHE BANK A.S. 4% 6 GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 6%
7 JP MORGAN CHASEBANK NAT.ASS.MRK.COL.O.IST.TUR.SUB.4% 7 IŞIK MENKUL DEĞERLER A.Ş. 5%
8 CITIBANK A.S. 4% 8 QNB FİNANS YATIRIM MENKUL DEĞERLER A.Ş. 4%
9 TEB YATIRIM MENKUL DEGERLER A.S. 4% 9 DENİZ YATIRIM MENKUL KIYMETLER A.Ş. 4%
10 AK YATIRIM MENKUL DEGERLER A.S. 4% 10 ALB MENKUL DEĞERLER A.Ş. 3%
Total (bn. TL) 1,290 Total (bn. TL) 4,494
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
54
Source: TCMA
465
608 702
1,020
2014 2015 2016 2017 2018/09
Other Financing Privatization M&A
IPO&SPO-Equities Corporate Actions Other Consultancy Bond Issuance
883 746
644
1,228
1,133
INSTITUTIONAL INVESTMENTS (BILLION TL)
2014 2015 2016 2017 2018
Venture Capital Inv. Trusts REITs
Investment Trusts Pension Funds Mutual Funds
169
94
108
128
170
ASSET MANAGEMENT BY BROKERAGE FIRMS
56
Source: TCMA
5.4 1.3 1.3 1.9 2.7
2,923
2,649
3,674
4,085 3,980
2014 2015 2016 2017 2018/09
Assets Under Management (mn. TL) No. of Investors
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
82 101 122 158 173
2,277
2,688
3,082
3,344 3,459
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
2014 2015 2016 2017 2018
Assets Under Management (bn. TL) No. of Investors
CONCENTRATION IN PORTFOLIO MANAGEMENT FIRMS (2018)
58
Source: TCMA
62% 68%
82%
98%
30%
30%
15%
8% 2% 2% 2%
Mutual Funds Pension Funds Discretionary Asset Man. Investment Trusts
10+ 6-10 1-5
Number of Asset Management Companies
TOP 5 MEMBERS IN PORTFOLIO MANAGEMENT ACTIVITIES (2018)
Mutual Funds Pension Funds
1 İŞ PORTFÖY YÖNETİMİ A.Ş. 22% 1 İŞ PORTFÖY YÖNETİMİ A.Ş. 17%
2 YAPI KREDİ PORTFÖY YÖNETİMİ A.Ş. 13% 2 AK PORTFÖY YÖNETİMİ A.Ş. 16%
3 AK PORTFÖY YÖNETİMİ A.Ş. 11% 3 GARANTİ PORTFÖY YÖNETİMİ A.Ş. 14%
4 ZİRAAT PORTFÖY YÖNETİMİ A.Ş. 8% 4 YAPI KREDİ PORTFÖY YÖNETİMİ A.Ş. 12%
5 GARANTİ PORTFÖY YÖNETİMİ A.Ş. 7% 5 HSBC PORTFÖY YÖNETİMİ A.Ş. 9%
Total (million TL) 56,920 Total (million TL) 93,206
Discretionary Asset Management Investment Trusts
1 ZİRAAT PORTFÖY YÖNETİMİ A.Ş. 31% 1 İŞ PORTFÖY YÖNETİMİ A.Ş. 47%
2 İŞ PORTFÖY YÖNETİMİ A.Ş. 19% 2 METRO PORTFÖY YÖNETİMİ A.Ş. 32%
3 AK PORTFÖY YÖNETİMİ A.Ş. 18% 3 GARANTİ PORTFÖY YÖNETİMİ A.Ş. 7%
4 AZİMUT PORTFÖY YÖNETİMİ A.Ş. 8% 4 HEDEF PORTFÖY YÖNETİMİ A.Ş. 6%
5 İSTANBUL PORTFÖY YÖNETİMİ A.Ş. 7% 5 OYAK PORTFÖY YÖNETİMİ A.Ş. 5%
Total (million TL) 22,776 Total (million TL) 515
BROKERAGE FIRMS’ BRANCH NETWORK
60
Source: TCMA
7,071 5,763 8,297 8,392 8,369
150
323
310 291 293
67
76
59 40 45
2014 2015 2016 2017 2018/09
Bank Branches Branches Rep. Offices
8,707 8,666
6,162 7,288
8,723
BROKERAGE FIRMS’ EMPLOYEES
5,657
6,632 6,478
4,751 4,874
2014 2015 2016 2017 2018/09
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
62
Source: TCMA
698 720 735
781
2015 2016 2017 2018/09
BANKS’ EMPLOYEES
216,912 217,504 210,886 208,280 207,716
2014 2015 2016 2017 2018
BALANCE SHEET OF BROKERAGE FIRMS (BILLION TL)
64
Source: TCMA
14.1 14.2
20.1
21.9 23.3
15.1 15.3
21.2
23.1
24.8
3.7 4.0 4.3 4.7 5.6
2014 2015 2016 2017 2018/09
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION TL)
1,587
2,001
2,175
2,510 2,452
281 301 332
774
1,075
372 433 483
799
1,105
2014 2015 2016 2017 2018/09
Total Revenues Operating Profit Net Profit
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES (MILLION TL)
66
Source: TCMA
1,017
1,332 1,511 1,435 1,311
78
89
106 302
136 231
170
485 592
2014 2015 2016 2017 2018/09
Brokerage Commissions Proprietary Trading Profits Corporate Finance Asset Management Others
1,587
2,001
2,452 2,510
2,175
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION TL)
472
571
698
743
507
609
740
814
456
552
664
728
2015 2016 2017 2018/09
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION TL)
68
Source: TCMA
296
347
439
359
88 105
165
122
91 111
165 162
2015 2016 2017 2018/09
Total Revenues Operating Profit Net Profit
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES (MILLION TL)
177 211
282 264
91
2015 2016Eksen Başlığı 2017 2018/09
Discretionary Asset Mgmt. Fund Sales
Financial Advisory Investment Trust Mgmt.
Pension Fund Mgmt. Mutual Fund Mgmt.
294
337
434
358
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION TL)
1,053 1,245 1,453 1,711 2,036
555
574
627
734
830
249
226
247
355
315 Equities
Fixed Income
Deposits 2,045
2,327
2,800
1,856
3,181
SAVINGS OF DOMESTIC INVESTORS
72
Source: BRSA, CRA, TCMA estimates
Total Domestic Inv. Savings as of 2018: TL 2.7 trillion
66% 67% 69% 68% 69%
28% 28% 27% 26% 27%
6% 5% 5% 5% 4%
2014 2015 2016 2017 2018
Equities
Fixed Income
Deposits
SAVINGS OF FOREIGN INVESTORS
18% 26% 27% 27% 33%
36%
30% 28% 25% 22%
46% 44% 45% 48% 45%
2014 2015 2016 2017 2018
Equities
Fixed Income
Deposits
NUMBER OF EQUITY INVESTORS
74
(thou.) 2014 2015 2016 2017 2018
Domestic Investors 1,065.5 1,049.2 1,031.3 1,081.3 1,169.2 1,059.6 1,043.5 1,025.9 1,076.1 1,163.3
5.2 5.0 4.7 4.6 5.2
0.7 0.7 0.7 0.7 0.8
Foreign Investors 9.9 9.8 9.5 9.6 9.7
6.2 6.2 6.2 6.2 6.5
1.4 1.5 1.4 1.5 1.5
2.3 2.1 1.9 1.9 1.8
Total 1,075.4 1,059.0 1,040.8 1,090.9 1,178.9 Dom. Individuals
Dom. Corporations Dom. Institutionals
Number of Equity Investors
Source: CRA For. Individuals For. Corporations For. Institutionals
BREAKDOWN OF MARKET CAPITALIZATION (BILLION TL)
90 85 89 123 111
159 141 157
232 204
378
329 368
525
479
2014 2015 2016 2017 2018
Privately Held Foreigners' Portfolio Domestics' Portfolio
627 555 614
880
795
SHARE OF FOREIGN INVESTORS
76
Source: CRA, Borsa Istanbul
0%
2014 2015 2016 2017 2018
Share in Free Float Mcap (left) Share in Trading Volume (right) MCap Vol.
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016 2017 2018
For. Other
For. Corporation
For. Individual
Dom. Other
Dom. Corporation
Dom. Individual
BREAKDOWN OF EQUITY TRADING VOLUME BY INVESTOR CATEGORIES*
78
Source: TCMA
*Brokerage firms only
0%
2014 2015 2016 2017 2018/09
For. Institutional
For. Corporation
For. Individual
Dom.
Institutional
Dom. Corporation
Dom. Individual
NUMBER OF CORPORATE BOND INVESTORS
2014 2015 2016 2017 2018
Domestic Investors 136,441 135,690 96,771 81,865 77,671
132,132 131,798 93,217 78,954 75,361
3,601 3,197 2,886 2,292 1,660
708 695 668 619 650
Foreign Investors 1,384 1,066 705 622 662
1,330 1,034 677 594 641
36 24 25 24 18
18 8 3 4 3
Total 137,825 136,756 97,476 82,487 78,333
Source: CRA
Dom. Institutionals
For. Individuals For. Corporations For. Institutionals
Number of Corporate Bond Investors
Dom. Individuals Dom. Corporations
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
80
Source: CRA Total corporate bond portfolio as of December 2018: TL 71.5 bn.
0%
2014 2015 2016 2017 2018
For. Other
For. Corporation
For. Individual
Dom. Other
Dom. Corporation
Dom. Individual
MUTUAL FUND INVESTORS
36.2 38.9 45.1 56.4 52.8
2.8
2014 2015 2016 2017 2018
Portfolio Size (bn. TL)
Number of Investors (mn.)
PENSION FUND INVESTORS
82
Source: PMC
PP: Private pension schemes AE: Auto-enrolment Portfolio size includes government contributions.
37.6 48.0
2014 2015 2016 2017 2018
Total Portfolio Size (bn. TL) Portfolio Size (bn. TL)
Number of Investors (mn.)
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016 2017 2018/09
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
FOREX TRADING VOLUME OF BROKERAGE FIRMS
84
Source: TCMA 0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018/09
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual