Turkish Capital Markets
June 2022
23
Turkish Capital Markets Association
Investment Institutions
Structure of the Turkish Financial Markets
Turkish Capital Markets
Investor Profile CONTENTS
15
48
371
STRUCTURE OF THE
TURKISH CAPITAL MARKETS
CAPITAL MARKETS BACKGROUND
1982:Capital Markets Board established.
1985:Istanbul Stock Exchange (ISE) established.
1992:Takasbank (Settlement & Custody Bank) established.
1995:Istanbul Gold Exchange (IGE) established.
1997:Banks are forbidden to trade equities.
2001:Association of Capital Markets Intermediary Institutions of Turkey established.
Central Registry Agency established. Investors' Protection Fund established.
2002:Private pension system introduced.
2005:IFRS adopted for financial intermediaries and listed companies.
Turkish Derivatives Exchange (TurkDex) established.
Dematerialization of equities completed.
2006:Dematerialization of corporate bonds & mutual funds completed.
2009:Automated Disclosure Platform introduced.
Istanbul International Financial Centre strategy announced.
CAPITAL MARKETS BACKGROUND
5
2011:Forex regulation passed.
2012:New Capital Markets Law passed.
ISE demutualised and merged with Istanbul Gold Exchange under Borsa Istanbul.
2013:Borsa Istanbul announced strategic partnership with Nasdaq. Borsa Istanbul and TurkDex merged.
2014: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.
2015:Takasbank introduced the Electronic Fund Distribution Platform - TEFAS.
Borsa Istanbul introduced new trading platform - BISTECH.
2016:TCMA arbitration committees established.
Turkey Wealth Fund established
2017:Auto-enrollment in the private pension system introduced.
2018:Presidential Finance Office established.
2019:TURIB- e-Warehouse Market started to operate.
Equity based crowdfunding regulations introduced.
2021:Takasbank launched the private pension fund trading platform BEFAS.
New crowdfunding regulations introduced.
REGULATORY STRUCTURE OF THE FINANCIAL MARKETS
Capital Markets Insurance
Banking Regulation and Supervision Agency (BRSA)
Insurance & Private Pension Regulation and Supervision
Agency
-Banks’ Association of Türkiye
-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
-Turkish Capital Markets Association
-Borsa Istanbul
-Turkish Appraisers Association
-Banks
-Brokerage Firms
-Asset Management Firms -Investment Trusts
-Merkezi Kayıt İstanbul -Settlement and Custody Bank
-Capital Markets
Licensing and Training Agency
-Investor Compensation Center
-Insurance Association of Turkey
-Pension Monitoring Center
-Insurance Companies -Pension Companies -Pension Funds
Banking
Capital Markets Board (CMB)
Payment System
The Central Bank of Turkey
The Association of Pay ment and Electronic Money Institutions of Turkey
-Payment Institutions -Electronic Money Institutions
CAPITAL MARKETS BOARD
7
• 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:
o Primary markets,
o Secondary markets,
o Investment services.
BORSA ISTANBUL
• Borsa Istanbul, formerly named as Istanbul Stock Exchange, was established in 1985.
• The exchange was demutualised in 2013.
• The exchanges operating in Turkey, namely Istanbul Stock
Exchange, Istanbul Gold Exchange and the Turkish Derivatives Exchange merged under the roof of Borsa Istanbul.
• The main markets and the traded securities on Borsa Istanbul are:
o Equity Market: Shares, rights coupons, ETFs, warrants, certificates, real estate and venture capital investment funds.
o Debt Securities Market: Government bonds, corporate bonds, asset backed
securities, Islamic bonds, repo-reverse repo transactions, Turkish eurobonds, money market and swap transactions.
o Derivatives Market: Single stock, equity index, foreign currency, physically delivered FX, precious metals, energy, foreign index and interest rate futures. Single stock, currency, equity index, USDTRY and physically delivered USDTRY options.
o Precious Metals and Diamond Market: Gold, silver, platinum and palladium.
TAKASBANK (ISTANBUL SETTLEMENT AND CUSTODY BANK)
9
• Takasbank was established in 1988 as a department of Borsa Istanbul. It
was incorporated as a separate company in 1992 and became a non-deposit taking bank in 1995.
• Takasbank is:
o The clearing and settlement center for Borsa Istanbul,
o The central counterparty for Borsa Istanbul Futures & Options, Debt Securities, Equities, Money and Swap markets
o The national numbering agency of Turkey.
• Services offered:
o Securities Lending & Borrowing Market and Takasbank Money Market. Takasbank acts as CCP in those markets
o Clearing and central counter party services for Turkish Lira IRS (Interest Rate Swap) and OIS (Overnight Index Swap) contracts in OTC markets
o Custodian to private pension system.
o Electronic fund (TEFAS) and private pension fund distribution platforms (BEFAS) o Record keeping for leveraged transactions and collateral management as an
authorized trade repository institution.
MERKEZI KAYIT ISTANBUL – CSD OF TURKEY
• Merkezi Kayit Istanbul – CSD of Turkey was established in 2001 as a private company.
• The sole 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, government debt holdings (excluding investment institutions), real estate sertificates and electronic
warehouse receipts.
• Operates the Public Disclosure Platform.
• Runs various electronic services for investors and public companies such as; Investor Notification and Alert System (eCAS), Companies Information Portal (e-Company), Electronic General Assembly (e- GEM), corporate management and investor relations portal (e-
Governance) or Electronic Warehouse Receipt Center (e-Warehouse),
INVESTOR COMPENSATION CENTRE
11
• Investors’ Protection Fund, which covered equity settlement obligations, was established in 2001.
• Investor Compensation Centre replaced the Investors’ Protection Fund in 2013 with the renewed Capital Market Law.
• It covers settlement obligations of all capital market instruments, up to TL 323,670 in 2022, in case of liquidation or bankruptcy of investment institutions.
• All investment institutions must be a member of the Investor
Compensation Centre.
ACTIVITIES OF INTERMEDIARIES
• Equity Trading*
• Leveraged FX trading
• Public Offering*
• Asset Management
• Investment Consultancy
• Fixed Income Trading
• Derivatives Trading (exc. equity-linked products for banks)
BANKS
BROKERAGE
FIRMS
TYPES OF BROKERAGE FIRMS
13
Market Makers
Execution Brokers
Introducing Brokers
• execution of orders from their own account by positioning their customers as counterparty
• minimum capital: TL 31.3 mn.
• execution of orders of in the name of customers and/or their own
account
• offering custody services
• minimum capital: TL 12.5 mn.
• reception of orders and
transfer them to other brokers
• minimum capital: TL 2.5 mn.
ASSET MANAGEMENT COMPANIES
Portfolio
Management Companies
Real Estate/
Venture Capital Portfolio
Management Companies
• May establish stock, bond, balanced mutual funds
• Mn. capital required varies btw. TL 7.5 million and TL 25 million depending on AUM.
• May establish only real estate or venture capital investment funds
• Mn. capital required varies
btw. TL 3.75 million and
TL 12.5 million depending
on AUM.
TURKISH CAPITAL MARKETS ASSOCIATION
TCMA
• TCMA is the self-regulatory professional organization in the Turkish capital markets.
• Brokerage firms, banks, asset management companies, and investment trusts are members of the Association.
• Founded in April 2001 according to the Capital Markets Law.
• Membership base expanded in 2014 with new law.
• Membership is mandatory.
• Under CMB supervision
MEMBERS
17
78 74 71 71 71
44 44 45 45 46
56 54 50 53 55
49 49 49 52 53
2018 2019 2020 2021 2022/06
Investment Trusts Asset Management Firms Banks Brokerage Firms
227 221 225
215 221
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.
FUNCTIONS
19
• 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.
NATIONAL MEMBERSHIPS
• Foreign Economic Relations Board of Turkey (DEİK), founder member since 2008.
• Tax Council, member since 2013.
• Istanbul Arbitration Center (ISTAC), member since 2017.
• Halal Accreditation Agency Advisory Board, member since 2020.
• TUBITAK Venture Capital Funding Program Executive Board, member since 2020.
• Impact Investing Advisory Board (EYDK), member since 2021.
INTERNATIONAL MEMBERSHIPS
21
• Asia Securities Forum (ASF) member since 2009.
• OECD International Network on Financial Education (INFE) affiliate member since 2015.
• International Council of Securities Associations (ICSA) member since 2006.
• International Organization of Securities Commissions (IOSCO)
affiliate member since 2003.
PARTICIPATIONS
CENTRAL REGISTRY AGENCY
• 5% stake
• one seat at the board of directors, out of 8 members
BORSA ISTANBUL
• 1.3% stake
CAPITAL MARKETS LICENSING & TRAINING AGENCY
• 49% stake
• 2 seats at the board of directors, out of 7 members
JCR EURASIA CREDIT RATING AGENCY
• 6% stake
TURKEY SECURITIZATION COMPANY
• 5% stake
• one seat at the board of directors, out of 7 members
TURKISH CAPITAL MARKETS
BIST-100 INDEX & TRADING VOLUME
0
10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
0 500 1,000 1,500 2,000 2,500 3,000
0 5 .2 0 0 7 .2 0 0 9 .2 0 1 1 .2 0 0 1 .2 1 0 3 .2 1 0 5 .2 1 0 7 .2 1 0 9 .2 1 1 1 .2 1 0 1 .2 2 0 3 .2 2 0 5 .2 2
Trading Volume BIST 100 mn. TL
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION TL)
25
Source: Borsa Istanbul
795
1,109
1,783
2,182
2,668
2018 2019 2020 2021 2022/05
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
Source: Borsa Istanbul
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021
Technology Financials Services Industrials
CONCENTRATION IN THE EQUITY MARKET (MCAP)
27
Source: Borsa Istanbul
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021
1-10 11-25 26-50 51-100 100+
No. of Equities
148
0 1,000 2,000 3,000 4,000 5,000 6,000
Nasdaq OMXHong KongShenzhenShanghaiEuronextTokyoNYSE London GroupSaudi ArabiaSouth KoreaOMX NordicPhilippinesHoChiMinhAbu DhabiSingaporeNSE IndiaIndonesiaDeutscheAustraliaSantiagoMalaysiaS. AfricaThailandTel AvivWarsawMoscowTaiwanTehranMexicoKuwaitTaipeiSwissSpainBrazilTMXIran Borsa IstanbulWienna
22,464 7,573 27,686
7,006 6,198
DOMESTIC MARKET CAPITALIZATION (2022/03, BILLION $)
Rank: 37
138
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Nasdaq OMXHong KongShenzhenShanghaiEuronextTokyoNYSE London GroupSaudi ArabiaSouth KoreaOMX NordicHoChiMinhPhilippinesAbu DhabiSingaporeNSE IndiaIndonesiaDeutscheAustraliaSantiagoMalaysiaS. AfricaThailandTel AvivWarsawMoscowTaiwanTehranWienerMexicoTaipeiSwissSpainBrazilTMXIran Borsa IstanbulKuwait
24,5578,154 27,686 7,334 6,544
MARKET CAPITALIZATION/GDP (2021)
29
Source: WFE, IMF, Turkstat
Rank: 65
In USD terms
343 344
273
369 397
62 64
129
85
77
9 4 13
15 15
2018 2019 2020 2021 2022/05
ETF Other Equities Equities
469
414 412 415
489
NUMBER OF SECURITIES IN THE EQUITY MARKET
Source: Borsa Istanbul
Equities: BIST Main+BIST Star Other Equities: SubMarket, Watchlist,
Pre-Market Trading Platform,
391
0 500 1,000 1,500 2,000 2,500 3,000
China- NEEQNasdaq OMXSouth KoreaHong KongNSE IndiaShenzhenShanghaiEuronextAustraliaTokyoSpainNYSETMX London GroupOMX NordicHoChiMinhSingaporeIndonesiaMalaysiaThailandPakistanWarsawTel AvivMoscowWiennaTaiwanTaipei Borsa IstanbulChittagongS. AfricaBulgariaTehranDhakaHanoiBrazil
3,823 3,7673,546 6,837
NUMBER OF LISTED COMPANIES* (2022/03)
31
Source: WFE
Rank: 31
*Borsa Istanbul data excludes mutual funds, investment trusts and Pre-Market Trading Platform
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION TL)
Source: Borsa Istanbul
1,993 2,130
6,544
7,463
4,447
2018 2019 2020 2021 2022/05
794
0 1,000 2,000 3,000 4,000 5,000 6,000
Nasdaq OMXSouth KoreaShenzhenShanghaiCBOE USTokyoNYSE London GroupCBOE EuropeOMX NordicHong KongNSE IndiaDeutscheEuronextAustraliaTaiwanSwissBrazilTMX Borsa IstanbulTaipei Miami ExchangeSaudi ArabiaHoChiMinhLusaka SEAbu DhabiSingaporeIndonesiaMalaysiaThailandS. AfricaMoscowTehranMexicoSpain
73,281 29,266 17,499 21,009 22,109 7,482
EQUITY TRADING VOLUME (2021, BILLION $)
33
Source: WFE
Rank: 20
0% 50% 100% 150% 200% 250%
Borsa IstanbulLondon GroupNasdaq OMXSouth KoreaOMX NordicHong KongHoChiMinhShenzhenNSE IndiaIndonesiaColomboShanghaiDeutscheEuronextAustraliaMalaysiaThailandHungaryWarsawMoscowTaiwanAthensDhakaTokyoTaipeiEgyptSwissBrazilSpainNYSETMXIran
574%
355%346%
298%263%
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2021)
Rank: 1
Source: Takasbank
35
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (BILLION TL)
14.2
22.0 21.1
60.4
23.9
2018 2019 2020 2021 2022/05
SHORT SELLING IN BORSA ISTANBUL
185 135 312 824 451
13%
9%
6%
5%
11%
0%
5%
10%
15%
20%
25%
0 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 104 108 112 116 120 124 128 132 136 140 144 148 152 156 160 164 168 172 176 180 184 188 192 196 200 204 208 212 216 220 224 228 232 236 240 244 248 252 256 260 264 268 272 276 280 284 288 292 296 300 304 308 312 316 320 324 328 332 336 340 344 348 352 356 360 364 368 372 376 380 384 388 392 396 400 404 408 412 416 420 424 428 432 436 440 444 448 452 456 460 464 468 472 476 480 484 488 492 496 500 504 508 512 516 520 524 528 532 536 540 544 548 552 556 560 564 568 572 576 580 584 588 592 596 600 604 608 612 616 620 624 628 632 636 640 644 648 652 656 660 664 668 672 676 680 684 688 692 696 700 704 708 712 716 720 724 728 732 736 740 744 748 752 756 760 764 768 772 776 780 784 788 792 796 800 804 808 812 816 820 824 828 832 836 840 844 848 852 856 860 864 868
2018 2019 2020 2021 2022/05
Short Selling Volume (bn. TL) Share in Total Volume
MARGIN TRADING
37
Source: TCMA
1.8 2.8 6.8 11.4 13.7
12,101 11,895
24,933
29,979
32,823
2018 2019 2020 2021 2022/03
Outstanding Loan Size (bn. TL) No. of Contracts
FUTURES TRADING VOLUME OF BORSA ISTANBUL
1,259232 1,435389 2,868 4,458 2,703
1,518
2,075
1,016
2018 2019 2020 2021 2022/05
Futures Trading Volume (bn. TL) No. of Contracts (million)
1,174,091343,180 118,256 335
0 10,000 20,000 30,000 40,000
CME Grubu ICE Türev (Avrupa) Deutsche BM&F Bovespa Şanghay Tür. Bor.
Montreal Borsası ASX Grubu Dalian EB-Çin Londra Metal Borsası CFFEX-Çin Zhengzhou EB-Çin Tokyo Borsası Kore Borsası ICE Türev (ABD) Hong Kong LSE Grup TAIFEX NSE-Hindistan Euronext Moskova OMX Nordic MCX-Hindistan İspanya Johannesburg Borsası Malezya Türev Borsası Borsa İstanbul Matba Rofex Meksika Borsası
40,909
TRADING VOLUME IN FUTURES MARKETS (2021, BILLION $)
39
Source: WFE
Rank: 26
NUMBER OF LISTED CORPORATE BONDS IN BORSA ISTANBUL
Source: WFE
611
511
578 612 658
2018 2019 2020 2021 2022/04
MARKET VALUE OF DOMESTIC CORPORATE DEBT SECURITIES (BILLION TL)
41
Source: TCB Domestically issued bonds.
Lease certificates included.
8 11 11 17 19
27 22 34
49 54
50
76
84
85 74
2018 2019 2020 2021 2022/05
Bank Non Bank-Finance Non Finance
147 130
109
86
151
17,302 620
0 500 1,000 1,500 2,000
Shanghai South Korea London GroupBuenos AiresHong KongNSE IndiaShenzhenColombiaS. AfricaTel AvivMoscowLatinexMexicoTaipei Borsa IstanbulNew ZealandCasablancaKazakhstanCosta RicaBotswanaColomboMauritiusHungaryArmeniaPakistanBulgariaWarsawTunisiaTehranNigeriaGhanaEgyptBrazilLimaIran
9,531 5,645 2,067 2,003
NUMBER OF LISTED CORPORATE BONDS (2022/03)
Rank: 15
BOND TRADING VOLUME
43
Source: Borsa Istanbul Including over the counter transactions
OTC transactions included, as of 21.04.2022
565 592
526
423
239
70 69
112
185
93
31 44 77
83
48
2018 2019 2020 2021 2022/04
Eurobond Corporate Bonds Government Bonds
715
380
666 706 691
REPO-REVERSE REPO, SWAP AND TAKASBANK MONEY MARKET TRADING VOLUME
Source: Borsa Istanbul Repo-reverse repo including over the counter transactions
4,706
16,476
22,412
18,239
6,885 856
557
671
925
906 1,528
2,010
2,478
417
2018 2019 2020 2021 2022/05
BIST Swap
Takasbank Money Market BIST Repo-Reverse Repo
INITIAL PUBLIC OFFERINGS
45
Source: Borsa Istanbul
5,419
263 1,124
21,561
7,770 9
6 8
52
18
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000
2018 2019 2020 2021 2022/05
IPO Volume (mn. TL) No. of IPOs
EQUITY FINANCING (BILLION TL)
5.4
0.3 1.1
21.6
7.8 9.6
6.1
20.4
14.8
31.8
2018 2019 2020 2021 2022/05
SPO + Rights Issue IPO
36.4
39.6
15.0
6.3
21.5
CORPORATE DEBT SECURITIES ISSUANCE
47
Source: Borsa Istanbul Excluding private placement
179 210 199 258 116
1,385
1,330
1,255
1,294
662
2018 2019 2020 2021 2022/05
Issuance (bn. TL) No. of Corporate Bonds Issued
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
49
Source: Borsa Istanbul
Excluding CBRT and Takasbank Excluding Eurobond transactions OTC transactions included, as of 30.04.2022
1,091 1,144 1,100 1,060
675
191 191 272
247
148
2018 2019 2020 2021 2022/05
Brokerage Firms Banks
1,372 1,335
1,282
823 1,308
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
Excluding CBRT and Takasbank
5,512
21,688
27,856
22,568
10,324 1,138
5,659
6,742
6,844
1,164
2018 2019 2020 2021 2022/05
Brokerage Firms Banks
28,938
11,488 6,650
27,346
34,598
EQUITY TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
51
Source: Borsa Istanbul
3,626 3,906
12,394 13,418
8,052
361 354
794
1,609
857
2018 2019 2020 2021 2022/05
Banks Brokerage Firms
3,987 4,260
15,027 13,189
8,909
FUTURES TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
2,424 2,684
5,486
8,483
5,068
74 119
217
390
298
2018 2019 2020 2021 2022/05
Banks Brokerage Firms
8,872
5,366
2,499 2,803
5,703
FOREX TRADING VOLUME (BILLION TL)
53
Source: TCMA
4,494 4,121
6,978 7,224
4,121 5,211
3,611
5,463 5,413
3,021
2018 2019 2020 2021 2022/04
Liquidity Provider Client
7,732 9,705
12,637 12,442
7,142
CONCENTRATION IN TRADING VOLUMES (2022/05)
Forex trading as of 30.04.2022
65% 64% 67%
86%
24% 24% 22%
11% 12% 11% 11%2%
Equity Fixed Income Futures Forex (Customer)
51+ 21-50 11-20 1-10
No. of Intermediaries
TOP 10 MEMBERS IN THE MARKETS (2022/05)
55
Source: Borsa Istanbul, TCMA Excluding Central Bank and Takasbank
*OTC transactions as of 30.05.2022
Equity Market Futures Market
1 YAPI KREDİ YATIRIM 17% 1 YAPI KREDİ YATIRIM 23%
2 BANK OF AMERICA 10% 2 İŞ YATIRIM 8%
3 İŞ YATIRIM 8% 3 QNB FİNANS YATIRIM 5%
4 GARANTİ YATIRIM 5% 4 GARANTİ YATIRIM 5%
5 AK YATIRIM 5% 5 TACİRLER MENKUL 5%
6 İNFO YATIRIM 5% 6 İNFO YATIRIM 5%
7 DENİZ YATIRIM 4% 7 DENİZ YATIRIM 5%
8 VAKIF YATIRIM 4% 8 AK YATIRIM 4%
9 QNB FİNANS YATIRIM 4% 9 GEDİK YATIRIM 3%
10 GEDİK YATIRIM 4% 10 TEB YATIRIM 3%
Total (billion TL) 8,909 Total (billion TL) 5,366
Fixed Income Market* Forex Market (Customer)
1 JPMORGAN 13% 1 AK YATIRIM 17%
2 HSBC BANK 10% 2 GCM YATIRIM 16%
3 TÜRKİYE GARANTİ BANKASI 9% 3 İNFO YATIRIM 11%
4 TÜRK EKONOMİ BANKASI 5% 4 INTEGRAL YATIRIM 12%
5 AKTİF YATIRIM BANKASI 5% 5 MEKSA YATIRIM 10%
6 TÜRKİYE İŞ BANKASI 5% 6 İŞ YATIRIM 5%
7 YAPI VE KREDİ BANKASI 4% 7 GEDİK YATIRIM 5%
8 TÜRKİYE VAKIFLAR BANKASI 4% 8 IŞIK MENKUL 4%
9 AKBANK 4% 9 QNB FİNANS YATIRIM 3%
10 GEDİK YATIRIM 4% 10 ALB YATIRIM 3%
Total (trillion TL) 823 Total (billion TL) 4,121
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
1,216 1,145 1,100 1,085
314
97 113
93 72
12
88 75
47 71
38 17
6
17
59
59 23
19
17 16
15
2018 2019 2020 2021 2022/03
Other Financing Privatization M&A
IPO&SPO-Equities Corporate Actions Other Consultancy Bond Issuance
1,457
1,362
1,278 1,304
381
INSTITUTIONAL INVESTMENTS (BILLION TL)
57
Source: Borsa Istanbul, TCMA Mcap of investment trusts
57 127 152 326 398
93
128 171
244
285
18
28
54
95
126
2
4
8
8
8
2018 2019 2020 2021 2022/04
Investment Trusts + Venture Capital Investment Trusts REITs
Pension Funds Mutual Funds
818
170
672
385 287
ASSET MANAGEMENT BY BROKERAGE FIRMS
2.1 3.8 3.2 4.4 4.5
4,331
3,388
3,048
2,634 2,845
2018 2019 2020 2021 2022/03
Assets under Management (bn. TL) No. of Investors
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
59
Source: TCMA
173 284 365 653 779
3,475
3,398
4,179
5,464
5,696
0 1,000 2,000 3,000 4,000 5,000 6,000
2018 2019 2020 2021 2022/04
Portföy Büyüklüğü (myr. TL) Yatırımcı/Fon Sayısı
CONCENTRATION IN ASSET MANAGEMENT FIRMS (2022/04)
56%
85% 85%
96%
23%
12% 9%
4%
21%
3% 6%
Mutual Funds Pension Funds Discretionary Asset Man. Investment Trusts
10+ 6-10 1-5
No. of Intermediaries
Number of Asset Management Companies
61
Source: TCMA
TOP 5 MEMBERS IN ASSET MANAGEMENT ACTIVITIES (2022/04)
Mutual Funds Pension Funds
1 YAPI KREDİ PORTFÖY 14% 1 ZİRAAT PORTFÖY 22%
2 İŞ PORTFÖY 12% 2 AK PORTFÖY 18%
3 AK PORTFÖY 12% 3 İŞ PORTFÖY 17%
4 ZİRAAT PORTFÖY 10% 4 GARANTİ PORTFÖY 15%
5 AZİMUT PORTFÖY 10% 5 YAPI KREDİ PORTFÖY 13%
Total (billion TL) 398.4 Total (billion TL) 285.4
Discretionary Asset Management Investment Trusts
1 AZİMUT PORTFÖY 22% 1 METRO PORTFÖY 39%
2 ZİRAAT PORTFÖY 19% 2 İŞ PORTFÖY 27%
3 AK PORTFÖY 16% 3 HEDEF PORTFÖY 20%
4 İSTANBUL PORTFÖY 14% 4 OYAK PORTFÖY 5%
5 İŞ PORTFÖY 13% 5 GARANTİ PORTFÖY 5%
Total (billion TL) 94.3 Total (billion TL) 0.95
BROKERAGE FIRMS’ BRANCH NETWORK
9,387 9,332 9,252 9,397 9,474
289 277
278
302 308
46 64 95
128 128
2018 2019 2020 2021 2022/03
Bank Branches Branches Rep. Offices
9,625
9,722 9,673 9,827 9,910
BROKERAGE FIRMS’ EMPLOYEES
63
Source: TCMA
2,841 2,852 3,215 3,523 3,584
2,075 2,112
2,318
2,656 2,716
2018 2019 2020 2021 2022/03
Male Employees Female Employees
5,533 4,964
4,916
6,179 6,300
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
498 474 511
359 386
279 264
290 573
629
2018 2019 2020 2021 2022/03
Male Employees Female Employees 1,015
801 777 738
932
BALANCE SHEET OF BROKERAGE FIRMS (BILLION TL)
65
Source: TCMA
20.4
25.1
38.6
57.6
69.1
21.9
27.2
41.3
61.4
73.8
6.2 7.6 11.6
16.8 18.2
2018 2019 2020 2021 2022/03
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION TL)
Source: TCMA
3,557 4,264
8,494
11,663
3,736
1,422 1,842
5,113
7,021
2,348
1,343 1,728
4,424
5,775
2,336
2018 2019 2020 2021 2022/03
Total Revenues Operating Profit Net Profit
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES (MILLION TL)
67
Source: TCMA
1,928 1,986
5,306 5,773
1,764
343 900
1,318 1,838
532
323 344
335
792
904 967 183
1,461
3,149
1,215
2018 2019 2020 2021 2022/03
Brokerage Commissions Proprietary Trading Profits Corporate Finance Asset Management
Others
8,494
4,264 3,557
11,663
3,736
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION TL)
863 1,034
1,697
3,306 3,308
918
1,139
1,787
3,437 3,464
809 982
1,505
2,834 2,803
2018 2019 2020 2021 2022/03
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION TL)
69
Source: TCMA
517
666
1,231
1,936
649
188 290
741
1685
419
232 318
655
1499
377
2018 2019 2020 2021 2022/03
Total Revenues Operating Profit Net Profit
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES (MILLION TL)
358
488
891
1,400
99 534
108
157
187
62
5 4
4
6
18
22
90
162
20 32
40
82
165
28
2018 2019 2020 2021 2022/03
Discretionary Asset Mgmt. Other
Financial Advisory Investment Trust Mgmt.
Pension Fund Mgmt. Mutual Fund Mgmt.
1,231
517 666 649
1,936
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION TL)
1,990 2,522 3,476
5,193 6,568
851
1,193
1,678
2,373
3,306
315
476
743
873
1,163
2018 2019 2020 2021 2022/05
Equities
Fixed Income Deposits
3,156
4,191
5,897
8,440
11,037
SAVINGS OF DOMESTIC INVESTORS (%, BILLION TL)
73
Source: BRSA, CRA, TCMA estimates
1,867 2,368 3,287 4,906 6,202
751 1,099 1,613 2,326 3,278
111 186 381 525 761
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022/05
Equities
Fixed Income Deposits
SAVINGS OF FOREIGN INVESTORS (%, BILLION TL)
123 153 189
288 366
100 94 65
47 29
204 290 362 348 402
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022/05
Equities
Fixed Income
Deposits
NUMBER OF EQUITY INVESTORS
75
Number of Equity Investors
(thousand) 2018 2019 2020 2021 2022/05
Domestic Investors 1,081.3 1,193.7 1,977.0 2,341.9 2,439.3 1,076.1 1,188.1 1,970.4 2,333.6 2,430.9
4.6 4.9 5.7 7.4 7.3
0.7 0.7 0.8 0.9 1.0
Foreign Investors 9.6 9.7 12.0 13.1 13.5
6.2 6.6 9.2 10.7 11.1
1.5 1.4 1.3 1.2 1.1
1.9 1.7 1.5 1.3 1.3
Total 1,090.9 1,203.4 1,988.9 2,355.1 2,452.7 Source: CRA
Dom. Individuals Dom. Corporations Dom. Institutionals For. Individuals
For. Corporations
For. Institutionals
NUMBER OF EQUITY INVESTORS
No. of Active Accounts: Accounts with at
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000
05.2019 09.2019 01.2020 05.2020 09.2020 01.2021 05.2021 09.2021 01.2022 05.2022
No. of Active Accounts No. of Investors
BREAKDOWN OF MARKET CAPITALIZATION (BILLION TL)
77
Source: CRA, Borsa Istanbul
111 186 381 525 761
204 290
362 348
402 479
633
1,040
1,310
1,506
2018 2019 2020 2021 2022/05
Privately Held
Foreigners' Portfolio
Domestics' Portfolio 2,182
2,668
795
1,109
1,783
SHARE OF FOREIGN INVESTORS
0%
4%
8%
12%
16%
20%
24%
28%
32%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2018 2019 2020 2021 2022/04
Share in Free Float Mcap (left) Share in Trading Volume (right) Vol.
MCap
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES (%, BILLION TL)
79
Source: CRA
61 92 210 294 393
32 64
108
153 257
18 30
62
77
111
1 1
3
3
4
97 154
224
199 229
106 135
135 146 169
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022/05
For. Other
For. Corporation
For. Individual
Dom. Other
Dom. Corporation
Dom. Individual
EQUITY TRADING VOLUME BY INVESTOR CATEGORIES*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022/03
For. Institutional
For. Corporation
For. Individual
Dom.
Institutional
Dom. Corporation
Dom. Individual
NUMBER OF CORPORATE BOND INVESTORS
81
Lease certificates excluded.
2018 2019 2020 2021 2022/05 Domestic Investors 77,671 65,998 55,378 46,793 42,736 75,361 64,010 53,450 45,013 40,927
1,660 1,344 1,284 1,163 1,228
650 644 644 617 581
Foreign Investors 662 453 475 388 323
641 431 450 365 303
18 19 20 18 15
3 3 5 5 5
Total 78,333 66,451 55,853 47,181 43,059
Dom. Corporations
Number of Corporate Bond Investors Dom. Individuals
Source: CRA
Dom. Institutionals For. Individuals
For. Corporations
For. Institutionals
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES (%, BILLION TL)
Lease certificates excluded.
16.8 24.9
15.4 13.4 12.7
6.8 10.7
20.5
19.9 20.3
46.0 55.4 60.6
79.2 81.5
1.4 1.3 0.7 1.0 0.7
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022/05
For. Other
For. Corporation
For. Individual
Dom. Other
Dom. Corporation
Dom. Individual
MUTUAL FUND INVESTORS
83
Source: CRA
52.8 122.7 143.8 298.1 392.2
2.9
3.0 3.1
3.2 3.2
1.0 1.5 2.0 2.5 3.0 3.5
- 50 100 150 200 250 300 350 400 450
2018 2019 2020 2021 2022/05
Portfolio Size (bn. TL)
Number of Investors (mn.)
PENSION FUND INVESTORS
Source: PMC Portfolio size includes government contributions
89 119 160 228 252
5
8
11
16
20
6.9 6.9 6.9 7.1 7.7
5.0 5.4 5.7 6.2 6.3
10.8 11.4 11.8 12.5
12.8
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0
-20 30 80 130 180 230 280
2018 2019 2020 2021 2022/05
Auto Enrolment - Portfolio Size (bn. TL)
Voluntary Enrolment - Portfolio Size (bn. TL)
Voluntary Enrolment - Number of Investors (mn.) Auto Enrolment - Number of Investors (mn.)
Unique Number of Investors (mn.)
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES*
85
Source: TCMA *Brokerage firms and investment banks only
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022/03
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
BREAKDOWN OF FOREX TRADING VOLUME BY INVESTOR CATEGORIES
0%
20%
40%
60%
80%
100%
2018 2019 2020 2021 2022/03
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
