Turkish Capital Markets
May 2021
23
Turkish Capital Markets Association
Investment Institutions
Structure of the Turkish Financial Markets
Turkish Capital Markets
Investor Profile CONTENTS
15
47
370
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.
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
REGULATORY STRUCTURE OF THE FINANCIAL MARKETS
5
Capital Markets Insurance
Banking Regulation and
Supervision Agency (BRSA) Capital Markets Board (CMB) Insurance and Private Pension Regulation and Supervision Agency
-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 -Payment Companies
-Electronic Money Companies -Rating, Audit Firms
-Financial Holding Companies
-Turkish Capital Markets Association
-Borsa Istanbul
-Turkish Appraisers Association -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
-Pension Companies Banking
CAPITAL MARKET INSTITUTIONS IN TURKEY
Rating Co.
Ind. Audit Co.
Settlement &
Custody Bank (Takasbank)
Capital Markets Board
Banks Brokerage Firms
Inv. Trusts Asset Mgmt. Co.
(SRO) TCMA Borsa
Istanbul
Central Registry
Agency Public Co.
Listed Co.
Licensing and Training
Agency
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 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, gold, currency, commodity, overnight
repo, metal, ETF and power futures. Single stock, currency, equity index and mini index 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 centre 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.
• Takasbank operates the Securities Lending & Borrowing Market and Takasbank Money Market, and acts as CCP in those markets
• It offers clearing and central counter party services for Turkish Lira IRS (Interest Rate Swap) and OIS (Overnight Index Swap) contracts in OTC markets
• It serves as a custodian to private pension system.
• It operates the Electronic Fund Distribution Platform (TEFAS).
• It records leveraged transactions and handles 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.
• It 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,
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
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 237,643 (~$ 32,000) in 2021, 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 29.2 mn.
• execution of orders of in the name of customers and/or their own
account
• offering custody services
• minimum capital: TL 11.7 mn.
• reception of orders and
transfer them to other brokers
• minimum capital: TL 2.3 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 6 million and TL 20 million depending on AUM.
• May establish only real estate or venture capital investment funds
• Mn. capital required varies
btw. TL 3 million and TL
10 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
80 78 74 71 71
44 44 44 45 45
50 56 54 50 50
48 49
49 49 49
2017 2018 2019 2020 2021/05
Investment Trusts Asset Management Firms Banks Brokerage Firms
227 221
222 215 215
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.
ORGANISATION
Chairman (Board of Directors)
Secretary General
Assistant Secretary
General
Discipline
Committee Board of
Auditors
Research &
Statistics
Information Technologies Corporate
Communications Training Compliance &
Surveillance Legal Affairs
Human Resources, Administrative &
Financial Affairs
Assistant Secretary
General
Membership Affairs Assistant
Secretary General
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 Forum for Investor Education (IFIE) member since 2009.
International Forum for Investor Education/Asia Chapter founding member since 2010.
• 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
JOINT MORTGAGE FINANCE CORPORATION
• 5% stake
• one seat at the board of directors, out of 7 members
TURKISH CAPITAL MARKETS
BIST-100 INDEX & TRADING VOLUME
0
1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
0 200 400 600 800 1,000 1,200 1,400 1,600
0 4 .1 9 0 7 .1 9 1 0 .1 9 0 1 .2 0 0 4 .2 0 0 7 .2 0 1 0 .2 0 0 1 .2 1 0 4 .2 1
Trading Volume BIST 100 bn. TL
MARKET CAPITALIZATION OF BORSA ISTANBUL (BILLION TL)
25
Source: Borsa Istanbul
880
795
1,109
1,783
1,753
2017 2018 2019 2020 2021/03
BREAKDOWN OF BORSA ISTANBUL MARKET CAPITALIZATION
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020
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%
2016 2017 2018 2019 2020
1-10 11-25 26-50 51-100 100+
No. of Equities
6,718 6,130 237
0 1,000 2,000 3,000 4,000 5,000 6,000
Nasdaq OMXHong KongShenzhenShanghaiEuronextTokyoNYSE London GroupSaudi ArabiaSouth KoreaOMX NordicPhilippinesSingaporeNSE IndiaBSE IndiaIndonesiaDeutscheAustraliaMalaysiaS. AfricaThailandTel AvivMoscowTaiwanTehranMexicoSwissBrazilSpainTMXIran Borsa IstanbulAbu DhabiSantiagoWarsaw
19,060 6,975 26,233
DOMESTIC MARKET CAPITALIZATION (2020, BILLION $)
Rank: 32
33%
0% 50% 100% 150% 200% 250%
Hong KongS. Africa Saudi ArabiaSouth KoreaOMX NordicSingaporeNSE IndiaBSE IndiaEuronextAustraliaMalaysiaThailandTaiwanTehranKuwaitTokyoSwissQatarNYSETMX Nasdaq OMX London GroupNew ZealandLuxembourgCasablancaPhilippinesHoChiMinhAbu DhabiShenzhenIndonesiaDeutscheShanghaiColombiaMauritiusSantiagoJamaicaTel AvivMoscowBahrainCroatiaMexicoBeirutSpainBrazilMaltaLimaIran Borsa IstanbulWarsawAmman
1,796%372357%283252%%%
MARKET CAPITALIZATION/GDP (2020)
29
Source: WFE, IMF, Turkstat
Rank: 48
336 343 344
273 298
66 62 64
129 105
9 9 4 13 13
2017 2018 2019 2020 2021/03
Real Estate/Venture Capital Investment Trusts/Funds ETF
Other Equities Equities
411 414 412 415 416
NUMBER OF SECURITIES IN THE EQUITY MARKET
Equities: BIST Main+BIST Star Other Equities: SubMarket, Watchlist,
372
0 500 1,000 1,500 2,000 2,500 3,000
BSE IndiaTokyoTMX Nasdaq OMXHong KongShenzhenSpainNYSE London GroupSouth KoreaOMX NordicHoChiMinhSingaporeNSE IndiaIndonesiaShanghaiDeutscheEuronextAustraliaMalaysiaThailandWarsawTel AvivTaiwanWienerTaipei Borsa IstanbulChittagongColomboSantiagoS. AfricaTehranDhakaHanoiBrazil
3,394 5,620 3,758
NUMBER OF LISTED COMPANIES* (2020)
31
Source: WFE
Rank: 27
**Borsa Istanbul data excludes mutual funds, investment trusts and Pre-Market Trading Platform
EQUITY TRADING VOLUME OF BORSA ISTANBUL (BILLION TL)
1,468 1,993 2,130
6,544
2,582
2017 2018 2019 2020 2021/03
904
0 1,000 2,000 3,000 4,000 5,000
Nasdaq OMXSouth KoreaShenzhenShanghaiCBOE USTokyoNYSE London GroupCBOE EuropeOMX NordicHong KongNSE IndiaDeutscheEuronextAustraliaTaiwanSwissBrazilTMX Borsa IstanbulSaudi ArabiaSingaporeIndonesiaMalaysiaThailandS. AfricaMoscowTehranTaipeiSpainIran Astana InternationalTel AvivWarsawMexico
63,634 26,446 12,213 17,849 18,946 6,983
EQUITY TRADING VOLUME (2020, BILLION $)
33
Source: WFE
Rank: 20
0% 50% 100% 150% 200%
Borsa IstanbulLondon GroupNasdaq OMXSouth KoreaOMX NordicHong KongHoChiMinhSingaporeNSE IndiaShenzhenShanghaiDeutscheEuronextAustraliaMalaysiaThailandHungaryS. AfricaTel AvivWarsawMoscowTaiwanTehranAthensTokyoTaipeiEgyptBrazilSwissSpainNYSETMXIran
381%
341%334%
267%224%
TURNOVER RATIO (EQUITY TRADING VOLUME/MARKET CAPITALIZATION - 2020)
Rank: 1
SECURITIES LENDING/BORROWING IN BORSA ISTANBUL (BILLION TL)
35
Source: Takasbank 13.0
14.2
22.0 21.1
11.9
2017 2018 2019 2020 2021/03
SHORT SELLING IN BORSA ISTANBUL
184 185 135 312 222
13%
9%
6%
5%
9%
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
2017 2018 2019 2020 2021/03
Short Selling Volume (bn. TL) Share in Total Volume
MARGIN TRADING
37
Source: TCMA
1.5 2.1 1.8 2.8 6.8
9,390 10,670 12,101
11,895
25,076
2016 2017 2018 2019 2020
Outstanding Loan Size (bn. TL) No. of Contracts
FUTURES TRADING VOLUME OF BORSA ISTANBUL
829 1,249 1,401 2,852 1,048
139 232
389
1,518
379
2017 2018 2019 2020 2021/03
Futures Trading Volume (bn. TL) No. of Contracts (million)
1,119,700 357,1757 118,037 386
0 10,000 20,000 30,000 40,000 50,000
CME Group ICE (Europe) Deutsche Börse BM&F Bovespa ASX Group Shanghai FE CFFEX- China Tokyo SE Dalian CE-China LME-London Korea Hong Kong Zhengzhou CE ICE (US) TAIFEX LSE Group NSE-India Euronext OMX Nordic Moscow MCX-India Spain JSE Borsa Istanbul Malasysia DE Matba Rofex Dubai Gold Mexican SE
TRADING VOLUME IN FUTURES MARKETS (2020, BILLION $)
39
Source: WFE
Rank: 24
NUMBER OF LISTED CORPORATE BONDS IN BORSA ISTANBUL
662 611
511
578 572
2017 2018 2019 2020 2021/03
46,675
578
0 500 1,000 1,500 2,000
Euronext Deutsche Shanghai South KoreaOMX Nordic London GroupBuenos AiresHong KongNSE IndiaShenzhenColombiaS. AfricaPanamaTel AvivMoscowTaipeiSwiss Borsa IstanbulNew ZealandCasablancaKazakhstanCosta RicaBotswanaColomboMauritiusHungaryArmeniaBulgariaTunisiaNigeriaTehranGhanaBrazilLimaIran
27,407 14,880 9,044 7,355 6,378
NUMBER OF LISTED CORPORATE BONDS (2020)
41
Source: WFE
Rank: 18
BOND TRADING VOLUME
581 594 635 601
171
38 71 71 114
49 22
32
46 77
35
2017 2018 2019 2020 2021/03
Eurobond Corporate Bonds Government Bonds 752
255 642
698
792
REPO-REVERSE REPO AND TAKASBANK MONEY MARKET TRADING VOLUME
43
Source: Borsa Istanbul
4,733 4,706
16,471
22,412
3,965
609 856
557
671
224
2017 2018 2019 2020 2021/03
Takasbank Money Market BIST Repo-Reverse Repo
5,562
17,028
4,189 5,342
23,083
INITIAL PUBLIC OFFERINGS
1,254 5,419
263 1,124 917
3
9
6
8
4
2017 2018 2019 2020 2021/03
IPO Volume (mn. TL) No. of IPOs
1.3
5.4
0.3 1.1 0.9
3.8
9.6
6.1
20.4
4.2
2017 2018 2019 2020 2021/03
SPO + Rights Issue (bn. TL) IPO (bn. TL)
5.1 5.1
15.0
6.3
21.5
EQUITY FINANCING
45
Source: Borsa Istanbul
CORPORATE DEBT SECURITIES ISSUANCE
130 179 210 199 62
1,217
1,385
1,330
1,255
339
2017 2018 2019 2020 2021/03
Issuance (bn. TL)
No. of Corporate Bonds Issued
INVESTMENT INSTITUTIONS
FIXED INCOME TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
1,027 1,095 1,146 1,103
245
196 193 194 275
61
2017 2018 2019 2020 2021/03
Brokerage Firms Banks
1,378 1,341
1,289 1,223
306
REPO-REVERSE REPO TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
49
Source: Borsa Istanbul
Excluding Central Bank and Takasbank
6,177 5,512
21,688
27,856
4,947
1,177 1,138
5,659
6,742
1,512
2017 2018 2019 2020 2021/03
Brokerage Firms Banks
6,459
7,354 6,650
27,346
34,598
EQUITY TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
2,773 3,626 3,906
12,394
4,642 163
361 354
794
579
2017 2018 2019 2020 2021/03
Banks
Brokerage Firms
3,987 4,260
2,936
5,220 13,189
1,628
2,424 2,684
5,486
2,012 31
74 119
217
83
2017 2018 2019 2020 2021/03
Banks
Brokerage Firms
2,095 1,658
2,499
2,803
5,703
FUTURES TRADING VOLUME OF INTERMEDIARIES (BILLION TL)
51
Source: Borsa Istanbul
4,667 4,494 4,121
6,978
1,609
3,912 5,211
3,611
5,463
1,253
2017 2018 2019 2020 2021/03
Liquidity Provider Client
7,732 9,705
8,578
2,862 12,442
FOREX TRADING VOLUME (BILLION TL)
CONCENTRATION IN TRADING VOLUMES (2021/03)
53
Source: Borsa Istanbul, TCMA
64% 64% 69%
80%
24% 23% 20%
11% 12% 11% 18%2%
Equity Fixed Income Futures Forex (Customer)
51+ 21-50 11-20 1-10
No. of Intermediaries
TOP 10 MEMBERS IN THE MARKETS (2021/03)
Equity Market Futures Market
1 YAPI KREDİ YATIRIM 14% 1 YAPI KREDİ YATIRIM 22%
2 BANK OF AMERICA YATIRIM BANK 11% 2 İŞ YATIRIM 10%
3 İŞ YATIRIM 9% 3 QNB FİNANS YATIRIM 7%
4 GARANTİ YATIRIM 6% 4 TACİRLER MENKUL 5%
5 AK YATIRIM 5% 5 İNFO YATIRIM 5%
6 GEDİK YATIRIM 4% 6 DENİZ YATIRIM 5%
7 İNFO YATIRIM 4% 7 GARANTİ YATIRIM 4%
8 QNB FİNANS YATIRIM 4% 8 AK YATIRIM 4%
9 DENİZ YATIRIM 4% 9 GEDİK YATIRIM 4%
10 VAKIF YATIRIM 4% 10 VAKIF YATIRIM 3%
Total (billion TL) 5,220 Total (billion TL) 2,095
Fixed Income Market Forex Market* (Customer)
1 HSBC BANK 14% 1 İŞ YATIRIM 19%
2 TÜRK EKONOMİ BANKASI 8% 2 GCM YATIRIM 15%
3 TÜRKİYE GARANTİ BANKASI 7% 3 İNTEGRAL YATIRIM 9%
4 JPMORGAN 6% 4 MEKSA YATIRIM 8%
5 AK YATIRIM 6% 5 AK YATIRIM 7%
6 AKTİF YATIRIM BANK 5% 6 İNFO YATIRIM 6%
7 AKBANK 5% 7 VENBEY YATIRIM 5%
8 DENİZBANK A.Ş. 5% 8 IŞIK MENKUL 4%
9 TÜRKİYE VAKIFLAR BANKASI 4% 9 QNB FİNANS YATIRIM 3%
10 OYAK YATIRIM 4% 10 ALB MENKUL 3%
Total (trillion TL) 306 Total (billion TL) 1,609
702
1,020
1,216 1,145
1,100 90
96
97 113
93
72
80
88 75
47
2
4
17 6
3
15
22
23
19 17
2016 2017 2018 2019 2020
Other Financing Privatization M&A
IPO&SPO-Equities Corporate Actions Other Consultancy Bond Issuance
1,228
883
1,457
1,362
1,278
NUMBER OF FINALIZED CORPORATE FINANCE DEALS (BROKERAGE FIRMS ONLY)
55
Source: TCMA
INSTITUTIONAL INVESTMENTS (BILLION TL)
59 57
127 152 183
80 93
128
171 171
0.4 0.3
0.7
1.5
1.5
27 18
28
54
58
2.6 1.5
3.0
6.5
7.3
2017 2018 2019 2020 2021/03
Venture Capital Inv. Trusts REITs
Investment Trusts Pension Funds Mutual Funds
169 170
420 385
287
ASSET MANAGEMENT BY BROKERAGE FIRMS
57
Source: TCMA
1.3 1.9 2.1 3.8 3.2
2,649 4,085
4,331
3,388
3,048
2016 2017 2018 2019 2020
Assets Under Management (bn. TL) No. of Investors
ASSET MANAGEMENT BY ASSET MANAGEMENT COMPANIES
158 173 284 364 400
3,344 3,475 3,386
4,171
4,691
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
2017 2018 2019 2020 2021/03
Assets Under Management (bn. TL) No. of Investors
CONCENTRATION IN PORTFOLIO MANAGEMENT FIRMS (2021/03)
59
Source: TCMA
62%
85% 84%
100%
19%
12% 11%
0%
19%
3% 5%
Mutual Funds Pension Funds Discretionary Asset Man. Investment Trusts
10+ 6-10 1-5
No. of Intermediaries
Number of Asset Management Companies
TOP 5 MEMBERS IN PORTFOLIO MANAGEMENT ACTIVITIES (2021/03)
Mutual Funds Pension Funds
1 İŞ PORTFÖY 15% 1 ZİRAAT PORTFÖY 22%
2 AK PORTFÖY 13% 2 AK PORTFÖY 18%
3 YAPI KREDİ PORTFÖY 13% 3 İŞ PORTFÖY 17%
4 ZİRRAT PORTFÖY 12% 4 YAPI KREDİ PORTFÖY 14%
5 AZİMUT PORTFÖY 10% 5 GARANTİ PORTFÖY 13%
Total (billion TL) 182.5 Total (billion TL) 170.7
Discretionary Asset Management Investment Trusts
1 ZİRAAT PORTFÖY 20% 1 METRO PORTFÖY 36%
2 İŞ PORTFÖY 19% 2 İŞ PORTFÖY 28%
3 AK PORTFÖY 19% 3 HEDEF PORTFÖY 27%
4 AZİMUT PORTFÖY 18% 4 GARANTİ PORTFÖY 5%
5 İSTANBUL PORTFÖY 9% 5 OYAK PORTFÖY 4%
Total (billion TL) 47.2 Total (million TL) 0.82
BROKERAGE FIRMS’ BRANCH NETWORK
61
Source: TCMA
9,261 9,361 9,387 9,332 9,252
310 291 289 277
278
59 40 46 64
95
2016 2017 2018 2019 2020
Bank Branches Branches Rep. Offices
9,673 9,692
9,630 9,722
9,674
BROKERAGE FIRMS’ EMPLOYEES
3,735
2,811 2,841 2,852 3,215
2,743
1,940 2,075 2,112
2,318
2016 2017 2018 2019 2020
Male Employees Female Employees
4,964 4,916
4,751 6,478
5,533
ASSET MANAGEMENT COMPANIES’ EMPLOYEES
63
Source: TCMA
445 475 498 474 511
275 260 279
264
290
2016 2017 2018 2019 2020
Male Employees Female Employees
801 777 738
720 735
BALANCE SHEET OF BROKERAGE FIRMS (BILLION TL)
20.1 21.9
20.4
25.1
38.6
21.2 23.1
21.9
27.2
41.3
4.3 4.7 6.2 7.6
11.6
2016 2017 2018 2019 2020
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF BROKERAGE FIRMS (MILLION TL)
65
Source: TCMA
2,175 2,510
3,557
4,264
8,494
332 774
1,422
1,842
5,113
483 799
1,343 1,728
4,424
2016 2017 2018 2019 2020
Total Revenues Operating Profit Net Profit
BREAKDOWN OF BROKERAGE FIRMS’ REVENUES (MILLION TL)
1,511 1,435 1,928 1,986
5,306
106 302
343 900
1,318
164 240
323
344
335
358 485
904
967
1,461
2016 2017 2018 2019 2020
Brokerage Commissions Proprietary Trading Profits Corporate Finance Asset Management Others
4,264 3,557
2,510 2,175
8,494
BALANCE SHEET OF ASSET MANAGEMENT COMPANIES (MILLION TL)
67
Source: TCMA
571
698
863
1,034
1,697
609
740
918
1,139
1,787
552
664
809
982
1,505
2016 2017 2018 2019 2020
Current Assets Total Assets Shareholders' Equity
INCOME STATEMENT OF ASSET MANAGEMENT COMPANIES (MILLION TL)
347
439
517
666
1231
105 165 188
290
741
111 165 232
318
655
2016 2017 2018 2019 2020
Total Revenues Operating Profit Net Profit
BREAKDOWN OF ASSET MANAGEMENT COMPANIES’ REVENUES (MILLION TL)
69
Source: TCMA
211 282 358 488
891
99
121
99 108
157
4
4 5
4
4
20
24 32
40
82
2016 2017 2018 2019 2020
Discretionary Asset Mgmt. Other
Financial Advisory Investment Trust Mgmt.
Pension Fund Mgmt. Mutual Fund Mgmt.
666 517
439 347
1,231
INVESTOR PROFILE
BREAKDOWN OF TOTAL SAVINGS (BILLION TL)
71
Source: BRSA, CRA, TCMA estimates
1,651 1,990 2,522
3,476
3,437 751
851
1,193
1,678 1,707
355
315
476
743 727
2017 2018 2019 2020 2021/03
Equities
Fixed Income
Deposits
2,756
3,156
4,191
5,872 5,897
SAVINGS OF DOMESTIC INVESTORS
67% 68% 65% 62% 61%
27% 28% 30%
31% 31%
5% 4% 5% 7% 8%
2017 2018 2019 2020 2021/03
Equities
Fixed Income
Deposits
SAVINGS OF FOREIGN INVESTORS
73
Source: BRSA, CRA, TCMA estimates Total Foreign Investors’ Savings as of March 2021: TL 559 bn
21% 29% 28% 31% 34%
27%
23% 18% 11% 11%
51% 48%
54% 59% 55%
2017 2018 2019 2020 2021/03
Equities
Fixed Income
Deposits
NUMBER OF EQUITY INVESTORS
Number of Equity Investors
(thou.) 2017 2018 2019 2020 2021/03
Domestic Investors 1,031.3 1,081.3 1,193.7 1,977.0 2,236.9 1,025.9 1,076.1 1,188.1 1,970.4 2,230.0
4.7 4.6 4.9 5.7 6.0
0.7 0.7 0.7 0.8 0.9
Foreign Investors 9.5 9.6 9.7 12.0 12.8
6.2 6.2 6.6 9.2 10.1
1.4 1.5 1.4 1.3 1.2
1.9 1.9 1.7 1.5 1.4
Total 1,040.8 1,090.9 1,203.4 1,988.9 2,249.6 Source: CRA
Dom. Individuals Dom. Corporations Dom. Institutionals For. Individuals
For. Corporations
For. Institutionals
BREAKDOWN OF MARKET CAPITALIZATION (BILLION TL)
75
Source: CRA, Borsa Istanbul
123 111 186
381 418
232 204
290
362 309
525 479
633
1040 1027
2017 2018 2019 2020 2021/03
Privately Held
Foreigners' Portfolio Domestics' Portfolio
1,753
880
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%
2017 2018 2019 2020 2021/03
Share in Free Float Mcap (left) Share in Trading Volume (right) Vol.
MCap
EQUITY OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
77
Source: CRA
Total equity portfolio as of March 2021: TL 727 bn
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/03
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%
2016 2017 2018 2019 2020
For. Institutional
For. Corporation
For. Individual
Dom.
Institutional
Dom. Corporation
Dom. Individual
NUMBER OF CORPORATE BOND INVESTORS
79
2017 2018 2019 2020 2021/03
Domestic Investors 81,865 77,671 65,998 55,378 52,754
78,954 75,361 64,010 53,450 50,715
2,292 1,660 1,344 1,284 1,382
619 650 644 644 657
Foreign Investors 622 662 453 475 436
594 641 431 450 413
24 18 19 20 18
4 3 3 5 5
Total 82,487 78,333 66,451 55,853 53,190
Source: CRA
Dom. Institutionals
For. Individuals For. Corporations For. Institutionals Dom. Corporations
Number of Corporate Bond Investors
Dom. Individuals
CORPORATE BOND OWNERSHIP ACCORDING TO INVESTOR CATEGORIES
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2019 2020 2021/03
Yurtdışı Diğer
Yurtdışı Kurumlar
Yurtdışı Bireysel
Yurtiçi Diğer
Yurtiçi Kurumlar
Yurtiçi Bireysel
MUTUAL FUND INVESTORS
81
Source: CRA
56.4 52.8 122.7 143.8 171.9
3.0 2.9 3.0
3.1 3.1
0.5 1.0 1.5 2.0 2.5 3.0 3.5
- 20 40 60 80 100 120 140 160 180 200
2017 2018 2019 2020 2021/03
Portfolio Size (bn. TL)
Number of Investors (mn.)
78 89 119 137 138 2
5
8
11 12
6.9 6.9 6.9 6.9
3.4
5.0 5.4 5.7 5.7
9.4 10.8
11.4 11.8
11.8
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0
- 20 40 60 80 100 120 140 160 180 200
Auto Enrolment - Total Portfolio Size (bn. TL) Private Pension - Portfolio Size (bn. TL)
Private Pension - Number of Investors (mn.) Auto Enrolment - Number of Investors (mn.) Unique Number of Investors (mn.)
PENSION FUND INVESTORS
BREAKDOWN OF FUTURES TRADING VOLUME BY INVESTOR CATEGORIES*
83
Source: TCMA *Brokerage firms and investment banks only
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020
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%
2016 2017 2018 2019 2020
For. Institutional
For. Corporation
For. Individual
Dom. Institutional
Dom. Corporation
Dom. Individual
