FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB)
In order to place Istanbul among the major
financial centres, Turkish markets went
through remarkable changes in 2013.
Attila Köksal, CFA
Chairman
In order to place Istanbul among the major
financial centres, Turkish markets went through
remarkable changes in 2013. The most
important steps were the introduction of the
new Capital Market Law and demutualization
of the Istanbul Stock Exchange into Borsa
Istanbul.
The new Capital Markets Law came into force
in January 2013. The new law aims to align the
regulations in Turkey with those of the European
Union. Transparency and investor protection
are the major pillars of the new law. One of the
most significant changes was strengthening the
rules of corporate governance.
It’s not possible to establish a strong capital
market in the absence of reputable intermediary
institutions. In that regard, strengthening the
HISTORY AND DEVELOPMENT
The Association of Capital Market Intermediary
Institutions of Turkey has been established in
March 2001 as the self-regulatory organization
in the Turkish capital markets. 100 brokerage
firms and 41 banks, authorized for capital
market operations, constitute the members of
the Association as of end-2013.
In 2014, in line with the new Capital Markets
Law, the Association’s member base will
be extended to cover other capital market
institutions defined by the Capital Markets
Board. Accordingly, the name of the Association
will also be modified.
The Association aims to:
• Contribute to the development of capital
markets and intermediation activities;
• Facilitate solidarity among its members;
• Safeguard prudent and disciplined conduct
of business by its members;
• Prevent unfair competition among members;
• Enhance professional know-how in the
sector.
workforce of the intermediary institutions is one
of the main responsibilities of our Association.
In 2013, more than 6,000 people participated
to the training programs organised by our
Association, thanks to the wide range of topics
offered.
On the other hand, apart from market
professionals, we need to educate our investors
as well, in order to assist them in making better
investment decisions. As the Association, we
have set financial education as being our first
priority. Since the last quarter of 2012, we have
been running a comprehensive programme
based on behavioural finance principles.
We are reaching our target audience mainly
through social media channels. Our focus will
remain on strengthening financial education
through various activities including e-learning
The main functions of the Association are to:
• Establish professional rules and regulations;
• Set safety measures to prevent unfair
competition;
• Monitor professional developments,
changes in rules and regulations and inform
members;
• Evaluate complaints against its members;
• Impose disciplinary action on members,
when necessary;
• Assist in the resolution of disputes arising
from off-exchange transactions among its
members or between its members and
investors;
• Appoint arbitrators upon the request of
concerned parties;
• Conduct research on Turkish and
international capital markets;
• Offer training programs;
• Co-operate with related foreign institutions.
FUTURE OUTLOOK
• The Association will be restructured in order
to serve its new members.
• The Association will continue to take part in
the national financial education programme.
• The Association will continue to take part in
the Istanbul Financial Centre Project.
programmes, mobile applications, contests and
workshops in 2014.
TSPAKB continued to serve as the information
hub of the industry in 2013. We improved our
new in-house developed software through
which we are collecting data from our
members. Our goal is to become the main
information source for the industry.
Looking forward, in 2014, in line with the new
Capital Markets Law, the member base of the
Association will be extended to cover other
capital market institutions defined by the
Capital Markets Board. I am confident that
this change will enable our Association to
strengthen its contribution to the growth of the
Turkish financial industry.
Legal Status
Not-for-profit association.
Regulated by
Capital Markets Board.
Board of Directors
7 people chosen among its members by the
General Assembly, every two years. The General
Assembly is the highest decision-making body,
where each member firm has one voting right.
Memberships at International Organizations
• AFIE (Asia Forum for Investor Education):
http://www.afie.asia
• ASF (Asia Securities Forum): http://www.
asiasecuritiesforum.org
• FEAS (Federation of Euro-Asian Stock
Exchanges): http://www.feas.org
• ICSA (International Council of Securities
Associations): http://www.icsa.bz
• IFIE (International Forum for Investor
Education): http://www.ifie.org
• IOSCO (International Organization of
Securities Commissions): http://www.iosco.
org
* Please refer to page xxxx for the Turkey country report.
CONTACT INFORMATION
Contact Name Alparslan Budak E-mail [email protected] Website www.tspakb.org.tr
Address Buyukdere Caddesi No 173 1. Levent Plaza A Blok Kat: 4 1. Levent 34394 Istanbul TURKEY
Phone +90 (212) 280 8567 Fax +90 (212) 280 8589
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