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TURKISH ECONOMY / Secondary Markets

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Statistics

Under Turkish legislation, the Istanbul Stock Exchange (ISE) is responsible for developing and maintaining the central securities market of Turkey for the benefit of the national economy in general and the Turkish capital market in particular.

During 1990, the ISE signed a unique insurance scheme with the country's largest bank to cover all risks associated with the market.

In June, 1991, a new secondary Bonds and Bills Market based on a screen-trading system was inaugurated. This department deals in Government bonds, Treasury bills, corporate bonds, commercial paper and revenue sharing certificates.

In 1992, settlement and depository services, which were provided by ISE, were transferred to a new company (Settlement and Custody Co., Inc.,) incorporated with the participation of the ISE and its members.

Main Indicators On ISE Equity Market

Years No of working days Average daily trading volume
( $ Million)
Average Daily Equities traded
($ Million)
Index ($)
(Jan.1986=100)
1986 247 0.05 0.01 131.5
1987 266 0.47 0.06 384.6
1988 253 0.45 0.12 119.8
1989 255 3.03 0.9 560.6
1990 247 23.70 6.2 642.6
1991 247 34.42 18.3 501.5
1992 251 34.13 40.9 272.6
1993 246 88.50 143.3 833.3
1994 253 91.71 395.5 413.3
1995/11 230 214.30 1,217.6 420.8

Source: Capital Market Board

Main Indicators Regarding Corporation Quoted At The ISE Equity Market

Years No of Quoted Co.s Turnover Ratio(%) P/E Ratio(%) For Equities Traded Market Capitalization
($ Million)
1986
1987
348
414
1.2
3.3
5.1
15.9
938
3,125
1988
1989
556
730
7.3
11.2
5.0
15.7
1,128
6,756
1990
1991
916
1,092
27.7
44.9
23.9
15.9
18,737
15,564
1992
1993
1,238
1,284
66.5
46.8
11.4
25.8
9,922
37,824
1994
1995/11
1,204
976
77.8
180.2
24.8
8.9
21,785
22,597

Source: Capital Market Board

Secondary market trading in equities in July 1994 began to be carried out in separate 2-hour sessions, one being in the morning and one in the afternoon. For the convenience of foreign investors, facing difficulties due to differences in time zones, the settlement period was extended to two days.

The computerization process which began in 1993 was fully completed in 1994 and replaced the manual trading system in the Istanbul Stock Exchange.

In 1994, in order to create a reliable environment for trading of stocks of medium-to small-sized companies, "Regional Markets" were established in the ISE which comprise companies temporarily delisted, not fulfilling the listing requirements of the Stock Exchange, or lacking the qualifications for trading on the ISE's National Market.

ISE Settlement and Custody Inc. has applied for a change of status to an Investment Bank, under trade name "Takasbank and the application was approved by the Council of Ministers in 1995.

Takasbank, which is in the process of restructuring and reorganization, currently meets most of the "Recommendations of the Group of 30". Takasbank, as a part of its policy of contributing to the transparency of the securities markets, has been providing custody services on a customer basis since February, 1995.

Studies on regulation and enforcement of dematerialization of capital market instruments have been carried out.

In 1995, short-selling operations were commenced in the ISE's Stock Market. All of the stocks subject to short-selling are constituents of the ISE Composite Index. The Bonds, Bills and Repo Markets have been re-defined and updated.

 


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