Capital Markets

Late 2011 and early 2012 saw dramatic changes in Turkey’s capital markets, with a rebranding campaign for the Istanbul Stock Exchange – to the Istanbul Bourse (IMKB) – as well as the appointment of new leadership. The IMKB was greatly affected by economic instability elsewhere around the world, because many of the markets key investors are foreigners. Under its new leadership, the bourse is focusing on restructuring – possibly as a private entity – and increasing the range of instruments to be used on the exchange. The IMKB is key to plans to make Istanbul a financial centre for the region, and as a new commercial code goes into effect in July 2012, minority shareholders and private equity traders are expecting to see their needs more readily met on the bourse. The chapter contains interviews with Vedat Akgiray, the President of the Capital Markets Board (SPK); Ibrahim Turhan, the Chairman of the IMKB Borsa Istanbul (IMKB); and Ilhami Koc, the CEO of Is Investment. Share analysis and data in the chapter were provided by OBG’s capital markets partner, Is Investment.