Non-bank financial institutions and capital markets in Turkey
Currently, Turkey's financial services industry is in an early stage of development with credit markets dominated by banking and capital markets dominated by Government securities. Longstanding macro-economic instability and inflation have discouraged investment in financial assets and crowded out funding for the private sector. The resulting lack of depth and breadth has made the financial sector in Turkey vulnerable to shocks resulting in repeated crises, and has diminished its intermediation efficiency.This study analyzes the state of development and prospects for future growth of Turkish non-bank financial institutions and capital markets. It identifies the key policy issues that should be addressed in order to develop non-bank financial institutions in Turkey. Some of the themes included in the discussion and policy recommendations are: mobilizing savings; building an institutional investor base comprising insurance companies, private pension funds, and mutual funds; developing equity markets, debt markets, and derivative markets; developing leasing, factoring and venture capital companies; and strengthening confidence in financial markets through improved corporate governance.
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accounting and auditing activities assets auditors banks BRSA capital markets Capital Markets Law Company Law consolidated corporate debt corporate governance countries debt market deduction demutualization disclosure dividend dividend tax economic emerging markets enforcement ensure entities equity investments equity market factoring companies financial conglomerate financial institutions financial sector financial services financial statements financial system foreign free float Government securities growth holding company income industry institutional investors insurance companies intermediaries IOSCO Principles issues Istanbul Gold Exchange licensed listed companies Market Cap market participants Medium Term ment million minimum mutual funds NBFI operations oversight ownership Oyak pension funds pension schemes pillar-type Policy Recommendations portfolio premium private pension private sector prudential regulation and supervision repos requirements risk securities markets shares SMEs Stock Exchange structure subsidiaries supervisory tion trading transactions Treasury Turkey Turkish vakifs venture capital