Turkish Derivatives Exchange
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| Turkish Derivatives Exchange | |
| |
| Headquarters | Izmir, Turkey |
|---|---|
| Key People | Hamdi Bağcı, CEO; Işınsu Kestelli, chairwoman |
| Products | Futures on currencies, interest-rate products, equity indexes and commodities including cotton, gold and wheat |
| Web site | http://www.turkdex.org.tr/VOBPortalEng/DesktopDefault.aspx# |
The Turkish Derivatives Exchange (Turkdex) is a privately-owned electronic platform, and the country's only licensed derivatives venue trading futures on currencies, equity indexes, interest-rate products, gold and agricultural commodities.
Its Turkish lira/U.S. dollar contract was the industry's fastest growing foreign currency contract in 2006, with volumes rising 304.7 percent to 1.1 million contracts.[1]
The exchange itself was the world's fastest-growing derivative instruments market in 2006 with a 273 percent increase that year. Foreign investors' share in TurkDEX aggregate transaction volume was said to be 30 percent as of December of 2008.[2]
Contents |
History and Ownership
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The exchange was founded on July 4, 2002. Transactions began on Feb. 4, 2005.[3][4]
The launch followed unsuccessful attempts to start derivatives trading at the Istanbul Stock Exchange and the Istanbul Gold Exchange, whose dormant contracts were transferred to Turkdex.
Shareholders
As of mid-2008, the exchange had 11 shareholders:[5]TurkDEX is a partially for-profit entity. According to regulations of Turkish Capital Markets Board (CMB), TurkDEX wasn't allowed to distribute any dividends during its first three years of operations, and after that it could only distribute 20 percent of its profits to its shareholders.
- Union of Chambers and Commodity Exchanges of Turkey (25 percent)
- Istanbul Stock Exchange (18 percent)
- Izmir Mercantile Exchange (17 percent)
- Yapi ve Kredi Bankasi (6 percent)
- Akbank (6 percent)
- Vakif Investment Securities (6 percent)
- Garanti Bankasi (6 percent)
- Is Investment Securities (6 percent)
- The Association of Capital Market Intermediary Institutions of Turkey (6 percent)
- ISE Settlement and Custody Bank (3 percent)
- Industrial Development Bank of Turkey (1 percent)
Organization and Regulation
The exchange has 79 members and operates from 10 a.m. to 3 p.m., with a break from 12 p.m. to 1 p.m. (0800 GMT) to 3 p.m. It is overseen by the Capital Markets Board (SPK), which also appoints the chairman.
Clearing and settlement is provided by Takasbank, a former unit of the Istanbul Stock Exchange restructured in 1996 as a standalone entity, which still serves the equities house.[6]
Product Development
Contracts include futures on Turkish government bonds (91 and 365-day T-bills), futures linked to the Istanbul Stock Exchange's ISE-30 and ISE-100 indexes, currency pairs (THY against the euro and the U.S. dollar) and two commodity futures (Anatolian red wheat and Aegean cotton).
- TurkDEX TRYUSDollar Futures
- TurkDEX TRYEuro Futures
- TurkDEX 91 Day T-Bill Futures
- TurkDEX 365 Day T-Bill Futures
- TurkDEX T-Benchmark Futures
- TurkDEX-ISE 30 Futures
- TurkDEX-ISE 100 Futures
- TurkDEX Cotton Futures
- TurkDEX Wheat Futures
- TurkDEX Gold Futures
Resources
TurkDEX Management Presentation, London 2004
References
- ↑ Volume Growth Accelerates. FIA. Retrieved on December 18, 2007.
- ↑ Turkey Experiences Rush to Derivatives Exchange. Turkish Daily News. Retrieved on July 9, 2008.
- ↑ Futures and Options Exchange. DenizBank. Retrieved on July 9, 2008.
- ↑ Turkish Derivatives Exchange. AFM. Retrieved on July 9, 2008.
- ↑ Shareholders. TurkDEX. Retrieved on July 9, 2008.
- ↑ Profile. Federation of Euro-Asian Stock Exchanges. Retrieved on December 18, 2007.
