SPK reports capital markets in Turkey has reached 381 billion liras volume
Turkey’s Capital Markets Board (SPK) has released its 2011 annual report. Accordingly, the size of the capital markets is roughly 381 billion Turkish Liras. Of the audits, 32.6 percent were public companies, 25.7 percent were brokerages and 16 percent were cheaters. Public companies were audited mostly for camouflaging their earnings.
The Head of the Capital Markets Board Vedat Akgiray said that in the recent financial crisis it was more important than ever that the whole world implemented measures to curb the vulnerability of capital markets.
“We have devised new regulations pertaining to investment funds. We have created new types of funds, increased the performance of investment funds and made them more transparent,” said Akgiray.
Akgiray said that the most important projects for 2012 were the changes to the Capital Markets Board Regulations, and that with the new regulations Turkey would be able to achieve its aspiration of becoming a regional finance center in the next five years.
According to the report, the Capital Markets Board 2012-2013 plan is defined as follows: “To prepare the new Capital Markets Board Regulations and to develop non-interest banking tool as part of the project to turn Istanbul into a financial center.”