Why Turkish Securities Firms Have Not Transformed to Full Service Investment Banks?: An Assessment For the Near Future of the Turkish Securities Firms Industry
AbstractThe initiation of securities related activities in Turkey goes back to as early as 1980s. The regulation philosophy regarding securities firms is based on the creation of a new investment banking category expected to enhance economic efficiency. Although Turkish securities market experienced a boom in early 1990s, the markets were not able to improve the products and services diversity as well as the income range. Specifically, the sector, focusing on brokerage activities, stayed underdeveloped. In this article the author is questioning the reasons why Turkish securities firms have not been able to improve the range of its activities and at least some of the securities firms did not transform to full service investment banks. It is concluded that less developed economic and financial infrastructure, cash outflow to gold and real estate markets and some intra-industry conditions are the essential elements for the less development of the sector. In realistic terms, public policies or private initiatives expecting to change of this picture have decisive limitations at least in the short term.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Research and Business Development Department, Borsa Istanbul in its journal Istanbul Stock Exchange Review.
Volume (Year): 12 (2010)
Issue (Month): 46 ()
Contact details of provider:
Postal: Reşitpaşa mh. Tuncay Artun Cd. Emirgan, 34467 İstanbul
Phone: (90 212) 298 2100
Fax: (90 212) 298 2189
Web page: http://www.borsaistanbul.com
More information through EDIRC
Securities firm; capital markets; investment banking.;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Muller, Aline & Verschoor, Willem F.C., 2007. "Asian foreign exchange risk exposure," Journal of the Japanese and International Economies, Elsevier, vol. 21(1), pages 16-37, March.
- George Allayannis & Jane Ihrig & James P. Weston, 2001. "Exchange-Rate Hedging: Financial versus Operational Strategies," American Economic Review, American Economic Association, vol. 91(2), pages 391-395, May.
- Jongmoo Jay Choi, 1986. "A Model of Firm Valuation With Exchange Exposure," Journal of International Business Studies, Palgrave Macmillan, vol. 17(2), pages 153-160, June.
- Allayannis, George & Ofek, Eli, 2001. "Exchange rate exposure, hedging, and the use of foreign currency derivatives," Journal of International Money and Finance, Elsevier, vol. 20(2), pages 273-296, April.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ahmet Palu).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.