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Why Turkish Securities Firms Have Not Transformed to Full Service Investment Banks?: An Assessment For the Near Future of the Turkish Securities Firms Industry

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  • Yener Coskun
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    Abstract

    The 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.

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    File URL: http://www.borsaistanbul.com/datum/imkbdergi/EN/ISE_Review_46.pdf
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    Bibliographic Info

    Article provided by Research and Business Development Department, Borsa Istanbul in its journal Istanbul Stock Exchange Review.

    Volume (Year): 12 (2010)
    Issue (Month): 46 ()
    Pages: 15-48

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    Handle: RePEc:bor:iserev:v:12:y:2010:i:46:p:15-48

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    Keywords: Securities firm; capital markets; investment banking.;

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    1. 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.
    2. 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.
    3. 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.
    4. 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.
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