ISE REVIEW

Turkish Capital Market and the Istanbul Stock Exchange (ISE) Towards Harmonization and Competition with the European Capital Markets
 Meral Varış, Ali Küçükçolak, Oral Erdoğan, Levent Özer

Abstract 

The process of full membership of Turkey to the EU which was accelerated with the confirmation of Turkey’s candidate status covers the harmonization of the Turkish capital markets with the financial markets of the EU. The competitive environment created by transition to the single currency system in the EU affects the activities of all financial institutions and requires the concerned parties to be ready for the new formations. This study provides a detailed and comparative investigation on the issues that are important for the harmonization of the Turkish capital market to the capital markets in the EU and for increasing the dimension of competition. The regulations within the framework of the integration of the financial markets in the EU and Financial Action Plan are examined in detail. This study contributes to the establishment of a financial action plan for Turkey en route to the full membership and to the harmonization of the Capital Markets Board (CMB), the Istanbul Stock Exchange (ISE) and the brokerage houses to the EU. 

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