Difference between revisions of "Turkish Derivatives Exchange"

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{{helpAddContent}} <!-- Have a big article with lots of text?  Remove this template! -->
__NOTOC__
{{Infobox_Company <!-- Feel free to remove comments like this when you add real info -->
{{Infobox_Company
| company_name = VOB
| company_name = Turkish Derivatives Exchange (TurkDEX)
| company_logo =   <!-- use the syntax: [[Image:imgname.jpg]] for this, or leave it blank -->
| company_logo = [[Image:TurkDEX.jpg]]
| key_people =     <!-- CEO, President, etc, don't need to list everybody -->
| key_people = Chair Isinsu Kestelli; CEO Çetin Ali Dönmez
| foundation =     <!-- Year founded -->
| founded = July 4, 2002
| location =       <!-- Headquarters city, state, country -->
| location = Izmir, Turkey
| employees =      <!-- Approx number of employees -->
| products = Currency, interest rate, commodity and equity index futures
| products =       <!-- Quick list of types of things company does or produces -->
| homepage= http://www.turkdex.org.tr/VOBPortalEng/DesktopDefault.aspx#
| twitter =        <!-- Twitter ID for the company, e.g. JohnLothian, or leave blank -->
| homepage =       <!-- No web site?  Just leave this line blank -->
| press =          <!-- A link to where press releases can be found, or leave blank to omit -->
}}
}}


<!-- Put a quick one to two paragraph intro here about the company and what it does -->
The electronic TurkDEX [[exchange]], also known by its local acronym VOB, [[trade]]s [[listed]] [[futures]] [[contract]]s in four Turkish [[asset class]]es - [[equity]], [[forex]], [[interest rate]]s and [[commodities]]. TurkDEX has been one of the world's fastest-growing [[derivatives]] exchanges in recent years to become a top-five global [[exchange]] and was recently allowed access to the U.S. [[investment]] [[market]] by U.S. [[regulator]] the [[CFTC]].


<!-- Note that you may change around the order of the section headers below, or rename them
==Background==
    if needed. They are there to get you started, and to remind you to USE section headers!
TurkDEX was registered as a business in July 2001 and began [[derivatives]] trading operations in February 2005 under the regulation of the [[Turkish Capital Markets Board]] (CMB), after previous attempts to trade derivatives on the [[Istanbul Stock Exchange]] and the [[Istanbul Gold Exchange]] had failed. The exchange's [[clearing]] and [[settlement]] is provided by Takasbank, a former unit of the [[Istanbul Stock Exchange]].<ref>{{cite web|url=http://www.feas.org/Member.cfm?MemberID=39|org=[[Federation of Euro-Asian Stock Exchanges]]|name=Profile|date=December 18, 2007}}</ref>
    And yes, take this comment out too when you write your article.


    Need to use references?  Use the following line to copy/paste in where needed, and fill out:
The TurkDEX has expanded its business significantly in recent years. Its Turkish lira/U.S. [[dollar]] [[contract]] was the industry's fastest growing [[foreign currency]] [[contract]] in 2006, with [[volume]]s rising 304.7 percent to 1.1 million contracts.<ref>{{cite web|url=http://www.futuresindustry.org/fi-magazine-home.asp?iss=174&a=1165|org=FIA|name=Volume Growth Accelerates|date=December 18, 2007}}</ref> and TurkDEX was ranked the world's fastest-growing derivative instruments market in 2006 with a 273 percent increase. Foreign investors' share in TurkDEX aggregate transaction volume was said to be 30 percent in 2008.<ref>{{cite web|url=http://www.turkishdailynews.com.tr/article.php?enewsid=95562|org=Turkish Daily News|name=Turkey Experiences Rush to Derivatives Exchange|date=July 9, 2008}}</ref>
    <ref>{{cite web|url=|name=|org=|date=}}</ref>
    url=web url; name=title of page/article; org=Name of organization who owns page; date=today's date-->


== History ==
In October 2009 TurkDEX became a member of the [[Futures Industry Association]] (FIA), in tune with its aim of becoming more closely integrated with the global [[derivatives]] market.<ref>{{cite web|url=http://www.turkdex.org.tr/VOBPortalEng/DesktopDefault.aspx?tabid=328|name=TurkDEX Has Become Member of the Futures Industry Association|org=TurkDEX|date=October 28, 2009}}</ref> In the FIA's latest ranking of global derivatives exchanges for the first half of 2009, TurkDEX ranked as the world's third-fastest growing exchange, an exchange press release noted. In the same month TurkDEX got the green light from US derivatives-trading regulator the [[Commodity Futures Trading Commission]] (CFTC) to offer Turkish futures contracts to US traders and investors.<ref>{{cite web|url=http://www.hurriyet.com.tr/english/finance/11076487.asp?scr=1|name=Turkey's derivatives bourse opens to US citizens|org=Hurriyet|date=October 28, 2009}}</ref>
{{Infobox Midpage Need Sponsor}}


== Products and Services ==
==Ownership==
TurkDEX's largest [[shareholder]] with 25 percent is also Turkey's largest business group - the [[Union of Chambers and Commodity Exchanges of Turkey]], followed by the country's two most prominent [[securities]] exchanges - the [[Istanbul Stock Exchange]] with 18 percent and the [[Izmir Mercantile Exchange]] at 17 percent.<ref>{{cite web|url=http://www.turkdex.org.tr/VOBPortalEng/DesktopDefault.aspx?tabid=50|name=Shareholders|org=TurkDEX|date=October 27, 2009}}</ref> These three together hold a 60% stake in TurkDEX - the remaining 40% is held in small stakes mainly by banks and brokers. These include [[Yapi ve Kredi Bankasi]] (6 percent) and [[The Association of Capital Market Intermediary Institutions of Turkey]] (6 percent).


== Key People ==
==Key people==
TurkDEX chairperson [[Isinsu Kestelli]] has served in the position since August 2007 and was recently also elected to the chair of the [[Izmir Commodity Exchange]] after six years as deputy chair of that exchange. She is an international vegetable oil [[trader]] and founding partner of [[Agriling Agricultural Products Ltd.]]<ref>{{cite web|url=http://www.turkdex.org.tr/VOBPortalEng/DesktopDefault.aspx?tabid=55|name=Executive Management|org=TurkDEX|date=October 27, 2009}}</ref> TurkDEX CEO Çetin Ali Dönmez has been in the job since April 2008 and had earlier been appointed director of risk management at the [[Istanbul Stock Exchange]] (ISE). He began his trading career at the [[Istanbul Stock Exchange]] in 1993 and has also worked at the ISE's spun-off [[clearinghouse]], Takasbank.


== References ==
==Key products==
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]] [[index]]es, [[currency pair]]s ([[Turkish lira]] against the [[euro]] and the [[U.S. dollar]]) and two [[commodity]] futures: Anatolian red wheat and Aegean cotton). Contracts with [[MarketsWiki]] links are listed below:
 
* [[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]]
 
==Latest news==
TurkDEX is currently awaiting anticipated final approval from regulator the [[Turkish Capital Markets Board]] (SPK) to allow it to trade [[single stock futures]] in the ISE's main [[blue chip]] equities.<ref>{{cite web|url=http://www.hurriyet.com.tr/english/finance/10844143.asp?scr=1|name=Start of a new era at the derivatives index|org=Hurriyet|date=October 27, 2009}}</ref> Excitement over expected new trading [[volume]] has been tempered somewhat by [[speculation]] that the ISE was seeking greater ownership of TurkDEX and considering moving the exchange from its present location at the Aegean Sea port of Izmir to Instanbul, Turkey's [[financial]] capital.
 
==References==
<references />
<references />


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Revision as of 15:41, 29 October 2009

Turkish Derivatives Exchange (TurkDEX)
TurkDEX.jpg
Headquarters Izmir, Turkey
Key People Chair Isinsu Kestelli; CEO Çetin Ali Dönmez
Products Currency, interest rate, commodity and equity index futures
Website http://www.turkdex.org.tr/VOBPortalEng/DesktopDefault.aspx#

The electronic TurkDEX exchange, also known by its local acronym VOB, trades listed futures contracts in four Turkish asset classes - equity, forex, interest rates and commodities. TurkDEX has been one of the world's fastest-growing derivatives exchanges in recent years to become a top-five global exchange and was recently allowed access to the U.S. investment market by U.S. regulator the CFTC.

Background[edit]

TurkDEX was registered as a business in July 2001 and began derivatives trading operations in February 2005 under the regulation of the Turkish Capital Markets Board (CMB), after previous attempts to trade derivatives on the Istanbul Stock Exchange and the Istanbul Gold Exchange had failed. The exchange's clearing and settlement is provided by Takasbank, a former unit of the Istanbul Stock Exchange.[1]

The TurkDEX has expanded its business significantly in recent years. 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.[2] and TurkDEX was ranked the world's fastest-growing derivative instruments market in 2006 with a 273 percent increase. Foreign investors' share in TurkDEX aggregate transaction volume was said to be 30 percent in 2008.[3]

In October 2009 TurkDEX became a member of the Futures Industry Association (FIA), in tune with its aim of becoming more closely integrated with the global derivatives market.[4] In the FIA's latest ranking of global derivatives exchanges for the first half of 2009, TurkDEX ranked as the world's third-fastest growing exchange, an exchange press release noted. In the same month TurkDEX got the green light from US derivatives-trading regulator the Commodity Futures Trading Commission (CFTC) to offer Turkish futures contracts to US traders and investors.[5]

Ownership[edit]

TurkDEX's largest shareholder with 25 percent is also Turkey's largest business group - the Union of Chambers and Commodity Exchanges of Turkey, followed by the country's two most prominent securities exchanges - the Istanbul Stock Exchange with 18 percent and the Izmir Mercantile Exchange at 17 percent.[6] These three together hold a 60% stake in TurkDEX - the remaining 40% is held in small stakes mainly by banks and brokers. These include Yapi ve Kredi Bankasi (6 percent) and The Association of Capital Market Intermediary Institutions of Turkey (6 percent).

Key people[edit]

TurkDEX chairperson Isinsu Kestelli has served in the position since August 2007 and was recently also elected to the chair of the Izmir Commodity Exchange after six years as deputy chair of that exchange. She is an international vegetable oil trader and founding partner of Agriling Agricultural Products Ltd.[7] TurkDEX CEO Çetin Ali Dönmez has been in the job since April 2008 and had earlier been appointed director of risk management at the Istanbul Stock Exchange (ISE). He began his trading career at the Istanbul Stock Exchange in 1993 and has also worked at the ISE's spun-off clearinghouse, Takasbank.

Key products[edit]

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 (Turkish lira against the euro and the U.S. dollar) and two commodity futures: Anatolian red wheat and Aegean cotton). Contracts with MarketsWiki links are listed below:

Latest news[edit]

TurkDEX is currently awaiting anticipated final approval from regulator the Turkish Capital Markets Board (SPK) to allow it to trade single stock futures in the ISE's main blue chip equities.[8] Excitement over expected new trading volume has been tempered somewhat by speculation that the ISE was seeking greater ownership of TurkDEX and considering moving the exchange from its present location at the Aegean Sea port of Izmir to Instanbul, Turkey's financial capital.

References[edit]