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14
TCMA
2016
Annual Report
Distinguished Members,
2016 has been a tough year for our country, and for global
economies alike. Waves of migration resulting from the
political crisis in the Middle East, fluctuating Chinese
markets, the Brexit decision, and the US presidential
election results have been the signs that the world has
stepped into a new era.
Turkey has ended 2016 amid an environment of rough
political and macroeconomic events. We went through an
extraordinary period because of the outcomes of certain
political developments in our geography on one hand,
and the coup attempt of 15 July against the constitutional
order, on the other. In defiance of the mishaps, our country
sustained her economic growth.
These extraordinary times also added to the volatility in
our capital markets. In 2015, the intermediation sector and
asset management segment had registered 16% and 9%
increases in their profits, respectively. However, this was
reversed in 2016, and intermediary institutions suffered
21% decline in their profits in the first three quarters of the
year, while the profit rise for asset management firms was
limited to 2%.
2016 has been the scene to mergers or cessation of
activities by the Association-member institutions. During
the reporting period, three intermediary institutions
merged with other intermediaries, while 10 others
withdrew from membership due to discontinuation of
operations or renouncement of license. Asset management
firms also underwent similar processes. During 2016, four
asset management firms withdrew from the Association’s
membership, two of which merged with other asset
management firms.
Nevertheless, crucial reformative steps were also taken in
such a difficult year. At the start of the year, we received
the news that the Provisional Article 67 concerning taxation
of capital market instruments was extended until 2020.
This was immediately followed by regulations regarding
leveraged trading, which gave the foreground to informing
and educating the investors. These requirements imposed
various duties and responsibilities upon our Association, as
well.
Overview of 2016
Turkey has ended 2016 amid an
environment of rough political
and macroeconomic events.
Nevertheless, crucial reformative
steps were also taken in such a
difficult year.