The Turkish FX industry has quickly evolved following Erdoğan’s efforts to turn Turkey into regional financial hub.
The current leader of Turkey, President Recep Tayyip Erdoğan, entered major league politics in 2003 when he became the prime minister. In 2001, he established the Justice and Development Party (AKP). During the period when the AKP was in power Turkey experienced strong economic growth. From 2003 to 2016 GDP growth was negative only once – in 2009, as a result of the world financial crisis.
In 2010, GDP growth was close to 9.2% and in 2011 it was almost 8.8%. The country has managed to stay on the path of rapid economic expansion even though in recent years growth has been below the 4% mark.
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Up until last year, the situation in Turkey was evolving in the right direction, with all aspects of the financial market giving hope for even greater prospects. However, 2016 has brought about a series of events that may be seen as small question marks on the horizon.
The clear sky of Turkey has been slightly covered by shadows of the unknown. All of the questions now being raised have their origin outside of the Turkish financial market or even the economy - they are related to global politics.
In the Global Financial Centres Index #15 from 2014 Istanbul was ranked 47th. In the latest edition (19th, March 2016), it holds the 45th position. It will be interesting to see how the failed coup affects the next edition’s decision making process concerning its ranking.
However, it seems very important for Turkey to retain a good partnership with the EU and the US. If it can manage to achieve this, the local FX industry should be able to remain on a solid path of growth. Will it evolve in a direction similar to that of Japan, where volumes are the biggest globally but only local, Japanese brokers share most of it? Or maybe, will it leave room for foreign players?
“I strongly believe that the resilience of the Turkish capital markets will endure, as seen during the recent Liquidity crisis that swept the global economies as well as during the failed coup attempt. Market reaction to these events have clearly proven the Turkish financial industry’s desire and readiness to become the financial Hub of the region," said Cuneyt Akdemir, Manager at IS Investment & Securities, in an interview with Finance Magnates.
“Thus, as additional planned regulatory changes aiming to address this goal come into effect, the Turkish financial industry will see a greater appetite from local and foreign investors, as it continues to develop itself in terms of stability, range of products offered and market access.”, he added.
In the upcoming quarters the internal politics of Turkey will determine the further evolution of the local financial market.
This will shape bilateral relations between Turkey and the US as well as with the EU. Even the most ambitious goals may be overshadowed by potential, geopolitical tensions. Turkey needs foreign partners in order to be recognized as a financial hub in the region.
Want to learn more about the Turkish retail FX industry? Read the full article in the latest Finance Magnates Intelligence Report.
The current leader of Turkey, President Recep Tayyip Erdoğan, entered major league politics in 2003 when he became the prime minister. In 2001, he established the Justice and Development Party (AKP). During the period when the AKP was in power Turkey experienced strong economic growth. From 2003 to 2016 GDP growth was negative only once – in 2009, as a result of the world financial crisis.
In 2010, GDP growth was close to 9.2% and in 2011 it was almost 8.8%. The country has managed to stay on the path of rapid economic expansion even though in recent years growth has been below the 4% mark.
[gptAdvertisement]
Up until last year, the situation in Turkey was evolving in the right direction, with all aspects of the financial market giving hope for even greater prospects. However, 2016 has brought about a series of events that may be seen as small question marks on the horizon.
The clear sky of Turkey has been slightly covered by shadows of the unknown. All of the questions now being raised have their origin outside of the Turkish financial market or even the economy - they are related to global politics.
In the Global Financial Centres Index #15 from 2014 Istanbul was ranked 47th. In the latest edition (19th, March 2016), it holds the 45th position. It will be interesting to see how the failed coup affects the next edition’s decision making process concerning its ranking.
However, it seems very important for Turkey to retain a good partnership with the EU and the US. If it can manage to achieve this, the local FX industry should be able to remain on a solid path of growth. Will it evolve in a direction similar to that of Japan, where volumes are the biggest globally but only local, Japanese brokers share most of it? Or maybe, will it leave room for foreign players?
“I strongly believe that the resilience of the Turkish capital markets will endure, as seen during the recent Liquidity crisis that swept the global economies as well as during the failed coup attempt. Market reaction to these events have clearly proven the Turkish financial industry’s desire and readiness to become the financial Hub of the region," said Cuneyt Akdemir, Manager at IS Investment & Securities, in an interview with Finance Magnates.
“Thus, as additional planned regulatory changes aiming to address this goal come into effect, the Turkish financial industry will see a greater appetite from local and foreign investors, as it continues to develop itself in terms of stability, range of products offered and market access.”, he added.
In the upcoming quarters the internal politics of Turkey will determine the further evolution of the local financial market.
This will shape bilateral relations between Turkey and the US as well as with the EU. Even the most ambitious goals may be overshadowed by potential, geopolitical tensions. Turkey needs foreign partners in order to be recognized as a financial hub in the region.
Want to learn more about the Turkish retail FX industry? Read the full article in the latest Finance Magnates Intelligence Report.
A graduate of the Warsaw School of Economics, Sylwester received an MA specializing in finance and banking. As Finance Magnates' research associate and STA certified analyst, he leaves no stone unturned. Sylwester is the previous minority partner of an NFA registered US forex broker, and since 2003, has participated in many forex projects.
Interactive Brokers Settles Nasdaq Charges, Agrees to $475,000 Fine
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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