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• Turkey's İzmir Holds on Tight to its Bourse

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  Rabia Rahimbayeva    Group moderator   Ambassador

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  Turkey's İzmir Holds on Tight to its Bourse

  The plans of the Istanbul Stock Exchange to acquire the İzmir-based Turkish Derivatives Exchange and move its headquarters to Istanbul cause a local backlash. İzmir residents seek support from the government.
  
  An attempt by the Istanbul Stock Exchange to buy out the Turkish Derivatives Exchange, or VOB, has generated a lot of negative publicity in the Aegean City of İzmir.
  
  VOB should remain in İzmir, VOB President Işınsu Kestelli told Prime Minister Recep Tayyip Erdoğan during a dinner meeting held over the weekend.
  
  The transaction volume of VOB reached 208 billion Turkish Liras at the end of 2008, said Kestelli. The bourse’s transaction volume used to be 3 billion liras when it was first founded four years ago, she added. That increase helped VOB become one of the fastest growing bourses of the world, Kestelli told Erdoğan.
  
  "Our transaction volume almost caught up with that of IMKB in a very short period. In the light of such success we are having trouble understanding the motive behind IMKB’s move to acquire VOB and move its headquarters to Istanbul" she said, and requested Erdoğan’s support.
  
  VOB is one of the must successful bourses of the world, she said. During the first half of 2008, VOB managed to climb eight spots compared to a year earlier to rank 20th in a list of the world’s best bourses, she added. "Moving VOB out of İzmir would be a big mistake," said during the first half of 2008.
  
  Justice and Development Party, or AKP, İzmir Deputy Tuğrul Yemişçi and Candidate for Greater İzmir Municipality Taha Aksoy also rendered their opinions on why VOB should remain in İzmir. Erdoğan told Yemişçi to gather a summit in Ankara and invite State Minister and Deputy Prime Minister Nazım Ekren as well as the Capital Markets Board Chairman Turan Erol. The meeting was expected to take place today. "We will not allow VOB to be pulled out of İzmir," said Taha Aksoy.
  
  Discomfort
  The quiet contest between VOB and IMKB has been going on for quite some time now. The conflict broke out following the IMKB’s attempt to purchase VOB.
  
  IMKB Chief Hüseyin Erkan had told business daily Referans that he was uncomfortable with VOB’s preparations to include forward equities transactions in its body. "That application would create an unfair competition. VOB has many alluring advantages compared to the IMKB, such as fiscal immunity and one to 10 leverage," Erkan said, while he was visiting İzmir back in August for VOB’s fourth anniversary. "In that situation no one would participate in the IMKB."
  
  "Nothing can prevent VOB from starting forward transactions for 10 equities," Kestelli had responded.
  
  
  Source: Hurriyet
  ----------------------------------
  Best Regards,
  Rabia Rahimbayeva.
  
  • 21 Jan 2009, 4:41 pm
  Rabia Rahimbayeva wrote: > The plans of the Istanbul Stock Exchange to acquire the İzmir-based > Turkish Derivatives Exchange and move its headquarters to Istanbul > cause a local backlash. İzmir residents seek support from the > government. > > An attempt by the Istanbul Stock Exchange to buy out the Turkish > Derivatives Exchange, or VOB, has generated a lot of negative > publicity in the Aegean City of İzmir. > > VOB should remain in İzmir, VOB President Işınsu Kestelli told Prime > Minister Recep Tayyip Erdoğan during a dinner meeting held over the > weekend. > > The transaction volume of VOB reached 208 billion Turkish Liras at > the end of 2008, said Kestelli. The bourse’s transaction volume used > to be 3 billion liras when it was first founded four years ago, she > added. That increase helped VOB become one of the fastest growing > bourses of the world, Kestelli told Erdoğan. > > "Our transaction volume almost caught up with that of IMKB in a very > short period. In the light of such success we are having trouble > understanding the motive behind IMKB’s move to acquire VOB and move > its headquarters to Istanbul" she said, and requested Erdoğan’s > support. > > VOB is one of the must successful bourses of the world, she said. > During the first half of 2008, VOB managed to climb eight spots > compared to a year earlier to rank 20th in a list of the world’s best > bourses, she added. "Moving VOB out of İzmir would be a big mistake," > said during the first half of 2008. > > Justice and Development Party, or AKP, İzmir Deputy Tuğrul Yemişçi > and Candidate for Greater İzmir Municipality Taha Aksoy also rendered > their opinions on why VOB should remain in İzmir. Erdoğan told > Yemişçi to gather a summit in Ankara and invite State Minister and > Deputy Prime Minister Nazım Ekren as well as the Capital Markets > Board Chairman Turan Erol. The meeting was expected to take place > today. "We will not allow VOB to be pulled out of İzmir," said Taha > Aksoy. > > Discomfort > The quiet contest between VOB and IMKB has been going on for quite > some time now. The conflict broke out following the IMKB’s attempt to > purchase VOB. > > IMKB Chief Hüseyin Erkan had told business daily Referans that he was > uncomfortable with VOB’s preparations to include forward equities > transactions in its body. "That application would create an unfair > competition. VOB has many alluring advantages compared to the IMKB, > such as fiscal immunity and one to 10 leverage," Erkan said, while he > was visiting İzmir back in August for VOB’s fourth anniversary. "In > that situation no one would participate in the IMKB." > > "Nothing can prevent VOB from starting forward transactions for 10 > equities," Kestelli had responded. > > > Source: Hurriyet > ---------------------------------- > Best Regards, > Rabia Rahimbayeva.