TAX - New tax incentives prop Istanbul as a finance hub

www.hurriyetdailynews.com - The proposed bill provides government incentives for asset management funds established in Turkey and the international funds run by these companies

As a part of the Turkish government’s project to transform Istanbul into a regional financial hub, a draft bill passed Parliament’s General Assembly on May 31 that will change some tax regulations that have been seen as an obstacle preventing fund management firms from opening offices in Turkey.

The new bill provides government incentives and related regulations for asset management companies founded in Turkey and the international funds run by these companies. The bill also encourages the management of foreign funds from Istanbul, to develop and deepen local financial markets. (source)

BANKING - Becoming finance base a hard task for Istanbul - Celik (Bank Asya) predicts growth for participation banking

www.hurriyetdailynews.com - Professionals from Turkey’s biggest lenders, participating in the 1st Uludağ Economy Summit, expressed their support for Turkey’s bid to make Istanbul into a regional finance center, while saying that the task will not be an easy one.

While London tops the list of world finance centers, Istanbul remains at number 62 out of 75, said Faik Açıkalın, general manager of Yapı Kredi Bank, speaking at the summit, held in the northwestern province Bursa. Since the start of the economic crisis in 2008, many foreign investors and financial institutions have left Dubai, Açıkalın added. “This is a chance for Turkey.” However, according to Açıkalın, Turkey’s dream will not be easy to realize, due to Istanbul’s current performance compared to its competitors across the world. “Despite the crisis, the list of Europe’s Top 20 finance centers includes Athens, but Istanbul does not appear on the list. Seoul, Shanghai and Singapore are in the list of possible candidates as global finance centers, but Istanbul is not.”  (source)

FINANCE - İstanbul’s bid to become IFC looks cloudy as progress continues to delay

www.todayszaman.com - The hope that İstanbul will become an international financial center (IFC) in the near future has been disappearing as progress on the project has been slow in many respects.

 

The long-overdue project has been talked about for years by many politicians and has remained music to the ears of society. In 2007, the ruling Justice and Development Party (AK Party) government set about developing İstanbul into an IFC as one of its major long-term economic goals. Steps taken by the current ruling party has many ordinary citizens believing it would be accomplished; however, some experts argue that the achievement of such a goal in the near future is a dream due to a lack of necessary policies and regulations. (source)

CAPITAL MARKETS - SPK and the development of Turkish capital markets

Since its establishment, the Capital Markets Board (SPK) of Turkey has been dedicated to its role of regulating and supervising the Turkish capital markets in accordance with international norms and standards in a continuously changing market environment with clear, objective and easily apprehensible approaches in order to ensure that capital markets are fair, secure, transparent and efficient.

The board continued in 2010 to carry out its regulatory and supervisory activities in line with its above-mentioned mission and vision. (full story - sundays zaman)

CAPITAL MARKETS - US to support İstanbul’s int’l finance center bid

US President Barack Obama’s administration will lend support to İstanbul to help it become an international finance center, according to a joint statement released following a meeting of the Turkey-US Economic Partnership Commission in Washington, D.C., on Thursday. (source)

EVENTS - Roundtable «Islamic Finance in Russia & CIS — market and regulation» Istanbul, January 25, 2011

«Islamic Finance in Russia & CIS
— market and regulation»

Istanbul, January 25, 2011

The Round table will bring together top level representatives from financial and economic ministries, central banks and other regulating bodies of Russia, CIS countries, the Gulf, Southeast Asia and Europe. The event will focus on cooperation and mutual consultations at the application of a wide range of available financial instruments to strengthen the financial system. In particular, Round table will be dedicated to Islamic finance – international experience of application, regulation and use in daily economic practice.

FINANCE - Gov’t plans to ship bourse across Bosphorus

Speaking at a conference marking the 25th anniversary of the Istanbul Stock Exchange, PM Recep Tayyip Erdoğan says he plans to move the bourse to Ataşehir on the Asian side of the city. The government aims to turn the Ataşehir district into a regional and then a global financial center, as various financial institutions are buying up land in the area

The government, led by PM Recep Tayyip Erdoğan, aims to turn the Ataşehir district, on Istanbul’s Asian side, into a regional and then a global financial center. AA photo

Prime Minister Recep Tayyip Erdoğan has upped the ante in his grand plan to turn Istanbul into a regional financial hub, announcing his intent to move the Istanbul Stock Exchange, or ISE, currently in İstinye, to Ataşehir on the Asian side of the city.

Interior Minister Beşir Atalay said in a separate statement that the Turkish Central Bank would remain headquartered in Ankara for the time being.

Speaking at a conference marking the ISE’s 25th anniversary, Erdoğan said the headquarters of state banks and “of relevant institutions” will be moved to Istanbul in the next two or three years. “We also wish to move the ISE to the finance center,” Anatolia news agency quoted him as saying.

FINANCE - PM Erdoğan says İMKB may be moved to new finance center

PM Erdoğan speaks during the 5th anniversary meeting of the foundation of the İMKB. He said they are considering moving the bourse to a new location in İstanbul.

FINANCE - Turkish PM seems resolute to turn Istanbul into global financial hub (celebration ISE Istanbul Stock Exchange 25 years)

Erdogan said that headquarters would be carried to Istanbul in the next 2 or 3 years.

Turkish government is resolute to turn Istanbul into a regional and international financial hub as Prime Minister Recep Tayyip Erdogan repeated plans to move headquarters of state-owned banks and several other financial institutions from capital Ankara to Istanbul, country's largest city with around 15 million population.

In his speech at a conference organized by the Istanbul Stock Exchange on Thursday, Erdogan said that headquarters would be carried to Istanbul in the next 2 or 3 years.