New market regulation in the pipeline
As Turkish investors get acquainted with hedge funds, leading analysts and academics, including Bing Liang of the University of Massachusetts, gathered at a conference, titled ?New Horizons In The Investment World? Friday. A draft to make sure the Capital Markets Board (SPK) regulation is compatible with international norms is expected to be turned into law by the end of the year.
The conference, organized by Koç University and Turkish Institutional Investment Managers' Association (TKYD), was held in Istanbul.
The fact that hedge funds entered the Turkish economy not before the current international credit turmoil is a ?chance,? said Gür Ça?da?, chairman of TKYD, reminding that hedge funds are among the major actors of the U.S.-based credit crunch. ?Total assets in investment funds, excluding retirement and hedge funds, exceed $23 trillion worldwide. The net assets of investment funds in Turkey totaled YTL 26 billion in March 2008,? said Ça?da?.
?Investment funds constitute 3 percent of Turkey's Gross National Product (GNP), while the rate of investment funds to GNP is, on average, 40 percent worldwide. This fact indicates that Turkey's market has a significant growth potential,? he added.
?The main target of hedge funds is expected to be wealthy individual investors and investment funds, not small individual investors,? said Alp Keler, chief executive officer of Fortis Investment Turkey. ?This is due to the hedge fund motto which can be summarized as "High risk, high gain.'?
New Capital Markets Board (SPK) draft regulation compatible with the European Union [norms] will be submitted for approval to Parliament by the end of the year, Turan Erol, chairman of the SPK said.
?We are operating to enhance the independence of the [investment] fund sector from the banking sector. Fund sector will be more flexible and more independent, thus it will operate more efficiently,? Erol said.
?It is an advantage that there are bold and certain separating lines between the banking sector and capital markets in Turkey that enable us to recognize the risk at a crisis moment,? Erol explained. ?The recent crisis taught us the importance of determining where crises can occur and who may be affected once again.?
- U.S. Disinvites China's Navy from RIMPAC Exercise
- Maersk Line Rolls out Exclusive Transatlantic Service
- Cranes, Heavy Lift Shipping, Engineering and New Technologies
- Nordic Shipholding Reports 25% Increase in Time Charter Revenues
- Havila takes PSV out of lay-up for AGS job
- Damen and CMM partner on fast crew change solution
- American Oil Boom Seen Tempting Ships to Steer Clear of Iran
- China Signals to State Giants: ‘Buy American’ Oil and Grains
- Missile Struck Turkish Ship Off Yemen, EU NAVFOR Official Says
- Pirates Release FWN Rapide Crew Members Kidnapped Off Nigeria
- New Cabotage Bill Would Support U.S. Shipbuilding
- Philly Shipyard Announces 275 Layoffs
- No Jail for “Magic Man” After 21,000 Sheep Violently Culled
- Leading North America in the Development, Construction and Operation of LNG Terminals
- Arctic Council Forum Launches Web Portal Explaining Polar Code
New market regulation in pipeline
New market regulation in the pipeline
- HMM and PSA Take Control of Busan Terminal
- Australian Port Authority Readies Clean Shipping Incentive
- Eight Robert Allan Tugs for Persero
- Lürssen awards Civmec significant Australian OPV contract
- Robot Cleans World’s Largest Crane Vessel
- Torqeedo Powers Electric Workboat Fleet in China
- Fishing Vessel Repowered after Big Hours
- Apply Now for the MN 100
- US Women Dockworkers Accuse Shippers, Union of Discrimination
- Rotterdam Begins Deepening of New Waterway
- Novatek Delivers its First LNG Cargo to India
- 'We Not Targeted By Australia Vessel Ban': MSC
- St. Louis, Plaquemines Ports Ink MoU for Mississippi River Cooperation
- Wavepiston Puts Renolit Films to the Test
- Samsung’s Smart Ship Solution Obtains ABS Cyber Approval
- Chinese Shipbuilding Giant CSSC Appoints New Chairman
- Baltic Index Rises to One-week High
- APL Enhances Asia–Latin America Network with New Quetzal Express Service
- GoodBulk Announces Delivery of Capesize Vessel to its New Owners, Acquisition of a Second-Hand Capesize
- Iraq's Southern Oil Exports Fall in March