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About the Association

Brief History of TCMA

Turkish Capital Markets Association was founded on February 11, 2001, with the Capital Markets Law, and began operations in April 2001. It is a self-regulating professional organization with the status of a public institution.

Our Association includes all of the banks, brokerage firms, portfolio management firms, and investment trusts that operate in the capital market.

Mission Statement

To contribute to the development of a community of professionals equipped with high level of expertise who are sincerely committed to ethical values and perceive competition as offering better products and services to investors with the ultimate aim of contributing to the development of the national economy and the capital markets.

Vision Statement

In line with the economic goals of our country, to provide the strongest contribution to the Turkish capital markets to be among the developed markets of the world.


  • 2001

    The Association was founded under the name the Association of Capital Market Intermediary Institutions of Türkiye (TSPAKB).

  • 2002

    TSPAKB website went live.

  • 2003

    Professional development training started.

  • 2004

    TurkDEX trainings were initiated.

  • 2005

    A questionnaire was administered regarding the Capital Market Activities.

  • 2006

    The Association joined the International Council of Securities Associations (ICSA).

  • 2007

    Global Financial Centers and İstanbul report was released.

  • 2008

    The first annual report in English was published.

  • 2009

    TSPAKB became the member of Asia Securities Forum, Federation of Euro-Asian Stock Exchanges and International Council of Securities Associations.

  • 2010

    The first international conference was organized.

  • 2011

    10th edition of the Turkish Capital Market Annual Review was published.

  • 2012

    Free training was offered for university students.

  • 2013

    The Association was elected as a member of the FEAS (Federation of Euro-Asian Stock Exchanges) Board of Directors.

  • 2014

    Association of Capital Market Intermediary Institutions of Türkiye (TSPAKB) acquired its new membership structure with the inclusion of asset management companies and investment trusts, and was renamed Turkish Capital Markets Association (TCMA).

  • 2015

    Promotional activities for Türkiye Electronic Fund Trading Platform (TEFAS) were conducted (TEFAS).

  • 2016

    “TCMA Capital Markets Award Ceremony” debuted.

  • 2017

    The first issue of the international peer-reviewed journal titled “Journal of Capital Markets Studies” was published.

  • 2018

    TCMA and The Turkish Association of Appraisers (TDUB) co-published the “International Valuation Standards”.

  • 2019

    “Serathon-in Capital Markets Software Marathon”, the first hackathon in the area of capital markets in Türkiye, was held.

  • 2020

    Our international peer-reviewed journal titled “Journal of Capital Markets Studies” published in cooperation with the Emerald Publishing Group was made available for open access in EconLit and ERIH PLUS.

  • 2021

    20th year of operation completed.

  • 2022

    The first carbon-neutral edition of the Turkish Capital Markets Summit was held.


  • Contribute to the development of the capital markets and intermediation activities,
  • Facilitate solidarity among its members,
  • Safeguard the prudent and disciplined conduct of business by its members,
  • Prevent unfair competition among its members,
  • Enhance professional know-how in the sector.


  • Conduct research and offer educational programs,
  • Establish professional rules and regulations,
  • Set safety measures aimed at preventing unfair competition,
  • Cooperate with relevant organizations with the objective of imposing disciplinary action,
  • Monitor professional developments, changes in rules and regulations and inform its members,
  • Assist in the resolution of disputes arising from off-exchange transactions among its members or between its members and investors,
  • Determine the principles on commissions and fees charged by its members and propose these to the Capital Market Board,
  • Evaluate complaints against its members and inform the Board on the results,
  • Cooperate with related foreign institutions.


  • CRA

    Central Registry Agency Inc. established in 2001 is responsible for registering capital market instruments & rights attached thereon in electronic form with respect to issuers, intermediary institutions and owner of rights. Moreover, it manages and represents the Investors’ Protection Fund. TCMA has 5% stake and holds one seat at the board of directors.

  • Capital Markets Licensing and Training Agency

    Capital Markets Licensing and Training Agency established in 2011 is responsible for organizing capital market licensing exams and preparing training activities. The Association has 49% stake and holds two seats at the board of directors.

  • Borsa İstanbul

    Borsa İstanbul; formerly named as İstanbul Stock Exchange, was founded at the end of 1985. The Exchange was demutualised in 2013 following the enactment of the new Capital Market Law. The capital markets exchanges operating in Turkey, namely İstanbul Stock Exchange, İstanbul Gold Exchange and Turkish Derivatives Exchange (TurkDex) merged under the roof of Borsa İstanbul in 2013. TCMA has 1.3% stake of Borsa İstanbul.

  • Birleşik Mortgage Company

    In 2020, Birleşik Mortgage Company was established. TCMA has 5% stake of Birleşik Mortgage Company.

  • JCR Eurasia Rating

    The Assosiation has 6% stake of JCR Eurasia Rating.




  • DEİK

    Foreign Economic Relations Board (DEIK) was formed in 1988 according to the Law on The Union of Chambers and Commodity Exchanges of Turkey, and Chambers and Exchanges, in order to foster the private sector’s foreign economic relations. Our association became member of the Board in 2008 as “founding institution”.


    Istanbul Arbitration Center (ISTAC) was founded upon the enforcement of the Istanbul Arbitration Center Arbitration Law no. 6570 and dated 20 November 2014, which was published in the Official Gazette issue 29190 dated 29 November 2014. Istanbul Arbitration Center (ISTAC) is an independent, impartial and autonomous institution providing arbitration and mediation services for dispute resolution between commercial actors in Turkey and abroad. The ISTAC’s dispute resolution services are available to all contracting parties, without any membership requirements. The Association has become a member of ISTAC in “General Assembly Member” status.


    Our Association is represented with one member on the Tax Council, which was established to provide the Ministry with feedback on the formulation and implementation of tax policies, and to work on the same.


    Impact Investing Association (Etkiyap), which incorporated in 2020, advocates for policy making, conducts research and helps raise awareness to develop the impact investing ecosystem in Turkey. The Association has became a member of Etkiyap under “Advisory Board Member” status.



  • ASF

    Asia Securities Forum was established in 1995 to exchange views and information among the securities industry in the Asia-Pacific region with the goal of contributing to the development of securities markets and economic growth in the region. The members are mainly representatives of securities dealers associations or securities companies in the Asia-Pacific region. Our Association became a member of the Forum in 2009.

  • ICSA

    International Council of Securities Associations is an organization, which represents trade associations and self-regulatory associations for the capital market. The Council was established in 1988 with the aim of contributing the development of the capital markets by coordinating the member associations. Our Association became a member of the Council in 2006.

  • INFE

    The OECD International Network on Financial Education (INFE) was established in 2008 to promote and facilitate international co-operation between policy makers and other stakeholders on financial education issues worldwide. TCMA became an affiliate member to the network in 2015.


    The Association is an affiliate member of the International Organization of Securities Commissions (IOSCO) since 2003. IOSCO aims to promote international regulatory standards in the capital markets.