NEWS FROM TÜRKİYE

Referans - Turkish Derivatives Exchange, which was the world’s fastest-growing derivatives market in 2006, is expected to experience a four-fold increase in its transaction volume this year as the IMKB-30 shares start trading. The transaction volume at the Turkish Derivatives Exchange (TurkDEX), which has 25,000 accounts, continues to increase and is expected to reach YTL 240 billion this year as opposed to 2007's YTL 118 billion. The interest in TurkDEX is increasing rapidly, said Hakan Yamacoguz, deputy director for domestic markets at Is Investment. The number of open accounts in TurkDEX, increased from 11,231 to 25,000 in 2007 compared to the previous year – an increase of more than 100 percent, said Yamacoguz. “We expect that derivative transactions of stocks will boost TurkDEX's transaction volume three- or four-fold on average. A second turning point for TurkDEX will emerge once futures contracts on stocks in the IMKB-30 start trading at TurkDEX in line with investors' needs and demands in 2008,” he added. Founded Feb. 4, 2005, TurkDEX was the world's fastest-growing derivative instruments market with a 273 percent increase in 2006, according to a survey conducted by the Futures Industry Association (FIA).