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Emircan YAMAN \/ \u0130STANBUL<\/strong><\/p>\n SEPAM\u2019\u0131n d\u00fczenledi\u011fi etkinlikte konu\u015fan eski Sermaye Piyasas\u0131 Kurulu Ba\u015fkan\u0131 Ali \u0130hsan Karacan, bir \u015firkete halka arz izni vermenin ona bir derecelendirme verme anlam\u0131na geldi\u011fini s\u00f6yleyerek yaln\u0131zca \u015fekli \u015fartlar\u0131 kar\u015f\u0131lamas\u0131n\u0131n bir \u015firkete halka arz onay\u0131 verilmesi i\u00e7in yeterli olmad\u0131\u011f\u0131na i\u015faret etti.<\/p>\n Eski Sermaye Piyasas\u0131 Kurulu Ba\u015fkan\u0131 Ali \u0130hsan Karacan, halka arzlar\u0131n ve yat\u0131r\u0131mc\u0131 say\u0131s\u0131ndaki art\u0131\u015f\u0131n bug\u00fcn sermaye piyasas\u0131n\u0131n en \u00f6nemli konular\u0131 oldu\u011funu dile getirerek, kurallarda bir tak\u0131m s\u0131k\u0131la\u015ft\u0131rman\u0131n gerekti\u011fini yoksa kazalara neden olunabilece\u011fini vurgulad\u0131.<\/p>\n Sermaye Piyasalar\u0131 Ara\u015ft\u0131rma Merkezi (SEPAM) ve Sermaye Piyasalar\u0131 Meslek Personeli Derne\u011fi (SERMEP) i\u015fbirli\u011fiyle d\u00fczenlenen \u201c\u00dclkemiz \u0130\u00e7in Sermaye Piyasalar\u0131m\u0131z\u201d konulu panel 20 Ekim Cuma g\u00fcn\u00fc ger\u00e7ekle\u015ftirildi. Etkinli\u011fin a\u00e7\u0131l\u0131\u015f konu\u015fmas\u0131n\u0131 yapan SEPAM Y\u00f6netim Kurulu Ba\u015fkan\u0131 Ali Cem Suca, SEPAM\u2019\u0131n sekt\u00f6rde olmayan bir ara\u015ft\u0131rma merkezi oldu\u011funu belirterek, \u00e7ok h\u0131zl\u0131 bir \u015fekilde \u00e7al\u0131\u015fmalar\u0131na ba\u015flad\u0131klar\u0131n\u0131 ve \u00e7e\u015fitli ara\u015ft\u0131rmalar yoluyla sekt\u00f6re katk\u0131da bulunmay\u0131 hedefl ediklerini kaydetti. Eski Sermaye Piyasas\u0131 Kurulu (SPK) Ba\u015fkan\u0131 Prof. Dr. Ali \u0130hsan Karacan da bug\u00fcn sermaye piyasalar\u0131nda iki tane g\u00fcncel konunun bulundu\u011funu dile getirerek bu konular\u0131n yat\u0131r\u0131mc\u0131 say\u0131s\u0131ndaki art\u0131\u015f ve halka arzlar<\/a> oldu\u011funu s\u00f6yledi. Mali piyasalarda bir \u015feyin \u00e7ok h\u0131zl\u0131 de\u011fi\u015fiyor olmas\u0131n\u0131n hayra alamet olmad\u0131\u011f\u0131n\u0131 s\u00f6yleyen Karacan, \u201cBunu nas\u0131l d\u00fczelteceksiniz? D\u00fczenleyici- denetleyici organ\u0131n bu noktada gelen insanlara ya da piyasaya, arac\u0131 kurumlara \u2018Yok karde\u015fim ben sana hesap a\u00e7m\u0131yorum\u2019 deme imkan\u0131 yok ki. O zaman demek ki burada birtak\u0131m al\u0131\u015fveri\u015fle ilgili kurallar\u0131n\u0131z\u0131 s\u0131k\u0131la\u015ft\u0131rman\u0131z gerekir. E\u011fer s\u0131k\u0131la\u015ft\u0131rmazsan\u0131z kazalara neden olursunuz.\u201d ifadelerini kulland\u0131.<\/p>\n Ali \u0130hsan Karacan, bir \u015firkete halka arz olma izni verilmesinin asl\u0131nda ona bir derecelendirme verme anlam\u0131na geldi\u011fini, yaln\u0131zca \u015fekli \u015fartlar\u0131 kar\u015f\u0131lamas\u0131n\u0131n bir \u015firkete halka arz onay\u0131 verilmesi i\u00e7in yeterli olmad\u0131\u011f\u0131n\u0131 s\u00f6yledi. \u201c\u015eimdi ge\u00e7mi\u015fte sermaye piyasas\u0131nda problem olmu\u015f insanlar gelseler, halka a\u00e7\u0131k bir \u015firket a\u00e7mak isteseler izin verecek misiniz? Hay\u0131r, \u015fekil \u015fartlar\u0131 kar\u015f\u0131la\u015fsalar bile izin vermezsiniz\u201d diyen Karacan, baz\u0131 tip \u015firketlerin ve baz\u0131 sekt\u00f6rlerin borsaya uygun olmad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc de vurgulad\u0131. Daha \u00f6nce in\u015faat ve futbol \u015firketlerinde y\u00f6neticilik yapt\u0131\u011f\u0131n\u0131 ifade eden Karacan, bu \u015firketlerinin borsaya uygun olmad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc belirtti. Karacan, \u201cSonra T\u00fcrkiye\u2019de ba\u011f\u0131ms\u0131z \u00fcye maskaral\u0131\u011f\u0131 var. Komedisi var. Ne yapmak laz\u0131m? Basit bir kural; \u2018majority of minority\u2019, az\u0131nl\u0131\u011f\u0131n \u00e7o\u011funlu\u011fu. Ba\u011f\u0131ms\u0131z \u00fcyeyi T\u00fcrk hukuku gibi Kara Avrupas\u0131 hukuklar\u0131nda, kontrol edilen orta\u011f\u0131n oldu\u011fu yerlerde az\u0131nl\u0131k se\u00e7er. \u00c7o\u011funluktaki pay sahiplerinin, ba\u011f\u0131ms\u0131z \u00fcyenin kim olaca\u011f\u0131n\u0131, ba\u011f\u0131ms\u0131z \u00fcyenin se\u00e7imi karar\u0131n\u0131 vermesinin yanl\u0131\u015f oldu\u011funu d\u00fc\u015f\u00fcn\u00fcr\u00fcm\u201d dedi.<\/p>\n Konu\u015fmalar\u0131n ard\u0131ndan d\u00fczenlenen panelde T\u00fcrkiye Sermaye Piyasalar\u0131 Birli\u011fi (TSPB) Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi Dilek T\u00fcrker Uluda\u011f \u201cBorsa<\/a> \u0130stanbul\u2019da halka arzlarla y\u00fckseli\u015fin oldu\u011funun hepimiz fark\u0131nday\u0131z. \u0130\u015flem hacminin 2023\u2019\u00fcn ilk alt\u0131 ay\u0131n\u0131, 2022\u2019yle k\u0131yaslad\u0131\u011f\u0131m\u0131zda y\u00fczde 108\u2019lik bir art\u0131\u015f oldu\u011funu g\u00f6r\u00fcyoruz\u201d dedi. Uluda\u011f, Borsa \u0130stanbul\u2019un bu alanda d\u00fcnyada on dokuzuncu s\u0131rada oldu\u011funu da ifade etti. Uluda\u011f son d\u00f6nemde hisse senedi elde tutma s\u00fcresinin k\u0131sald\u0131\u011f\u0131na ve devir h\u0131z\u0131n\u0131n artt\u0131\u011f\u0131na dikkat \u00e7ekerek, \u201cDevir h\u0131z\u0131na bakt\u0131\u011f\u0131m\u0131zda d\u00f6rd\u00fcnc\u00fc s\u0131raday\u0131z ki; olduk\u00e7a yukar\u0131ya \u00e7\u0131km\u0131\u015f durumday\u0131z. Birinci s\u0131rada Nasdaq var Nasdaq\u2019ta binlerce hisse senedi i\u015flem g\u00f6r\u00fcyor\u201d dedi ve \u201cDemek ki bizdeki yat\u0131r\u0131mc\u0131lar \u00e7ok k\u0131sa vadeli yat\u0131r\u0131m yap\u0131yorlar, \u00e7ok k\u0131sa vadede hisse senetlerini elden \u00e7\u0131kar\u0131yorlar. Hala bir uzun vadeli yat\u0131r\u0131m stratejisini yat\u0131r\u0131mc\u0131lar\u0131m\u0131z benimsememi\u015f\u201d diye de ekledi. Borsaya kote olan \u015firket say\u0131s\u0131nda T\u00fcrkiye\u2019nin d\u00fcnyada yirmi d\u00f6rd\u00fcnc\u00fc s\u0131rada oldu\u011funu ifade eden Uluda\u011f, \u201c359 milyar dolar piyasa de\u011feriyle 26.s\u0131raday\u0131z. Bizim \u00fcst\u00fcm\u00fczde \u0130ran, Malezya ve Meksika var\u201d ifadelerini kulland\u0131. Uluda\u011f ayr\u0131ca piyasa de\u011feri\/GSYH s\u0131ralamas\u0131nda Borsa \u0130stanbul\u2019un 2022 y\u0131l\u0131nda 37. s\u0131raya geriledi\u011fini de ifade ederek, \u201cDemek ki i\u015flem hacminin \u00e7ok fazla olmas\u0131, bize \u00fclke ekonomisi anlam\u0131nda \u00e7ok fazla bir \u015fey getirmiyor. Hatta derinlik de sa\u011flam\u0131yor\u201d dedi.<\/p>\n Eliptik Yat\u0131r\u0131m CEO\u2019su Kubilay Da\u011fl\u0131, yat\u0131r\u0131m\u0131n teknoloji sayesinde daha demokratikle\u015fti\u011fini ve yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmetlerinin daha eri\u015filebilir boyutlara ula\u015ft\u0131\u011f\u0131n\u0131 dile getirdi. Teknoloji sayesinde yat\u0131r\u0131mc\u0131ya farkl\u0131 enstr\u00fcmanlarla kolayca ula\u015fan kurumlar\u0131n gelir da\u011f\u0131l\u0131m\u0131n\u0131n da de\u011fi\u015fti\u011fini vurgulayan Da\u011fl\u0131, \u201cArac\u0131 kurumlar\u0131n \u00f6zsermayeleri 2019 y\u0131l\u0131nda 1 milyar 280 milyon dolarken, 2023 Haziran itibar\u0131yla y\u00fczde 40 artarak 1 milyar 790 milyona ula\u015fm\u0131\u015f durumda. Yani dolar<\/a> baz\u0131nda d\u00f6rt bu\u00e7uk y\u0131l i\u00e7erisinde arac\u0131 kurum sekt\u00f6r\u00fcnde y\u00fczde 40\u2019l\u0131k bir art\u0131\u015f s\u00f6z konusu. Bu art\u0131\u015f nas\u0131l meydana geldi? Yeni gelen yat\u0131r\u0131mc\u0131lar, yeni gelen \u00fcr\u00fcnler\u201d ifadelerini kulland\u0131. Algoritmik i\u015flemlerin i\u015flem hacmine katk\u0131 sa\u011flarken, arac\u0131 kurumlar\u0131n i\u015f yap\u0131\u015f modellerini de de\u011fi\u015ftirdi\u011fini ifade eden Da\u011fl\u0131, \u201cMesela 2019 y\u0131l\u0131nda i\u015flem hacmi 1.5 milyar dolarken, ekim ay\u0131 itibar\u0131yla 5,7 milyar dolara \u00e7\u0131km\u0131\u015f durumda\u201d dedi. Arac\u0131 kurum sekt\u00f6r\u00fcn\u00fcn b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc ve yeti\u015fmi\u015f elemana ihtiya\u00e7 duydu\u011funu da kaydeden Da\u011fl\u0131, \u201cTeknoloji kullanmam\u0131za ra\u011fmen arac\u0131 kurum \u00e7al\u0131\u015fanlar\u0131 s\u00fcrekli art\u0131yor. Yine 2019 y\u0131l\u0131n\u0131 baz ald\u0131\u011f\u0131m\u0131zda 2022 y\u0131l\u0131n\u0131n sonuna kadar y\u00fczde 36\u2019l\u0131k bir art\u0131\u015f s\u00f6z konusu \u00e7al\u0131\u015fan say\u0131s\u0131nda. Yine 2023\u2019te de art\u0131\u015f s\u00f6z konusu\u201d dedi.<\/p>\n Tahsildaro\u011flu CEO\u2019su Sevdil Y\u0131ld\u0131r\u0131m paneldeki konu\u015fmas\u0131nda d\u00fczenleyici kurumlar\u0131n \u201cd\u00f6n\u00fc\u015f\u00fcm motoru\u201d olma g\u00f6revine vurgu yaparak, 1980 ve 90\u2019lar\u0131n piyasa ekonomisine ge\u00e7i\u015f s\u00fcrecinde, SPK\u2019n\u0131n de\u011fer yaratma olgusunu merkeze koyarak elde bulunan k\u0131t kaynaklarla b\u00fcy\u00fck i\u015fler ba\u015fard\u0131\u011f\u0131n\u0131 belirterek, \u201cAsl\u0131nda SPK bir change engine, yani d\u00f6n\u00fc\u015f\u00fcm\u00fcn motoru gibiydi\u201d ifadelerini kulland\u0131. Sermaye piyasalar\u0131n\u0131n yaln\u0131zca d\u00fczenleyici i\u015flem yapmaktan ziyade de\u011fi\u015fimin tetikleyicisi olmas\u0131 gerekti\u011fini s\u00f6yleyen Y\u0131ld\u0131r\u0131m, \u201cHalka kapal\u0131 olan \u015firketler bile falan fi lan holdingin, falan fi lan bankan\u0131n sermaye piyasalar\u0131nda yapt\u0131klar\u0131 operasyonlardan kendilerine ev \u00f6devi \u00e7\u0131kar\u0131yorlar\u201d dedi ve SPK\u2019n\u0131n olu\u015fturdu\u011fu kurumlar ve getirdi\u011fi \u00e7\u00f6z\u00fcmlerle b\u00fct\u00fcn sistemi rehabilite etti\u011fini s\u00f6yledi.<\/p>\n Bilkent \u00dcniversitesi \u00f6\u011fretim \u00fcyesi Prof. Dr. \u00c7a\u011flar Manavgat, kurumsal y\u00f6netim konusunda en \u00f6nemli kayna\u011f\u0131n OECD G20 kurumsal y\u00f6netim ilkeleri oldu\u011funu ve bu ilkelerde son d\u00f6nemde yap\u0131lan de\u011fi\u015fikliklerin T\u00fcrk hukukunu da etkileyece\u011fini s\u00f6yledi. Manavgat, T\u00fcrkiye\u2019de 1000\u2019in \u00fczerinde \u015firketler toplulu\u011fu bulundu\u011funu ve kurumsal y\u00f6netim ilkelerine uyum ad\u0131 alt\u0131nda ad\u0131mlar at\u0131lmas\u0131 durumunda T\u00fcrkiye\u2019nin yak\u0131n gelecekte daha fazla denetim a\u011f\u0131rl\u0131kl\u0131 d\u00fczenlemeler yapmas\u0131 gerekebilece\u011fini s\u00f6yledi. Manavgat, \u201cOECD\u2019nin yeni yay\u0131mlad\u0131\u011f\u0131 2023 durum raporunda 49 \u00fclke kat\u0131lm\u0131\u015f \u00e7al\u0131\u015fmaya. Y\u00fczde 87\u2019si uygula veya a\u00e7\u0131kla y\u00f6ntemine g\u00f6re uyguluyor kurumsal y\u00f6netim ilkelerini. Yaln\u0131zca y\u00fczde 12\u2019si zorunlu ilkelerle \u2018uygula veya a\u00e7\u0131kla\u2019y\u0131 karma sistemle uyguluyor ki bunun i\u00e7inde T\u00fcrkiye de var. Yani az\u0131nl\u0131\u011f\u0131n i\u00e7erisinde yer al\u0131yor\u201d dedi.<\/p>\n<\/p><\/div>\n“\u0130n\u015faat ve futbol borsaya uygun de\u011fil”<\/h2>\n
\u0130\u015flem hacminin fazla olmas\u0131 derinlik sa\u011flam\u0131yor<\/h2>\n
Arac\u0131 kurum sekt\u00f6r\u00fcnde y\u00fczde 40\u2019l\u0131k art\u0131\u015f<\/span><\/h2>\n
“SPK b\u00fct\u00fcn sistemi rehabilite etti”<\/span><\/h2>\n
“Kurumsal y\u00f6netimde az\u0131nl\u0131\u011f\u0131n i\u00e7indeyiz”<\/span><\/h2>\n