School /Department: University of Reading, ICMA Centre / International Securities, Investment and Banking

Current Position: Borsa Istanbul, Director of Derivatives Market

 

Could you tell us a little about yourself?

I was born in 1971 in Niksar. After completing my secondary education at Samsun Anatolian High School, I graduated from the Electrical and Electronics Engineering Department of Middle East Technical University (METU) in 1993. Following my undergraduate studies, I attended the Banking School of T.C. Ziraat Bank from 1994 to 1995, where I received training in banking. My work focused on areas such as electronic fund transfers, domestic and international transfer systems. It was here that I developed the fundamental knowledge and skills required for the banking sector. In 1996, I passed the written and oral examinations and began my career at Borsa Istanbul as an assistant expert.

While working at Borsa Istanbul, I completed my MBA at Istanbul Technical University (ITU) from 2002 to 2003. Later, during the 2005-2006 academic year, I pursued a master’s degree in International Securities, Investment, and Banking at the University of Reading’s ICMA Centre through the Jean Monnet Scholarship. This education played a significant role in deepening my understanding of the European Union’s (EU) financial systems. My growing interest in financial markets and areas of expertise guided me towards building a distinguished career in this sector.

 

How has your career progressed up to today?

I began my professional journey in 1994 at T.C. Ziraat Bankası, but soon transitioned to Borsa Istanbul, then known as the Istanbul Stock Exchange (ISE). Throughout my tenure at Borsa Istanbul, I worked on numerous projects across departments, including the International Market, Debt Securities Market, Business Development, and Strategic Planning Department. Since 2016, I have been serving as the Director of Derivatives Markets at Borsa Istanbul.

The education I received through Jean Monnet Scholarship Programme provided me with comprehensive knowledge in financial management and strategy. This experience was instrumental in advancing my career at Borsa Istanbul where I especially played an important role in the establishment of futures and options markets. The knowledge and experience I gained in Europe helped me grasp the dynamics of international financial markets, allowing me to contribute to strengthening of Türkiye’s position in this field.

 

Could you provide more details about the university and your research during your studies through Jean Monnet Scholarship Programme?

Throughout my studies, I worked on several topics, with my thesis focusing on the “Relationship Between Türkiye and European Government Bond Markets.” In this project, I conducted a co-integration analysis of government bond market yields to explore Türkiye’s financial integration with EU member states.

For my research, I used data from J.P. Morgan bond indices for France, Germany, Italy, Greece, Hungary, Poland, and Türkiye, covering 1,278 daily observations between January 1, 2001, and November 23, 2005. My study revealed that the level of financial integration between Türkiye and EU member states was relatively low, however, this presented significant advantages for Türkiye in terms of investment. Specifically, Turkish government bond markets demonstrated a tendency to operate independently from European markets, making Turkish bonds attractive for portfolio diversification.

These findings highlighted that Türkiye’s distinct financial markets and unique structure offer investors opportunities for hedging against various risks and diversifying their portfolios. This also underscored Türkiye’s potential to maintain its independent economic and financial policies in the EU membership process. As a result, the outcomes of my research provided valuable insights into the opportunities offered by Türkiye’s financial markets to international investors and served as an important guide in shaping our country’s economic strategies.

 

How did the education you completed through Jean Monnet Scholarship Programme influence your perspective on the European Union?

The education I received through Jean Monnet Scholarship Programme allowed me to gain in-depth knowledge of the EU’s financial systems and integration processes. This experience enabled me to observe and analyse the regulations governing EU capital markets from a practical perspective. The knowledge and experience I acquired enhanced my awareness of the EU’s enlargement, financial services integration, and market regulations.

This master also allowed me to better understand the challenges Türkiye faces in the EU integration process and develop a more strategic perspective. Particularly, analysing Türkiye’s level of financial integration with EU member states enabled me to see the unique and dynamic structure of Türkiye’s financial markets compared to the EU’s. This provided me with insights into how Türkiye can optimize its cooperation opportunities with the EU while preserving its financial independence.

The integration of financial markets in the EU holds the potential to increase capital flows to emerging markets. In this context, the education I received and the research I undertook raised my awareness of the opportunities and risks that Türkiye presents. Consequently, from the perspective of EU-Türkiye relations, I realized that not only the economic but also the political and social dimensions of Türkiye’s EU accession process should be learned. This accumulation of knowledge equipped me with a broader perspective to understand the challenges in Türkiye’s EU accession and contribute to this process.

 

What advice would you give to prospective Jean Monnet scholars?

I would advise prospective scholars to view this experience not merely as an academic responsibility but as an opportunity to discover themselves and push their boundaries. Meeting people from different cultures and learning from their perspectives broadens one’s worldview and opens new doors. Academically, in addition to acquiring knowledge in their fields of study, I recommend them to approach their subjects with a broader perspective. For instance, knowledge of broader issues such as the EU’s financial systems, policies and cultural structures would make their expertise more meaningful.

Additionally, I would like to emphasize the importance of building an international network and using it effectively. They can take on active roles in the seminars, conferences, and social events that they participate. The connections they establish during these events would be immensely beneficial in their future careers.

Finally, I would encourage them to be bold and step outside of their comfort zones, as this scholarship offers not only academic success but also opportunities for personal development and self-confidence.