Efficiency in Electronic Stock Exchanges by Considering the Situation in the Istanbul Stock Exchange

The developing world and undeniable technological progress introduces the term "automation" to our daily lives. Capital markets, as one of the most important pillars of the economy, also utilize automation processes. Stock exchanges, at the heart of capital markets, target to increase efficiency and reach to optimal investment environment for investors through automation infrastructure.

The main heading of this study is "Efficiency in Electronic Stock Exchanges and the Special Situation in the istanbul Stock Exchange." it starts with the chapter "Estabiishment of Electronic Exchanges and Efficiency Criterion"

that gives general information about electronic markets, efficiency indicators in stock exchanges, and their impacts on the automation process. in order to perceive the specific situation in the İSE, it is taken as necessary to outline the efficiency criterion in the automation process.

in the second chapter of the study, the "Analysis of an Emerging Stock Exchange: istanbul Stock Exchange (İSE)," is introduced in terms of its history and market structure.

The third and main chapter of the study is "Efficiency Analysis of the İSE Stock Market." Efficiency is considered from three different aspects: impacts of efficiency on the İSE trading system, called ELİT, efficiency analyses according to Fama's Efficient Market Hypothesis (EMH), and the efficiencyuation of the components of Turkish capital markets. ISE's sensitive and volatile character makes it necessary to handle the efficiency issue from these three different perspectives.

The fourth chapter presents an "International Comparison of the İSE." ît is necessary to define the global position of the İSE in order to strengthen our analyses and forecasts.

The study ends with "Recent Developments and Expectations of Turkish Capital Markets."