Is The New Financial Center Istanbul Compatible With The European Union Financial Norms

In this book, the latest stage reached in the works performed in istanbul Financial Center (İFM) project starting as one of the most important projects in Turkey in 2009 has been assessed and compliance with national and international norms such as action plans, European Union (EU), General Agreement on Tariffs and Trade (GATTs) has been ques-tioned. To what extent the stock indices of developed countries in the world are co-integrated between October, 2005- the date in which EU ne-gotiations began- and December 2015 has been tested econometrically. it has been concluded that stock index of İSTANBUL STOCK EX-CHANGE (BİST) is not cointegrated with stock exchanges of US, HONG KONG, DUBAİ, EUROSTOXX50, ENGLAND and SWITZERLAND in the above-mentioned period. The said empirical finding means that there is not long-term connection betvveen variables. Although istanbul has sig-nifıcantly proceeded in the ranking of developed financial centers consid-ering the work done towards becoming a FC it has been observed that it has not reached the desired level yet.