Development of brokerage firms in Türkiye: Structural transformation, investor behavior and technological adaptation

This study aims to examine the development process of brokerage firms in Turkey between 2015 and 2024 within the context of structural transformations in capital markets, adopting a holistic perspective that also considers changes in investor behavior and technological adaptation processes. The research analyzes the dynamic structure of Turkey's capital markets during this period, taking into account macroeconomic disruptions and changes in the regulatory framework, to evaluate the sectoral role and penetration level of brokerage firms. In the first part of the study, the historical background of Turkish capital markets is briefly discussed, followed by an examination of the impact of regulatory bodies on the sector during the 2015-2024 period. Subsequent sections provide a detailed analysis of the numerical growth of brokerage firms, their trading volumes, revenue structures, and the transformation observed in investor profiles. Moreover, the effect of financial literacy levels on the customer base of brokerage firms is revealed through data from Borsa İstanbul and Takasbank. The study particularly highlights the macroeconomic developments after 2015, the negative real interest rate environment, global uncertainties, and the effects of the 2020 pandemic on capital markets, emphasizing the changes observed in individual investor behavior. In addition, the contribution of technological infrastructure investments and digitalization processes to the performance of brokerage firms is extensively discussed. By utilizing data from SPK, BIST, and TCMB, the study concludes that institutional depth in the capital markets increased, the individual investor base expanded, and brokerage firms underwent a restructuring process both technologically and organizationally during the 2015-2024 period. Furthermore, it is determined that the diversification of the investor base and the effective use of digital channels have strengthened competition in the sector and directly impacted trading volumes. Keywords: Capital markets, brokerage firms, ınvestor behavior, technological adaptation, financial literacy.