Development of futures market in Turkey: A comparative approach with some developed and developing countries markets

Globalization of financial markets led to the enormous growth of Globalization of financial markets, especially in recent years, has led to a tremendous growth in volume and diversification of financial transactions. Financial derivatives stand out as the main elements of this growth. The open economy policies implemented after the 1980s in Turkey led to the emergence of new financial instruments. Afterwards, a futures and options exchange was established in 2005, and after these dates, it is seen that the transaction volumes of derivative instruments gradually increased. In this study, the level of economic development and the general state of the financial system are examined by using some macroeconomic indicators, and whether they have an effect on derivative instruments futures and options markets. In this context, the transaction volumes of Germany, which is a developed country, South Korea, which is very close to the definition of a developed country, and Turkey, which is developing, are taken into account. As a result of the research, it was seen that some macroeconomic variables strongly affect the futures and options markets.