From access to impact: TEFAS's effect on the Turkish mutual funds landscape

This study examines the impact of the Turkey Electronic Fund Trading Platform (TEFAS) on the Turkish mutual fund market, focusing on competition, fee structures, and performance dynamics. By enabling investors to access various funds through a single account, TEFAS has streamlined the investment process and reduced barriers to diversification. Using data from January 2011 to June 2019, this research applies competition literature methods to analyze the effects of TEFAS through descriptive analysis, fee versus performance analysis, and competition analysis. The results indicate that TEFAS has reduced fees and has led to more converged fee structures across most fund categories. However, it also increases the concentration for some categories. These findings highlight the importance of regulatory interventions in shaping market dynamics and improving investor outcomes.