Dr. Turan Erol started his career as research assistant at one of the foremost Turkish universities. He earned master's degree from Middle East Technical University, Turkey, and PhD in economics from Erasmus University, Netherlands. He taught at Baskent University, Turkey, as Assistant Professor in 1997-1998 and as Associate Professor between 1998 and 2003. He was appointed as member in 2003 and Deputy Chairman in 2005 to the Capital Markets Board of Turkey. In 2007, he was appointed as Chairman of the Board.

Dr. Erol has lots of academic publications both in Turkey and abroad in the field of economics and finance. Some of the articles of Dr. Erol are as follows.

Corporate debt and output pricing in developing countries: Industry-level evidence from Turkey, Journal of Development Economics, Vol.:76 (2005)

Strategic Debt with Diverse Maturity in Developing Countries, Emerging Markets Finance & Trade, Vol.:40 (2004)

Capital structure and output pricing in a developing country, Economics Letters, Vol.:78 (2003)

Exchange rate policy and fiscal stability, METU Studies in Development, Vol.:25 (1998)

Nominal anchors of the Turkish economy: Evidence from a VAR model, METU Studies in Development, Vol.:24, No:3 (1997)

Exchange rate policy in Turkey: Internal stability and external balance, Tinbergen Institute Research Series, No:113 (1996)

Real exchange rate targeting and inflation in Turkey: An empirical analysis with policy credibility, World Development, Vol.:25 (1997)

Mr. Hüseyin Erkan is Chairman and CEO of the Istanbul Stock Exchange. Prior to his recent appointment as the Chairman and Chief Executive Officer of the Istanbul Stock Exchange by the Turkish Government, Mr. Erkan was the Chief Advisor to the Board of Konya Sugar Company; largest private sector group of companies in sugar refining and agricultural products; to restructure the group's activities. Mr. Erkan served as the General Manager of Ticaret Securities for a short period following his departure from the Istanbul Stock Exchange as Executive Vice Chairman in 2006. He was responsible for the International Market, International Relations and Human Resources among other responsibilities at the Istanbul Stock Exchange (ISE) for twelve years, and was also a Board Member of Takasbank (Central Securities Depository, Settlement and Clearing Bank of ISE). Early in his career, Mr. Erkan had extensive experience in the transportation, petroleum and manufacturing sectors. He entered the capital markets in 1989 as a Research Analyst working with foreign institutional investors. Subsequently, he worked as a Research Analyst on a retainer basis for Bankers Trust following various sectors in the capital markets of Turkey between 1992 and 1993. Became a partner and Deputy Chairman to Tezal Securities in Istanbul for two years and left the company prior to joining the Istanbul Stock Exchange (ISE) in 1994. Mr. Erkan graduated from New York University Stern Business School with a B.S degree in Economics (1981) and an MBA in the fields of International Business and Finance (1984) with a thesis project on currency risk management at the United Nations Development Program (UNDP).

Dr. Robert M. Fisher is an Assistant Director in the Office of International Affairs at the US Securities and Exchange Commission (SEC). Dr. Fisher is both an attorney and an economist; his education includes a Ph.D. in Economics from Duke University (1982) and a J.D. from Harvard Law School (1991, magna cum laude). He is responsible for SEC technical assistance, including sharing best regulatory practices, assistance on draft regulations and statutes, answering inquiries from foreign regulators on SEC practice and the provision of training to foreign regulators. In the past three years, he has provided in-country consultations, given technical presentations, participated as a speaker or conducted training programs in the following countries: Brazil, Canada, China, Egypt, Ethiopia, India, Kuwait, Malaysia, Philippines, Saudi Arabia, South Africa, Thailand, Trinidad & Tobago, Uganda, Ukraine and the United States. Prior to his present position, Dr. Fisher served as a financial economist in the SEC's Office of Economic Analysis, where he worked on policy-related issues and in support of enforcement. Before joining the SEC, Dr. Fisher's legal career included stints (as a lawyer) at the law firms of Fried Frank, Sidley & Austin and Skadden Arps. At Fried Frank -and just prior to joining the SEC- he was Special Counsel and focused on securities regulatory and enforcement matters. While his primary area of practice has been securities regulation, he has also worked on telecommunications, anti-trust, railway, international trade and banking matters. He clerked for Judge Stephen F. Williams at the US Court of Appeals, D.C. Circuit.  Dr. Fisher also has experience as a consultant, working as a "practice manager" at a for-profit corporate think-tank known as the Corporate Executive Board, where he oversaw various teams of consultants providing best practice studies (largely to Fortune 500 companies.) His academic experience includes teaching economics as an Associate Professor at the College of the Holy Cross in Worcester, Massachusetts, as well as stints (as an economist) at Cambridge University as a Visiting Fellow, at the Australian National University as a Research Fellow and at the University of Adelaide (South Australia) as a Tutor. He also served as an Adjunct Professor of Law at the Georgetown University Law Center in Washington, DC, where he co-taught a course on Global Securities Markets. Dr. Fisher has published one book, entitled The Logic of Economic Discovery. It is an exploration of economic methodology. Dr. Fisher was a recipient of the US SEC Chairman's Award for Excellence in 2008.

Daniel M. Gray is currently the Senior Special Counsel for Market Structure in the Division of Trading and Markets, U.S. Securities and Exchange Commission. Since 1999, he has worked on a variety of SEC market structure initiatives, including Regulation NMS (2005), disclosure of order execution quality and order routing practices (2001), the Market Fragmentation Concept Release (2000), and the Market Information Concept Release (1999). His responsibilities for Regulation NMS relate primarily to the Order Protection Rule, Access Rule, and Market Data Rules and Plan Amendments. He previously worked as an Assistant General Counsel of Ernst & Young, as counsel to SEC Commissioner Philip R. Lochner, Jr., and as an attorney in the Office of Chief Counsel of the Division of Market Regulation. Mr. Gray is a 1983 graduate of the Duke University School of Law.

Mr. Kurt Gresenz is a Branch Chief in the Office of International Affairs, responsible for the SEC's international enforcement efforts. He received his undergraduate degree in 1986 from Duke University in North Carolina, where he studied Political Science. He received his law degree in 1989 from the University of Texas. Upon graduation from law school, he joined a litigation firm in Los Angeles, California, becoming a partner of the firm in 1997. He took a leave of absence from the firm in 1998 to serve as a trial attorney for the City of Los Angeles, prosecuting criminal cases. In 2000, Kurt left the firm to join the SEC's Enforcement Division in Washington, D.C.  Kurt left the Enforcement Division in 2008 to join the SEC's Office of International Affairs. While at the SEC, Kurt has received several awards for his investigations, including three Chairman's Awards for Excellence (in 2008, 2004 and 2002) and three Division of Enforcement Director's Awards (two in 2007, the other in 2001). He was also one of the principal investigators in the SEC's Enron investigation, in which the SEC has filed more than a dozen civil enforcement actions, charged more than two dozen individuals with securities fraud and recovered almost have a billion dollars for innocent investors. Kurt also received an award from the Director of the Federal Bureau of Investigation (FBI) for his work with the FBI on the Enron investigation.

Ms. Rina R. Hussain is a Branch Chief in the Office of Compliance, Inspections and Examinations of the US Securities and Exchange Commission. Ms. Hussain holds a BS degree in Accounting from Rutgers University and an MBA in Finance & Economics from Fordham University.  She has been working in the securities industry for the past twelve years at the SEC, FINRA (formerly known as the NASD) and at broker-dealers.  Most of her work has been in the arena of examinations of mid-size broker-dealers, large market makers, ECNs and SROs, giving her an opportunity to develop an expertise relating to retail, institutional and proprietary trading, order management & execution systems, dark pools, trade reporting, suitability, net capital, books and records, supervisory procedures and surveillance systems.  She is currently a Branch Chief in the Broker-Dealer group within the Office of Compliance Inspections and Examinations (OCIE) at the SEC and has led examinations on a variety of issues including a review of firms' institutional order handling and proprietary trading practices, information barriers, best execution, broker-dealers' syndicated loan practices, option assignment practices, mutual fund revenue sharing, and SRO examinations of the NYSE, PCX and CSE. Rina has participated in many significant examinations, including a joint OCIE and Enforcement investigation of Knight Securities' fraudulent failure to provide best execution to mutual fund customers that resulted in a $79,000,000 settlement.  Presently, she's leading a team in the review of information leakage involving voluminous trading analysis for the largest broker-dealers in the U.S. market.

Mr. James Reese is a Senior Staff Accountant of the US Securities and Exchange Commission. Jim began his career at the SEC nine years ago as a Securities Compliance Examiner in the Office of Compliance Inspections and Examinations' Investment Adviser/Investment Company Oversight group. In 2004, he was promoted to Branch Chief within that group. Last year, Jim was selected to help setup OCIE's new Surveillance and Reporting Group. Aside from conducting inspections of various SEC Registrants, Jim works on a variety of program-wide initiatives and special projects, dealing with data analytics, improvements in technology and reporting. Prior to joining the SEC, Jim was a financial analyst in Virginia and interned with Morgan Stanley Dean Witter and Prudential Securities.

Timothy L. Warren is an Associate Regional Director (Enforcement) at the Chicago Regional Office of the U. S. Securities and Exchange Commission. Mr. Warren is a Senior Enforcement Official at the SEC with over 20 years experience on the Commission's staff in the Division of Enforcement.  During his tenure with the SEC, Mr. Warren has overseen the investigation and prosecution of virtually every form of securities fraud.  Mr. Warren currently oversees the SEC's enforcement program for a nine state region in the Midwestern portion of the United States.  Prior to assuming his present position with the Commission in 1998, Mr. Warren served as a Staff Attorney in the SEC's Division of Enforcement from 1985 to 1988, a Branch Chief from 1988 to 1991, and an Assistant Regional Director from 1991 to 1998.  Mr. Warren is a graduate of Stanford University (1981) and obtained his J.D. degree from Loyola University of Chicago (1985).

Mr. Bülent Gökrem is Head of Enforcement Division at the Capital Markets Board of Turkey (CMB). He received his bachelor degree in 1996 from Ankara University Faculty of Law, Ankara. He also has L.L.M. degree both from Yeditepe University (2005), Istanbul and from American University Washington Collage of Law (2007), DC. He has served as an assistant investigator from 1997 to 2000 and investigator until 2007 at the CMB. Mr. Gökrem has worked in supervision of the corporations subject to the Capital Market Law, the intermediary institutions, banks and other financial institutions operating in the securities market, investigated violations of the securities regulations.

Mr. Abdullah Yavas is a chief investigator at the Enforcement Division of the Capital Markets Board of Turkey (CMBT). He has previously served as the Assistant Director and the Director of the Enforcement Division and Director of the Division for Intermediary Activities (Broker-Dealers), consecutively, at the Capital Markets Board of Turkey (CMBT). He received his undergraduate degree in 1985 from Faculty of Political Sciences, University of Ankara, Turkey where he studied business management. He also holds an MA degree in economics from Western Illinois University, Macomb, Illinois, USA. He is currently a PhD student at the Institute of Banking and Insurance at Marmara University, Istanbul, Turkey. He has served as an assistant investigator from 1985-1988 and investigator until 1998 at the CMB. After then, until the end of 2006 Mr. Yavas has been assistant director for Enforcement Division and director for Enforcement Division and Division for Intermediary Activities, consecutively. In the early years of his career, he has made investigations on publicly held companies and their financial statements, investigated broker-dealers along with related fraud cases and done market abuse investigations. During his 9-year directorship at the two separate divisions of CMBT, he supervised and monitored various investigations in all areas under the jurisdiction of CMBT, he monitored and conducted many studies and regulatory works and discussions on broker-dealer issues in Turkey. Mr. Yavas also holds the Certified Public Accountant of Turkey (SMMM) designation.

Nahit Akarkarasu is an Assistant Director of Enforcement Division at the Capital Markets Board of Turkey (CMB). He received his law degree in 1997 from Dokuz Eylül Universtiy, İzmir and an LL.M. in 2007 from Columbia University School of Law, New York City, New York. He has served as an assistant investigator from 1998-2001 and investigator until 2007 at the CMB. Mr. Akarkarasu has supervised mostly market abuse investigations among all securities fraud cases related to publicly owned joint stock companies, securities firms, sales of unregistered securities, transactions related to initial public offerings, unauthorized intermediary activities and money laundering activities. Mr. Akarkarasu prepared a proficiency thesis at the CMB entitled "Internal Auditing in Publicly Held Companies and Recommendations to Activate Audit Committees" in 2001.

Ms. Muge Tasci is a senior expert at the Capital Markets Board of Turkey (CMB). She received her undergraduate degree in Business Administration from Middle East Technical University, Ankara, Turkey (1998) and holds a Msc. degree in Financial Management from Rotterdam School of Management, Erasmus University, Rotterdam, Netherlands (2008). Ms. Tasci also completed a certificate program in Energy Law at Banking and Trading Law Institute of Ankara University, Ankara, Turkey (2006). She started her career in 1999 as a junior specialist at the Intermediary Institutions Department of the CMB. She prepared her proficiency thesis on use of risk management information systems at financial institutions and was promoted as senior specialist in 2002. During her work in the department, she actively participated in drafting of regulatory framework regarding intermediary institutions and intermediary activities, involved in resolution of investor complaints, examined capital adequacy reports and financial statements of intermediary institutions and conducted on site examinations.

Ms. Tuba Ertugay Yıldız is a senior investigator at the Enforcement Division of the Capital Markets Board of Turkey (CMBT). Tuba began her career at the CMBT as an associate expert at the Department of Market Regulation and Surveillance in 2002. After working 6 months at the Market Regulation and Surveillance Division, Tuba joined the Enforcement Division as an associate investigator. In 2005, she was promoted to senior investigator. As a senior investigator, Tuba audits financial statements and activities of various publicly held corporations, intermediary firms and investment trusts. Aside from conducting financial audits, Tuba investigates various insider trading and artificial market activities. In addition to these core responsibilities, Tuba investigates money laundering activities as an empowered investigator by Financial Crimes Investigating Board and participates in the revise of Capital Markets Legislation. Tuba prepared a research paper about hedge funds and the implications of their settlement for the Turkish capital markets in 2004. Currently, Tuba is attending her Executive MBA education at Koç University.

Mr. Hasan Seyman is an Investigator at the Enforcement Division of Capital Markets Board of Turkey. After a short spell as an assistant auditor in Ernst&Young International, Hasan began his career at the CMB four years ago at the Enforcement Division. He received his undergraduate degree in 2004 from Bogazici University, where he studied Economics. Currently, he is a graduate student in Istanbul University, Institute of Social Sciences Money and Capital Markets Program. In addition to conducting major investigations especially on insider trading and market manipulation cases, Hasan works on a special project carried out by the CMB and the Istanbul Stock Exchange aimed at prevention of market manipulation and the restructuring of stock markets. Hasan has actively participated in real-time surveillance of the stocks in the ISE, which in turn enabled the detection of manipulative activity in some stocks and the taking of immediate actions, such as transaction bans for the individuals and de-registration of their stocks, by the Board. In 2007, he wrote a paper on Penny Stock and Reform and Remedies Act and its possible implications for the Turkish capital markets in terms of market manipulation and investor protection.

Mr. Nuri Aydin is a chief inspector at the Istanbul Stock Exchange (ISE) Inspection and Surveillance Board. He has received his undergraduate degree from Boğaziçi University, where he studied international relations and political science. He also holds an MA degree from Istanbul University where he studied capital markets and financial institutions.

Mr. Aydin joined ISE's Inspection and Surveillance Board in 1996. Over the past eleven years, he worked on almost all types of securities frauds. He has engaged in many market abuse cases, resulting in administrative fines, litigations and convictions.

Also among his duties is the settlement of securities related disputes between investors and the brokerage houses. He has participated in various international and domestic anti-money laundering training programs along with his career on financial crimes. Mr. AYDIN occasionally serves as an expert witness in the law courts on disputes pertaining to capital market issues.

Mr. Aydin holds Certified Fraud Examiner (CFE), Certified Internal Auditor (CIA) and Certified Public Accountant of Turkey (SMMM) designations. He is currently serving as a board member of USIUD, International Fraud Examiners and Investigators Association in Turkey.

Mr. Omer Faruk Baykal is the Chief Economist and Deputy Director in the ECO Trade and Development Bank (ETDB). He has received his undergraduate degree from Boğaziçi University, where he studied Economics. He also completed an MA program in Economics at Bilkent University and holds an MA degree from University of Maryland, College Park where he studied microeconomics and industrial organization. Mr. Baykal started his career at the World Bank in Washington, D.C at various departments including Europe and Central Asia (ECA) and Middle East and North Africa (MENA). Most of his work concentrated on ascertaining investment and growth obstacles in regional developing economies. In 2007, Mr. Baykal joined the ECO Trade and Development Bank (ETDB) where his responsibility is to design development strategies at the national and sectoral level to promote economic growth and trade in ECO region economies.

Mr. Ivo Stankov is a Chief Expert at Market Surveillance Department of Bulgarian Stock Exchange-Sofia.  Mr. Stankov has a Masters Degree in International Finance from Academy of Economics in Svishtov, Bulgaria (http://www.uni-svishtov.bg/EN/) and is currently a PhD student at the University of National and World Economy - Sofia (http://www.unwe.acad.bg/?lang=en). He joined the Bulgarian State Securities and Exchanges Commission in January 2003 (reorganised in the Financial Supervision Commission in March 2003), where he was an expert in the Financial Markets Department until September 2005. There he specialised in onsite inspections and remote supervision on capital markets and market participants.

In October 2005 Mr. Stankov joined the Bulgarian Stock Exchange - Sofia. He works in Market Surveillance Directorate and his responsibilities are implementing new surveillance rules and regulations, preventing market abuse, amending the BSE-Sofia rules in accordance with the new XETRA trading platform, conducting onsite and remote inspections, etc.

Mr. Stankov took active part in implementing the new trading system XETRA on the BSE-Sofia and creating the new BSE Rules and Regulations according to the implementation of MiFID, MAD and Transparency Directive. He also takes active part in the process of creating and evaluating new legislation on Capital Markets in Bulgaria. He has taken part in several international training programs, including Toronto Centre Leadership Program, Convergence Programme Regulatory Impact Assessment Knowledge Transfer Program and has many times represented the BSE-Sofia on various international events.

His fields of interest are Market Abuse Prevention, Regulatory Impact Assessment and International Cross-listing.

Dr.Gunsel Topbas serves as the Securities Country Manager at Citibank A.S. since October 2005. He has a total of 15 years of securities market experience both in brokerage and with the securities infrastructure. He served Takasbank (the Turkish CSD and the clearing and settlement institution for the Istanbul Stock Exchange) for nine years as the Head of the International Department, prior to his move to Citibank A.S.

Gunsel participated and pioneered local and global sector organizations; represented Turkey at the ISO TC68/SC4 committee setting global standards for securities; served as the chairman of the Advisory Board of ANNA (Association of National Numbering Agencies) Service Bureau, and as the convenor of various task forces both at ISO and ANNA, while he was with Takasbank.

He also initiated the establishment and chaired the National Market Practice Group (NMPG) - Turkey with the Turkish Bankers Association. He pioneered the implementation of ISIN and IBAN standards in the Turkish securities market.

He is currently a leading member of Sub-Custodians Working Group, National Market Practice Group and the Derivatives Clearing Task Force.

Gunsel holds a Bachelors Degree in Computer Engineering from the Ege University - Izmir (with first rank); an MSc Degree in Money and Banking from Dokuz Eylul University - Izmir, another MSc degree in International Banking and Finance from the Herriot - Watt University - Edinburgh, and a PhD degree in Corporate Finance from Istanbul University.