Cross-listing Opportunities for the Turkish Derivatives Markets
Don FURMAN, Edgar LaBorde

Abstract
Over time, organizations have expanded globally for many different reasons, including additional market exposure, access to natural resources, access to labor, and access to capital. In effect, organizations pushed across borders to increase the efficiency of their operations on a global scale. Among the many benefits of a global environment the increased availability of capital has led to the advent of cross-listing of both commodities and securities. Cross-listing has many benefits, including a more liquid market, increased shareholder base, improved visibility of corporate disclosure. This paper investigates the viability of cross-listing the Turkish hazelnut on several global derivative exchanges, concluding that it represents a great opportunity for the growers of the hazelnut, the buyers of the hazelnut crop, those that finance the farmers, and the derivative exchanges themselves.

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