Istanbul, with its regulated markets and structure, is a candidate to become a global financial center said renowned international economist Cornelia Meyer at the 2014 Istanbul Finance Summit (IFS) on Monday.
"Global financial centers should constantly improve their products and invest in innovation. Istanbul is a city ready to become a finance hub. [Its] strengths in culture and diversity of the city should be emphasized in order for Istanbul to become an effective financial center," Meyer said.
"Istanbul, with the opportunities it presents, historical background and diversity, is ideal to become a financial center," added NASDAQ OMX vice-chairwoman, Sandy Meyer Frucher. "Istanbul holds a strategic location between Europe and Asia making it regional financial center."
Frucher also said, "Turkey should benefit from its connection to the Islamic world by attracting Islamic financial instruments."
Financial and economic experts from around the world have gathered for a two-day summit in Istanbul in order to discuss innovative finance.
The summit hosts leading representatives of global financial markets and senior executives from financial institutions from North America, Europe, the Gulf Region and East Asia.