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| Type | Stock exchange |
|---|---|
| Location | İstinye,Istanbul, Turkey |
| Coordinates | 41°06′38″N29°02′23″E / 41.11056°N 29.03972°E /41.11056; 29.03972 |
| Founded | 1866 (formally renamedDersaadet Securities Exchange in 1873)[1][2] December 26, 1985 (1985-12-26) (as İMKB)[2] April 5, 2013 (as Borsa Istanbul)[2] |
| Key people | Erişah Arıcan (Chairperson) Mehmet Hakan Atilla (CEO) |
| Currency | Turkish lira |
| No. of listings | 655[3] |
| Market cap | $346.20 billion (2023)[4] |
| Indices | BIST 30 BIST 50 BIST 100 |
| Website | borsaistanbul.com |
| Economy of Turkey |
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Stock exchange |
 Turkey portal |
TheBorsa İstanbul (abbreviated asBIST) is the sole exchange entity ofTurkey combining the former Istanbul Stock Exchange (ISE) (Turkish:İstanbul Menkul Kıymetler Borsası, IMKB), the Istanbul Gold Exchange (Turkish:İstanbul Altın Borsası, İAB) and the Derivatives Exchange of Turkey (Turkish:Vadeli İşlem Opsiyon Borsası, VOB) under one umbrella. It was established as an incorporated company with a founding capital of₺423,234,000[5] (approx. US$240 million) on April 3, 2013, and began to operate on April 5, 2013. Its slogan isworth investing.[6][7]
Shareholders of Borsa İstanbul in 2013 were: 49% Government of Turkey, 41% IMKB, 5% VOB, 4% IMKB members, 1% IMKB brokers and 0.3% IAB members. It is planned that all the Government-ownedshares will be offered for sale.[8] Among the executives of the nine-member board of directors, which is presided by chairman Himmet Karadağ, are former deputy chairman of ISE Osman Akyüz, former head of VOB Işınsu Kestelli,Merrill Lynch Investment Bank General Manager Hüseyin Kelezoğlu and Chairman of Turkish Association of Capital Market Intermediary Institutions Attila Köksal.[6][7]
Shareholders of the Borsa İstanbul are (as of 2024) :[9]
The origin of an organized securities market in Turkey has its roots in the second half of the 19th century. The first securities market in theOttoman Empire was established inIstanbul in 1866 for refinancing theOttoman foreign debt taken during theCrimean War (1853–1856) through governmentbonds.[1] With a law in 1873 it was formally renamed as theDersaadet Securities Exchange (Turkish:Dersaadet Tahvilat Borsası).[1][2] It created a medium for European investors who were seeking higher returns in the vast Ottoman markets. Following the proclamation of theTurkish Republic, a new law was enacted in 1929 to reorganize the fledgling capital markets under the new name of "Istanbul Securities and Foreign Exchange Bourse".
Soon, the Bourse became very active and contributed substantially to the funding requirements of new enterprises across the country. However, its success was clouded by a string of events, including theGreat Depression of 1929 and the impendingWorld War II abroad which had taken their toll in the just developing business world in Turkey. During the industrial drive of the subsequent decades, there was a continuous increase in the number and size of joint stock companies, which began to open up their equity to the public. Those mature shares faced a strong and growing demand from mostly individual investors and some institutional investors.
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The early phase of the 1980s saw a marked improvement in the Turkish capital markets, both in regard to the legislative framework and the institutions required to set the stage for sound capital movements. In 1981, the "Capital Market Law" was enacted. The next year, the main regulatory body responsible for the supervision and regulation of the Turkish securities market, theCapital Markets Board based inAnkara, was established. A new decree was issued in October 1983 foreseeing the setting up of securities exchanges in the country. In October 1984, the "Regulations for the Establishment and Functions of Securities Exchanges" was published in the Official Gazette. The regulations concerning operational procedures were approved in theparliament and the Istanbul Stock Exchange was formally inaugurated at the end of 1985.
The Istanbul Stock Exchange (ISE)[10] was the only corporation inTurkey forsecurities exchange established to provide trading inequities,bonds and bills, revenue-sharing certificates, private sector bonds, foreign securities andreal estate certificates as well as international securities. The ISE was founded as an autonomous, professional organization in early 1986. It is situated in a modern building complex in the quarter ofİstinye, on the European side ofIstanbul, since May 15, 1995.[11]
ISE is home to 320 national companies. Trading hours are 09:30–12:30 for the first session and 14:00–17:30 for the second session, on workdays. All ISE members are incorporated banks and brokerage houses.
ISE price indices are computed and published throughout the trading session while the return indices are calculated and published at the close of the session only. The indices are: ISE National-All Shares Index, ISE National-30, ISE National-50, ISE National-100, Sector and sub-sector indices, ISE Second National Market Index, ISE New Economy Market Index and ISE Investment Trusts Index. The ISE National-100 Index contains both theISE National-50 andISE National-30 Index and is used as a main indicator of the national market.
On April 5, 2013, the Istanbul Stock Exchange merged with the Istanbul Gold Exchange and was reorganized and renamed as Borsa Istanbul.[2]
The current logo of Borsa Istanbul is the traditional flower of Istanbul's imperial gardens, thetulip, also the namesake of theTulip period inOttoman history, which wasfirst introduced to the Europeans in Vienna, 1554, as a gift by Ottoman SultanSuleiman the Magnificent toCharles V, Holy Roman Emperor, of theHouse of Habsburg.[12][13] The tulip later even became avaluable investment commodity in Europe, especially inHabsburg Netherlands, during theTulip mania of the 17th century.
The ISE is a full member of:
The ISE is an affiliate member of:
According toCarbon Tracker in 2021 $1 billion of investment incoal power was at risk ofstranding, including $300 million forEÜAŞ.[14]: 12
There is a four-meter high marble statue of the "Bull and Bear", in front of the ISE building's protocol entrance. Created by one of Turkey's foremost sculptors,Mehmet Aksoy, the statue symbolizes the behavior of the world's stock markets, an aggressive bull poised to attack the surrendering bear. Another group of statues, sculptured byŞermin Güner, made in the honor of all existing and deceased brokers, represents brokers engaged in executing orders and is placed at the main entrance.
The Istanbul Stock Exchange makes contributions to the arts by organizing exhibitions and concerts as well as sponsoring important artistic events in Istanbul.
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