The
Istanbul Stock Exchange (
ISE) is the only corporation in
TurkeyTurkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
for securities exchange established to provide trading in equities,
bondsIn finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
and bills, revenue-sharing certificates, private sector bonds, foreign securities and
real estateIn general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
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 of
İstinyeİstinye is a neighbourhood in Istanbul, on the European side of the city. It is located between Emirgan and Yeniköy on the northwestern shore of the Bosporus, within the borough of Sarıyer. It is one of the finest seashore locations on the Bosporus where people walk around during the weekends....
, on the European side of
IstanbulIstanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
, since May 15, 1995. The Chairman and Chief Executive Officer of the ISE is
Hüseyin ErkanHüseyin Erkan is a Turkish high-ranking civil servant for finance and is currently the CEO of the Istanbul Stock Exchange ....
who was appointed by the government on November 2, 2007.
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 the ISE National-50 and ISE National-30 Index and is used as a main indicator of the national market.
Early days of the securities market in Turkey
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 the
Ottoman EmpireThe Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...
was established in 1866 under the name of "Dersaadet Securities Exchange" following the
Crimean WarThe Crimean War was a conflict fought between the Russian Empire and an alliance of the French Empire, the British Empire, the Ottoman Empire, and the Kingdom of Sardinia. The war was part of a long-running contest between the major European powers for influence over territories of the declining...
. Dersaadet Exchange also created a medium for European investors who were seeking higher returns in the vast Ottoman markets. Following the proclamation of the Turkish 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 the
Great DepressionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
of 1929 and the impending
World War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
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.
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, the
Capital Markets BoardThe Capital Markets Board of Turkey is the financial regulatory and supervisory agency of Turkey. Its board it appointed by the Turkish finance ministry.-History:...
based in
AnkaraAnkara is the capital of Turkey and the country's second largest city after Istanbul. The city has a mean elevation of , and as of 2010 the metropolitan area in the entire Ankara Province had a population of 4.4 million....
, 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 the
parliamentThe Grand National Assembly of Turkey , usually referred to simply as the Meclis , is the unicameral Turkish legislature. It is the sole body given the legislative prerogatives by the Turkish Constitution. It was founded in Ankara on 23 April 1920 in the midst of the Turkish War of Independence...
and the Istanbul Stock Exchange was formally inaugurated at the end of 1985.
The emblem
The emblem of the Istanbul Stock Exchange is based on a
turquoiseTurquoise is an opaque, blue-to-green mineral that is a hydrous phosphate of copper and aluminium, with the chemical formula CuAl648·4. It is rare and valuable in finer grades and has been prized as a gem and ornamental stone for thousands of years owing to its unique hue...
-coloured
globeA globe is a three-dimensional scale model of Earth or other spheroid celestial body such as a planet, star, or moon...
symbolizing the Earth, with a horizontal line representing Turkey’s position between the 36th and 42nd
parallelA circle of latitude, on the Earth, is an imaginary east-west circle connecting all locations that share a given latitude...
. The upper curved line is meant to symbolize the bridging of the continents
EuropeEurope is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and
AsiaAsia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
, while the thick vertical line suggests the "I" of Istanbul. Turquoise is associated with the Turkish people.
Memberships of ISE
The ISE is a full member of
- World Federation of Exchanges
The World Federation of Exchanges , formerly FIBV - Federation Internationale des Bourses de Valeurs , is an international organization for securities and derivative markets such as stock exchanges....
(WFE),
- Federation of Euro-Asian Stock Exchanges
The Federation of Euro-Asian Stock Exchanges is a non-profit international organization comprising the main stock exchanges in Eastern Europe, the Middle East and Central Asia. It was established on May 16, 1995 with 12 founding members...
(FEAS),
- International Securities Services Association (ISSA),
- International Capital Market Association
The International Capital Market Association is a unique organisation and an influential voice for the global capital market. It represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks,...
(ICMA),
- European Capital Markets Institute (ECMI),
- World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
(WEF),
- Federation of European Securities Exchanges (FESE) and
An affiliate member of
ISE and arts
There is a magnificent, 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 AksoyMehmet Aksoy is a Turkish sculptor. He is one of the major sculptors in modern Turkey .-Early life:He was born 1939 in Kesap, a town that is today within Syrian territories...
, 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 by Şermin 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.
See also
- Companies listed on the Istanbul Stock Exchange
-A:* Abana Elektromekanik * Acıbadem Sağlık Hizmetleri * Adana Çimento * Adana Çimento * Adana Çimento * Adel Kalemcilik * Advansa Sas* Afm Film * Afyon Çimento * Ak Enerji * Ak Yatırım...
- Economy of Turkey
The economy of Turkey is defined as an emerging market economy by the IMF and is largely developed, making Turkey one of the world's newly industrialized countries. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation...
- List of stock exchanges
- List of European stock exchanges
- List of Mideast stock exchanges
External links