ISTANBUL STOCK EXCHANGE
TRADING
Days
Hours: Stock Market (SM)
Bonds & Bills Market (BBM)
International Market (IM)
Derivatives Market (DM)
Market segmentation:
SM Segmentation
BBM Segmentation
IM Segmentation
Derivatives Market
System: SM, BBM
Mechanism: SM, BBM, IM, DM
Market makers/specialists: SM, BBM, IM
Instruments:
SM
BBM
IM
DM
Currency: SM, BBM, IM, DM
Real time information: SM, BBM, DM, IM
CLEARING & SETTLEMENT
Monday-Friday
09:30-12:00/14:00-16:30
09:30-12:00/13:00-17:00
10:00-17:00
10:00-12:00/13:00-14:00
National, second national, new economy,
watch list companies
Outright purchase and sales, repo/rev repo
Depositary receipts, Eurobonds
Currency futures contracts
Automated, depository link, data dissemination.,
reporting facilities, WAN (excluding IM for WAN)
Multiple price continuous auction (IM: hybrid;
market maker & continuous auction)
SM&DM: No; BBM&IM: Market maker, yes
Stocks, rights coupons
Govt. bonds, T-bills, money market instruments
(repo/reverse repo), corporate bonds,
Depository receipts, Eurobonds
Currency futures contracts
SM: local; BBM: local & foreign; IM: US$, EUR,
GBP, JPY; DM: local, US$ & EUR
Market depth and basic data
STRUCTURE & REGULATIONS
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Central Depository:
SM, BBM, IM, DM Yes
Period:
SM, BBM, IM, DM SM: T+2; BBM: T up to
T+90 days; IM: T+3;
DM: T+0
Registered:
SM, BBM, IM
SM, BBM: bearer
IM: bearer & registered
Settlement:
SM, BBM, IM, DM Book entry
Clearing:
SM, BBM, IM, DM SM, BBM, DM: Yes;
IM: multi-netting
DVP: SM, BBM, IM Yes
Clearing Institution: Yes, same as settlement
and depository institution
Risk sharing:
SM, BBM, IM, DM Yes
Margin/lending:
SM, BBM, IM
Yes
Custodians:
Institutional investors,
brokerage houses, banks,
exchange members, clearing
members, market makers
FOREIGN PARTICIPATION
Special status within the law
Self
Exchange, regulatory authority (CMB)
Exchange
Yes
Equity (centralized), fixed income (centralized)
Yes
Yes
Foreign investors
Allowed, no restrictions
Investment limitations No limitations
Repatriation
No restrictions
2003-VOLUME BY SECTOR
TAXES
Non-resident legal entities
Cash Dividends: Corporate tax
Not subject to declaration
Withholding tax
Applied within the dividend distributing company
Interest income from Turkish government bonds:
Corporate tax
Taxed at source
Withholding tax
Govt. bonds and treasury bills 0% if issued after
1 October 1998
Capital gains derived from sale of shares:
Corporate tax
Capital gains after the application of either deduction
ratio or cost adjustment; must be declared within
15 days through a special tax return.
Withholding tax
16.5% withholding tax is declared and paid by the
seller until the 20th of the month following the
month in which the special tax return is submitted.
4% Transportation,
telecommunication
and storage
1% Construction and
public works
4% Wholesale and
retail trade,
hotels and
restaurants
1% Electricity, gas
and water
29%
Manufacturing
industry
0.5% Other
60% Financial
institutions
1% Technology
2004 HOLIDAY CALENDAR
Jan. 1, 31; Feb. 1, 2, 3, 4; Apr. 23; May 19; Aug. 30; Oct. 29; Nov. 13, 14, 15, 16
MINIMUM LISTING REQUIREMENTS
Requirements
Minimum paid-in capital
Years of business activity
Main Floor (A)
TL 5 trillion
Normally 3 years but if the free float rate is more
than 25% then 2 years
Capitalization of issue
n/a
Free float
25% if its capital is under TL 10 billion;
15% if its capital is within range of TL 10 billion
to TL 50 billion and 5% if its capital is more
than TL 50 billion
Free float ratio
5, 10, 25%
Minimum # of shareholders
250
Minimum years of positive financial results Normally 3 years but if the free float rate is more
than 25% then 2 years
# prior years audited financial accounts
Last year-end and latest interim
# times dividends distributed in last 3 years n/a
Whole class of securities to be issued
No
Listing agreement with Central Depository n/a
Prospectus
Yes
Special requirements
Yes
Additional special requirements
n/a
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 50
Second National Market
n/a
n/a New Economy Market
n/a
n/a
n/a
n/a n/a
n/a
n/a
n/a
n/a n/a
n/a
n/a
n/a
n/a
No
n/a
Yes
Yes
n/a n/a
n/a
No
n/a
Yes
Yes
n/a