Studies are underway in our Exchange to establish the ISE Emerging Companies Market (ECM) in order to create a transparent and organized floor where companies with a development and growth potential can issue securities to secure funding from the capital markets.

It is planned that the stocks of those companies that have been registered with Capital Markets Board of Turkey (CMB) but have not satisfied the whole set of listing requirements of Istanbul Stock Exchange are traded on the ECM. It is essential that the application for admission to ECM Directory should relate to shares to be issued as a result of capital increase or capital increase through private placement, restricting the pre-emptive rights of existing shareholders partially or fully.

A market advisor mechanism will be created within ECM so that companies with a development and growth potential are informed about the capital market legislation and the Exchange legislation and do not face any difficulty in complying with the legislation requirements so long as their securities are traded. It is planned that the market advisor will provide advisory services to:  
- assist the company to complete preparations necessary for the application for admission to ECM Directory prior to the admission of the company shares to ECM Directory and approve, jointly with the company to be listed, the accuracy of the information and documents conveyed to the Exchange and disclosed to the public;   
- prepare and approve the documents, statements and reports to be submitted to the Exchange during the application for admission of company shares to ECM Directory;  
- assure compliance of the Company to CMB and ISE regulations after the admission of company shares to ECM Directory.
 
Preparations are ongoing to apply the single price and market making continuous auction method in ECM unlike the continuous auction method currently applicable in ISE Stock Market.

ECM is expected to be an intermediate market for enterprises that have a growth potential and seek to supply funding with low cost. It is targeted that the companies to be traded on ECM will be traded on the ISE Stock Markets as they satisfy certain criteria in line with the development they will exhibit in time.

The technical and regulatory preparations relating to the launching of ECM are ongoing.