At the meeting of the Executive Council of ISE dated March 12, 2009, it has been decided to create a Collective Products Market. Investment trusts and real estate investment trusts and venture capital investment trusts securities, stock exchange fund participation certificates, warrants and other structured products will be traded on the Collective Products Market, a listed market.  

It has been decided that the market making continuous auction trading method will be applied and in the absence of a market maker, the single price trading method will be applied in the Collective Products Market. Market making operation principles have been determined at the meeting of the Executive Council of the Exchange on February 4, 2009.
 
In the case of securities traded with the multiple price – continuous auction method, a price range is determined for the security where an assigned member provides bilateral continuous quotation (price and quantity) in its own name and for its own account, and liquidity is created.

Market Making – General Rules   
Rules governing orders and trades applicable to the Stock Market also apply to the securities in which market making is executed unless otherwise specified.    

In the case of securities to which market making is applied, the member assigned as the market maker provides quotations on the buy and sell sides continuously. The buy and sell sides of the quotation are entered in the system concurrently.  

Rules governing price and time priority applicable to the Stock Market also apply to the market maker member. The market maker is not given any priority except the “right to enter quotation prior to continuous auction" that shall be vested prior to the start of the continuous auction.

No quotation is provided for the opening session.

The initial quotation given by the market maker is valid throughout the session. In this process, quotation prices may be decreased or increased, quantities may be reduced or increased using the change function within the framework of rules, but the quotation cannot be divided or cancelled.    
 
Quotation orders are always included in the pending limit order book in accordance with the price and time priority rule. Quotations are valid for the session in which they are provided. When the quantity for the given quotation is traded and consumed, the quantity for the quotation is renewed using the change function.When the session is completed, the unexecuted part of the quotation is automatically cancelled by the system.
 
A normal order can be matched with a quotation in conformity with the priority rules or with an order that belongs to the member itself or to another member provided that quotation limits are not breached.  
 
Single Price Method
Single price method is the trading method where orders are admitted to the ISE Stock Market Trading System without any matching for a certain time period and at the end of that period, a single price level is calculated which enables to conduct the maximum amount of transactions, and all the transactions are conducted over that single price level.  

The method relating to determination of the “opening price” is applied analogously to the determination of the single price at which stocks traded with the single price method will be traded at the end of the single price process.