Istanbul Stock Exchange

Major Developments Since the Inception of the ISE 

1985 March Appointment of Mr. Muharrem KARSLI as Chairman and CEO of the ISE.
December Inauguration of the Istanbul Stock Exchange under the Chairmanship of Mr. Muharrem KARSLI
1986 January Commencement of stock trading at the Cagaloglu building on January 3, 1986
1987 October Commencement of daily calculation of ISE Indices which had so far been calculated on a weekly basis
November Moving to the new building in Karakoy and initiation of the Manual Board System
December External auditing of listed companies required
1989 July Establishment of the Settlement and Custody Center
August Issuance of Decree 32 which allows foreign investors to purchase and sell all types of securities in Turkey and repatriate the proceeds
1990 March Appointment of Mr. Yaman TORUNER as Chairman and Chief Executive Officer of the ISE
October Initiation of an Umbrella Insurance plan for securities traded on the ISE

Commencement of “Off-Exchange” over the counter odd-lot trading
1991 January Commencement of the calculation of Financials and Industrials Indices in addition to the ISE Composite Index
June Initiation of the Bonds and Bills Market and commencement of Outright Purchases and Sales Transactions
1992 January Transformation of the Settlement and Custody Center into an independent company
February Commencement of trading of Corporate Bonds and Revenue-sharing Certificates in the Bonds and Bills Market
October Acceptance of the ISE as a full member to The World Federation of Exchanges (WFE, previously FIBV)
1993 January Launch of the Rights Coupon Market and New Shares Market
February Initiation of the Repo/Reverse Repo Market
July Issuance of the Communiqué Concerning Disclosure of Special Situations designed to improve transparency in the Securities Market
October Recognition of the ISE by the U.S. Securities and Exchange Commission (SEC) as a “Designated Offshore Securities Market”
December Initiation of computerized stock trading with 50 stocks
1994 April Appointment of Mr. Tuncay ARTUN as Chairman and Chief Executive Officer of the ISE
June Establishment of new departments such as Research, Derivatives, Market Surveillance, International Relations and Membership Affairs
July Extending daily trading hours to 4 hours and the commencement of stock trading in two sessions; one between 10:00-12:00 and one between 14:00-16:00

Extension of settlement period to 2 days (T+2)
August Broadcasting of  market information by TRT on Teletext system
September Initiation of Small Orders Market in the Bonds and Bills Market
November Full automation of stock trading
1995 January Launch of the Regional Markets and the Wholesale Market
March Designation of ISE Settlement and Custody Company as an “Eligible Foreign Custodian” by U.S. Securities and Exchange Commission (SEC)
Initiation of Custody Services on customer basis by the ISE Settlement and Custody Company
First amendment on the ISE Listing Regulations
April Disclosure of detailed balance sheet and income statements of companies including footnotes
Initiation of short selling transactions
Launch of the New Companies Market

The New ISE Building
May Moving to the new building in Istinye
Establishment of the “ Federation of Euro-Asian Stock Exchanges ” (FEAS) with 12 members
Establishment of Investor Counselling Center designed to provide information on the ISE's operations and traded companies
Recognition of the ISE as an “appropriate foreign investment market for the private and institutional Japanese investors” by the Japan Securities Dealers Association (JSDA)
July Transformation of the ISE Settlement and Custody Company into the ISE Settlement and Custody Bank (Takasbank)
Introduction of a new system called “Alotakas”, offered in Turkish and English, enabling investors to have access to their accounts
September Acquisition of the ISE International Securities Free Zone Operations License for International Market
Rearrangement of the trading hours of the Bonds and Bills Market; same day orders between 10:00-12:30 and 13:00-14:00 and T+1 through T+ 7 day orders between 10:00-12:30 and 13:00-17:00
October Extension of the period for execution of orders of Treasury Bills and Government Bonds traded in the Outright Purchases and Sales Market to maximum 90 days from the trade date
Meeting of the first General Assembly of the Federation of Euro-Asian Stock Exchanges (FEAS) at the ISE's premises in Istanbul on October 2-3, 1995.
November Segregation of the International Market and Foreign Relations Department into two separate departments; International Market and International Relations.
December Celebration of 10th year of the inauguration of the Istanbul Stock Exchange
Acquisition of the Undersecreteriat of Treasury's permission to offer banking services to intermediary institutions by the ISE Settlement and Custody Bank
1996 January Initiation of banking services of the ISE Settlement and Custody Bank
February Initiation of the implementation of “International Securities Identification Numbers” (ISIN) system by the ISE Settlement and Custody Bank
Authorization granted to the members for engaging in intermediation activities in the International Market
March Introduction of the “Global ISIN Access Mechanism” for the ISE Settlement and Custody Bank
June Launch of the “Real Estate Certificates Market”
Completion of the regulations pertaining to the establishment and operations of the ISE International Market.
July Accepting of the applications for listing and trading on the ISE International Market.
August Requirement of the Capital Markets Board for all the banks to carry out stock market activities through a brokerage house as of January 2, 1997
September Initiation of the cash credit sevice and securities lending services by the ISE Settlement and Custody Bank, Inc
Foreign Currency Denominated Government Debt Securities started to traded at the Outright Purchases and Sales Market of the Bonds and Bills Market.
Commencement of trading of foreign currency denominated bonds on the Bonds and Bills Market
October Pursuant to the Resolution of the Council of Ministers, 10% withholding tax will be applied over the proceeds of Government Bonds, Treasury Bills, and the securities issued by the Mass Housing Administration and Public Participation Administration
November Decision of the Capital Markets Board requiring intermediary institutions to weekly advise the ISE the total volume of the trades they conducted in the name of a foreign bank, brokerage house or real person, in US dollar terms.
Launch of the ISE web site in English on the World Wide Web
December Launch of the Watch List Companies Market

Launch of the International Bonds and Bills Market within the ISE International Market
1997 January Introduction of new Stock Market indices as integers with the drop of two digits from base values.
February ISE International Bonds and Bills Market has started its operations upon the listing of 40 international bonds issued by the Undersecretariat of Treasury for trading abroad.
July Istanbul Stock Exchange International Market (ISE IM) Depositary Receipts Market where the depositary receipts representing stocks issued globally will be traded, starts its operations.

Launch of the Foreign Mutual Funds Market within the ISE IM in order to provide a fair and organized market for the trading of open-ended foreign mutual funds.
Depositary Receipts Market has been established to operate within the International Market
August Decease of ISE Chairman & CEO Mr. Tuncay ARTUN
Launch of the Repo and Reverse Repo Market on ISE International Market
October Appointment of Mr. Osman BIRSEN as Chairman and CEO of the ISE.
1998 January The exchange fees were decreased by  50 and 40 percent at the ISE’s Stock and  Bonds & Bills Markets, respectively
March A Memorandum of Understanding has been signed between the Istanbul Stock Exchange and Baku Interbank Currency Exchange
April Daily corporate news of the companies that are traded on the Stock Market are started to be disseminated on the Istanbul Stock Exchange's Turkish web site.
ISE became the project leader of Southeast European Cooperation Initiative (SECI) http://www.unece.org/seci  “Cooperation Among Southeast European Capital Markets” project.

May

 The ISE signed a protocol with the Organization for Economic Cooperation and Development (OECD) in order to initiate a three-year "Securities Market Development Program" with the aim of providing assistance to the development of the securities markets in the Euro-Asian region and financing the relative projects.
July Dissemination of stock market depth data via data vendors' screens.
September The Bonds and Bills Market started to disseminate price information instead of the yields.
November As per the decision of the ISE’s Executive Council, maximum validity of outstanding orders was limited to one day at the ISE’s Stock Market.
December

ISE signed a Memorandum of Cooperation with Small amd Medium Industries Development Organization of Turkey (KOSGEB). Within the framework of this protocol, bilateral work is carried out in order to enable SMEs to offer their stocks to public and derive benefit from capital markets.

ISE’s Executive Council decided to lower the registration fee for off-exchange overnight repo transactions by 35 percent to 0,00002925. 
1999

January

 ISE started to calculate National-100 Index on Euro basis.
May

ISE Settlement and Custody Bank (Takasbank) introduced the client name-based custody system. 

Within the context of “Electronic Report Dissemination (ERD)” project, a list of “all orders” entered to the system and “outstanding orders” at the ISE’s Stock and Bonds & Bills Markets has begun to be sent to the head offices of the members via e-mail.
June

A “Memorandum of Cooperation” between the ISE and London Stock Exchange was signed on June 2, 1999.

The trading hours of the Watch List Companies Market was increased to one hour from fifteen minutes as to take place between 14:00 p.m.-15:00 p.m.  

The updating frequency of the indices by the data vendors has been reduced to 10 minutes from 15 minutes in order to disseminate more updated data. 

The Istanbul Stock Exchange (ISE) signed a “Memorandum of Cooperation” with the Istanbul Chamber of Industry (ISO) with an aim to increase the efficiency of capital markets in allocating funds for the Turkish Industry and increasing its competetiveness thereof. 

Memorandums of Cooperation were signed between the Istanbul Stock Exchange and the stock exchanges of  Republics of Kazakstan, Kyrgyzstan and Uzbekistan.
July

The new computerized trading software for the Bonds and Bills Market, which had been developed within the framework of Wide Area Network (WAN) project since 1996, had been successfully completed and put into operation.
August

Starting from August 24, 1999, short-selling transactions and margin trading became available in all stocks traded on the ISE’s markets. Previously, authorized ISE members had the opportunity to engage in short-selling transactions only in stocks constituting the ISE-National 100 Index. 
September

ISE’s Executive Council changed the trading hours for the Bonds and Bill Market. Accordingly, trading started to take place between 9:30-12:00 and  13:00-17:00.

The  minimum limit orders at the ISE’s Bonds and Bills Market have been amended as follows:

  • Minimum limit orders at the Outright Purchases & Sales Market became TL 100 billion and its multiples. 

  • Minimum limit orders at the Repo/Reverse Repo Market became TL 500 billion and its multiples.
2000 January

ISE started to calculate the ISE National-50 and Real Estate Investment Trust Indices. 

Due to the fact that trading at the Watch List Companies Market regularly takes place between 14:00-15:00 in the afternoon, the ISE’s Executive Council took a decision to be applicable only during the days half day trading takes place. Accordingly, on half days trading at the Watch List Companies Market will be between 10:00 a.m.-11:00 a.m.
February

ISE started to disseminate market depth data on the transactions at the “small orders market” of the Outright Purchases and Sales Market as well as the Repo-Reverse Repo Market. 

“International Securities Identification Number” (ISIN) codes started to be used for trading and  clearing & settlement procedures at the ISE’s Bonds and Bills Market. 

Within the framework of Wide Area Netwotk (WAN) project, six brokerage houses started to trade at the Bonds and Bills Market through the terminals at their main offices.
April 

The trading hours of the ISE’s Primary, Official Auction and the Wholesales Markets have been changed as to take place between 11:00 a.m.-12:00 a.m. 

3rd WFE Global Emerging Markets Conference & Exhibition was held on April 5-7, 2000 with the cooperation of Istanbul Stock Exchange and The World Federation of Exchanges (WFE, previously FIBV). 

As an alternative trading method at the stock market, ISE members were provided the opportunity to send the orders for the first session, gathered through electronic channels, in floppy disc between 09:15-09:35 a.m.

May The Istanbul Stock Exchange participated in the capital of the Kyrgyz Stock Exchange by 27.4 percent upon its demutualization.
The time lag for the cross orders transacted by the intermediary institutions to their portfolio/mutual fund account or to a client’s account has been reduced to 30 seconds from 3 minutes at the ISE’s Bonds and Bills Market.
Primary dealership system was launched for Government Debt Securities.
June The Istanbul Stock Exchange participated in the capital of the Baku Stock Exchange by 5. 26 percent as the 19th shareholder.
The qualifying companies among the ones traded on the ISE were included in the newly developed FTSE All-World Index. The FTSE All-World Index covers 49 different developed, advanced emerging and emerging market segments and represent approximately 2600 stocks.
July The data vendors started to disseminate the net change in the compound yield of the securities traded at the Outright Purchases and Sales Market of the Bonds and Bills Market. Additionally, the number of securities, in-depth data of which are disseminated, was increased from 3 to 8.
The number of members operating from their main offices at the Bonds and Bills Market, as a part of the Wide Area Network (WAN) project, reached 50.
Within the context of Wide Area Network Project, trading at the ISE’s Stock Market via workstations located at the headquarters of ISE members started on July 31, 2000. The number of members operating at the Stock Market from their offices reached 98 at the end of 2000
The waiting period of outstanding orders in cross transactions realized at the ISE Stock Market has been decreased from 3 minutes to minute 1, to be effective as of July 24, with the aim of facilitating the follow-up of orders by members.
September Osman BIRSEN President & CEO of the ISE was elected President of Federation of Euroasian Stock Exchanges (FEAS) for the second time.
2001 June Exchange fee imposed for transactions upon orders entered with "portfolio order" key has been increased to 0.01% (one per ten thousand).
A decision was taken towards exclusion of stocks, trading of which were suspended permanently, immediately from the list of stocks subject to margin trading and short selling while within the same context the stocks, trading of which were suspended temporarily, would only be excluded from the list provided that this suspension period is longer than five business days and the ISE Executive Council decides that the trading of the stock should remain suspended.
August The duration of the trading sessions on the Stock Market has been extended and the trading hours were redetermined as 09:00-12:30 for the first session and 14:00-16:30 for the second session. Accordingly, accumulated order processing through floppy discs will take place between 09:30-10:00 at the first session and between 14:00-14:15 at the second session.
ISE Derivatives market is introduced.
October The “Memorandum of Understanding” signed between the Korea Stock Exchange  and the Istanbul Stock Exchange in 1996, has been renewed indefinitely on October 18, 2001.
December Transition to Ex-API system within the framework of the Wide Area Network has started gradually.
2002 January The hours for accumulated order processing through floppy disc and Ex-API were changed as to be between 09:30-09:45 for the first session and 14:00-14:10 for the second session.
All orders submitted during the accumulated order processing hours as well as all orders submitted through Ex-API during all sessions have been required to include customer account numbers.
August Stocks of companies, trading of which were suspended by the ISE for the reason that the disclosure requirements have not been fulfilled resulting with uncertaines preventing the formation of a health market, started to be traded off-exchange in line with the regulations entitled "Principles concerning off-exchange trading of stocks exchange trading of which have been suspended by the ISE" published on July 19, 2004.
September Osman Birsen was re-elected as President of FEAS for the third time.
November Osman Birsen was re-appointed as ISE Chairman & CEO.
2003 March All orders submitted to the Stock Market for all stocks and during all sessions have been required to include customer account numbers.
Regional Markets and New Companies Market were renamed as Second National Market and New Economy Market, respectively.
2004 September Osman Birsen was re-elected as President of FEAS for the fourth time.
November The "ETFs Market" was established with an aim to provide an organized and transparent market for trading of participation certificates of the ETFs.
2005 January ISE Derivatives Market is closed permanently as of January 28, 2005
February ISE Executive Council has decided to launch a new index namely "ISE Corporate Governance Index".
March Between March 28-29, 2005, the Organization of Islamic Conference (OIC) Member States' stock exchanges representatives and OIC institutions met in Istanbul, Turkey for the first round-table meeting among the stock exchanges of the OIC Member States.
2006 November Osman Birsen was re-elected as President of FEAS for the fifth time.
December As of December 27, 2006, the ISE International Market and its submarkets (Depositary Receipts Market and International Market Bonds and Bills Market) was closed.
2007 April International Bonds Market has started its operations within the ISE Foreign Securities Market on April 16, 2007. In the Market, listed Turkish Sovereign Eurobonds have been traded.
August ISE started to calculate the Corporate Governance Index. 
October The “Memorandum of Understanding” was signed between the Istanbul Stock Exchange and the Shanghai Stock Exchange on October 16, 2007. 
November Appointment of Mr. Huseyin ERKAN as Chairman and CEO of the ISE. 

 

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